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18 September 2025 - Year XXIX
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FORUM of Shipping
and Logistics


Shipping and Shipbuilding Markets in 2004

I N D E X




The Cruise market in 2004

 

If we were able to hand out 'Oscars' in the cruise market, we would indisputably have two big winners this year: the Carnival Cruise Line group, on one hand, and Fincantieri shipyards, on the other, both having developed a fruitful co-operation.

The Carnival group closed its annual results with a profit of nearly $ 2 billion for a turnover of roughly $ 10 billion, namely a net margin of 20 %. This result confirms both the success of the merger between the P&O / Princess group and the Carnival group, as well as the growth of the cruise market in the US and Europe in 2004.

Fincantieri ended the year with an orderbook of ten cruise ships, all for the Carnival group, representing 60 % of the world orderbook and slightly over $ 5 billion in value, guaranteeing full employment for their three cruiseship construction sites until 2008.

The enthusiasm which these magnificent results inspire should however be tempered in a global outlook of the market. The cruise industry has just experienced three difficult years since the attack of September 11th, 2001 and began the year 2004 with a new challenge, that of absorbing ten ships representing about 23,500 lower-berths, or 10 % of the current capacity. Once again, demand was able to match this new supply thanks to the increase in the number of cruise passengers which should surpass the 13 million mark in 2004.
 


 
At the beginning of 2004, there were only three ships to be delivered in 2005 and four in 2006. However, despite the continuing decline of the dollar lifting the cost of construction in Europe, owners could not resist the temptation to consolidate their commercial position by ordering new ships, in this booming market.

Once again, the signal was given by Carnival who as early as January ordered a ship, the 'Costa Concordia', 112,000 gt, 1,900 cabins, for delivery in the summer of 2006, at ' 450 million, for its subsidiary Costa. In October, two ships of 68,000 gt, 1,000 cabins, were ordered by another Carnival affiliate, Aida, with Meyer Werft, for delivery in April 2007 and April 2008, for a unit cost of ' 315 million. But above all, the biggest order ever placed was made with Fincantieri for a total figure of $ 2.6 billion for four ships to be delivered in 2007-2008 and the extension of the future 'Queen Victoria' by 11 meters for Cunard, for a complementary cost of $ 95 million. The four ships are broken down as follows:

  • one for Carnival, 110,000 gt, at a price of $ 500 million,
  • one for Princess Cruises, 107,000 gt, at a price of $ 525 million,
  • two similar ships for Europe, priced respectively at ' 475 and ' 490 million, with the Carnival group keeping the option to dedicate these two ships to either of its brands during the year 2005.

This order is exceptional in both its size and the fact that Fincantieri agreed to deal both in dollar and in euro, with client and supplier sharing the currency risk.

At the end of the year, Carnival thus has 12 ships on order and in January 2005, this owner will add a sistership of the 'Concordia' for its subsidiary Costa, for delivery in 2007 at a price of ' 475 million.

RCCL declared in September its option with Kvaerner Masa Yard, which has become Aker Finnyards, for a second 'Ultra Voyager' of 163,000 gt, 3,600 passengers, at a price of ' 580 million. RCCL continues to invest in these mega-ships with success, but it is likely that Carnival will start to compete in this market of very large carriers, since its 'Pinnacle' project of 180,000 gt is already on the drawing boards.

RCCL has also opted this year for the extension of the ship 'Enchantment of the Seas' which should see its capacity increased by 150 cabins for a cost in the region of $ 55 million. The new section will be built at Aker yards and installed in the Netherlands during the second quarter of 2005.

Norwegian Cruise Line (NCL) began the year with some concerns due to the financial losses of its mother company in Asia and the accident of the 'Pride of America' under construction at Lloyd Werft. Finally, the group has successfully put in place a financial restructuring, which allows it to raise $ 1 billion and to order two ships in December:

  • one of 92,000 gt, 1,200 cabins, for delivery in February 2007 with Meyer Werft, at a price of ' 370 million,
  • the other of 89,000 gt, 1,000 cabins, with Aker Finnyards, for delivery in the spring of 2007, with an option for another unit to be lifted in August 2005 for delivery in the spring of 2008, at a price of ' 385 million per unit.

An agreement was finally signed with Lloyd Werft to take delivery of the 'Pride of America' in June 2005, whilst the 'Norway' has definitively been stopped, awaiting a sale.

NCL, under the NCL America banner, continues to develop its cruise business in Hawaii under the American flag, despite some teething problems linked to restrictions with the American flag. Four ships are still programmed for this market over the next three years.

