More details have been revealed about the proposed tie-up between Royal Caribbean Cruises and Shanghai-based Ctrip.com.
RCCL and Ctrip plan to form a joint venture, named SkySea Cruises, to exploit the fast growing Chinese cruise market.
Royal Caribbean and Ctrip will each own 35% of the new venture, with the remaining shareholding controlled by SkySea management and a private equity fund.
"We look forward to working with Ctrip, a Chinese travel leader, to build a national cruise line for China," said RCCL Chairman and CEO Richard D. Fain.
"SkySea Cruises represents an important strategic milestone in our expansion efforts in the Chinese market."
Through its online travel agency, Ctrip has approximately 10% share of the Chinese cruise market.
RCCL said it could begin operations some time in 2015 and sales and marketing for the new company is already underway.
Next April, Ctrip will assume ownership of RCCL’s Celebrity Century after a sale was agreed in September, and at the time both parties said they may expand a working relationship.
Royal Caribbean’s new ship Quantum of the Seas will sail out of Shanghai from April.
