昨日，一则交通运输部发布的对美船舶收取特别港务费公告，引起邮轮圈极大关注。 值得一提的是，这一特别港务费将按航次计收、以净吨计价，并设四年阶梯上调机制：从2025年10月14 日起，每净吨400元起，逐年提升至2028年的1120元。 以多家美资持股的皇家加勒比游轮为例，在上海母港运营的海洋光谱号总吨位为16.8万吨，净吨位（指 可计入营运用途的封闭空间体积，是港务费计费依据）几乎等同。 按照特别港务费收取办法，今年该船在华运营的单个航次最高将收取约6736万元特别港务费。 所幸该政策设置了两道保险杠，每条美船舶一年内最多收费5个航次，同一航次若挂靠多个中国港口，也 只在首个港口收一次，避免重复征收。 但即使如此，这笔港务费也绝对会让皇家加勒比游轮吃不消。 旅界统计发现，接下来的一年航期，海洋光谱号共在华运营76个航次，若按每次满载4905人，并将全年 最高上限的5次港务费（约3.368亿元）平均分摊到所有旅客头上，则每位旅客将需额外承担约1000元左 右的人民币额外成本。 一 作为对美国即将向中国船舶征收港口费的反制措施，该公告明确指出中国将于2025年10月14日起，对美 国及关联船舶征收船舶特别港务费。 ...

Core Insights - The hotel industry has experienced a significant boost during the summer of 2025, driven by a shift towards quality travel experiences and cultural elements [1][2] - Data from travel platforms indicates a strong demand for quality tourism, with average order prices increasing by 9.9% year-on-year [1] - The resurgence of outbound tourism has led to a rapid recovery in hotel bookings, particularly in popular destinations like Japan and Thailand [3][4] Group 1: Domestic Hotel Trends - Hotels in popular domestic destinations, such as Sanya, reported occupancy rates exceeding 70%, with innovative activities like coral reef observation camps becoming popular [2] - The trend of traveling to events, such as concerts and exhibitions, has surged, with hotel searches around event venues increasing significantly [2] Group 2: Outbound Tourism Developments - Popular outbound destinations for Chinese tourists include Japan, Thailand, and South Korea, with hotel bookings in Okinawa and Jeju Island seeing year-on-year increases of 98% and 44%, respectively [3] - Hotels abroad are adapting to Chinese tourists by offering services in Mandarin and incorporating Chinese cultural elements [3][4] Group 3: Cruise Market Recovery - The cruise market has shown strong recovery, with over 1.37 million travelers passing through Shanghai's cruise port by August 26, marking a 48.71% increase year-on-year [4][5] - Family-oriented travel has become a significant driver of demand, with a notable increase in bookings for family cabins and entertainment facilities on cruise ships [5]

Core Viewpoint - The Chinese cruise industry is experiencing a resurgence following the full restoration of international cruise transportation in 2023, with significant demand being released, particularly from major ports like Shanghai and Tianjin, which is expected to drive high-quality development in cultural tourism and high-end manufacturing [1][3][4]. Industry Recovery - The cruise industry in China has gradually returned to a recovery trajectory since the resumption of operations, with significant milestones including the launch of international routes by various cruise lines starting from mid-2022 [3][4]. - The peak season during the Spring Festival in 2023 marked a strong start for the cruise economy, indicating a positive trend for the industry [3]. Economic Outlook - Experts express confidence in the future of China's cruise economy, predicting it will enter a second "golden decade" of rapid development after a period of nurturing [4]. - The cruise economy is referred to as a "waterborne golden industry," with substantial growth observed since the establishment of the homeport market in 2006 [4]. Market Dynamics - Despite challenges such as limited routes and low-price competition, the recent surge in demand has revitalized the industry, with record bookings reported for upcoming cruises [5][6]. - The average age of cruise passengers is decreasing, with a notable increase in the proportion of younger travelers, indicating a shift in market demographics [7]. Policy Support - The recovery of the cruise market is supported by various government policies aimed at facilitating the orderly resumption of international cruise operations and promoting high-quality development [6][10]. - Local governments have introduced specific action plans and support measures to enhance the cruise tourism sector [6]. Infrastructure Development - The introduction of China's first domestically built large cruise ship, "Aida·Magic City," signifies a major advancement in the country's shipbuilding capabilities and the potential for a more robust domestic cruise economy [8][9]. - The ship's specifications highlight China's growing capacity to build complex vessels, which is a milestone in transitioning from a shipbuilding power to a strong shipbuilding nation [8]. Future Directions - Experts suggest enhancing the innovation system within the cruise industry, improving local supply chains, and exploring new tourist destinations to ensure sustainable development [9][10]. - There is a call for establishing modern cruise tourism service clusters that integrate various related services, which could further stimulate the cruise economy [10].

