Royal Caribbean Cruises has unveiled more plans in its proposed tie-up with Shanghai based Ctrip.com as it looks to exploit the fast growing Chinese cruise market.
RCCL and Ctrip will form a joint venture to be named SkySea Cruises.
Royal Caribbean and Ctrip will each own 35 percent 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.
