testata inforMARE
2 octobre 2023 - Année XXVII
Journal indépendant d'économie et de politique des transports
07:03 GMT+2
FORUM des opérateurs maritimes
et de la logistique

The Cruise market
 in 2000

Is the bottle half full or half empty ?

While the reading of the statistics and the results of the first half of the year gave rise to satisfaction, this quickly turned sour on the pessimistic analysis of the prospected yields in this sector, and particularly the risk of over-capacity brought about by a full orderbook.

At year's end, the number of firm berths on order has surpassed last year's record and has reached a level of 100,000 berths spread over 50 ships.

This impressive figure represents almost half of the existing capacity and will be delivered over the next four years. But is it really a problem in view of the latest statistics published by the Cruise Lines International Association (CLIA) showing that the American market has reached nearly seven million passengers in 2000, an increase of close to 18 % over the previous year, and the European market more than 2.2 million!

The cruise industry has proved over the last 25 years that it is capable of filling up all ships as they come into service, and except for an economic catastrophe there is no reason why the 8 % per year growth pattern of this sector ' directly dependent on the development of tourism, the leisure industry, the rise in population with longer life expectancy as well as the improved lifestyle of retired people ' should diminish in the forthcoming years.

In the Caribbean the closure of Premier Cruises and Cape Canaveral Cruise Line, followed soon after by the collapse of Commodore Cruise Line will reduce the capacity by 7,500 lower berths in 2001, and it is highly probable that the older vessels which are unsuited to the American market today will be phased out over the next three years. This will help attenuate the impact of the new units which will be brought into service in this sector.

Nonetheless the financial analysts in America came up with a radically different conclusion in the first quarter, based on the orderbook and the fleet's growth projections between 2000 and 2003. Their perceptions precipitated a general drop in the shares of cruise companies quoted on the stock exchange, and the average p/e (price / earnings) ratio of the big companies fell from 30 to 10, casting considerable doubt on the sector.

Most of the managers have minimised the consequences of the drop of their stock prices, focusing mainly on their occupancy rate (over 100 %), and their capacity in filling new ships in a market driven by offer. However, such stock movements had a severe consequence on the banks' perception of the sector and mergers and acquisitions.

While the industry is proud of its profits performance, with the leading companies posting 20 % per year or more, financial analysts reason in terms of profit growth and rise in stock prices, and fear that profits will either stagnate or fall in the near future.

It should not be forgotten that the strategy of cruise companies is based on a minimum three years period, the time taken to plan and build a cruiseship, whereas analysts are much more concentrated on the short term.

The orderbook
cruiseship deliveries and orders

At year end, 70 % of the orderbook comes from the three 'majors' (Carnival Corp., RCC, and P&O) which reflects their market share, and the average capacity of the vessels on order has reached 2,000 berths per ship due to the high proportion (11 units) being built above 100,000 grt.

This size factor considerably improves a ship's productivity, and the ability to generate a substantial turnover on board ship during voyages is also an important factor which allows cruise operators to contemplate the future with confidence.

A survey of the orderbook shows the predominance of European shipyards and in particular the leading four which are Chantiers de l'Atlantique, Fincantieri, Kvaemer Masa, and Meyer Werft, - with however some disparities between them :

