Cashed-up Star Cruises puts extra focus on Greater China
HONG KONG – Funds raised by the sale of a 50 percent stake in its North American arm, Norwegian Cruise Line, to United States-based investment firm Apollo Management, for US$1 billion will bolster Star Cruises’ expansion in Asia.
The Hong Kong Standard reported that David Chua, president of Star Cruises, which is run by Malaysia’s Genting Group, highlighted the “rosy prospects” of the cruise industry in the Greater China region.
He said they were created by imminent direct links – mail, trade and air and shipping services – between the mainland and Taiwan, saying he was optimistic there would be an increase in the number of cruise passengers across the strait.
As part of its marketing campaign, Star Cruises will put one of its ships into service – sailing from Taiwan to Xiamen – in November.
Chua told The Standard the company has signed a cooperation agreement with a business partner, which he declined to name, to develop concepts brought about by next year’s Olympics Games.
In the longer run, the company plans to bring two ships from its NCL fleet – Norwegian Dream and Norwegian Majesty – to Asia some time between next year and 2012 to meet growing passenger demand in the region.
Chua described Star Cruises’ expansion in the Greater China region as a strategic move taken in view of Hong Kong’s strength as an international financial center.
But he refused to say whether the company would bid for the franchise to build and run the proposed cruise terminal at Kai Tak.
Star Cruises had, in 2005, submitted an expression of interest in partnering with Nan Fung Development and VXL Capital to build the SAR’s second cruise terminal, but the consortium said then it did not like the government’s choice of the site of the old airport at Kai Tak.
Ian Jarrett
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