Carnival unveils Spanish joint cruise venture
Carnival Corporation is to create a 320 million euro joint venture to expand the two-ship Spanish cruise business run by Iberojet.
The move – which follows rival Royal Caribbean acquiring a leading Spanish operator last year – involves Majorca-based Orizonia Corporacion, which is claimed to be Spain’s largest travel company which operates its own cruise fleet under its Iberojet division.
Orizonia operates a range of tour operating brands, 700 travel agencies under the Viajes Iberia brand name, as well as charter airline Iberworld with 11 aircraft.
Iberojet Cruceros operates two cruise ships, the 834-passenger Grand Voyager, built in 2000, and the 1,196-passenger Grand Mistral, constructed in 1999.
The joint venture would eventually be comprised of a multi-ship fleet serving the rapidly expanding Spanish vacation sector, according to Carnival. Carnival will own 75% of the joint venture with Iberojet owning 25%.
The two existing vessels would be transferred to the joint venture company under the deal.
“The intention is to grow that fleet over the next several years through the acquisition of existing tonnage from Carnival Corporation’s current fleet,” a statement said.
It is expected that Pier Luigi Foschi, chairman and CEO of Carnival’s Italian Costa Cruises unit, will serve as chairman of the board of the joint venture. Costa already has a strong presence in the Spanish sector.
He said: “With the combined strengths of the Costa and Iberojet organizations, the new joint venture should generate even greater brand recognition in our efforts to grow the interest in cruising in a market that we believe is primed and ready for expansion.”
Carnival chairman and CEO Micky Arison said “Iberojet operates a very successful cruise brand, along with a wide range of quality and affordable vacation products, which have garnered extremely strong brand awareness with Spanish consumers.
“With their extensive experience marketing in Spain, combined with a keen understanding of Spanish vacation trends, Iberojet provides a solid partnership for expanding in one of the fastest-growing segments of the European vacation industry.”
Pedro de Esteban, Orizonia´s chairman and managing director of The Carlyle Group, Orizonia´s principal shareholder, said: “With Carnival’s support and expertise, we intend to continue expanding our operations, adding high quality vessels and providing specialized top services to our Spanish customers.”
by Phil Davies
Phil Davies
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