is now part of the Woolpert family!

CRUISE MARKET
ASSESSMENTS
& FEASIBILITY
STUDIES

BA leads the world in the number and breadth of cruise market assessments, serving a diverse range of clients including countries, ports, cities, tourism boards, cruise associations, private entities, investors, and port/terminal operators.

At the heart of BA’s approach is the continuous monitoring of the cruise industry, encompassing cruise passenger trends, cruise brand strategies and financial health, fleet expansions and retirements, worldwide deployments, and a multitude of global, regional, and local factors. Our comprehensive market assessments and feasibility studies are foundational to the planning practice, ensuring our clients are well-equipped to make informed decisions that foster growth and resilience in the ever-evolving cruise market.

Among Our Services:

Negotiations

The negotiations between cruise lines and ports or governments can take a variety of directions or strategies

  • Memorandum of Understandings: Where parties agree to cooperate, but not necessarily guarantee traffic or funds.
  • Usage Agreements: Win which cruise lines agree to guarantee a minimum annual number of passengers usually linked to specific tariffs or rates. These types of agreements usually impose limitations in terms of future rate increases as well as requirements for preferential berth guarantees.

  • Financial Guarantees: Linked to annual payments. Like usage agreements, these usually also have some form of linkage to tariff and preferential benefits.

  • Direct Investment: these are agreements where cruise lines have provided funding as a loan to a government in return for certain benefits like preferential berthing. These types of loans usually carry payment provisions with interest.

In some cases, BA has taken the lead position of negotiating agreements and in others BA has been providing the consultation to the Government or Owner behind the scenes. Since BA has been involved in so many of these deals, BA maintains a library of typical agreements. 

 

Our Negotiation Experience includes:

Financial Modeling
Bermello, Ajamil & Partners has one of the most robust financial modeling practices for cruise ports in the world and can custom tailor the financial model to replicate the condition being studied based on the business model and concession agreement that is planned.

Typically, BA builds an interactive model that would allow the Owner, banks or other parties the ability
to test and understand different variables, and easily create sensitivity analysis that can be used for negotiations by allowing studies of different tariffs or rate structures. The models are sensitive to the operating conditions of the area and will also be sensitive to utilization.

Below is some of the most recent work that BA has also completed modeling for the following cruise
operations:

Supporting project financing:

BA has developed financial models and has participated with underwriters, banks, rating agencies in the raising of capital for Port projects including:

Comparative tariff studies:

BA has performed a significant number of comparative tariff studies for ports throughout the Caribbean and the world including:

Leadership
Maritime

Luis Ajamil, PE

ENGINEER / PRESIDENT & CEO

Mark Ittel

DIRECTOR OF PORTS & MARITIME

Scott Bakos

DIRECTOR OF ARCHITECTURE BROWARD COUNTY

Daniel Ramos, PE, WEDG

DIRECTOR OF PORTS & MARINE ENGINEERING

Felipe Alespeiti, RA

SENIOR PLANNER

Leah McKenny

PROJECT MANAGER / SR. MARITIME ANALYST

Jim Rowe, AIA

SENIOR ARCHITECT / PROJECT MANAGER

Christopher De Leo

MARITIME BUSINESS ANALYST

Scott Bakos

Sr. Cruise Destination Design Lead / Partner / Board Member

CRUISE BULLETINS

How CII Could Impact Ports & Itineraries

The Carbon Intensity Indicator (CII), introduced by the IMO in 2023, measures the environmental efficiency of ships by evaluating CO2 emissions per nautical mile traveled…

Q1 2024 Earnings Report Summary

In the first quarter of 2024, the leading public cruise corporation Carnival Corporation, Royal Caribbean Group (RCG), and Norwegian Cruise Line Holdings (NCLH) have set a promising tone for the remainder of 2024

Q4 2023 Earnings Report Summary

The leading public cruise corporations—Carnival, Royal Caribbean, and Norwegian—concluded 2023 on a high note, as demonstrated by their Q4 earnings reports.

