China plans to build its first international-class cruise ship with the help of two major players in the industry – Carnival Corp. and shipbuilders Fincantieri.
Carnival has signed a memorandum of understanding with state-owned China State Shipbuilding Corp. to look at forming a joint venture to speed up development in one of the world’s fastest growing cruise markets.
The Chinese Ministry of Transport forecasts up to 4.5 million Chinese passengers will take a cruise annually by 2020.
"This is really a breakthrough day, and this landmark agreement enables us to work closely with our partners at the China State Shipbuilding Corp. to fully explore the possibility of forming a joint venture to further develop China into a leading cruise market," said Carnival chief executive officer Arnold Donald.
"We look forward to getting to work and lending the expertise of many talented people across Carnival Corporation."
Under the joint venture Carnival Corporation would provide ship design and shipbuilding expertise, with probable input from Italy’s Fincantieri shipyard.
The MOU also has provision for other opportunities with CSSC, which includes forming a domestic cruise company, port development, and supply chain and logistics.
