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TUI Cruises, Hapag-Lloyd Cruises post Q3 gains

TUI Cruises, Hapag-Lloyd Cruises post Q3 gains
TUI Group’s cruise activities posted year-over-year earnings growth of €10.1m in the third quarter. The underlying EBITDA for TUI Cruises and Hapag-Llyod Cruises climbed to €29.4m, up 52.3% from €19.3m a year ago.

TUI Cruises' turnover rose to €181.4m, a 22.8% increase from the €147.7m a year ago. Underlying EBITA rose €6m.

The strong growth was driven by the high demand for Mein Schiff 4, which entered service in June 2015. Last month the fleet was expanded with the addition of Mein Schiff 5. Good occupancy and rates were reported across the fleet.

Hapag-Lloyd Cruises' turnover increased 11.8%, to €71.3m, up from €63.8m. Underlying EBITA went up by €4m.

The improvement was driven principally by a 7% increase in the daily rate.