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Cruises - International - March 2010

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Table of contents

  1. Introduction

      • New-build orders dry up
        • Sourcing continues to go global
          • Cruising’s major economic boost to Europe
            • Shortage of credit also affects port development
              • Shipbuilders face uncertain future
                • Future outlook
                • Data Sources

                    • Abbreviations
                    • Overview

                        • Impact of economic downturn on cruising
                          • To fill or not to fill
                            • On-board revenue plays important part in industry resilience
                              • Trading up the key
                                • Big three dominate global cruise scene
                                  • Figure 1: Top three cruise companies’ total berths, 2008-12
                                  • Figure 2: Top three companies' share of capacity, 2002-12
                                • Top three financial performances vary in 2008/09
                                  • Figure 3: Carnival Corporation financial results, 2006-09
                                • Disappointing results for RCC
                                  • Figure 4: Royal Caribbean Cruises’ results, 2006-08
                                  • Figure 5: Royal Caribbean Cruises’ results, 2008-09
                                • Star trims losses while NCL starts to thrive
                                  • Figure 6: Star Cruises’ group results, 2006-08
                                  • Figure 7: Star Cruises (excluding NCL), results, 2008-09
                                  • Figure 8: NCL corporation, results, 2006-08
                                  • Figure 9: NCL corporation, results, 2008-09
                              • Industry Structure

                                  • Figure 10: Brands owned by top three cruise companies, 2010
                                  • Figure 11: Key brands (main markets) owned by other companies, 2010
                                • New ship orderbook cut by a third in two years
                                  • Figure 12: New ships on order, 2010-13
                                  • Figure 13: Worldwide cruise supply/demand, 2008-25
                                  • Figure 14: Largest capacity cruise brands, 2010 and 2013*
                                • Economies of scale
                                  • Figure 15: Average capacity of new ships, 2000-12
                                  • Figure 16: New ships by cruise sector, 1990-2012
                                • Sector development: product segmentation
                                  • Contemporary brands – case studies
                                    • Carnival Cruise Lines
                                      • Figure 17: Carnival Cruise Lines’ fleet/orderbook, 1 February 2010
                                    • Royal Caribbean International
                                      • Figure 18: Royal Caribbean International fleet/orderbook, 1 February 2010
                                    • Costa Cruises
                                      • Figure 19: Costa Cruises fleet/orderbook, 1 February 2010
                                    • Norwegian Cruise Line
                                      • Figure 20: Norwegian Cruise Line fleet/orderbook, 1 February 2010
                                    • MSC Cruises
                                      • Figure 21: MSC Cruises fleet/orderbook, 1 February 2010
                                    • AIDA Cruises
                                      • Figure 22: Aida Cruises fleet/orderbook, 1 February 2010
                                    • Star Cruises
                                      • Figure 23: Star Cruises fleet, 1 February 2010
                                    • Disney Cruise Line
                                      • Figure 24: Disney Cruise Line fleet/orderbook, 1 February 2010
                                    • New contemporary brand
                                      • Budget brands – case studies
                                        • Louis Cruise Lines
                                          • Figure 25: Louis Cruise Lines fleet, 1 February 2010
                                        • Thomson Cruises
                                          • Figure 26: Thomson Cruises fleet, 1 February 2010
                                        • Ocean Village
                                          • Figure 27: Ocean Village fleet, 1 February 2010
                                        • Other budget brands
                                          • Premium brands – case studies
                                            • Princess Cruises
                                              • Figure 28: Princess Cruises fleet/orderbook, 1 February 2010
                                            • Holland America Line
                                              • Figure 29: Holland America Line fleet/orderbook, 1 February 2010
                                            • Celebrity Cruises
                                              • Figure 30: Celebrity Cruises fleet/orderbook, 1 February 2010
                                            • P&O Cruises
                                              • Figure 31: P&O Cruises fleet/orderbook, 1 February 2010
                                            • Cunard Line
                                              • Figure 32: Cunard Line fleet/orderbook, 1 February 2010
                                            • Fred Olsen Cruise Lines
                                              • Figure 33: Fred Olsen Cruise Lines fleet, 1 February 2010
                                            • Saga Cruises
                                              • Figure 34: Saga Cruises/Spirit of Adventure fleet, 1 February 2010
                                            • Other premium brands
                                              • Sail (or sail-assisted) cruise brands – case studies
                                                • Star Clippers
                                                  • Figure 35: Star Clippers fleet, 1 February 2010
                                                • Windstar Cruises
                                                  • Figure 36: Windstar Cruises fleet, 1 February 2010
                                                • Coastal, soft adventure and expedition cruising
                                                  • Premium-plus brands – case studies
                                                    • Oceania Cruises
                                                      • Figure 37: Oceania Cruises fleet, 1 February 2010
                                                    • Azamara Club Cruises
                                                      • Figure 38: Azamara Club Cruises fleet, 1 February 2010
                                                    • Luxury brands – case studies
                                                      • Silversea Cruises
                                                        • Figure 39: Silversea Cruises fleet, 1 February 2010
                                                      • Regent Seven Seas Cruises
                                                        • Figure 40: Regent Seven Seas Cruises fleet, 1 February 2010
                                                      • Seabourn Cruise Line
                                                        • Figure 41: Seabourn Cruise Line fleet/orderbook, 1 September 2010
                                                      • Crystal Cruises
                                                        • Figure 42: Crystal Cruises fleet, 1 September 2010
                                                      • Seadream Yacht Club
                                                        • Figure 43: Seadream Yacht Club fleet, 1 September 2010
                                                      • Other luxury brands
                                                      • Global Cruise Market

