TUI Group announced that it has signed an agreement to sell a 50% stake in cruise line Hapag-Lloyd Cruises to Royal Caribbean. The former TUI Group subsidiary will be integrated into the TUI Cruises joint venture, a structure having been established by TUI and Royal Caribbean since 2008. The closing of the transaction is expected for this summer.
TUI Group’s plans for the expansion of the Cruises segment will be expedited by the transaction. As a result of limited global shipbuilding capacity, TUI Cruises’ Mein Schiff fleet are not scheduled for the next three new build deliveries until 2023, 2024 and 2026.
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The integration of Hapag-Lloyd Cruises in the joint venture will enable TUI to take part in global cruise industry growth at a low level of capital expenditure. The merger of TUI Cruises and Hapag-Lloyd Cruises under the umbrella of the joint venture will create a European cruise company with a current combined fleet of twelve ships.
TUI Cruises and Hapag-Lloyd Cruises will continue to operate their product concepts in the future. TUI Cruises will continue to cater to the premium German-speaking segment and Hapag-Lloyd Cruises will continue to have an exclusive presence in the luxury and expedition ship segment.
Hapag-Lloyd Cruises’ fleet currently consists of two luxury ships within the five star plus category and three expedition cruise ships. A further expedition cruise ship has been ordered and will be added to Hapag-Lloyd Cruises’ fleet in 2021 to replace MS Bremen.
