Tag Archives: Carnival Corporation

MOL to Launch New Cruise Brand, Mitsui Ocean Cruises

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Seabourn Odyssey Photo credit Spacejunkie2 (Flickr photo account) 

MOL Group today announced the launch of a new cruise brand named Mitsui Ocean Cruises.

The Japanese shipowner also revealed that the name of its new cruise ship will be Mitsui Ocean Fuji.

Set to enter service for the new brand in December 2024, the 32,000-ton luxury vessel was acquired from Seabourn Cruise Line in March 2023.

According to a press release, the Mitsui Ocean Fuji will become MOL’s second passenger ship, sailing along the 1990-built Nippon Maru.

Onboard the new-to-the-company vessel, MOL said, passengers will be able to experience the combination of Japanese high quality “Omotenashi” service with a western-style luxury hardware.

Currently sailing as the Seabourn Odyssey, the all-suite vessel was originally designed to offer an international upscale cruising experience in regions such as the Caribbean and the Mediterranean.

Built in Italy by the Fincantieri shipyard, the 450-guest vessel first entered service in June 2009.

Mitsui Ocean Cruises also announced that the Mitsui Ocean Fuji will embark on an Around the World Cruise in April 2025.

Sailing roundtrip from Yokohama, the 100-day voyage will visit 24 yet-to-be-revealed ports of call around the globe.

As part of its new management plan named Blue Action 2035, the MOL Group plans to continues to invest in the cruise business as a way to offset commercial shipping volatilities.

Diversifying its portfolio, the Japanese company plans a “heavy focus” on the cruise industry, with the expansion of its travel businesses and the creation of an international customer’s base.

With plans to launch several new cruise ships in the future, the group will also focus on bringing foreign guests for cruises in Japan, while keeping an eye on expanding its domestic customer reach.

According to MOL, the cruise industry is a “stable and profitable” segment that “is not affected by the same market conditions” as other shipping areas.

Weinstein: ‘Costa On The Rebound’

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Costa Favolosa entering the port of Liverpool, photo credit Spacejunkie2 (Flickr Account)

“Costa is one of those brands that’s really on the rebound,” said Josh Weinstein, president and CEO of Carnival Corporation, speaking on the company’s third-quarter earnings call.

Weinstein credits Costa President Mario Zanetti with leading the turnaround of the Italian brand, which is launching a new marketing campaign.

“Their research based on their market and the segment that they’re trying to hit in their market was all about experiences and leaning into particular messaging in particular ways to convey it because the product for Costa is already fantastic,” Weinstein said.

He continued that Costa and AIDA posted solid numbers for August, with occupancy coming in at 119 per cent, above the 109 per cent average number Carnival reported for its nine brands.

“In fact, in Q3, AIDA and Costa delivered higher yields than 2019,” he said, noting they did this with the absence of Saint Petersburg in what would have been high-yielding Baltic itineraries.

Carnival: ‘Fuel Surcharge Not Off The Table

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Carnival Pride passing the Seacombe Ferry in Liverpool photo credit Spacejunkie2

With fuel prices on the rise, a fuel surcharge is not off the table at Carnival Corporation, according to Josh Weinstein, president and CEO.

Cruise lines typically reserve a right to add a fuel surcharge to ticket pricing, should the price of oil go over a set amount. Most cruise companies have rarely used this option

“It’s certainly not off the table. We wouldn’t take anything off of the table. It’s not something we’re planning to implement in the near-term, although that could certainly change,” said Weinstein, speaking on the company’s third quarter earnings call.

“There are certainly considerations that have to be made about what’s the norm in society with the expectations of our customer,” he continued. “Obviously, you don’t go retroactively too. So you’re talking about forward bookings.

“But I wouldn’t take anything off the table. I would reiterate, though, even a fuel surcharge is temporary. And really, the one thing that we can do, no matter what, is use less fuel and that’s where our focus is. And we estimate it saved us about $375 million on the bottom line this year versus what our profile looks like in 2019 because of all those efforts.”