  • Chantiers de l'Atlantique has a full orderbook up until end 2003, with different size ships, often prototypes, posing both a technical and logistical challenge which happily seems under control. They can be proud to have been awarded this year the biggest cruise ship contract ever placed, the 'Queen Mary 2' for Cunard, 150,000 grt, 2,620 berths, and to have persuaded the Japanese Crystal Cruises to confirm their third luxury cruise ship with them : 68,000 grt, 1,280 berths.
  • The orders with Fincantieri go up to 2005, with series of ships by site; big ships of over 100,000 grt are built at Monfalcone on behalf of Carnival and P&O Princess Cruises ; Marghera has been awarded an order for a series of five ships for Holland America Line, while a third site will become operational in the port of Genoa at the old Sestri shipyard, with two ships of over 100,000 grt ordered by Costa. The opening of this third site will stir up further an already fierce competition within the European shipyards.
  • Kvaerver Masa was dragging behind at the beginning of the year due to uncertainties within its shareholders, but since the reaffirmed support of Kvaerner they have secured three ships for the Carnival group on the Helsinki site and two additional ships in the 'Voyager' class 137,000 grt, for RCC at the Turku shipyard.
  • Meyer Werft who has orders up to 2004 with two ships for Star Cruises and four ships of the 'Vantage' type for RCCL plus two options, is the only shipyard which has an open slot in 2003 due to the cancellation by Star Cruises of the letter of intent for two ships of 115,000 grt due for delivery in 2003 and 2004.
artist view of the 
150,000 grt, to be delivered in 20003 by Chantiers de l'Atlantique to Cunard
All the orders placed this year were with European shipyards. Once again Europe showed its ability to fulfil the demands of cruise owners to the point that one can anticipate a potential surplus capacity if owners' ambitious attitude should start to waver.

The Carnival group has been particularly active this year with their new ships, having taken delivery of the following :

  • 'Amsterdam', 58,000 grt, 1,380 berths, and 'Zaandam', 62,000 grt, 1,440 berths, delivered by Fincantieri for Holland America Lines.
  • 'Carnival Victory' 101,000 grt, 2,642 berths, delivered by Fincantieri for Carnival.
  • 'Costa Atlantica', 82,000 grt, 2,100 berths, delivered by Kvaerner Masa for Costa Crociere.

In addition nine firm orders have been placed by the Carnival group:

  • three for Holland America Line with Fincantieri Marghera, 84,000 grt, 1,800 berths,
  • two for Costa with Fincantieri Sestri, 105,000 grt, 2,720 berths,
  • two for Carnival and one for Costa with Kvaerner Masa Helsinki, 86,000 grt, 2,100 berths,
  • the 'Queen Mary 2' for Cunard with Chantiers de l'Atlantique.

Carnival who currently operate 48 ships, by the end of the year held a record number of 16 units under construction for the group, representing an investment of about US$ 7 billion.

Royal Carribean Cruises took delivery of :

  • 'Explorer of the Seas', 137,000 grt, 3,100 berths, with Kvaerner Masa
  • 'Millenium', 91,000 grt, 1,950 berths, with Chantiers de l'Atlantique,

and firmed up two options with Kvaerner Masa Turku for the 'Voyager' class 137,000 grt, 3,138 berths and two options with Meyer Werft for the 'Vantage' class 88,000 grt, bringing a total of four firm and two options for ships in this series under construction with Meyer Werft. At year's end, the declaration date for the two options was postponed by several months.

90,228 grt, blt 2000 by Chantiers de l'Atlantique - Operated by Celebrity Cruises


The P&O group whose cruise activity was spun offand launched onto the stock market in November under the name of P&O Princess Cruises (comprising P&O Cruises, Princess Cruises and their German operation Aida Cruises) took delivery of the following liners :

  • 'Ocean Princess', 77,000 grt, 1,950 berths, with Fincantieri.
  • 'Aurora', 76,000 grt, 1,800 berths, with Meyer Werft which is earmarked for the British market ' the leader in the European cruise scene.

After the surge in orders last year, totalling nine ships under construction for the group, no new order was announced this year and two options with Chantiers de l'Atlantique were also postponed by several months. It is worth noting that with all the ships under construction for P&O Princess Cruises, their capacity will double over the next four years.

As to the others, Renaissance Cruises took delivery of the 'R Five', 'R Six', and 'R Seven', 32,000 grt, 702 berths, with Chantiers de l'Atlantique. This company ran into some problems due to its extremely rapid expansion and had to reorganise its management during the course of the year.

Royal Olympic Cruises took delivery of the 'Olympic Voyager', 25,000 grt, 840 berths with Blohm and Voss. This is the fastest cruise liner in service today with a speed of 27 knots. A second sister ship the 'Olympic Explorer' will be delivered in 2001.

