Italy and China sign agreement on cruise ship construction

Rome - Fincantieri, China State Shipbuilding Corporation (CSSC) and Carnival Corporation & plc have signed a Memorandum of Agreement (MoA) for the construction of two cruise ships, the first of the kind ever constructed in China for the Chinese market. Four more ships are part of an option plan in progress.

A communique released by Fincantieri reported that the parties signed a Memorandum of Agreement on behalf of the joint venture between Fincantieri and Cssc Cruise Technology Development Co. Ltd (CCTD), the joint venture between Carnival Corporation and Cssc, and the Shanghai Waigaoqiao Shipbilding Co., Ltd (SWS) shipyard. The agreement, which is subject to a set of conditions, has a value of approx. 1.5 billion dollars for the construction of the first two ships. Furthermore, it represents an update of the agreements announced on Sept. 23 betweem Cic Capital, CCTD and SWS, seeking to enhance the development and growth of the Chinese shipbuilding industry.

The MoA was signed by Fincantieri CEO Giuseppe Bono, Michael Thamm, CEO of Carnival Asia and the Costa Group, and Wu Qiang, President of CSSC. The signing ceremony took place in Beijing's Great Hall of the People, in the margins of the fourth Italy-China Business Forum, before the President of the Republic of Italy, Sergio Mattarella, and the President of the People's Republic of China, Xi Jinping. The new ships will be built in the SWS shipyards, premises owned by the CSSC Group. Ship designs will be customised according to clients' tastes for the new brand of Chinese cruising ships, a joint venture between Carnival Corporation, CSSC and Cic Capital. The first delivery deadline has been scheduled for 2023.