In Europe, the year began sadly with the demise of Festival who should have celebrated ten years of existence in 2004, but which allowed MSC to expand its development policy by taking over the 'European Vision' and 'European Stars' at a price of some ' 215 million per unit.

Mediterranean Shipping Cruises (MSC) has become a main competitor to Costa in Europe and also plans to consolidate its position as European cruise operator in the American market. Comforted by being the second largest owner of containerships in the world, MSC does not hide their plans to become a prime player in the European cruise scene. In September MSC completed six months of negotiations with Chantiers de l'Atlantique for the order of two 3,000 passenger ships, for delivery in the summer of 2006 and in the spring of 2007, at a price of ' 400 million each, with an option for an additional ship.

The European market should increase from 3.1 million lower-berths in 2004 to 3.7 million in 2007, profiting from a potential steady growth and should continue to absorb a quarter of the world fleet. It is true that if we apply the American model to Europe, there could be ten million cruise passengers in ten years time.
 

Finally 12 ships were ordered in 2004, representing 33,000 lower-berths, plus an additional three on option.

The orderbook at the end of the year thus comprises 21 ships firmly booked, for a total of 56,000 lower-berths, or an average capacity per ship of 2,650 passengers, of which nine ships are of post-panamax size.


 

Carnival Miracle
85 700 tb, livr' en 2004 par Aker Yards, exploit' par Carnival Cruise Line

Ten new ships representing 23,500 lower-berths were delivered during the year, of which seven went to the Carnival group. These deliveries were broken down as follows:

For Carnival Cruise Line:

  • 'Carnival Miracle', 85,700 gt, 2,124 lower-berths, 1,057 cabins, delivery February 2004, built by Aker Finnyards
  • 'Carnival Valor', 109,500 gt, 2,974 lower-berths, 1,438 cabins, delivery November 2004, built by Fincantieri

For Princess Cruises:

  • 'Caribbean Princess', 112,894 gt, 2,998 lower-berths, 1,557 cabins, delivery March 2004 built by Fincantieri
  • 'Diamond Princess', 115,875 gt, 2,674 lower-berths, 1,337 cabins, delivery March 2004
  • 'Sapphire Princess', 115,875 gt, 2,674 lower-berths, 1,337 cabins, delivery May 2004 built by Mitsubishi

 

Diamond Princess
115 875 tb, livr' en 2004 par Mitsubishi, exploit' par Princess Cruises

For Costa:

  • 'Costa Magica', 102,200 gt, 2,702 lower-berths, 1,358 cabins, delivery November 2004 built by Fincantieri

For Holland America Line:

  • 'Westerdam', 81,769 gt, 1,848 lower-berths, 924 cabins, delivery April 2004 built by Fincantieri

For Royal Caribbean Cruise Line:

  • 'Jewel of the Seas', 90,090 gt, 2,100 lower-berths, 1,055 cabins, delivery April 2004 built by Meyer Werft

For Mediterranean Shipping Cruises:

  • 'MSC Opera', 59,058 gt, 1,526 lower-berths, 795 cabins, delivery in June 2004 built by Chantiers de l'Atlantique

 
MSC Opera
59 058 tb, livr' en 2004 par les Chantiers de l'Atlantique, exploit' par MSC Cruises

For Birka Line:

  • 'Birka Paradise', 33,000 gt, 1,800 lower-berths, 728 cabins, delivery November 2004 built by Aker Finnyards
The revival of the cruise market during the year gave life to the second-hand market which was enlivened by the auction sales of vessels owned by companies in financial difficulties (notably ROC and Festival), as well as the sale of ships from the group My Travel (Sun Cruises) who decided to shutdown their activity as shipowners.

These sales allowed one to gauge the relatively firm prices which were established, partly due to the rise in the cost of construction and to some extent due to the weakness of the dollar.