Silverseas took delivery of her 'Silver Shadow', 25,000 grt, 390 berths, with Mariotti, which will be followed by the 'Silver Whisper' in 2001, and there remain two additional options which have not yet been confirmed.

Star Clipper took delivery of her 5 mast sailing boat 'Royal Clipper', 5,000 grt, 225 berths, with the Merwede shipyard, and finds success in developing a niche market of passenger sailing cruise ships.

This makes a total of 14 ships and 20,000 berths which have been delivered this year, compared to 11 ships and 18,000 berths in 1999. This represents a growth in capacity of nearly 10 % in 2000, against 9 % in 1999, and 11 % expected in 2001 and 2002.

1,500 pax, to be delivered in 2001 by Chantiers de l'Atlantique to Festival Cruises



Moves towards consolidation within the cruise industry were considerably constrained due mainly to the drop in companies financial evaluations.

The battle for the control of NCL which started last year between Carnival and Star Cruises, was won in February by the latter after Carnival's withdrawal, at a price which today looks expensive. The fall in the stock markets has placed a doubt on the cost, if not the opportunity, of such an operation. Star will now have to co-ordinate the operating of its two poles of activities, Asian and American, and already some reshuffling is being planned with the departure of the 'Norway' to Asia and the arrival in NCL's fleet of the ex. 'Superstar Scorpio' under construction with Meyer Werft.

The financial markets have in any event slowed down ideas for consolidation and P&O's purchase of Festival has not gone through.

However Carnival has been able to buy Airtours from Costa at a price of US$ 525 million, leaving the latter group with a very healthy profit of nearly US$ 400 million in just three years.

The RCC group which has no foothold in Europe in contrast to its rival Carnival, has established a cruise joint venture with the English tour operator First Choice, which will run the 'Viking Serenade', 40,000 grt, 1,512 berths.

These two operations prove the growing interest from North American companies for the European market. Costa, P&O and Festival's bright results confirms some optimistic forecasts on this market still not enough supplied with modern vessels. Only 11 ships currently on order are due to join the European market. This state of facts has surely influenced MSC in ordering a 780 cabin vessel with Chantiers de l'Atlantique, in the ultimate days of December.

The second-hand market

On the second hand market, the year was relatively calm, buyers mainly looking for modern ships:

  • The 'Norwegian Star' built 1973, 28,500 grt, 800 berths, was involved in a purely financial transaction with a charter party in return for a price of US$ 48 million, between Actinor and Mosvold.
  • Two small ships belonging to Sun Cruises, a company no longer existing, the 'Sun Viva' and 'Sun Viva 2' built in 1991, 4,200 grt, 114 berths, were bought by Star Cruises in block for US$ 33 million, then resold at the same price to Cruise West and Hebridean Cruises.
  • The 'Astra II' built 1974, 10,500 grt, 460 berths, was sold for US$ 13 million to Italians, then bareboat chartered with an option to buy to Asians.
  • The 'Dream 21' built 1989, 6,100 grt, 154 berths was sold by Samsung to Society Expeditions for a sum of US$ 20 million. This company lost its only vessel this year, the 'World Discoverer' off the Salomon Islands.
  • The 'Ocean Breeze' built 1955, 21,480 grt, 776 berths was sold by Premier Cruise to Imperial Majesty Cruise Line for US$ 14.5 million
  • The 'Calypso' (ex 'Regent Jewel') built 1967, 11,100 grt, 500 berths, was sold to Louis Cruises for a figure of US$ 14 million.
  • The 'Fair Princess' one of the fleet's veterans, built in 1956, 24,800 grt, 1,000 berths was sold by P&O to the Asian operator Emerald Cruises for US$ 15 million.

Premier Cruises operations have been stopped by its principal creditor DLJ, putting five old turbine vessels onto the market. It seems that it will be difficult to find buyers at reasonable prices for certain of them, given their age and high operating costs.