                                                        • North America
                                                          • Resilience in face of global economic downturn
                                                            • Deployment decisions put a halt to North American growth
                                                              • Figure 44: North American cruise passengers, 1998-2008
                                                              • Figure 45: North American cruises, by cruise line, 2005-08
                                                              • Figure 46: Top destinations from or via US ports for North American passengers, 2005-09
                                                            • Survey shows potential demand still high
                                                              • Figure 47: North American Ocean Cruise, passenger demographics, 2008
                                                              • Figure 48: US resident cruise passengers, by state, 2003-08
                                                              • Figure 49: North American cruises, by cruise length, 2005-08
                                                              • Figure 50: Best price when buying a cruise, 2004 and 2008
                                                              • Figure 51: Best service when buying a cruise, 2004 and 2008
                                                              • Figure 52: Best way to contact travel agent, 2002, 2006 and 2008
                                                              • Figure 53: Usage of travel agents to book cruises, 2002-08
                                                            • North American impact rises despite stalled passenger growth
                                                              • Figure 54: Economic impact of North American cruise industry on the US economy, 2005-08
                                                              • Figure 55: Main US industries benefiting from cruise tourism, 2006 and 2008
                                                              • Figure 56: Passenger/crew spending in the US, 2006-08
                                                              • Figure 57: US states earning most from cruising in 2008 (2006)
                                                              • Figure 58: North American cruise industry, 2005-08
                                                              • Figure 59: North American passengers on multi-day cruises, 2006-09
                                                            • Alaska head tax causes rift with cruise industry
                                                              • Figure 60: Cruise visitors to key Alaska cruise ports, 1996 and 2008
                                                              • Figure 61: Scheduled calls and passenger capacities to Alaska, 2009-10
                                                              • Figure 62: Sector shares of summer tourism arrivals in Alaska, 2008 and 2010
                                                              • Figure 63: Alaska visitor industry taxes, 2003-08
                                                              • Figure 64: Cost* for cruise ships calling at North/Central American and Caribbean ports pre- and post-2006
                                                              • Figure 65: Juneau visitor volume and spending, 2007-08
                                                              • Figure 66: Cruise ship and passenger fee revenues for Juneau, 2008
                                                              • Figure 67: Cruise line/tour-operator spending in Juneau, 2007-08
                                                              • Figure 68: Visitor industry spending in Juneau, by sector, 2007-08
                                                              • Figure 69: Visitor industry jobs and income in Juneau, 2007-08
                                                              • Figure 70: Projections of cruise traffic economic impact, 2008 and 2010
                                                              • Figure 71: Visitor spending on Ketchikan, 2008
                                                            • Canadian ports hit by Alaska downturn
                                                              • More ports emerge to cash in on New England/Canada popularity
                                                                • US West coast ports need ‘green’ light for expansion
                                                                  • Hawaii environmental study plays down cruise-related pollution
                                                                    • Figure 72: Hawaii cruise passenger volumes and projections, 1996-2018
                                                                    • Figure 73: Net value of cruise industry to Hawaiian Islands, 2007
                                                                    • Figure 74: Statewide (Hawaii) cruise/hotel utilities usage, 2007
                                                                    • Figure 75: Current estimated/projected statewide costs of cruise ship air emissions, 2007-18
                                                                  • Everglades set to be world cruising’s number one homeport
                                                                    • Figure 76: Revenue cruise passengers through Miami, 2000-08
                                                                  • Mexico benefits from cruise tourism leadership
                                                                    • Figure 77: Cruise tourism to Mexican regions, 2008-09
                                                                    • Figure 78: Economic impact of cruise tourism to Mexico, 2006-07*
                                                                    • Figure 79: Passenger expenditures, 2006-07*
                                                                    • Figure 80: Crew expenditure, 2006-07*
                                                                  • Caribbean cruise tourism volatility hits benefits
                                                                    • Figure 81: Average passenger/crew daily spend ashore in Caribbean and Central America, 2008/09 (2005/06)
                                                                    • Figure 82: Caribbean employment/wages from cruise tourism, 2008-09 (2005/06)
                                                                    • Figure 83: Direct Caribbean/Mexico cruise expenditure, 2008/09 (2005/06)
                                                                    • Figure 84: Caribbean and bermuda cruise vistors, 2007-09
                                                                  • Changes to ambitious Falmouth cruise port project
                                                                    • River cruising
                                                                      • Europe
                                                                        • Is Europe the new centre of gravity for cruising?
                                                                            • Figure 85: Total economic impact of cruise industry in Europe, 2006-08
                                                                            • Figure 86: Total economic impact of European cruise industry, 2005-08
                                                                            • Figure 87: Economic impacts of European cruise industry, 2006-08
                                                                            • Figure 88: Cruise line compensation shares, by country, 2008 (2006)
                                                                            • Figure 89: European cruise market, by destination, 2004-08
                                                                            • Figure 90: Destination share for leading European source markets, 2008
                                                                            • Figure 91: Destinations for UK passengers, 2003-08
                                                                            • Figure 92: Cruise visitors to Europe, by country of destination, 2006-08
                                                                            • Figure 93: Cruise passengers, by country of embarkation, 2006-08
                                                                            • Figure 94: World's top 50 cruise ports of call, 2008
                                                                            • Figure 95: World’s top 20 cruise homeports, 2008
                                                                            • Figure 96: Leading Mediterranean homeports, 2006-08
                                                                            • Figure 97: Leading Mediterranean cruise home ports, 2006-08
                                                                            • Figure 98: Cruise visitors at Spanish ports, 2006-08
                                                                          • Shore power conundrum
                                                                            • Figure 99: North American and European source markets, 1998-2008
                                                                            • Figure 100: European cruise market, 1998-2008
                                                                            • Figure 101: Growth in value of cruises compared with package holidays booked in European markets, 2006-07*
                                                                            • Figure 102: Shares of European source market, 2008 (2007)
                                                                            • Figure 103: European ocean cruise passengers, 2005-08
