{"id":23757,"date":"2018-08-07T10:06:08","date_gmt":"2018-08-07T15:06:08","guid":{"rendered":"http:\/\/panamaadvisoryinternationalgroup.com\/blog\/?p=23757"},"modified":"2018-08-07T10:06:08","modified_gmt":"2018-08-07T15:06:08","slug":"billionaires-cruise-fleets","status":"publish","type":"post","link":"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/billionaires-cruise-fleets\/","title":{"rendered":"For These Billionaires, It\u2019s All About Cruise Fleets"},"content":{"rendered":"

\"\"<\/a><\/p>\n

If you are going to cruise, always do it in style.<\/p>\n

It was a cold and cloudy July day in Reykjavik, and French arts patron Maryvonne Pinault was at a pier fulfilling her godmother duties for Le Laperouse, the first of six 184-passenger, upscale expedition yachts from her husband\u2019s Marseilles-based cruise line Compagnie du Ponant. French billionaire and Kering SA chairman Francois Pinault wasn\u2019t there to watch his wife smash a bottle of Champagne against the ship\u2019s hull in the time-honored nautical tradition. But it was always going to be her ship more than his; buying the cruise company was Madame Pinault\u2019s idea, after all.<\/p>\n

In 2015, Pinault\u2019s holding company, Groupe Artemis, acquired Ponant from Bridgepoint Capital for an undisclosed sum. Now the cruise line, which reports annual revenues of about $182 million, is part of a luxury portfolio that also includes Gucci, Christie\u2019s auction house, and famed vineyard Ch\u00e2teau Latour. The Pinaults, by extension, are joining a tight-knit community of billionaires in the cruise industry, ranging from newcomer Richard Branson to industry forefather Micky Arison and the self-made Norwegian upstart, Torstein Hagen.<\/p>\n

In an industry very much dominated by top players\u2014Carnival Corp. and Royal Caribbean Cruises Ltd. control 70 percent of the market\u2014it is mostly niche segments such as Ponant\u2019s that are attracting wealthy entrepreneurs, says Brian Egger of Bloomberg Intelligence. Despite barriers to entry such as the cost and time it takes to build new ships, he says the industry can be a \u201cgood bet,\u201d especially if you\u2019re going after an underserved demographic.<\/p>\n

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The potential market is expansive. According to the Cruise Lines International Association trade group, cruising is a $126 billion industry with plenty of room to grow. Egger says that only about 20 percent of Americans have taken cruises, and the number is smaller for Europeans and smaller still for Asians. \u201cIt\u2019s still a relatively under-penetrated sub-segment of the leisure and vacation market,\u201d he says.<\/p>\n

Get new cruisers on a ship, though, and they\u2019re very likely to become return clients. So perhaps it\u2019s no surprise that billionaires like Pinault are feeling the call of the seven seas.<\/p>\n

New Investors at Sea<\/h2>\n

Branson identified one such niche before announcing his intention to start a cruise line in 2014: Virgin Voyages. With significant funding from Bain Capital, he\u2019s spending $2.55 billion to build three adults-only ships for so-called \u201crebels with a cause,\u201d starting with the 2,700-passenger Scarlet Lady, slated for completion in 2020. It\u2019ll have a naked mermaid on its hull, mostly serving the Caribbean and employing a \u201cScarlet Squad\u201d that promotes female leadership within the crew.<\/p>\n

In an email from Genoa, Italy, where he was attending a shipyard event, Branson said he\u2019d been thinking about the cruise industry for more than 40 years.<\/p>\n

\u201cAt the age of 27, I was already dreaming of starting a cruise line despite never having been on a cruise,\u201d Branson told Bloomberg. \u201cWhat I had seen and heard about cruises sounded quite dull, so I figured I\u2019d start my own.\u201d<\/p>\n

Meanwhile, Malaysian Chinese billionaire Lim Kok Thay, chairman of resorts and casinos company Genting Group, has been reshaping the luxury cruise market since he acquired Crystal Cruises from Japan\u2019s Nippon Yusen Kabushiki Kaisha in 2015 for $550 million in cash. Lim isn\u2019t as new to the cruise industry as Branson: His company also owns Asia\u2019s Star Cruises and Dream Cruises and maintains a small stake in Norwegian Cruise Line. But with Crystal, he\u2019s delving into the global industry\u2019s top-end sector and making it even friendlier for the world\u2019s richest cruisers.<\/p>\n

Under Lim\u2019s stewardship, Crystal has undergone a lightning-fast expansion. The company, which had just two ships at the time of acquisition, has bought and renovated an existing river ship, built four new, all-suite river vessels to sail the Danube and Rhine, added a charter jet service, purchased three shipyards, and ordered an additional ocean-and-expedition ship. It\u2019s also renovated its two original products, Crystal Symphony and Crystal Serenity, reworking their overall footprints to add butler-serviced penthouse suites and offer additional space per passenger.<\/p>\n

And there\u2019s Madame Pinault, who fell in love with Ponant and its environmental bonafides on a cruise to Antarctica. She and her husband are leaning into the niche. In addition to the six expedition yachts, the Pinaults have also commissioned the world\u2019s first electric-hybrid icebreaker powered by liquified natural gas. It\u2019s costing the company about $323 million and will carry 270 passengers when it\u2019s complete in 2021.<\/p>\n

\u201cShipbuilding is a capital-intensive undertaking,\u201d reminds Bloomberg Intelligence\u2019s Egger. While the romance and favorable economics of the cruise industry are likely to continue to attract wealthy entrepreneurs, even those with ocean-deep pockets still face risks in the seafaring trade.<\/p>\n

