The document discusses cruise vessel newbuildings and diversity in the cruise market. It provides an overview of passenger volume growth trends, fleet development over time, average ship prices, major cruise shipyards, and STX Finland's role in passenger ship construction. It also touches on topics like emissions regulations, product diversity, and the evolution of cruise ship design to incorporate more amenities.
3. Pax Volume Development (source)
12
11
10
North America
9 Continental Europe
8 UK & Ireland
Others
7 Asia, excluding Japan
Australasia
Passengers
6
Japan
Million
5
4
3
2
1
0
2007 2008 2009 2010 2011
• CAGR 1970 – 2010 9%
• Except North America and Europe volume and penetration are low
• Growth in Europe; Germany, UK, Spain, Italy
4. Cruise Fleet Development
20 000 000 500
Gross Tonnage
18 000 000 450
Number of Ships
16 000 000 400
14 000 000 350
Number of Ships
Gross Tonnage
12 000 000 300
10 000 000 250
8 000 000 200
6 000 000 150
4 000 000 100
2 000 000 50
0
1950 1955 1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020
Ocean going cruise ships only Delivery
• Purpose built cruise vessels since 1970.
• Steady growth in no. of ships over 40 years.
• Slower growth (capacity) since 2010.
5. Fleet and Yards
Fleet Cruise Ship Yards
Mariotti
1%
Others CCL 7 ships
Lloyd Werft Other Yards
1% 14%
3 ships 180 ships
Others 15% Mitsubishi
Princess 3% STX Europe
MSC 10 ships
34%
MSC 6% 115 ships
Oceania, Regent, Orient Carnival
46 %
Star/Apollo Total 351 ships, Total 428 ships,
510 000 Pass.
Meyer
10% Costa 20 850 000 GT
NCL 17%
39 ships
Star Royal Caribbean HAL
Azamara, CDF, TUI 23%
Pullmantur Fincantieri
P&O Cruises
30%
Celebrity 74 ships
Aida Including ships on
Cunard order or retired
Iberocruceros, Seabourn,
Including ships on order RCI P&O Cruises AU, Ocean
Village
• Four cruise conglomerates cover over 80 % of global capacity.
• Three yard conglomerates cover 80 % of deliveries.
6. Cruise Vessel Prices
Average Published Contract Prices per GT
10 000
60 000 to 100 000 GT
9 000 Ships over 100000 GT
8 000
(Small vessels excluded)
7 000
6 000
EUR / GT
5 000
4 000
3 000
2 000
1 000
0
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Contract Year
• Ship prices have remained the same (EUR/GT) for 20 years in spite of the
accelerated sophistication of the product.
• Cost of cruise product vs shore based leisure products: gap widening
slowly but steadily (tax and union issues) to the benefit if cruise.
8. Shipyards in Finland
Turku
World leading builder of the most advanced cruise
ships.
Rauma
World leading builder of the most advanced
passenger ferries. Specialised also to build small
cruise ships, arctic vessels and navy ships.
Helsinki
The most experienced builder of artic vessels.
Specialised also to build small cruise ships and
other special vessels.
9. Passenger Ships Built or On Order in Finnish Yards
Voyager of the Seas
137 300 GT, 1999
Liberty of the Seas
Europa 154 000 GT, 2007
28 400 GT, 1999
Athena Galaxy
Paradise 48 900 GT, 2006
40 000 GT, 1989
Cruise Ships Cinderella
46 400 GT, 1989
70 400 GT, 1998
Superfast IV