It should be remembered that the 'Regent Star' built 1957, has been looking for a buyer since 1996 and is laid up since then. Maybe it is time that certain cruise ships which have been navigating for nearly 50 years should be scrapped. Few serious buyers are interested in second hand vessels given the concentration of the industry is few hands, which are far more attracted by building new ships, better adapted to their clientele and which offer in addition better financing possibilities.

The problem of the utilisation of old ships in a market dominated by modern vessels, adapted to the needs of the clients and meeting the latest security norms, becomes more and more acute as time goes by.

So, is the bottle half empty or half full? For us there is no question that it is half full and that the market will continue to offer attractive prospects, to companies that know how and are able to convince their shareholders and bankers to continue developing long tem strategies, far from the heady gyrations of the stock market.

Shipping and Shipbuilding Markets in 2000


Au cours de la première moitié de 2023, les revenus de l'armateur grec Attique ont augmenté de 21,3%
Au cours de la première moitié de 2023, les revenus de l'armateur grec Attique ont augmenté de 21,3%
Le trafic des passagers et des véhicules transportés par la flotte augmente.
Au cours du trimestre juin-août, le groupe de croisière Carnival a finalement laissé la pandémie derrière son dos.
Au cours du trimestre juin-août, le groupe de croisière Carnival a finalement laissé la pandémie derrière son dos.
Nouvel enregistrement historique des revenus. Près du pic historique de 2019 le nombre de passagers est monté à bord de navires
Le mois dernier, les volumes de marchandises traitées par les ports de Gênes et de Savona-I ont baissé de -9,3% et -15,5%.
Au cours des huit premiers mois de 2023, les pushups ont été respectivement de -5,8% et -3,2%.
Deux alternatives proposées pour que les ports transhiment européens ne perdent pas de compétitivité avec de nouvelles normes d'émission
36 contributions ont été versées dans le cadre de la consultation lancée par la Commission européenne.
Proposition d'amendement du pôle maritime-port italien en matière d'ironie du froid
Il a été envoyé au Sénat par Assarpowners, Assiterminal, Assocostieri, Assologistic, Assomarinas, Assoports and Confitarme
Au deuxième trimestre de cette année, le trafic de conteneurs dans les terminaux d'Eurokai a chuté de -5,8%.
Au deuxième trimestre de cette année, le trafic de conteneurs dans les terminaux d'Eurokai a chuté de -5,8%.
En Allemagne, Eurogate a traité 1,6 million de teu (-9,6%) et en Italie Contship 411mila teu (-9,6%). Dans les autres terminaux étrangers, le trafic était de 773mila teu (+ 0,8%)
Nouveau record historique du trafic mensuel des conteneurs maritimes gérés par les ports chinois
Nouveau record historique du trafic mensuel des conteneurs maritimes gérés par les ports chinois
En août, le nouveau record de marchandises internationales passant par les aéroports des ports maritimes a également été marqué.
CMA CGM a commandé huit porte-conteneurs à double carburant de 9 200 méthanol alimentées au méthanol vers SWS
CMA CGM a commandé huit porte-conteneurs à double carburant de 9 200 méthanol alimentées au méthanol vers SWS
Ils seront de 299,9 mètres de long et large 45,6
La réforme des règles portuaires-Filt-Cgil et Fit-Cisl-doit mettre le travail au centre des travaux.
Les deux syndicats soulignent la nécessité pour le ministère des Transports de réglementer le marché portuaire
Assoports, bien l'action du ministère de l'Environnement pour simplifier les règles de dragage
La réforme-observer Giampieri et Patroni Griffi-devrait également être achevée en ce qui a été de l'utilisation des sédiments dans la réalisation des travaux portuaires.
La CNUCED prévoit une croissance annuelle d'environ 3% des marchandises transportées par les porte-conteneurs mondiaux au cours de la période 2024-2028