                                                                            • Figure 104: European cruise market, by destination, 2004-08
                                                                            • Figure 105: Destination share for European source markets, 2008
                                                                          • UK leads the way
                                                                            • Figure 106: UK ocean cruise passengers, 1998-2010
                                                                            • Figure 107: UK ocean cruise share of foreign holidays market, 1997-2008
                                                                            • Figure 108: Age analysis, 1998-2008
                                                                            • Figure 109: UK-UK Cruises vs Flycruises, 2004-08
                                                                            • Figure 110: Regional destinations for UK passengers, 2003-08
                                                                            • Figure 111: UK-UK port and flycruise passengers, 2005-08
                                                                          • Impressive growth for UK and continent
                                                                            • UK port developments
                                                                              • Figure 112: Cruise passengers at UK ports, 2003-08
                                                                              • Figure 113: UK port of call passengers, 2003-08
                                                                              • Figure 114: Total economic impact of cruise tourism in Dover, 2007*
                                                                              • Figure 115: Age of cruise visitors to Dover, 2008
                                                                              • Figure 116: Nationality of cruise passengers calling at Dover, 2008
                                                                              • Figure 117: Age of crew visiting Dover, 2008
                                                                            • Lack of suitable dock holds back London
                                                                              • Travel agents dominate cruise distribution network
                                                                                • River cruises stagnant
                                                                                  • Figure 118: Destinations for UK river cruise passengers 2004-08
                                                                                • Continental Europe catching up – Germany accelerating
                                                                                  • Figure 119: German ocean cruise passengers, 1998-2008
                                                                                • Italy’s fast brand growth
                                                                                  • Figure 120: Italian cruise market, 2003-08
                                                                                • Venice goes it alone
                                                                                  • Rocky year for Spain
                                                                                    • Figure 121: Spanish cruise market, 2003-08
                                                                                    • Figure 122: Brand shares of Spanish cruise market, 2008
                                                                                  • More positive news from French market
                                                                                    • Figure 123: French cruise market, 2003-08
                                                                                  • Seasonal issues in Northern Europe
                                                                                    • Mediterranean ports take the lead
                                                                                      • Atlantic islands and coastal cruise ports
                                                                                        • Northern Europe’s cruise tourism growth and economic impact
                                                                                          • Figure 124: Northern European cruise traffic, 2006-08
                                                                                          • Figure 125: Most popular Northern European ports, 2006-08
                                                                                          • Figure 126: Leading homeports in Northern Europe, 2006-08
                                                                                          • Figure 127: Baltic cruise passengers, by nationality, 2007-08
                                                                                          • Figure 128: Norwegian fjords cruise visitors, by nationality, 2007-08
                                                                                          • Figure 129: Continental Europe (North) and UK/Ireland cruise vsitors by nationality, 2007-08
                                                                                        • Destinations the key
                                                                                          • Economic benefits identified
                                                                                            • EU funding options
                                                                                              • Growth in other emerging markets
                                                                                                • Figure 130: Ocean cruise passengers worldwide, 2005-08
                                                                                              • Asia
                                                                                                  • Figure 131: Cruise industry development in Hong Kong, 2007-18
                                                                                                  • Figure 132: Singapore cruise traffic, 1997-2008
                                                                                                • Chinese investment in cruise accelerates
                                                                                                  • Cruise companies continue to add Asian capacity
                                                                                                    • Australasia
                                                                                                      • Figure 133: Australian cruise market, 2002-08
                                                                                                    • Lack of capacity at Sydney could slow Australian growth
                                                                                                      • Figure 134: Australian cruise industry, 2006-09
                                                                                                      • Figure 135: Cruise shipping economic impact in Australia, 2005-09
                                                                                                      • Figure 136: Cruise industry economic impact on Australian ports, 2008/09
                                                                                                    • Australia boosts New Zealand cruise arrivals
                                                                                                      • Figure 137: Nationality of cruise passengers through New Zealand, 2007-08
                                                                                                      • Figure 138: New Zealand cruise tourism, 2000/01-2007/08
                                                                                                      • Figure 139: Total cruise traffic through New Zealand, 2004/05-2007/08
                                                                                                      • Figure 140: Cruise tourism contribution to New Zealand GDP, 2001/02-2007/08
                                                                                                      • Figure 141: Cruise industry direct expenditure in New Zealand, 2008-09
                                                                                                      • Figure 142: New Zealand cruise industry employment, 2007/08
                                                                                                    • India and the Indian Ocean
                                                                                                      • Middle East
                                                                                                        • South America
                                                                                                          • The next big thing?
                                                                                                              • Figure 143: Cruise visitors/calls to Colombian ports, 2000-09
                                                                                                              • Figure 144: Cruise visitors to Colombia by port, 2005-09
                                                                                                              • Figure 145: Economic growth of selected latin American countries, 2006-08
                                                                                                              • Figure 146: Nationality of cruise visitors to Colon 2000, 2008
                                                                                                          • Shipbuilding and Shipbuilders

