TUI Group: 2023 Cruise Ticket Pricing Above 2019 Levels

TUI Group: 2023 Cruise Ticket Pricing Above 2019 Levels

Reporting full-year earnings, TUI Group noted the high demand for its three unique cruise brands TUI Cruises, Marella Cruises and Hapag-Lloyd Cruises.

The company said that short-term bookings continue to represent a large share of overall bookings. Still, encouragingly, the proportion of mid-term bookings is increasing as customer confidence returns.

The company also said that 2023 booked ticket rates for all three brands are above pre-pandemic levels.

TUI Lands Loan Guarantee

TUI Group today announced it received the commitment of the German Federal Government for a €1.8 billion KfW loan to increase TUI's existing €1.75 billion credit agreement.

TUI Group oversees TUI Cruises, Marella Cruises and Hapag-Lloyd Cruises. 

The KfW loan is subject to the approval of the banking consortium in regards to the necessary amendments of the Revolving Credit Facility, according to a statement. 

Thereby, TUI would have current cash and available facilities to the tune of €3.1 billion, the company said.

TUI decided to apply for the KfW loan to soften the unprecedented effects of the COVID 19 pandemic until normal business operations can be resumed. One of the conditions of the KfW loan is that TUI de facto waives dividend payments for the term of the credit line.

TUI's Executive Board is continuously evaluating the impact on our operations from the development of the COVID 19 pandemic and is implementing a variety of actions to support our customers,