Joint Venture of Carnival and Iberojet Cruceros in Spain

2007POEA MARKET UPDATE NO. 10-07JOINT VENTURE OF CARNIVAL AND IBEROJET CRUCEROS IN SPAINThe Lloyd's List of February 2007 has reported the 320 M euro joint venture between Miami-based Carnival and Iberojet Cruceros of the Orizonia Corporacion, reputed to be the largest and oldest in the Spanish cruising industry. Carnival Chairman and Chief Executive Micky Arison identified Iberojet as a key partner in his company's Spanish ambitions. "Iberojet operates a very successful brand with a wide range of quality affordable vacation products which have gained extremely strong brand awareness with Spanish consumers. Their marketing experience combined with a keen understanding of Spanish vacation trends makes for a solid partnership," said Mr. Arison.The joint venture will target the Spanish mass market segment while Carnival's Costa Cruises unit, already a player in the Spanish market, caters to its upscale consumers. Even as the joint venture appears to compete with Costa Cruise, the idea is to expand Carnival's market reach. "The combined strengths of Costa and Iberojet's organizations would generate even greater brand recognition in our efforts to grow...