30 000 GT, 1998 Freedom of the Seas
154 000 GT, 2006
Delfin Clipper Elation
Ferries 6 070 GT, 1989
Royal Viking Sun
70 400 GT, 1998
Superfast III
30 000 GT, 1998
Color Fantasy
74 600 GT, 2004
37 800 GT, 1988 Birka Paradise
Enchantment of the Seas 34 700 GT, 2004
74 000 GT, 1997 Viktoria I
Seaward
42 300 GT, 1988 41 000 GT, 2004
Grandeur of the Seas
Kronprins Harald 74 000 GT, 1996 Carnival Miracle
31 100 GT, 1987 85 700 GT, 2003
Aida
38 600 GT, 1996
Olympia
Mariner of the Seas
37 600 GT, 1986
Inspiration 137 300 GT, 2003
Birka Princess 70 400 GT, 1996
21 500 GT, 1986 Costa Mediterranea
Turella Imagination 85 700 GT, 2003
10 600 GT, 1979 Wellamo 70 400 GT, 1995
33 800 GT, 1986
Finnjet Navigator of the Seas
Crystal Symphony
24 600 GT, 1977 137 300 GT, 2002
Mariella 50 000 GT, 1995
Hamnavoe
Kazakshtan 37 800 GT, 1985 8 800 GT, 2002
16 600 GT, 1976 Fascination
Svea 70 400 GT, 1994 Hrossey
Azerbaydzhan 33 800 GT, 1985 Juan J. Sister 12 000 GT, 2002
16 600 GT, 1975 Sea Goddess II 22 000 GT, 1993
4260 GT, 1985 Hjaltland Oasis of the Seas
Gruziya 12 000 GT, 2002 225 000 GT, 2009
16 600 GT, 1975 Sensation
Royal Princess 70 400 GT, 1993 Carnival Legend
Belorussiya Baltic Queen
44 350 GT, 1985 85 700 GT, 2002 48 900 GT, 2009
16 600 GT, 1975 Sea Goddess I Normandie
Prinsessan Birgitta 4250 GT, 1984 27 000 GT, 1992 Romantika
Armorique
8750 GT, 1974 Al-Mansur 40 800 GT, 2002
28 500 GT, 2008
7360 GT, 1982 Royal Majesty
Royal Viking Sea 32 000 GT, 1992 Carnival Pride Baltic Princess
21 900 GT, 1973 Song of America 85 700 GT, 2001 48 900 GT, 2008
Boheme Radisson Diamond
37 600 GT, 1982 20 300 GT, 1992
10 300 GT, 1968 Seafrance Rodin
Royal Viking Sky
Botnia 33 800 GT, 2001 Independence of the Seas
21 900 GT, 1973 Travemünde Barfleur
3440 GT, 1967 154 000 GT, 2008
9100 GT, 1981 20 000 GT, 1993
Finlandia Bore I Superspeed 2
8500 GT, 1973 Adventure of the Seas 1383 TUI Blu Motion
8170 GT, 1967 33 500 GT, 2008
Silvia Regina Silja Symphony 137 300 GT, 2001 97 000 GT, 2014
Finnpartner Sun Viking 25 700 GT, 1981 58 400 GT, 1991 Viking XPRS
7460 GT, 1966 18 600 GT, 1972 Carnival Spirit 34 300 GT, 2008
1376 Viking Line
Prins Hamlet Ecstasy 85 700 GT, 2001
Finlandia Superspeed 1 57 000 GT, 2012
8690 GT, 1966 70 400 GT, 1991
Royal Viking Star 25 700 GT, 1981 33 500 GT, 2008
Finnhansa 21 800 GT, 1972 Ulysses Spirit of France
7480 GT, 1966 Viking Song Silja Serenade 51 000 GT, 2001 49 000 GT, 2011
Nordic Prince Color Magic
Ilmatar 14 300 GT, 1980 58 400 GT, 1990
18 400 GT, 1971 74 600 GT, 2007 Spirit of Britain
5100 GT, 1964 49 000 GT, 2010
Viking Saga Kalypso Explorer of the Seas Cotentin
Nordia Song of Norway 40 100 GT, 1990 137 300 GT, 2000
13 900 GT, 1980 22 000 GT, 2007
3630 GT, 1962 18 400 GT, 1970
Skandia Floria Rosella Fantasy Costa Atlantica Star Allure of the Seas
3590 GT, 1961 4050 GT, 1970 10 800 GT, 1980 70 400 GT, 1990 85 700 GT, 2000 35 700 GT, 2007 225 000 GT, 2010
1960 . . .1970 . . . 1980 . . . 1990 . . . 2000 . . . 2010 . . .
- altogether 107 passenger vessels (over 50 years) of which 44 are cruise vessels
- continuous construction activity over 60 years.
