In collaberation with Carnival Corporation, Fincantieri and China State Shipbuilding Corporation (CSSC) a Memorandum of Agreement has been signed for the building of two cruise ships with an option of 4 more for the Chinese Market.
This will be the first time that cruise ships of this kind will have been constructed in China. They are to be built at the Shanghai Waigaoqiao Shipbuilding Co., LTD (SWS)
The agreement is subject to conditions but it is estimated that the value of the first two ships will be around $1.5b and further enhances the terms of agreement between CSSC Cruise Technology Development Co., Ltd (CCTD), CIC Capital and Shanghai Waigaoqiao Shipbuilding Co., Ltd (SWS) signed last year in an effort to develop and sustain the support for the Chinese cruising market.
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 agreement was signed in the Great Hall of the People in Beijing today and marked the occasion of the 4th Italy-China Business Forum, which was attended by both the Italian President, Sergio Mattarella and Chinese President XI Jinping.
The new ships will be part of a Chinese brand that will be a joint venture between Carnival Corporation, CSSC and CIC Capital and the designs for the new ships will cater for the tastes of the Chinese travellers. The first ship is due for delivery in 2023.
Speaking of the ‘historic’ agreement signed today, Giuseppe Bono, CEO of Fincantieri was thrilled at the prospect of the new partnership which will see the Chinese Cruise Market continue to develop and grow. He said:
“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.
Representing Carnival Corporation, Arnold Donald, CEO was equally as delighted and excited at the new partnership. He stated:
“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”
Source for quotes: Fincantieri
Featured Image: Carnival Corporation