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December 13, 2007 |
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ROYAL CARIBBEAN: New Joint Venture with TUI AG Forms TUI Cruises Royal Caribbean Cruises Ltd. and TUI AG have launched a new joint venture serving the German cruise market. The new company, TUI Cruises, will begin service with one ship, in early 2009, and grow quickly with two newbuilds planned for 2011 and 2012. Sales and marketing will commence earlier in Spring 2008. Both partners will hold a 50 percent interest in the joint venture, which is subject to regulatory and board approvals before completion. The first ship to operate under the TUI Cruises brand will undergo renovations before entering service. Once deployed, it will not only enhance the German cruise market, but also meet the sophisticated needs of German-speaking customers seeking a contemporary/premium cruise experience. The onboard product will be custom-tailored to German tastes, and encompass food, entertainment and amenities. German will be the language used onboard as well. "We are very pleased by our new partnership and our new partner," said TUI AG Chief Executive Officer, Dr. Michael Frenzel. "Royal Caribbean Cruises Ltd. is truly a leader in the cruise vacation industry, and TUI Cruises will greatly benefit from its expertise. By collaborating with Royal Caribbean, we gain access to a very profitable growth market, a year earlier than we had envisioned," Dr. Frenzel added. "We are thrilled to partner with a company as highly regarded as TUI AG," said Royal Caribbean Cruises Ltd. Chairperson and CEO Richard Fain. "The alliance greatly advances our global strategy. It also aligns us with TUI AG, the most powerful brand in European tourism," Mr. Fain added. Plans call for the new cruise line to be based in Hamburg, Germany. Industry executive Richard Vogel, who has worked extensively on the project, is expected to be named Chief Executive Officer of TUI Cruises after the transaction is approved. About TUI AG TUI AG is an internationally active group that, since 2005, has been concentrating on the two growth sectors of tourism and shipping. In both these sectors, TUI commands a leading market position, it is namely number one among the European tourism companies and number five in the world of container shipping. The company's consolidated revenues and number of employees for the year ended Dec. 31, 2006 was US$20.9 billion and 54,000, respectively. With effect from Sept. 2007, TUI AG has merged its tourism activities -- with the exception of its hotel business -- with the British travel group First Choice Holidays PLC into TUI Travel PLC. TUI holds 51 percent in this new entity, which is listed at the London Stock Exchange. About Royal Caribbean Headquartered in Miami, Royal Caribbean Cruises Ltd. (NYSE: RCL) -- http://www.royalcaribbean.com/ -- is a global cruise vacation company that operates Royal Caribbean International, Celebrity Cruises and Pullmantur Cruises, Azamara Cruises and CDF Croisieres de France. The company has a combined total of 35 ships in service and seven under construction. It also offers unique land-tour vacations in Alaska, Asia, Australia, Canada, Europe, Latin America and New Zealand. The company has operations in Puerto Rico. * * * Moody's still carries Royal Caribbean Cruises Ltd.'s 'Ba1' long term corporate family rating last placed on Feb. 22, 2005. Moody's said the outlook is stable. |
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