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Royal Caribbean Cruises Reports Record Income

Miami-based cruise company Royal Caribbean Cruises has reported record second quarter results and reaffirmed its full year adjusted EPS guidance.

Net income for Q2 rose from USD 369.5 in 2017 to USD 466.3 million in 2018, and the company beat the adjusted earnings per share (EPS) guidance by USD 0.39.

RCL stated that the success "... was driven by a noteworthy confluence of factors including: better than expected revenue from the global brands, better performance from the joint ventures and lower than expected expenses which were driven by timing.”

The company expects its full year adjusted EPS to be in the range of USD 8.70 to USD 8.90 per share.

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New World's Largest Ships for CMA CGM

The CSSC (China State Shipbuilding Corporation) started the construction of 2 huge ships for the line, each of the vessels is 22,000 TEUs. The containerships were ordered back in September 2017, but the steel cutting ceremony was held on July 26th only in Shanghai. The new vessels are of the nine-strong series and will be equipped with up to date LNG-powered engines. The giants are going to be 400m x 63.3 m and 33.5 m high and those are going to be the world's largest boxships.

USD 1.2 billion purchase should be delivered to the owner in the end of 2019 and expected to start operation in 2020.

COSCO Buys Majority Stake in OOCL

COSCO Shipping Holdings has taken control of Orient Overseas Container Lines (OOCL) after it acquired the majority stake in the company.

The USD 6.3 billion takeover has received approval from the Chinese anti-trust body in June. COSCO now holds 90.1% of OOCL’s parent company, OOIL (Orient Overseas International), making it the world’s third-largest container carrier. Their fleet consists of 400 vessels with a capacity of over 2.9 million TEUs.