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Unique Cruise Solutions The news you need to know |
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Cruise News for the Corporate Travel Professional |
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Wells Fargo tempers TUI Europe concerns |
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Wells Fargo Securities traced the recent weakness in Carnival and
Royal Caribbean shares to results from TUI Travel plc which cited a slowdown in
UK bookings since April as sparking more last-minute price cuts and Germans
buying cheaper tours. TUI also said strong booking patterns that were
experienced until the ash-cloud disruption in May weren't sustained throughout
the early summer period. In addition, the European travel giant reported UK bookings fell 2% over the last 12 weeks as fewer Britons went abroad because of warmer weather in the UK and after May's parliamentary election brought in a government that plans budget cuts. Further, TUI management voiced concerns for September UK business. In a note to investors, Wells Fargo acknowledged TUI's negative data point for the broad travel industry but pointed out that Carnival management in late June reported bookings for European brands in May through mid-June showed 'significant improvement in booking volumes and solid improvement in year over year local currency pricing related to the next nine months. And Royal Caribbean in late July stated its European-sourced business has shown 'remarkable resilience despite persistent headlines about the sovereign debt crisis.' |
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Worldwide Travel & Cruise Assoc., Inc. 150 S. University Dr. Ste E, Plantation, FL 33324 - USA Tel: +1 954 452 8800 Fax: +1 954 252 3945 EMail: sales@cruiseco.com |
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