TUI AG: results for 2. QRT 2023 - Cruise Sector recovers rising occupancy across three Brands
The cruise operations of the German tour operator TUI AG staged a strong recovery in the second quarter of its financial year due to the absence of Covid-19 restrictions that had plagued it in the same period a year earlier.
The operations comprise the joint venture TUI Cruises in Germany, which operates cruise ships under the Mein Schiff and Hapag-Lloyd Cruises brands, and Marella Cruises in the UK.
In the second quarter of 2023 that ended on 31 March, the full fleet of 16 ships was in operation, while operations were limited in the second quarter of 2022 and only gradually ramped up as Covid-19 restrictions were relaxed.
The division's underlying EBIT improved significantly to €14.8 million from a loss in the previous year (2Q22: minus €73.5 million). “Occupancy of the ships of the three brands ranged between 67% and 95% available passenger days rose by 47% to 2.4 million,” the company said.
“The cruise business continues to recover and achieved its fourth consecutive positive quarter in terms of earnings, with TUI Cruises generating after-tax earnings of €18 million for TUI Group in the period under review. For the second half of financial year 2023, the average daily rate for TUI Cruises is currently 1% up year-on-year, with occupancy 23 percentage points higher than in the same period last year,” TUI said.
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