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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Fincantieri SpA | BIT:FCT | Italy | Ordinary Share |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.106 | 1.57% | 6.854 | 6.724 | 6.90 | 6.90 | 6.724 | 6.758 | 850,294 | 17:00:00 |
From Dec 2019 to Dec 2024
By Angela Chen
Carnival Corp. and Italian cruise shipbuilding company Fincantieri SpA are exploring the possibility of a joint venture that would build the first-ever cruise ships to be made in China.
The memorandum of understanding between the companies comes after Carnival and China's largest shipyard, the China State Shipbuilding Corp., signed their own pact in mid-October to potentially collaborate on a similar joint venture. Both agreements allow for the possibility of a three-way arrangement.
If realized, Carnival would design the specifications for the China-built cruise ships, whereas Fincantieri and CSSC would collaborate on shipbuilding production in China.
China's economic growth and increased consumer spending and vacation demand put it on pace to eventually overtake the U.S. as the largest cruise market, according to the Chinese Ministry of Transport.
Carnival, the world's largest cruise ship operator, considers China a key market and has been increasing its offerings there. It is the first global cruise company with four ships homeported in China, and the company attributed its 34% earnings increase in its latest quarter to strong performance in Asia.
Carnival, which operates Carnival Cruise Lines as well as the Princess, Cunard, and Holland America lines, is exploring other joint venture opportunities, such as port development and talent development. In the past year, the company has been taking steps to repair its image after a string of incidents, including the fatal Costa Concordia shipwreck off Italy in January 2012.
Write to Angela Chen at angela.chen@dowjones.com
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