Saga Looking Into ‘Partnership’ for Cruise Business

Saga Looking Into ‘Partnership’ for Cruise Business

Saga has confirmed its looking into potential partnerships for its ocean cruises business based on reports in British media.

“We are looking at how we can offer more cruises to more guests in the future,” Saga Cruises CEO Nigel Blanks said in a statement shared on social media.

“This comes on the back of exceptional demand for our boutique ocean cruise offer,” he continued noting that the Spirit of Discovery and the Spirit of Adventure are operating “close to capacity.”

“With this in mind, we have been looking into the possibility of entering a partnership arrangement for our ocean cruise business as the best way to support further growth,” Blanks said.

The move would also create value for the company’s shareholders, he noted, pointing out to Saga’s “unique business, with a strong brand and committed team.”

“We are still in the early stages of the process of exploring opportunities,” Blanks said, noting that transactions of this nature “usually take months rather than days or weeks.”

Earlier this month, Sky News reported that Saga was looking into a range of potential options for its cruise operations, which included selling a stake in the business.

According to Sky News, the debt-challenged tour operator was working with advisers and also considered selling its two cruise vessels or offloading the entire business under a licensing arrangement.

After initially entering the cruise business with second-hand vessels, Saga Cruises took delivery of two new cruise ships in 2019 and 2020.

Sailing from different ports in the United Kingdom on a year-round basis, the Spirit of Discovery and the Spirit of Adventure were built by the Meyer Werft shipyard in Germany.

Designed to offer a boutique cruise experience, the 55,000-ton sister ships can accommodate up to 999 guests in double occupancy.