Amongst the more notable sales were:

  • 'Carousel', 23,000 gt, 1,000 lower-berths, built 1971, 'Seawing', 16,700 gt, 754 lower-berths, built 1971 and 'Sunbird' 37,773 gt, 1 414 lower-berths, 633 cabins, built in 1982 (chartered by Thomson) to the owner Louis Cruises, at respectively $ 14, $ 9 and $ 71 million, whereas the 'Sun Dream' 23,000 gt, 1,000 lower-berths, built 1970 was sold to Caspi Shipping.
  • 'European Vision' renamed 'MSC Harmonica', and 'European Stars' renamed 'MSC Sinfonia', 58,000 gt, 1,506 lower-berths, 783 cabins, built in 2001 and 2002, bought by Mediterranean Shipping Cruises at the cost of '215 million each.
  • 'Mistral', 47,276 gt, 1,196 lower-berths, 598 cabins, built in 1999, sold to a Spanish tour operator Viajes Iberojet for a price of about ' 130 million.
  • Iberojet also bought the 'Superstar Capricorn', 23,400 gt, 755 lower-berths, built in 1972, renamed 'Grand Latino' at a price of $ 20 million.
  • 'Superstar Aries', 37,000 gt, 611 lower-berths, built in 1981, renamed 'Holiday Dream' was sold to Pullmantur for a price of $ 44 million.
  • 'Bolero', 15,800 gt, 761 lower-berths, built in 1968, renamed 'Orient Queen' was sold to Lebanese buyers at the price of $9.5 million, whilst the 'Azur', 9,200 gt, 694 lower-berths, built in 1971 was sold to the Israeli owner ManMaritime (renamed 'Royal Iris') at a price around $ 10 million, and the 'Flamenco' bought by Ravenscroft for $ 12.25 million at auction, has been charted by Travelplan in Spain.
  • The German financial organisation KfW, creditor of Royal Olympic Cruise, who had bought the 'Olympia Explorer' and the 'Olympia Voyager', built in 2000 and 2002, 24,500 gt, 840 lower-berths, 27 knots, for respectively $ 82.7 million and $ 97.2 million, resold the 'Olympia Explorer' for $85 million to a maritime university, whilst the 'Olympia Voyager' was chartered out for on a long term period with a purchase option to the Spanish Iberojet.
  • 'Paul Gauguin' was sold by the financial owner Centre Solution to the tour operator Grand Circle/Vantage for a price in the region of $ 40 million, but the ship should remain in service in Tahiti for Radisson for the next two years, 2005 and 2006.
  • The project easyCruise, which caused a lot of curiosity from all the professionals in the sector, should start in the spring of 2005 following the purchase and the transformation of 'Renaissance Two' bought for $ 7 million and transformed in Singapore, doubling its capacity to accommodate 180 passengers. This ship, renamed 'easyCruise 1' will serve as a test to the promoter, Stelios Haji-Iouannou, to develop on a much larger scale the ambitious project of easyCruise, which is planning to expand the range of products offered in the cruising industry in trying to capture a much younger clientele.
  • The sister ship, ex 'Renaissance One' was sold to Singaporeans at a price of $6 million to operate casino cruises.
  • Also to be noted was the purchase of the 'Discovery', 20,186 gt, 472 lower-berths, built in 1972 by the tour operator All Leisure Group (Voyages of Discovery) which chartered the ship for six months of the year, thus becoming an owner.

These sales show the activity of some tour operators, especially Spanish, Spain having become the fourth market in Europe within several years with 300,000 cruise passengers, after the United Kingdom with over 1 million, Germany with near to 600,000 and Italy with more than 350,000 cruise clients.

We have not seen any new mergers within the cruise companies this year, the sector being already concentrated in the hands of a few big groups, but there was one promising diversifying operation with the entry of CMA CGM into 70 % of the capital of the Compagnie des Iles du Ponant, who exploit three small cruise ships under French flag, and in the tour operator Tapis Rouge. Let us hope that this major containership owner will wish to develop rapidly in this new activity.
 

Whilst we might have imagined that the sector would take a pause after the strong growth in the fleet at the beginning of this decade, it appears that cruise companies are looking to achieve a controlled growth of around of 5 % per year, which should result in some ten ships being ordered each year.

Once again, the question is whether there are too many shipyards in Europe to serve the needs, which overall have become relatively moderate, although owners have no interest in seeing reduced competition amongst shipyards as this has helped boost their growth.

The decline in the dollar has of course been a constraint on the ambitions of American companies, but the growth of the market and a wiser decision-making process in the annual ordering of ships should permit, as seen this year, an increase in cruise prices compensating the rise in construction costs expressed in dollars, taking into consideration that amortisation of the vessel can be spread out over a very long period.

The cruise industry, which in twenty years has become a well-known and appreciated leisure activity, has no need to be under-priced to survive and the sector should experience a much more controlled development than in the past, particularly as only ten ships will be coming out of the yards over the next two years, four in 2005 and six in 2006, which should allow a better occupancy rate and price optimisation given a demand which is continuously expanding.
 

