Ctrip, Royal Caribbean Cruises Ltd. to end SkySea Joint Venture

2018-03-20 11:00 448

SHANGHAI, March 20, 2018 /PRNewswire/ -- International, Ltd. (NASDAQ: CTRP, "Ctrip" or the "company") and Royal Caribbean Cruises Ltd. (NYSE: RCL, "RCL") announced today that they are ending the SkySea Cruise Line joint venture ("SkySea") in the autumn of 2018. TUI AG's Marella Cruises has agreed to purchase Golden Era, with delivery expected in December 2018, subject to satisfaction of closing conditions. Ctrip and RCL currently each own a minority of SkySea, with the balance owned by SkySea management and a private equity fund.

SkySea Cruise Line, the first smart contemporary cruise line specifically developed for the Chinese market, has been operating SkySea Golden Era since May 2015. By the time of the final voyage, SkySea Cruise Line will have operated close to 300 cruises and carried nearly 500,000 guests in just over three years.

SkySea Cruise Line will continue operations with the final voyage to be confirmed in the coming weeks. During this time, the brand is committed to delivering the same outstanding cruise vacations to its guests and support to its travel agent partners and vendors as it has since its inception. SkySea's final China season will offer exciting theme cruises and truly memorable experiences for Golden Era vacationers.

The cruise market in China is still in early stages but holds big potential. In 2017, there were less than 3 million cruise passengers in China, which is much less than the over 10 million passengers for the US market. The cruise business on Ctrip group's platforms generated over 70% revenue growth year-over-year in 2017. The cruise business will continue to be an essential part of Ctrip's one-stop platform and the company will continue to work closely with all the cruise lines in the world, including Royal Caribbean, to better service the growing number of Chinese cruise travelers.

Through its Royal Caribbean International brand, RCL will continue to serve the Chinese market, with the largest fleet deployment in the region and a strong collaborative relationship with Ctrip.

About International, Ltd. International, Ltd. is a leading travel service provider of accommodation reservation, transportation ticketing, packaged tours, and corporate travel management in China. It is the largest online consolidator of accommodations and transportation tickets in China in terms of transaction volume. Ctrip enables business and leisure travelers to make informed and cost-effective bookings by aggregating comprehensive travel related information and offering its services through an advanced transaction and service platform consisting of its mobile apps, Internet websites and centralized, toll-free, 24-hour customer service center. Ctrip also helps customers book vacation packages and guided tours. In addition, through its corporate travel management services, Ctrip helps corporate clients effectively manage their travel requirements. Since its inception in 1999, Ctrip has experienced substantial growth and become one of the best-known travel brands in China.

For further information, please contact:

International PR International, Ltd.
Tel: (+86) 21 3406 4880 ext 196455

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Source: International, Ltd.
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