TUI sticks to 3 ships plan for TUI Cruises-paper

09 May 2009 @ 11:40 am EDT

FRANKFURT - German travel company TUI is keeping to its plan to provide three vessels for TUI Cruises by 2012, weekly WirtschaftsWoche said, citing TUI Cruises head Richard Vogel.

Michael Frenzel, chief executive of TUI AG, listens to journalists questions during the company's annual news conference in the northern German city of Hanover March 25, 2009. German tourism group TUI AG, owner of Europe's largest travel company TUI Travel, swung to a 2008 net loss of 121.3 million euros ($165.3 million) as the economic crisis spoiled Germans' wanderlust and it took restructuring charges.

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"We are aiming for three ships by 2012. It is not yet determined whether we will issue an order for a new ship or for a remodelling of a ship," Vogel told the German weekly magazine.

"The time now is favourable to put out such orders. In that context, the (worldwide financial) crisis has its advantages," he added.

TUI Cruises, a 50-50 joint venture between TUI and Royal Caribbean Cruises Ltd, is set to begin service with one ship in 2009.

TUI sticks to 3 ships plan for TUI Cruises-paper

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