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Singapore
Annual traffic capacity will increase to 4.8 million TEUs
The conference "EU ETS - Perspectives and Opportunities for Decarbonization in the Maritime Sector" will be held in Palermo.
Rome
It will be held on September 18th and 19th
Fincantieri and PGZ sign an agreement to support the modernization of the Polish Navy
Trieste
The third LSS section for Chantiers de l'Atlantique was launched in Castellammare di Stabia.
In the US, funding for wind energy development projects in ports is being cut.
Washington
Resources worth $679 million will be reallocated for port infrastructure upgrades
From January 1st, Kombiverkehr will operate the PKV intermodal terminal in the port of Duisburg.
Frankfurt am Main
It has a traffic capacity of approximately 200 thousand intermodal units per year.
Wallenius Marine and ABB form Overseas joint venture
Stockholm
The aim is to accelerate the launch of the platform of the same name for improving fleet performance.
DHL eCommerce has acquired a minority stake in Saudi Arabia's AJEX Logistics Services.
Bonn/Riyadh
The Middle Eastern company has two thousand employees
The Ministry of Infrastructure and Transport has asked the Region to agree on the appointment of Bagalà as president of the Sardinian Port Authority.
Rome
He is currently the extraordinary commissioner of the same body
CMPort's port terminals handled record container traffic in the second quarter
Hong Kong
In the first six months of 2025 the total was 78.8 million TEUs (+4.3%)
Confitarma approves the decree on advanced training for tanker seafarers.
Rome
Applause to the General Command of the Port Authority Corps
Quarterly freight traffic in Moroccan ports increases
Tangier/Casablanca
In Tanger Med the growth was +17%
The board of directors of the Genoa-based Ente Bacini has been renewed.
Genoa
President Alessandro Arvigo and CEO Maurizio Anselmo
In the second quarter, sales of dry containers produced by CIMC fell by -33%.
Hong Kong
Reefer boats increase by 57%
The Grimaldi Group has taken delivery of the Grande Shanghai
Naples
It will be used for the transport of vehicles between East Asia and Northern Europe
Chinese automaker FAW ships components to Europe by train
Changchun
Transit time reduced to 18 days compared to 45 days for maritime transport
The ART urges to verify that the investment plan and the related amortization period are consistent with the duration of the port concessions.
Turin
Opinions regarding the concession extensions requested by the Neapolitan companies So.Te.Co. and Co.Na.Te.Co.
The assets and fleet of the Spanish Armas Trasmediterránea will be sold to Baleària and DFDS
Las Palmas/Dénia/Copenhagen
Two agreements worth €215 million and €40 million respectively have been signed.
Italian State Railways (FS), investing €70 million to install the ERTMS system.
Rome
Work has been completed on 382 Trenitalia trains, while the retrofitting of 60 locomotives from Mercitalia Rail, an FS Logistix company, is underway.
MPC Container Ships' quarterly revenue returns to growth
The second quarter of 2025 was closed with a net profit of 78.1 million dollars (+20.5%)
Plans to build two container customs areas north and south of the Suez Canal
Cairo
Fourteen of the 48 abandoned shipwrecks in Catania port have been removed.
Catania
The activity will be replicated in the port of Augusta
The Regional Administrative Court (TAR) has confirmed the validity of the tender for the new Ravano Terminal in the port of La Spezia.
La Spezia
DP World's port terminals handled record quarterly container traffic
Dubai
Revenues grew by 22.2% in the first half of 2025
In the quarter April-June the volume of rolling stock transported by Höegh Autoliners increased by +9.0%
Oslo
Sharp increase (+46.6%) of vehicles from Asia
South Korea's HD Korea Shipbuilding & Offshore Engineering acquires Vietnam's Doosan Enerbility
Seongnam
It manages an industrial area with its own port facility
Container traffic in the port of Algeciras grew by 6.6% in July
Algeciras
In the first seven months of 2025, a decrease of -2.9% was recorded
In July, the port of Valencia handled 488,000 containers (+6.7%)
Valencia
Increase driven by growth in empty containers
Salvini has appointed Annalisa Tardino as extraordinary commissioner of the Western Sicilian Sea Port Authority.
Rome/Palermo
The President of the Sicilian Region announces the appeal against the provision
The materials dredged in the ports of La Spezia and Carrara will be used for the construction of the new breakwater in Genoa.
