Consolidation plan

China has announced ‍plans to consolidate the cruise operations of four central‍ state-owned enterprises (SOEs) into a single entity, aiming for greater efficiency ‍and scale. The new venture is projected to become the largest cruise fleet in Asia.

China Tourism Group (CTG) was designated as the operator of the consolidated entity at a signing ceremony hosted by China’s ⁢state-owned enterprises watchdog on Friday, according to the Global Times, a state-backed media outlet.

Huaxia International Cruise to Oversee⁢ Operations

Following ⁣approval, the venture will operate Asia’s largest cruise fleet, as reported by CCTV on Saturday. The exact size of the fleet was⁣ not disclosed.

Huaxia International Cruise – a joint venture established by several SOEs, ⁣with CTG as the majority shareholder – ⁣will “nominally” control the cruise operations ⁤of the four companies, according to a report by Caixin, a chinese financial news outlet, citing sources familiar with the matter.

Independent Brand Operations

Despite the consolidation, each cruise brand currently operated by the four enterprises – China Tourism Group,⁣ China Cosco shipping, China Merchants Group, and China State Shipbuilding Corporation – will continue to ⁢function independently, Caixin reported.

Fleet Capacity and Market Position

The four companies collectively operate five⁣ cruise ships with a combined passenger capacity exceeding 16,000. This will ⁢allow Huaxia International Cruise to surpass Japan’s NYK Cruises and become the largest cruise operator in Asia by capacity, according to Caixin.