A Chinese company has announced its plan to build China's first cruise ship, to take advantage of the growing tourist demand in the country, the Xinhua News Agency reported.
Shanghai Waigaoqiao Shipbuilding Co. Ltd. said on Wednesday, Dec. 2, that it will build the ship and the technical support will be provided by Italian shipbuilder Fincantieri. The company said the construction will start in 2017 and will be completed by 2020.
The report said that China State Shipbuilding Corporation and China Investment Corporation will set up a joint venture with 2.6 billion British pounds and purchase the vessel with America's Carnival Cruise Lines.
Chen Jun, vice manager of Shanghai Waigaoqiao, said that as China is engaged in building cruise liners, it will focus on creating luxury ships weighing more than 100,000 tons. He added that the new ship's design will incorporate traditional Chinese elements, with the total cost amounting to $1 billion.
It is expected that 4.5 million Chinese will be taking cruise vacations by the time the liner is delivered in 2020, and that number will increase four-fold over the following decade.
As China becomes one of the world's largest markets for cruise travel by that time, it will need five new cruise ships a year to meet demand.
According to Chen, the world currently needs 13 new cruise ships each year and seven of them will replace older ships, while the other six will meet the increased demand for cruise travel.
"The world needs more shipbuilders as existing ones cannot take orders for cruise liners beyond those slated for delivery in 2022," Chen added.