We are large owners of CCL , the largest cruise line operator. We initiated a position around $32.95 and have watched it rise to its present price of $36 where it seems to be building a base. There have been several management changes recently, most notably, long time CEO and Founder Mickey Arison, passed the day to day operating duties to a new CEO. This apparently is a good thing as he might have been diverted by being a billionaire and owner of NBA Champions Miami Heat. Our thesis is that demographics are overwhelmingly supportive of cruising and that China is a gigantic virgin cruise market that may one day be one of the largest if not the largest markets. Two articles on China just published seemed to validate that at least this idea is working in the right direction.
China works to improve cruise facilities
Monday, July 15, 2013
A leading industry specialist in China said recently that the cruise industry is facing a wave of development,
China Cruise & Yacht Industry Association executive vice president of the ZhengWeihang said in a meeting recently, The policies are under discussion and should be issued later this year” , according to a China Daily report.
A development report for 2012 to 2013 was released at the meeting, with the report, also calling for a white paper, said the industry is experiencing a boom with many cities constructing wharves to accommodate cruise ships.
Five wharves are currently in operation with two in Shanghai and one each in Xiamen, Tianjin and Sanya, with three are under construction in Zhongshan, Qingdao and Dalian, with six cities, including Guangzhou and Shenzhen, Haikou, Ningbo, Yantai and Nanjing, planning to build wharves.
“There is a need to work out an overall plan to decide how many wharves are requiredfor the cruise market,” Zheng said.
Princess opens five new offices in China
Monday, July 15, 2013
| Princess Cruises’ Country Director China – Cherry Wang. Image Credit: Prince Cruises |
Princess Cruises has announced the opening of five new offices in China, by the China branch of Carnival plc, which has been established by Carnival Corporation, to represent the cruise line and support the brand’s increased passenger sourcing in this booming market, with the new offices located in Shanghai, Beijing, Tianjin, Guangzhou and Chengdu.
Cherry Wang , based in Shanghai has been appointed Princess Cruises’ Country Director for China to oversee the offices with Ms Wang, previously General Manager of Princess Cruises’ ISA group in China, the international sales agent for Princess Cruises and Cunard Line since 2005.
Prior to this, Ms Wang managed sales for several travel agencies and hotels, including Zhejiang International Business Travel Co. Ltd., Zhejiang Overseas Travel Company (Shanghai Branch), Shangri-la Hotel Hangzhou and American Bazza Scarf Co. Ltd, Zhejiang office.
Princess Cruises’ President and CEO Alan Buckelew said, “The cruising market is in its infancy in China, and therefore we see this region as one with exciting growth potential.”
“The new offices in China will support Princess’ marketing efforts to increase the number of Chinese passengers sourced for our global cruises.”