If we can believe the past, an increase in capacity drives higher demand in the cruise industry. The many new cruise ships planned for 2018 are therefore a positive indicator that good things are to come. I’m pleased to say that Silversea has a similarly optimistic outlook, with many important events in 2017 and more planned for 2018 and beyond.
We launched our ninth ship, Silver Muse, in April 2017 and announced the arrival of our tenth, Silver Moon, in 2020. To celebrate our growing business we have partnered with renowned photographer Steve McCurry. Over the coming months he will visually document our fleet and destinations, many of which are incredibly remote and little visited. The images will tell an inspiring story of adventure and travel by cruise ship.
Our recent initiatives don’t all take place on the high seas. Following our successful launch of the Couture Collection – a high-end portfolio of immersive sea- and land-based adventures – we also plan new projects for our land-based programme. In the back office, we successfully issued a bond for $550 million and insourced our technical department from V.Ships.
It is commonly thought that growth in the cruise industry must mean growing the size of the ships. It is true that bigger ships pack more passengers on board and enjoy better economies of scale. At Silversea, however, our focus is not on packing in passengers but on making the voyage of each of our guests unforgettable. This means not only taking them to the most beautiful destinations on our planet, it means taking them there in supreme comfort and luxury. Size and comfort are closely related. Our ships, which range from 50 to 300 suites, offer the perfect balance between choice and intimacy.
Smaller ships permit a more authentic experience, which is what many in the baby boomer and millennial generations are demanding. In contrast, demand for durable goods is decreasing. Our guests are generally high net worth individuals interested in active lifestyles and cultural experiences. Avid travellers – not tourists – they seek authenticity and want to “travel deeper”.
They are happy to pay a little more for a more immersive experience, getting closer to destinations thanks to our smaller ships and bespoke services. The “travel deeper” concept is something Silversea will continue to invest in during 2018 and beyond.
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