La CNUCED prévoit une croissance annuelle d'environ 3% des marchandises transportées par les porte-conteneurs mondiaux au cours de la période 2024-2028
La hausse prévue est nettement inférieure à la hausse de 7% des trois décennies précédentes. Cette année, l'augmentation prévue est de 1,2% après avoir chuté de -3,7% en 2022.
Le gouvernement canadien examinera si la fusion Viterra-Bunge aura un impact négatif sur les ports nationaux.
Consultation publique auprès des intervenants de l'industrie
Historique du trafic semi-annuel de conteneurs dans le port de Thessalonique
Au cours des six premiers mois de 2023, 255.192 teu (+ 11,3%) ont été traités.
Oceania Cruises and Regent Seven Seas applaudi le plan d'excavation du Canale Vittorio Emanuele III
Oceania Cruises and Regent Seven Seas applaudi le plan d'excavation du Canale Vittorio Emanuele III
Cela permettrait aux Croisistes d'avoir facilement accès à Venise.
BLS Cargo achète dix nouvelles locomotives pour des services transalpins avec l'Italie
Ils seront livrés par Siemens Mobility en 2026
Medway / Medlog (groupe MSC) choisi comme partenaire industriel de la Renfe Mercancías
La société du groupe armateur ira au contrôle de la branche de transport ferroviaire des marchandises du groupe ibérique
ITF dénonce que même la tentative de suicide d'un port de mer élimine les entreprises et les autorités pour aider les équipes abandonnées
L'affaire incroyable et dramatique du personnel de trois navires de la marine turque Sea Lion Shipping
La valeur des gens de mer Le salaire sera augmenté de 6%
Accord entre l'ITF et le Groupe de négociation mixte pour la période 2024-2027
Incendie sur le ferry Cossyra En navigation de Lampedusa à Porto Empedocle
Les passagers ont été transbornés et le navire est remorqué jusqu'au port d'Augusta
La Roumanie veut acheter le port moldave de Giurgiulesti
Un nouveau pont routier et ferroviaire sur le Danube sera également prévu.
Le 11 octobre à Gênes, un atelier du Young Group of Assagents sur la tendance de Noli
Il aura lieu au Palazzo San Giorgio
Le dimanche au Japon, la compagnie de ferry MOL Sunflower deviendra opérationnelle.
Flotte de dix navires rouliers et de cinq navires rouliers employés sur six routes maritimes
Rexi a introduit des amendements sur les concessions, l'autotransport, le troisième Valico et le barrage de Gênes
Un critère uniforme pour la mise à jour du critère de l'Istat est introduit sur les concessions maritimes, a expliqué le sous-ministre.
Cornetto quittera les affectations de directeur général dans les terminaux Destination Gateway et Reefer
Les entreprises sont à la recherche d'un nouveau PDG
Interport de Gorizia, a inauguré un atelier pour la réparation des wagons de chemin de fer
Il a été réalisé par Adriafer Rail Services
OK pour prolonger la concession à Fuorimuro jusqu'au 31 décembre
La société exploite les services de manoeuvre ferroviaire dans le port de Gênes
Au terminal de conteneurs de PSA Genova Pra' Un deuxième navire porte-conteneurs est arrivé de 24 000 teu
La Mette du SMC mesure plus de 400 mètres de long et 61 mètres de large
Interdiction de l'électrification des banquettes rouliers du port d'Ancône
L'usine devra être réalisée d'ici juin 2026
Convention entre les Assarpowners, Confitarme et le Ministère de la défense
Il vise à soutenir la relocalisation professionnelle des gels volontaires.
Visual Sailing List
- liste alphabétique
- liste des nations
- zones géographiques
Captrain Italia améliore les services via Ventimiglia et Domodossola pour les blocs sur l'axe Frejus et Gotthard
L'Italie risque d'être coupée du reste de l'Europe, a ajouté le groupe.
Au deuxième trimestre de cette année, les ports français ont traité 1,21 million de conteneurs (-12,7%)
La Défense
Le trafic global des marchandises a diminué de -2,0%
Les travaux pour les nouveaux maillons de la route de Porto Canale de Cagliari sont tendre.
