Turkish cruiseship management company Miray International is launching a new line that will be headquartered in Piraeus.
Miray Cruises, the new venture, will begin operations in May using the 19,100-gt cruiseship Gemini (built 1992), which it has taken on a five-year charter from Miami-based SunStone Ships.
The arrangement includes a purchase option at the conclusion of the charter. Market sources estimate the value of the deal to be about $22m, if the option is exercised.
Miray has scheduled the 916-passenger Gemini for one season between 29 May and 11 September. The ship will run on three and four-night cruises in the Aegean Sea, with embarkation points in both Greece and Turkey. It will target tourists from Europe and Turkey.
According to its website, Miray plans to extend its cruise period next year, from early April to the end of October.
These short cruises around the Aegean were once operated by dozens of small cruiseships belonging to a large number of Greek operators.
However, in recent decades, this trade has shrunk to just one operator — Piraeus-based Celestyal Cruises, which Miray will now compete with head to head.
Miray International will have several advantages in that battle to come. Being Turkish, it will likely operate on a lower cost base than any rivals.
Competitive advantage
Already an established player in its home country, it should also be able to draw lots of local Turkish holidaymakers boarding at Cesme, a port in western Turkey near Izmir, the country's third-largest city.
Miray International is also no stranger to the Gemini. It provided management services for the vessel when it was operated by Turkish tour operator Etstur in 2018 and 2019.
During the off season, the Gemini will be made available for floating hotel charters, targeting shipyards and cruise lines conducting major refit or newbuilding projects, for which large-scale accommodation for crews and contractors are required.
The move comes as the Eastern Mediterranean market was being tipped to become more competitive this summer, as the coronavirus epidemic was predicted to drive ships away from Asia towards the region.
Last week, Dennis Vernardakis, general manager at Masters Shipping, a specialist passengership brokerage based in Piraeus, told TradeWinds: "The Mediterranean market has been surprisingly little affected by the virus so far. I expect many more ships to come and make calls here this season."
Norwegian Cruise Line Holdings had said it would switch to the region some of the 40 voyages for this summer that it has been forced to cancel, modify or redeploy.
However, last Sunday, Italian authorities announced a major outbreak of the coronavirus — named Covid-19 by the World Health Organization — had cast a cloud over the cruise sector's short-term outlook in the region.
