Carnival Orders Two Cruise Ships for China

Photo: Fincantieri

Posted by Eric Haun

Fincantieri, China State Shipbuilding Corporation (CSSC) and
Carnival Corporation & plc signed a binding Memorandum of
Agreement (MoA) for the construction of two cruise ships, with an
option for additional four, the first units of the kind ever
built in China for the Chinese market.

The parties signed the MoA on behalf of the joint venture between
Fincantieri and CSSC Cruise Technology Development Co., Ltd
(CCTD), of the joint venture between Carnival Corporation and
CSSC, and of the shipyard Shanghai Waigaoqiao Shipbuilding Co.,
Ltd (SWS).

The agreement, subject to several conditions and of an
approximate value of 1.5 billion dollars for the first two ships,
updates the terms announced last September 23 between the
parties, CIC Capital, CCTD and SWS, aimed at developing and
supporting the growth of the Chinese cruise industry.

The MoA was signed by the CEO of Fincantieri, Giuseppe Bono, by
Michael Thamm, CEO of Carnival Asia and Costa Group, and by Wu
Qiang, President of CSSC.

The signing ceremony took place at the Great Hall of the People
in Beijing, on the occasion of the fourth Italy-China Business
Forum, attended by Italian President Sergio Mattarella and
Chinese President Xi Jinping.

The new ships will be built at the SWS yard, a facility of CSSC
Group. The design will be tailored for the specific tastes of the
Chinese travelers and for the new Chinese cruise brand of the
joint venture between Carnival Corporation, CSSC and CIC Capital,
which will also operate the units. The first delivery is expected
in 2023.

Giuseppe Bono, CEO of Fincantieri, stated, "Looking at the global
scenario means trying to widen one's boundaries, laying the
foundations to further boost business prospects and access more
complex markets. It is not possible to maintain a competitive
presence in the medium and long term without such a commitment.
We therefore believe that today's agreement is an example of
industrial partnership that not only reaffirms our leadership in
the cruise industry, but also creates a virtuous system among the
two countries."

"We are proud to be able to order the first China-built cruise
ships and play a leadership role in developing cruise
shipbuilding capabilities for the first time in China, which
represents another important milestone in building a sustainable
and prosperous cruise industry, and demonstrates our commitment
to helping China become a leading cruise market as part of its
five-year economic development plan," commented Arnold Donald,
CEO of Carnival Corporation.

Feb 22, 2017

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