Fincantieri, one of the world’s largest shipbuilding groups, and Huarun Dadong Dockyard (HRDD), one of the largest Chinese shipyards specialized in ship repair and refitting activities, have signed in Shanghai an exclusive cooperation agreement in the field of ship repair and conversions aimed at serving the cruise ships based in China.
Fincantieri had started an internationalization and rooting strategy in this market with the agreements made in 2014 in the cruise sector for the local market, and subsequently established a branch office in China, headquartered in Shanghai, the Fincantieri (Shanghai) Trading Co. Ltd.
The Chinese Ministry of Transport (MOT) projects China to be the second largest global cruise market after the U.S. in the next several years based on economic growth, increased spending power of Chinese consumers and internal demand in this sector. China could see 4.5 million cruise passengers by 2020, according to the MOT, and exceed 10 million within 20 years. This expansion could require more than 100 passenger ships. The potential collaborations as the ones between Fincantieri and HRDD aim at supporting the MOT’s expansion policies in the cruise sector and the increase of the entire tourism in China, estimated in a double-digit growth each year from 2014.
Between 2013 and 2015 the number of ships deployed in Asia was increased by 10%, reaching 52 units of 26 brands, with an offer of 1,065 cruises. Besides placing latest-generation ships, specifically built for the customers of that area, the main cruise operators, active in this segment, are also pursuing a dedicated brand creation policy and alliances with other local operators.