Royal Caribbean Cruises Ltd. and TUI AG Complete Joint Venture for TUI Cruises

**Ally** · 04-22-2008, 12:39 PM

Quote:

MIAMI and HANOVER, Germany, April 22 /PRNewswire-FirstCall/ -- Royal Caribbean Cruise Ltd. and TUI AG today announced that they have successfully closed on their joint venture to form TUI Cruises, a cruise line specifically designed to serve the German cruise market.

"We look forward to working with our colleagues at TUI AG to build a world class cruise line for Germany," said Richard D. Fain, chairman and chief executive officer of Royal Caribbean Cruises Ltd. "TUI Cruises is another strategic step in our efforts to meet the growing global demand for cruising."

"Our partnership with Royal Caribbean will help us bring the very best cruises to our fellow countrymen," said Dr. Michael Frenzel, chief executive officer of TUI AG. "We expect TUI Cruises to be a central player in Germany's fast growing cruise market."

TUI Cruises will be based in Hamburg, Germany, and Richard J. Vogel, a long time cruise industry executive, will serve as chief executive.

The new cruise line will begin service with one ship in early 2009. Sales and marketing activities will begin in the coming months.

TUI Cruises will meet the needs of German-speaking customers seeking a premium cruise experience. The onboard product will be custom-tailored to German tastes, and encompass food, entertainment and amenities. German will be the language used onboard.

The companies announced their intentions to form TUI Cruises on December 10, 2007. On March 10, 2008, they received permission to move forward from European antitrust regulators. Each company holds a 50 percent interest in the joint venture.

Further details regarding the brand's first ship and the TUI Cruises product will be revealed at an April 29 press event in Hamburg.

Royal Caribbean Cruises Ltd. is a global cruise vacation company that operates Royal Caribbean International, Celebrity Cruises, Pullmantur, Azamara Cruises and CDF Croisieres de France. The company has a combined total of 38 ships in service and six under construction. It also offers cruisetour vacations in Alaska, Asia, Australia, Canada, Europe, Latin and South America and New Zealand. Additional information can be found on www.royalcaribbean.comgohome.do , http://www.celebrity.com , Pullmantur Líderes en Cruceros , Azamara Cruises , or http://www.rclinvestor.com .

TUI AG is Europe's leading travel and shipping group. TUI AG holds the majority stake in Europe's leading travel group, London-based TUI Travel PLC. The corporation operates the world's fifth-largest container shipping company - Hapag-Lloyd - and, through Hapag-Lloyd Cruises, also runs the leading German cruise line company in the luxury and expedition segment.

SOURCE Royal Caribbean International