Europe draws the cruise crowd - "The Mediterranean is the new Caribbean."
That's the news out of the annual Seatrade Cruise Shipping Convention, held last week in Miami. The remark was made by Bob Dickinson, president and CEO of Carnival Cruise Lines, at a "State of the Industry" session for cruise executives, and it was received with knowing nods all around the room. Indeed, the cruise industry is bullish on Europe and particularly on the Mediterranean region. "European cruising isn't just doing well, it's doing phenomenally well," notes Rick Sasso, president of MSC Cruises USA, whose company is rapidly expanding in Europe. Sasso joked that the tide had turned since Columbus' voyage to the New World; now the ships are returning to the Old World in search of new riches, led this time by the Carnival Nina, the Pinta of the Seas, and the MSC Santa Maria. But it's no joke. In fact, cruise lines are putting their newest and most expensive assets into the region.
What's driving the change of focus from the Caribbean to Europe? Executives say it's the large, untapped market of affluent and middle-class travelers in Europe. The other part of the equation (literally) is the dollar-to-euro exchange rate. The strength of the euro is drawing many Europeans to cruising. According to Colin Veitch, president and CEO of Norwegian Cruise Line, "Fares are much lower now for consumers paying in euros. Five years ago, a seven-day cruise cost 875 euros, today it is 540 euros."
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