                                                                                                              • Figure 147: New ships on order, 2010-13
                                                                                                              • Figure 148: Shipbuilders' share of cruise ship berths built for delivery, 1970-2012
                                                                                                              • Figure 149: Cruise industry expenditure for newbuildings and refurbishment, (by country benefiting), 2006-08
                                                                                                            • Fincantieri market leader
                                                                                                              • Figure 150: Fincantieri orderbook at 1 February 2010
                                                                                                            • Meyer Werft confirmed as number two
                                                                                                              • Figure 151: Meyer Werft orderbook at 1 February 2010
                                                                                                            • STX Europe hardest hit
                                                                                                              • Figure 152: STX Europe (Finland) orderbook at 1 February 2010
                                                                                                              • Figure 153: STX Europe (France) orderbook at 1 February 2010
                                                                                                            • Refurbishments replace some of new-build work for shipyards
                                                                                                            • What Next?

                                                                                                                • Regulation and taxation threats
                                                                                                                  • Cruise lines consider kite-flying
                                                                                                                    • Larger is greener and cheaper
                                                                                                                      • Small ships with big ship savings
                                                                                                                        • Big Brother comes to cruising
                                                                                                                          • EU’S new interest in cruising
                                                                                                                            • More health and safety issues
                                                                                                                              • Shore power the answer?
                                                                                                                                • Fewer port calls?

                                                                                                                                Companies Covered

                                                                                                                                To learn more about the companies covered in this report please contact us.

                                                                                                                                Cruises - International - March 2010

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