The TUI Group has bought the cruise ship Europa2, which it previously chartered.
The ship, previously owned by Swiss businessman Otto Mihm, was newly commissioned in 2013.
It was purchased for €278 million, but according to reports in Germany will save charter rates of around €27 million a year.
TUI said it would improve profit at its cruise business, Hapag-Lloyd, by around €20 million in the 2015/16 business year.
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