Carnival Corporation & plc, the world’s largest travel and leisure company, today signed a memorandum of understanding (MOU) with China Merchants Group (CMG) to explore the possibility of two joint ventures designed to accelerate the development and growth of the overall cruise industry in China.
The MOU outlines a potential strategic partnership between Carnival Corporation and CMG that includes exploring two possible joint ventures in support of China’s ambitions to grow the cruising industry in China and meet escalating demand for cruises amongst Chinese travelers:
- Ship-Owning Joint Venture: Carnival Corporation and CMG will explore a joint venture that would own and operate its own cruise ships as part of the first-ever domestic Chinese cruise line specifically targeted to the Chinese market. The joint venture would explore the possibility of sourcing new ships that are designed and built in China, along with the possibility of acquiring existing cruise ships.
- Port & Destination Development Joint Venture: In this potential joint venture, CMG and Carnival Corporation would collaborate to develop turnaround and transit ports within and around China beginning with a flagship port currently being developed by CMG called Prince Bay Cruise Terminal in Shekou, which is located in Shenzhen. The partners would work to have cruise ships sail from this flagship port, while also developing other cruise ship destinations across China and Northern Asia.