Fincantieri has signed two memorandums of understanding (MoUs) with Carnival Corporation and China CSSC Holdings, an entity controlled by CSSC, to explore the possibility of joint ventures in cruise shipbuilding for the Chinese market.
The MoUs are a three-way collaborative effort to build the first cruise ships in China.
Under the MoUs, Fincantieri would work with CSSC to develop cruise ships production capacity in China, providing specialised services and components to support CSSC's shipyards.
For its part, Carnival would work closely with CSSC and Fincantieri and contribute its expertise to create the vision, definition, and specifications for the China-built cruise ships.
The Chinese Ministry of Transport (MOT) projects China to be the second largest global cruise market after the United States in the next several years based on economic growth, increased spending power of Chinese consumers, and growing demand for cruise vacations.
According to the MOT, China could see 4.5 million cruise passengers by 2020, and is expected to eventually become the world's largest cruise market.
