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21 February 2020 The on-line newspaper devoted to the world of transports 13:08 GMT+1



February 7, 2020

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TUI sells Hapag-Lloyd Cruises to joint venture TII Cruises joint with Royal Caribbean Cruises

The transaction assigns the cruise line a value 1.2 billion euros

Ownership of the hapag-Lloyd cruise line Cruises, currently all in the hands of the tour group, German hotel and cruiser TUI, will switch to TUI Cruises, which is the 50:50 joint venture between the same group TUI and the US cruise group Royal Caribbean Cruises (RCL). By making known today the next transfer of the entire TUI Cruises, TUI and RCL specified that the transaction, which is expected to be completed next summer, assigns Hapag-Lloyd Cruises a value of 1.2 billions of euros.

The German and American group explained that the operation is part of the strategy to expand their cruise activities in the luxury, expedition and premium and that this plan includes the enhancement of the Brand Hapag-Lloyd Cruises. The latter company was acquired by TUI in 1997 and represents the entry into the sector German industrial group, formerly preussag. TUI Cruises, on the other hand, was made up of TUI and RCL in 2008.

TUI also stated that the rapid expansion of its cruise ship fleet through TUI Cruises has suffered a setback given the limited capacity of the construction sites naval vessels around the world and therefore the company's fleet will be able to expanded only in 2023, 2024 and 2026. In the first year, in fact, TUI Cruises will take delivery of a new ship ordered to the Finnish shipyard Meyer Turku ( 13 February 2018), while in 2024 and 2026 the company will take delivery of two other units commissioned to the group Italian navalmechanic Fincantieri ( 13 July 2018). TUI specified that the integration of the Hapag-Lloyd in the joint venture with RCL will still allow German group to participate in the growth of the with a low level of investment.

Currently, the Fleet of Hapag-Lloyd Cruises is consists of two luxury cruise ships and three cruise ships cruise for shipments. In addition, the company ordered the Fincantieri Group's VARD shipbuilding company construction of a new ship for expeditions that will be taken to be delivered in 2021 ( 3 July 2018).

TUI has announced that it will use the proceeds from the sale of Hapag-Lloyd Cruises to TUI Cruises strengthen the group's balance sheet and drive its transformation into a digital organization.

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