Une route de raccordement sera réalisée entre le nouveau terminal roulier et la SS 195
A l'Interport de Gorizia, la numérisation du fonctionnement logistique du pôle froid est améliorée
Gorizia / Turin
Acquisition de la fourniture du WMS du groupe Generix
Approuvé les nouveaux statuts de la Fédération de la mer
Mattioli: Nous donnons plus de concret à une idée moderne de l'économie bleue
La nouvelle gare de passagers du port de Barletta est inaugurée.
À Brindisi, une réunion partielle au port de la zone maritime "ex Pol"
Fincantieri est assuré d'un financement à long terme de 800 millions d'euros.
"Durabilité liée" ligne de crédit garantie par SACE
Starlite Ferries renouvelle l'accord avec Accelleron
Préoccupations concernant la prestation de services de soins pour les turbochargeurs installés sur les navires
Fercam a inauguré son nouvel entrepôt à Alexandrie.
Elle a une superficie de 1 950 mètres carrés plus 290 bureaux
Ports Italiens:
Ancône Gênes Ravenne
Augusta Gioia Tauro Salerne
Bari La Spezia Savone
Brindisi Livourne Taranto
Cagliari Naples Trapani
Carrara Palerme Trieste
Civitavecchia Piombino Venise
Interports Italiens: liste Ports du Monde: Carte
Armateurs Réparateurs et Constructeurs de Navires
Transitaires Fournisseurs de Navires
Agences Maritimes Transporteurs routiers
Le 11 octobre à Gênes, un atelier du Young Group of Assagents sur la tendance de Noli
Il aura lieu au Palazzo San Giorgio
Conférence sur la promotion de la santé dans les ports des travailleurs du détroit
Il aura lieu le 2 octobre à Messine
››› Archives
España demanda una revisión instantánea de los puertos vecinos de transbordo
(El Mercantil)
Shipping minister resigns in aftermath of ferry passenger's death
››› Index Revue de la Presse
FORUM des opérateurs maritimes
et de la logistique
Relazione del presidente Daniele Rossi
Napoli, 30 settembre 2020
››› Archives
Conclusion de l'adaptation de la gare Gallarate aux trains de marchandises à partir de 750 mètres
Investissements du réseau ferroviaire italien de trois millions d'euros
Elle a conclu que les opérations de dédouanement des wagons de trains de marchandises ont déraillé dans le tunnel de base du Gothard
Le chantier naval turc Med Marine livre un nouveau remorqueur aux Vernicos Scafi
C'est le premier moyen de construction de la flotte de la joint-venture italo-italienne.
Kenya Ports Authority privatise les bancs aux ports de Lamu et de Mombasa
Lancement d'une compétition internationale qui comprend également une zone économique spéciale
Le mois dernier, le trafic de marchandises dans le port de Tarente a augmenté de 6,9%.
Au cours des huit premiers mois de 2023, une baisse de -4,0%
Nouvelles peintures pour contenir la propagation des feux sur les navires et les chantiers de construction
Messina Group a pris livraison de son deuxième navire porte-conteneurs complet
A une capacité de transport de 4.600 teu
Approbda à Gênes le premier porte-conteneurs du service FIM de HMM
Terminal de Scalo à conteneurs de PSA Italie
Première réunion du tableau technique sur la sécurité du travail dans le port
Parmi les propositions, insérer des profils de postes de port entre les catégories d'emplois "usurérer / gravester"
Hapag-Lloyd équipera tous ses navires de connexion Internet via le réseau de satellites Starlink
Le succès des tests a commencé en mai
Au cours de la période de juin-août, les revenus du groupe FedEx ont diminué de -6,7%.
Le bénéfice net a enregistré une croissance de 23,2%
Coopération de l'ICHCA et de la PEMA pour améliorer la sécurité des produits de manutention
- Via Raffaele Paolucci 17r/19r - 16129 Gênes - ITALIE
tél.: +39.010.2462122, fax: +39.010.2516768, e-mail
Numéro de TVA: 03532950106
Presse engistrement: 33/96 Tribunal de Gênes
Direction: Bruno Bellio
Tous droits de reproduction, même partielle, sont réservés pour tous les pays
Cherche sur inforMARE Présentation
Feed RSS Places publicitaires

inforMARE en Pdf