UNITED STATES 1 Dec 2009 Planet's largest cruise ship begins pre-inaugural voyage

Barring new financial woes, the largest and most technologically-advanced cruise ship in the world will sail out of her home port of Port Everglades in Florida on Dec 1, bound for Labadee in Haiti. The coastal beauty spot is leased by the ship's owner, Royal Caribbean. The Oasis of the Seas, a 16-deck, 220,000-ton monster built in Finland, will accommodate some 5,400-passengers in 2,700 state-rooms. The 7-day official inaugural cruise, to the Caribbean, has been moved forward from Dec 12 to Dec 5.

Oasis bookings are healthy for the present, albeit at discounted prices, but Royal Caribbean Cruise Line is reported to be having financing difficulties as the inaugural voyage approaches. While Royal Caribbean already has made several cash down payments for Oasis, it currently has none of the financing it needs to pay the nearly US $1 billion due at delivery. Bloomberg reports that near-frozen credit markets have prompted Finland and other nations to boost state financing and other supports for businesses. The Oasis and US $1.4 billion sister ship Allure of the Seas, due late next year, are part of about US $5.4 billion of new ships on order that Royal Caribbean will have to finance, according to a regulatory filing.

"Although we believe that we will be able to (finance the ship), there can be no assurance that we will be able to do so or that we will be able to do so on acceptable terms," the company said in its annual 10-K filing with the US Securities and Exchange Commission.

Royal Caribbean says it believes that financing will be available under reasonable terms, but it is not certain of it. It is also struggling to find financing to complete a sister ship, Allure of the Seas.

Oasis of the Seas is a third larger than the current record holder, Freedom of the Seas, also owned by Royal Caribbean. Oasis features a 10-story slot down the middle lined with 300 balcony cabins and seven themed neighborhoods. It's the first cruise liner to be designed around the neighborhood concept. One of its bars also serves as an elevator. Double-decker loft suites are also first. The massive new ship will include some unusual highlights like a park located in the ship's “town square,” an outdoor theater featuring acrobats and water shows and a zip-line allowing passengers to zoom over the top of a boardwalk full of carnival games, restaurants, shops and a carousel.

RELATED READING:

Oasis of the Seas press release (22 Oct 2008)
http://www.oasisoftheseas.com/viewRelease.php?id=24

Carnival stock up as booking stay strong (AP/Forbes 4 Mar 2009)
http://www.forbes.com/feeds/ap/2009/03/04/ap6125136.html

Cruise lines give birth to host of new ships (Calgary Herald/Canada.com 6 Mar 2009)
http://www.canada.com/travel/story.html?id=938291

Royal Caribbean, Finland, discuss cruise ship loan (Bloomberg 27 Feb 2009)
http://www.bloomberg.com/apps/news?pid=20601087&sid=a5SrbcYwFi_4&refer=home