Genoa/La Spezia
Agreement between the two Ligurian Port System Authorities
X-Press Feeders denounces authorities' failure to acknowledge responsibility in the X-Press Pearl accident
Singapore
According to the company, the Supreme Court ruling ignores international maritime law
Cargo traffic in Russian ports remained stable in July
St. Petersburg
In the first seven months of 2025, loads decreased by -4.6%
Container traffic in the port of Hong Kong decreased by -6.5% in July
Hong Kong
A decline of -3.7% was recorded in the first seven months of 2025
In July, the Port of Singapore set a new all-time record for monthly container traffic with 3.9 million TEUs.
Singapore
In terms of weight, containerized cargo decreased by -3.6%
Compensation to be paid by the Civitavecchia Port Authority in the Fincosit case has been set at €1.5 million.
Civitavecchia
Latrofa: The ruling allows the release of set-aside sums that have frozen the budget for years.
Germany's HHLA posts record quarterly revenue
Hamburg
In the second quarter, the group's port terminals handled 3.2 million containers (+7.9%)
In the first half of 2025, CK Hutchison's port terminals handled 44 million containers (+4.0%)
Hong Kong
In the quarter April-June the Wallenius Wilhelmsen fleet transported 14.8 million cubic meters of rolling stock (-0.5%)
Lysaker
Revenues down by -0.7%
In the second quarter, Montenegro's ports handled 670 thousand tons of goods (+0.6%)
Podgorica
Volumes with Italy amounted to 154 thousand tons (+53.1%)
PORTS
Italian Ports:
Ancona Genoa Ravenna
Augusta Gioia Tauro Salerno
Bari La Spezia Savona
Brindisi Leghorn Taranto
Cagliari Naples Trapani
Carrara Palermo Trieste
Civitavecchia Piombino Venice
Italian Interports: list World Ports: map
DATABASE
ShipownersShipbuilding and Shiprepairing Yards
ForwardersShip Suppliers
Shipping AgentsTruckers
MEETINGS
Conference: "Waiting and Delays in Road Transport: Logistics in Check"
Genoa
Organized by Trasportounito, it will be held on September 26th in Genoa
The conference "EU ETS - Perspectives and Opportunities for Decarbonization in the Maritime Sector" will be held in Palermo.
Rome
It will be held on September 18th and 19th
››› Meetings File
PRESS REVIEW
Korean Firms Reassess U.S. Investments After Mass Immigration Raid
(The Korea Bizwire)
Russia's infrastructure development plan aims to build 17 marine terminals by 2036
(Interfax)
››› Press Review File
FORUM of Shipping
and Logistics
Intervento del presidente Tomaso Cognolato
Roma, 19 giugno 2025
››› File
With the arrival of the first container ship, the testing of operational procedures at the Rijeka Gateway begins.
The Hague
The first commercial ship is expected on September 12th
A proposal to bring the port of Taranto back onto global container routes? Start a discussion table.
Taranto
Meeting on the status of freight traffic
Port of Ancona: Tender for demolition of fire-damaged Tubimar warehouses
Ancona
The expected duration of the works is four and a half months
Merger of the German MACS and Hugo Stinnes, both active in the MPP vessel segment
Hamburg/Rostock
Stinnes headquarters in Rostock to close by December 31
In the second quarter, freight traffic in Albanian ports grew by +2.9%
Tirana
There were 331 thousand passengers (+13.6%)
A.SPE.DO, operationalizing the Smart Terminal to increase the competitiveness of the port of La Spezia.
La Spezia
ING loans to Premuda for over 100 million dollars
Milan
Funds for the management buyout and the purchase of two product tankers
Sallaum Lines has taken delivery of the first of six Ocean-class dual-fuel PCTCs
Rotterdam
The ship was completed four months ahead of schedule
First meeting of the new Management Committee of the Western Ligurian Sea Port Authority
Genoa
Several measures approved, including those for CULMV and CULP staff
Euroports to operate a new liquid bulk terminal in the French port of Port-La Nouvelle
Beveren-Kruibeke-Zwijndrecht
It is expected to become operational in 2026
In the second quarter, freight traffic in the port of Ravenna increased by +2.6%
Ravenna
Growth of 0.6% was recorded in June. An increase of 4.8% is expected in July.
OsserMare presents five reports on the marine economy
Rome
They focus on a specific sector supply chain or aspect of it
Port of Naples: Road haulage operations resume
Naples
Resolution meeting between institutions, operators and trade associations
ICTSI again reports record quarterly financial and operating results
Manila
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