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Carnival Corporation enters Chinese joint venture

Staff writer |
Carnival Corporation & plc formed a joint venture in China that intends to launch the first world-class, multi-ship domestic cruise brand in the Chinese market.

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Carnival Corporation & plc is partnering with China State Shipbuilding Corporation (CSSC) and China Investment Corporation (CIC) on the new venture aimed at accelerating the development and growth of the overall cruise industry in China, which is expected to eventually become the largest cruise market in the world.

Carnival Corporation & plc and its partners formalized the joint venture agreement at a signing ceremony held today at the Mansion House in London.

British Prime Minister David Cameron and Chinese President Xi Jinping attended the ceremony, signifying both the importance of the joint venture and the prominent role that the travel and tourism industry will play in China's economic growth plans.

Also in attendance were Dong Qiang, chairman of CSSC, and Ding Xuedong, chairman of CIC, along with Carnival Corporation & plc CEO Arnold Donald and Alan Buckelew, global COO for the company.

Under the structure of the new joint venture, Carnival Corporation & plc and CSSC, the largest shipbuilder in China, plan to purchase and operate cruise ships as part of what is expected to be the first multi-ship fleet sailing for a domestic Chinese cruise brand.

Specific fleet details will be announced at a later date, but potential plans could include the purchase of both new and existing cruise ships to homeport in China.

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