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liillittf Annual the last few years and the continu- ing trend towards industry consoli- dation has emphasized the increas- ing globalization of the cruise mar- ket. North American cruise com- panies are springing to set up

European and Asian markets in order to compete for passengers, namely the ever-valuable first- time cruiser, worldwide.

As a pioneer of transatlantic ser- vice, a cruise line with a rich her- itage of transporting immigrants to new lands of oppportunity and soldiers and supplies to battle in times of conflict, Cunard's business is inherently global and therefore poised for success in the current market conditions. "What we have seen other cruise lines doing this summer is approaching the markets and the areas that we have been sailing for years," said Pankakoski, specifi- cally referring to Southeast Asia and Europe, adding: "Forty-five percent of our total revenues come from abroad." "Globalization has been an essen- tial part of the operations of this company. We've been a genuine global company for many years.

We wish them (other cruise lines) welcome to the those markets," stated Pankakoski. His logic is that the internationalization of the industry will attract more passen- gers to Cunard's ships in much the same way as the entrance of

Disney ships will attract more repeat passengers to all of the industry's ships.

Return To Rumorville

While speculations regarding the sale of Cunard are not currently inflamed — but also not likely to fade away until the cruise line sig- nificantly ups profits or commands another sort of big-time deal such as a new ship contract or a merger agreement — the cruise industry rumor mill remains full.

A day after the Royal Caribbean

International/Celebrity Cruises proposed merger was announced and before Carnival stepped in with a cash offer and rumblings of

Princess' interest began,

Pankakoski discussed how the merger of the cruise players would benefit the market: "I think it's a good move for the companies. It will allow them to synergize their strengths and cut down on cost."

Discussing past incidences when

Kvaerner placed Cunard on the sales block, he wouldn't say if any of these companies were involved in negotiations, adding mysteri- ously, "Let's just say a number of companies have been in touch in the past."

With a merger-friendly shipbuild- ing executive at its helm, and for- mer Dolphin Cruise Line and

Majesty Cruise Line president

Capt. Paris G. Katsoufis joining the company as president and chief operating officer, the future remains bright for Cunard, whose ships are the salty, yet unmistak- ably favored seadogs of the cruise industry's infant fleet.

The President's Cabin

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July, 1997 27