Group 1: Company Performance - Royal Caribbean Group reported a strong Q2 2025 performance with a passenger load factor of 110%, total revenue of $4.5 billion, and a net profit of $1.2 billion, leading to an upward revision of the full-year earnings forecast to between $15.41 and $15.55 per share [1][2] - Carnival Corporation also showed impressive results with Q2 revenue reaching $6.3 billion and a net profit of $565 million, marking a significant increase compared to previous years [2][3] - Norwegian Cruise Line Holdings reported Q2 earnings per share of $0.51 and revenue of $2.52 billion, although slightly below expectations, the stock surged by 11.79% in pre-market trading, indicating strong investor confidence [2][3] Group 2: Industry Trends - The global cruise industry is experiencing a "V-shaped recovery," with major players reporting revenues exceeding pre-pandemic levels, indicating a return to positive growth [2][3] - The International Cruise Association forecasts that global cruise passengers will exceed 34.13 million in 2024 and reach 37.7 million in 2025, with further growth expected to 40 million by 2027 [3] - The U.S. cruise market is projected to surpass $17 billion by 2028, while the Asia-Pacific region is expected to grow at an annual rate of 19.6%, becoming a key driver for global cruise industry growth [3][4] Group 3: Market Dynamics - The summer cruise season is booming, with global passenger numbers expected to exceed 37.1 million and market size reaching $44.39 billion, particularly driven by a 45% annual growth rate in China [4][5] - Domestic cruise activities in China are thriving, with the Tianjin International Cruise Home Port expecting to host nearly 50 cruise ships and over 100,000 passengers during the summer [5][6] - Cruise companies are innovating their offerings to attract families and children, enhancing onboard and onshore experiences to meet consumer demand for quality and personalization [6]

Core Viewpoint - The Tianjin International Cruise Homeport is experiencing a significant decline in activity and attractiveness compared to other domestic ports, particularly in the context of the upcoming summer season [1][5]. Group 1: Current Situation of Tianjin Cruise Homeport - The cruise schedule for Tianjin shows a lack of foreign cruise ships, with only two domestic vessels, the Mediterranean and Dream, operating during the peak season [3][4]. - In 2024, the Mediterranean will have 43 voyages in Tianjin, but this number will drastically drop to 16 in 2025, indicating a sharp decline in interest from cruise companies [5][6]. - The absence of international cruise lines like MSC and Royal Caribbean from Tianjin has been noted, reflecting a broader trend of retreat from the port [5][8]. Group 2: Market Dynamics and Challenges - The post-pandemic market has seen a shift in consumer behavior, with many potential travelers from Beijing lacking passports, which limits their ability to choose cruise travel [11][14]. - The geographical disadvantages of Tianjin, such as longer travel times to destinations compared to southern ports, further hinder its competitiveness [20][22]. - The cruise industry is increasingly focused on profitability, and Tianjin's offerings are perceived as less attractive compared to emerging ports like Guangzhou and Shenzhen [25][26]. Group 3: Competitive Landscape - Southern ports like Guangzhou and Shenzhen are rapidly developing, with strategic investments and better access to consumer markets, making them more appealing for cruise operations [27][30]. - The rise of new regional stars like Qingdao and Xiamen, which offer shorter travel times and rich tourism resources, poses additional competition for Tianjin [33][34]. - The concept of "middle-income trap" is applied to Tianjin, indicating that while it has resources and policies, it lacks a distinct competitive edge in the cruise market [24][26]. Group 4: Future Prospects and Recommendations - To regain its status, Tianjin should pivot from aiming to be the second-largest cruise homeport to becoming a unique cruise and destination hub for the Beijing-Tianjin-Hebei region [36][37]. - Initiatives such as enhancing incentives for international cruise lines and developing domestic cruise routes could provide new opportunities for growth [35][36]. - The recent launch of the "One Ticket to Explore Dongjiang" plan indicates that Tianjin is not giving up and is seeking innovative strategies to attract visitors [36][38].

Group 1 - The cruise tourism industry is experiencing unprecedented popularity, with the number of cruise ships exceeding 300 and passenger capacity surpassing 635,000 in 2024 [3] - The industry is projected to witness a record of over 31.7 million passengers in 2024, generating an economic impact of $168.6 billion [3] - The cruise operators are under pressure to adopt more environmentally friendly practices, with a goal of achieving "net zero emissions" by 2050 [3][4] Group 2 - Norwegian operator Hurtigruten aims for "zero emissions" by 2030, investing €100 million ($113.7 million) in environmental upgrades [4] - French cruise company Ponant is also targeting 2030 for carbon-neutral transoceanic voyages using wind energy and liquid hydrogen fuel cells [4] - Viking Cruises plans to deliver a hydrogen-powered zero-emission cruise ship by 2026 [4] Group 3 - The industry is exploring green technologies and operational solutions, including more efficient engines and improved waste management systems [6] - The legal framework for responsible cruise travel includes key treaties from the International Maritime Organization (IMO) and regional organizations promoting environmentally responsible practices [6] Group 4 - Liquefied natural gas (LNG) has become the leading alternative fuel, reducing the use of heavy fuel oil from 74% in 2019 to 54% in 2023 [8] - While LNG is considered a cleaner fuel, concerns remain about methane emissions, prompting interest in renewable mixed energy sources like green methanol and hydrogen fuel cells [8] - The industry is investing billions in various development paths, with a focus on zero-carbon solutions such as hydrogen and ammonia fuels [8]