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FINCANTIERI TO ESTABLISH CHINESE CRUISE HUB

Tuesday, November 6, 2018 

Fincantieri and Shanghai’s Boashan district government have signed an agreement to create a hub dedicated to maritime development, particularly in cruise shipbuilding.

The hub comes about as a result of agreements made in 2017 between Fincantieri, China State Shipbuilding Corporation and Carnival related to the construction of two cruise ships, the first ever to be built in China for the local market. The hub will act as a fundamental industrial basin to supply this production; according to Fincantieri 70% of the total value of a modern cruise ship is realized through supply.

The district will provide financing, tax commercial and administrative benefits, land for necessary development and other resources, in the light of a possible establishment of foreign companies, introduced by the partners. Fincantieri has defined preferential policies to attract suppliers and will promote the park in its network and in the industry, creating a lever for establishment of a supply chain in China.

In a related development, the actual contracts for construction of the two cruise ships for CSSC Carnival Cruise Shipping have been signed. The project, which has a total value of about US$ 1.5 billion, not counting the options for an additional four vessels, will be undertaken by Shanghai Waigaoqiao Shipbuilding SWS, a subsidiary of CSSC. The joint venture set up by Fincantieri and CSSC will grant a technology license of the ship model platform and provide a series of technical services to SWS, including project management activities, supply chain management and sales of fundamental systems and components of the ship.

The design will be tailored for the specific tastes of the Chinese travellers and the ships will be operated by CSSC Carnival Cruise Shipping. The first delivery is expected in 2023.

Fincantieri CEO Giuseppe Bono said: “This further achievement represents the best proof that the supervision of a strategic and high-potential market such as the Chinese one progresses with great determination and in unison to two champions such as Carnival Corporation and CSSC and it demonstrates the huge importance of the operation. Claiming that China represents an opportunity is now reductive: it is a reality that cannot be feared, but, on the contrary, that has to be assisted. It is this great country itself which is asking for this, recognizing our leadership in this sector”.

Fincantieri believes that as the industry continues to grow and develop in the region, China is expected to become the world's largest cruise market.

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