Carnival Acquires Majority Of Admiral, RCCL For $550 Million
Carnival Cruise Lines, Miami, Fla., recently paid about $550 million to four shipping companies to acquire majority shares in both Admiral Cruises Inc. and Royal Caribbean Cruise Line (RCCL). The deal makes Carnival the world's largest operator of cruise ships.
Under the terms of the deal, Carnival acquired about 70 percent of the shares of RCCL and Admiral from Bermuda-based Gotaas Larsen Shipping Corporation; Effoa-Finland Steamship Co., Helsinki, Finland; I.M. Skaugen A/S, Oslo, Norway; and Johnson Line AB, Stockholm, Sweden.
Of the original partners in RCCL, only Anders Wilhelmsen remains.
Under terms of the partnership, Anders Wilhelmsen has the right to exercise an option to buy the shares of his partners. At present, however, this seems a remote possibility.
According to Mickey Arison, president and chief executive of Carnival, the three cruise lines will not be merged and will be operated as separate brands. Carnival plans to introduce a fourth "brand name" in the future with its Project Tiffany program—the construction of three 700-passenger luxury cruise liners.
At present, the company operates seven cruise ships and has three 70,000-grt, 2,500-passenger superliners on order at Wartsila Marine of Finland. The newbuildings, the Fantasy, Ecstacy and Sensation, are scheduled for delivery from 1989- 1991.
Royal Caribbean Cruise j_mie, which recently put the world's largest cruise ship—the 74,000-grt Sovereign of the Seas—in service, operates a total of five ships.
Admiral operates three ships and has a 44,300-grt, 2,000-passenger liner on order at Alsthom's Chantiers de l'Atlantique, St. Nazaire, France.
Other stories from October 1988 issue
- Campbell Receives Order For Three 'Super Pacific' Tuna Purse Seiners page: 5
- Workboat Division Of MonArk Boat Changes Name To SeaArk Marine— Key Personnel Changes Announced page: 6
- Columbian Rope Co. Offers Free Literature Detailing New Fiber Rope For Marine Use page: 6
- Caterpillar-Powered Passenger Ferry Delivered By Moss Point Marine To State Of North Carolina page: 7
- General Ship Repair To Build Tender/Breaker Under $921,320 Contract page: 8
- Carnival Acquires Majority Of Admiral, RCCL For $550 Million page: 8
- P&O Purchases Sitmar Cruises For $210 Million page: 9
- Intertrade Awarded Navy Contract To Supply Messenger/Position Buoys page: 10
- HHI Wins $230-Million Offshore Project For ONGC In India page: 10
- Trinity Marine Group To Build Navy Oceanographic Research Ship page: 11
- Deck Machinery And Cargo-Handling Equipment page: 12
- FISH EXPO '88 page: 22
- Two More C-10 Containerships Delivered To APL By German Yards page: 26
- Okabe Offers Mil-Spec Fasteners Stocking And Mill Shipment Program page: 29
- G. Marine Diesel Leases Brooklyn Navy Yard Facilities page: 30
- Slaughter Joins Butterworth Tank Cleaning Machines page: 31
- World's Largest Monohull Crane Ship To Be Outfitted At McDermott Yard page: 34
- Bardex Views Contract Activity As Sign Of Offshore Improvement page: 35
- Cummins-Powered Crewboat Being Built At Matsumo Yard For Esso Resource Canada page: 36
- Matson Navigation Requests Bids From Three U.S. Shipyards To Build RO/RO Containership page: 37
- Advanced Deck Cranes From O&K Shorten Berthing Times, Cut Costs page: 38
- GASTECH 88 page: 40
- Fire-Damaged Crabber 'Reborn' After Conversion At MARCO-Seattle Yard page: 41
- 'Consolidation And Expansion' Will Be Theme Of Seatrade's Cruise Shipping '89 page: 42
- AESA Wins Orders From Cuba, Sweden; Will Build Seven Ships page: 43
- Free Literature Offered On High-Tech Multi-Pak Marine Trash Compactors page: 43
- Upgraded MAN B&W L28/32 Engine Offers Improved Fuel Economy, Reliability And Durability page: 44
- Unitor Offers Free 14-Page Brochure On Ship Services & Products page: 45
- New RAY-152 SSB Radiotelephone From Raytheon Provides Outstanding Long-Range Communication page: 46
- L'Orange Offers Free Literature On Engine Injector Systems page: 46
- Liquefied Gas Shipping— New Drewry Report Predicts Continued Improvement page: 47
- Rados-Designed Research And Monitoring Vessel Being Built By Knight & Carver In San Diego page: 48
- Rauma-Repola Deck Machinery And Aquamaster Propulsion Join Forces In New Company page: 48
- Golar Marine Incinerators Detailed In Free Literature page: 49
- Barco's '88-89 Catalog Of Impellers Includes 2 New Elastomer Cam/Pumpliners page: 49
- Trinity Marine Group Acquires Assets Of Guarino & Cox, Naval Architects page: 54
- Wartsila Diesel Announces Personnel Appointments page: 57
- HHI Wins Contract To Build LPG Carrier For Kosan Fleet Of Denmark page: 58