Carnival Corp.'s Chinese Joint Venture Orders First Cruise Ships Built In China

By Tonya GarciaMarketsMarketWatch Pulse

Carnival Corp. & plc said Friday that its joint venture in China, created with China State Shipbuilding Corp and Italy-based Fincantieri S.p.A., has signed a non-binding memorandum of agreement to order the first Chinese-made cruise ships built for the Chinese market. This is a first for the industry, the company said. The two ships will operate as part of a multi-ship cruise brand in China, with the first ship expected for delivery in 2022. The joint venture has the option of ordering two additional ships. Carnival shares are down 0.9% in premarket trading and down 14% for the year so far. The S&P 500 Index is up 6.5% this year.

Copyright © 2016 MarketWatch, Inc.

Continue Reading Below