Carnival Corp has formally announced details of a joint venture to establish a domestic Chinese cruise brand.
Carnival will partner with shipbuilder China State Shipbuilding Corporation (CSSC) and the China Investment Corporation (CIC) to develop a multi-ship fleet catering to the domestic market.
Both new and existing ships will be added to the new brand which has not yet been named.
Details were announced at a signing ceremony in London attended by British Prime Minister David Cameron and Chinese President Xi Jinping.
"Cruising is a relatively new vacation experience in China, and we believe this collaborative approach with our partners is critical to not only developing the country’s domestic cruise business, but also supporting China’s goal to become one of the world’s leading cruise markets in coming years," said Alana Buckelew, China based global chief operations officer for Carnival.
"We are excited about using our scale and decades of experience as the world’s largest cruise company to help launch a multi-ship domestic cruise brand that will help spread the enjoyment of cruising to millions more Chinese vacationers," Buckelew added.
China Investment Corporation, which has deep pockets with an estimated $740 billion in assets, will invest a significant amount in the joint venture.
The news comes a week after Carnival said it would add two more cruise brands to the China market with the debut of Carnival Cruise Line and AIDA in the region in 2017.
