TUI and Royal Caribbean to jointly target German cruise market

Tour Operator TUI AG is to launch a new joint venture with Royal Caribbean Cruises Ltd. that will serve the German cruise market starting in 2009.

The two companies each will hold 50% of the JV, TUI Cruises, which is subject to regulatory and board approvals, TUI said in a statement. The venture will begin operating in early 2009, initially with one renovated ship, and will later add two newly built vessels to its fleet in 2011 and 2012.

TUI Cruises will be based in Hamburg, Germany, and industry executive Richard Vogel is slated to become its CEO, reported AP.

"By collaborating with Royal Caribbean, we gain access to a very profitable growth market," TUI Chief Executive Michael Frenzel said.