\u201cCruise sales are affected by swings in consumer discretionary demand and the price of fuel, the expense for which amounted to between 6 percent and 8 percent of Carnival\u2019s sales in the past three years,\u201d says Egger. Also, he notes, hurricanes, shipboard incidents, and geopolitical events can disrupt itineraries. \u201cFortunately for cruise operators, ships, unlike their land-based hospitality rivals, are mobile assets that can be redeployed to avoid stormy weather\u2014both political and meteorological.\u201d<\/p>\n

Cruise-Made Billionaires<\/h2>\n

If anyone understands why cruising makes it\u2019s all worth it, it\u2019s Torstein Hagen.<\/p>\n

A Norwegian-born cruise industry executive, Hagen took a big bet when he emptied his bank account in 1997 to purchase four river ships. The company he created to take North American tourists through Russia\u2014Viking River Cruises\u2014has since grown to 64 river ships, with an additional seven due next year. So large is the reach that nearly half of the North Americans who take a river cruise in Europe do so on one of his ships.<\/p>\n

Today, Hagen is a cruise billionaire (after selling minority stakes in the business). His secret has been an all-inclusive fare that eliminates such standard upcharges as shore excursions and booze.<\/p>\n

Just as important, he designs ships to his own persnickety tastes: They serve Norwegian salmon, his favorite food; have streamlined contemporary furnishings, because that\u2019s what he likes; and have only square wastebaskets in guestrooms, because they\u2019re better for catching wadded-up paper. The ensuing formula is endlessly replicable, with an appeal beyond rivers. Currently, Hagen is doubling the size of his five-ship ocean line that debuted in 2015, to rave reviews.<\/p>\n

A newly minted cruise billionaire, Manfredi Lefebvre d\u2019Ovidio, is one of Hagen\u2019s best friends. In July, d\u2019Ovidio sold a 66.7 percent stake of his ultra-luxury, expedition-focused Silversea Cruises to Royal Caribbean for about $1 billion.<\/p>\n

For the Love of Seafaring<\/h2>\n

Some industry bold-facers, such as MSC Cruises\u2019s Gianluigi and Rafaela Aponte, find that owning ships is as much about passion than profits. The couple, who made their fortune in the cargo-shipping business, launched MSC in 2003 as a way to further build on a family-held seafaring history that dates to the 17th century.<\/p>\n

Now the world\u2019s fourth-largest line, MSC benefits from Gianluigi\u2019s technical shipbuilding knowledge\u2014he is a former sea captain from Sorrento, Italy\u2014as well as Rafaela\u2019s design intuition. Daughter Alexa is chief financial officer of the MSC Group, which includes all the family\u2019s holdings, while her husband, Pierfrancesco Vago, runs the cruise line as executive chairman. Gianluigi\u2019s net worth is valued at $8.1 billion, according to the Bloomberg Billionaires Index.<\/p>\n

The family has been busy. After launching a dozen mega-ships in the last 15 years, the company is in the midst of a second-wave, multibillion-dollar expansion. By 2026 it will have tripled its passenger capacity to more than 5 million guests (growing to 25 mega-ships) and risen from being Europe\u2019s leading line to the industry\u2019s third-largest player (outranking Norwegian Cruise Line Holdings Ltd.).<\/p>\n

Nobody thinks of cruising as a family business more than Micky Arison does, though. His late father, Ted, founded Carnival Cruise Line in 1972. To this day, Micky has a significant stake in the publicly traded company, which has grown to be the industry\u2019s largest player, with 10 brands and more than 100 ships around the world.<\/p>\n

\u201cI would say that we have been living my dad\u2019s dream for many years now,\u201d he tells Bloomberg. \u201cI have loved cruising for as long as I can remember\u2014I have a special passion for shipbuilding, of course, but I enjoy every part of this industry.\u201d<\/p>\n

Even though Arison stepped down from his 34-year-long tenure as chief executive officer in 2013, he remains involved as Carnival Corp.\u2019s chairman. He still attends inaugurals and other shipboard events, and while he defers to his staff for the vast majority of decisions, he still voices suggestions about such things as detailed as onboard amenities.<\/p>\n

For all the newcomers, Arison remains the guy to emulate. No matter how humble he is about his industry contributions, he\u2019s the one that made cruising a popular vacation option for travelers at all ends of the budget spectrum\u2014and he\u2019ll always be the original cruise billionaire.<\/p>\n

Source:\u00a0 Fran Golden\u00a0(Bloomberg)<\/p>\n\n

\n

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    If you are going to cruise, always do it in style. It was a cold and cloudy July<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[10,12,247,241,39,248,34,33,62,42,219,11,249,243,7,246,244,44],"class_list":["post-23757","post","type-post","status-publish","format-standard","hentry","category-news-articles-panama-perpsective","tag-bocas-del-toro","tag-boquete","tag-boquete-boca-chica-real-estate","tag-boquete-real-estate","tag-buenaventura","tag-casco","tag-casco-antiguo","tag-casco-viejo","tag-coffee-in-panama","tag-estate-homes-in-panama","tag-move-to-panama","tag-offshore-real-estate","tag-panama-offshore-real-estate","tag-panama-papers","tag-panama-real-estate","tag-relocate-to-panama","tag-rum-in-panama","tag-travel-to-panama"],"yoast_head":"\nFor These Billionaires, It\u2019s All About Cruise Fleets - Blog and Newsletter<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/billionaires-cruise-fleets\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"For These Billionaires, It\u2019s All About Cruise Fleets\" \/>\n<meta property=\"og:description\" content=\"If you are going to cruise, always do it in style. 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