TUI accelerates expansion of cruise fleet in Germany and UK

The TUI's board's decision to embark on an accelerated plan to expand and refurbish the TUI Cruise fleet was taken in anticipation of strong growth over the coming years.

Its subsidiary Marella Cruises would also be modernising its fleet.

The company had been scheduled to launch a new Mein Schiff 1 in May with the previous vessel set to be transferred to Marella Cruises.

And now, the Mein Schiff 2 vessel, which was set to transfer to Marella Cruises, was now set to remain with TUI Cruises along with its replacement, which was set to be delivered by 2019.

In 2019, the Hamburg-based TUI subsidiary Hapag-Lloyd Cruises would obtain two new luxury ships with TUI Group's global fleet seen increasing to 18 cruise ships by2023.

That was up from TUI Group’s present fleet size of 15 cruise ships, operated by its subsidiaries TUI Cruises, Hapag-Lloyd Cruises and Marella Cruises.

Sebastian Ebel, member of TUI Group’s Executive Board in charge of Cruises said: "We will continue to invest in our cruise portfolio and expand, modernise and rejuvenate our fleet. With these decisions we increase the offer at TUI Cruises and accelerate the expansion of this growth segment."

Apart from the new cruise ships, in its year-end update the company said the opening of eight of its own-brand hotel had boosted trading over the winter 2017/18 season, with another seven openings scheduled for summer 2018.

The company impressed investors with its results jetting off to a strong start for its financial year, with sales and underlying earnings both much improved on last year.

Its shares are currently up 2.22% in the stock market at a 1,567p price.