29 October 2012 | Page 9
10. Oasis and the other big ones
STATUE OF LIBERTY BOEING 747 DOUBLE DECKER MERCEDES-BENZ
HEIGHT 93M LENGTH 70,7M LONDON BUS S500
HEIGHT 19,4M LENGTH 8,4M LENGTH 5,1M
HEIGHT 4,3M
Page 10
12. Outfitting (Oasis of the Seas)
Amphitheater at Sea
Outdoor Central Park
Main dining room - 3 level high
Page 12
13. STX Lifecycle Services
• Ship conversions, refurbishments, retrofits and maintenance
• Engineering and design services
• Complete project execution
• Full lifetime support
14. Cruise Ship Evolution
2009
Oasis of the Seas GT 225 000
2006
Freedom of the Seas GT 158 000
• Substantial ship size increase not
1999 likely in next tenyears
Voyager of the Seas GT 137 300
• Future focus on performance
Energy efficiency
1996
Grandeur of the Seas GT 74 000 Less emissions
Multifunctional
1990 Efficient design concepts to
1990 Fantasy GT 70 400 meet latest rules
1982 • Target to use the same technical
Song of America GT 37 600 platform for cost savings
1970 • Conversion of existing fleet
Song of Norway GT 18 400
29 October 2012 | Page 14
15. Bigger Size, More Possibilities !
2010
Viking Crown Lounge Wedding Chapel Park view staterooms
Private verandas Loft Suites Royal Suites Japanese Cuisine Wine bar Beach pool
Both ships have Golf Course Vipeout Bar Windjammer Cafe Park Cafe Trattoria Art Gallery Solarium Bar
equal volume per Two Flowriders Zip Line Video games CENTRAL PARK Upscale dining Pool bar Solarium Bistro
BOARDWALK Basket ball court Teens’ area Chops Grille H2O zone waterpark Seaview jacuzzis
passenger Seafood Shack Climbing walls Rising bar Sport pool Sunbathing spa Fountain lounges
(ca.120m3/p) Tattoo parlor Carousel Adventure Ocean
Balance Gym
Ice cream bar Sail Bar
Arts&Science
Amphiteater at Sea
Psychics Show pool
Playground Candy store
Johnny Rockets Hamburgers Aft Centrum ROYAL PROMENADE
Three level Card Room Cafe Terrace Karaoke bar Latin bar VIP-lounge Fitness Center
Main Dining Library Barbers Shop Fashion shops Pizzeria Jogging track Wellness Center
Concierge's Lounge Jewellery English Pub Night Club Fwd Centrum Saunas & baths
Dazzle Jazz Club Photo Gallery &shop Comedy Club Main Show Lounge Hair Salon
Cafe Lounge Pools Sun deck
Schooner bar Casino Studio-B Jazz Club Conference Center
Business Services
Museum of Gaming Ice skating
Restaurant Cinema Casino Shops Theater
1970
17. Product Diversity/Future
• Destinations - floating resort
• Size of vessels - economy of scale, onboard atmosphere
• Standard of product (one to six stars)
standard of the ship
standard of service (“product”)
• Geographical areas
• Expedition cruising
• Theme cruising
• Inclusive(traditional) - all inclusive(luxury) - non inclusive(cruise ferry)
• Food
• Activity functions onboard
• Apartment - hotel
• Multinational (-language) - national (one language)
Ships are today developed, designed and built (or sometimes modified) for a
specific cruise “product” and specific clientele.
“Anything offered onshore can also be offered onboard as inclusive in a
cruise product.”
22. Role of Shipyards today - has changed over time
• Total responsibility of the overall design (architectural/naval architectural) and of
the product as a whole (fixed price – turnkey)
• Structural concept
• Machinery: propulsion and all technical ship systems
• Regulatory issues
• Interior
• Energy efficiency and environmental issues
• Quality
• Overall project management
• “Facilitation” of financing
Product (ship concept) development is today very much done in cooperation
between the cruise company (shipowner) and the yard; with consultants,
suppliers, classes etc. playing an important supporting role.
23. Where to build future cruise vessels?
• Three European shipbuilding companies have dominated the market for the last
15+ years
• Cruise shipbuilding is a highly specialized shipbuilding segment - very different
from “ordinary shipbuilding” (“not the same industry”)
• The demand of cruise vessels will be only appr. 5 to 10 vessels per year - for
the next 10 years?
• Cruise shipbuilding requires:
- highly specialized and experienced design skills
- a production system geared for a fast throughput
- the use of component and turnkey suppliers with long term expertise in the
branch
- an extensive turnkey supplier network - not too far from the construction
site
- unique project management skills with long standing experience
- ability to secure ultimate in quality
- reliability overall (e.g. re delivery time)
- financing strength – high unit price
• Europe vs Far East (China – Japan – Korea)
24. The Spanish scenario
• Rapidly developed source market
• Initial growth through local business interests
• Mainly national, one – language product
• Clear product identity - however, use only of ships (2nd hand only)
developed for other markets!
• High brand identity
• Potential for diversity, not much exercised yet
• Future growth vs. overall economic development
• New local iniatives welcome?