Unveiling BA’s 2024 Comprehensive Cruise Itinerary Insights

BA unveils its expansive 2024 cruise itinerary database, spanning 13,700 sailings across 47 brands and 320 ships globally…

With 2023 coming to a close, BA explores what is in store for 2024

With 2023 coming to a close, BA explores what is in store for 2024…

Q3 2023 Earnings Call Summary

With the final earnings report for Q3 2023 released by the last of the big three public Cruise Corporations yesterday…

Shore Power Adoption in the Cruise Industry

One key technology and noteworthy initiative is the adoption of Shore Side Electricity (SSE) or shore power. In BA’s previous bulletins…

Q2 2023 Earnings Report Summary

With the last of the big three public companies wrapping up their Q2 2023 earnings reports in the past weeks, it’s time for BA’s summary of the key takeaways and themes trending today.

The Port’s Role in the Decarbonization of the Cruise (& Shipping) Industry

In our last bulletin, we talked about the cruise industry’s push toward decarbonization, and the exploration of various alternative fuel options such as LNG, methanol, and biofuels. The key takeaway was that decarbonization will be a collaborative effort across the entire maritime industry…

NEWS AND ANNOUNCEMENTS

Q4 2023 Earnings Report Summary

The leading public cruise corporations—Carnival, Royal Caribbean, and Norwegian—concluded 2023 on a high note, as demonstrated by their Q4 earnings reports.

Unveiling BA’s 2024 Comprehensive Cruise Itinerary Insights

BA unveils its expansive 2024 cruise itinerary database, spanning 13,700 sailings across 47 brands and 320 ships globally…

With 2023 coming to a close, BA explores what is in store for 2024

With 2023 coming to a close, BA explores what is in store for 2024…

Port of Galveston to add a fourth Cruise Terminal

Growth continues at the country’s fourth-busiest cruise port as Galveston Wharves decides to move forward with a new cruise terminal, confirming their support for expanding the port’s cruise business and aligned with the port’s 20-Year Strategic Master plan.

Galveston Cruise Terminal 10 has won Landmark Award from HBJ 

Galveston Cruise Terminal 10 has won the Houston Business Journal Landmark #Award in the Special Projects category! Congrats to all the project teams involved!

PIANC America 2023 Conference

BA’s Director of Ports and Marine Engineering Daniel Ramos is looking forward to the PIANC America conference and BA supporting this important event as a Silver Sponsor…

Nassau Cruise Port opens May 2023

Nassau Cruise Port set to open in May 2023. BA’s scope includes master planning, urban design, architectural design, landscape architecture, civil engineering, and marine engineering services…

Inside the dynamic design of Royal Caribbean’s new Galveston cruise terminal

Royal Caribbean’s new $125m Galveston terminal, opening today, is not only designed as a world-first zero-energy cruise terminal, it’s a beauty of flow and efficiency…

Royal Caribbean to open world-first zero-energy cruise terminal at Galveston

“Set to Open Nov. 9th, 2022, Royal Caribbean Group’s new Galveston terminal will be the first cruise terminal to generate 100% of its needed energy through on-site solar panels”. as shown in a featured article in Seatrade Cruise News linked below…

Financial & Management Consulting.

Bermello, Ajamil & Partners has been assisting Port Authorities, Private Companies and Governments in evaluating financial and management aspects of their port operations for over 20 years throughout the world. BA has the most experience in assisting the development and finance of ports and in particularly cruise ports. Our work includes not only the development of the financial and business plan from which negotiations can take place but to the actual negotiation and drafting of user agreements between the parties.

Among Our Services:

Negotiations

The negotiations between cruise lines and ports or governments can take a variety of directions or strategies

  • Memorandum of Understandings: Where parties agree to cooperate, but not necessarily guarantee traffic or funds.
  • Usage Agreements: Win which cruise lines agree to guarantee a minimum annual number of passengers usually linked to specific tariffs or rates. These types of agreements usually impose limitations in terms of future rate increases as well as requirements for preferential berth guarantees.

  • Financial Guarantees: Linked to annual payments. Like usage agreements, these usually also have some form of linkage to tariff and preferential benefits.

  • Direct Investment: these are agreements where cruise lines have provided funding as a loan to a government in return for certain benefits like preferential berthing. These types of loans usually carry payment provisions with interest.

In some cases, BA has taken the lead position of negotiating agreements and in others BA has been providing the consultation to the Government or Owner behind the scenes. Since BA has been involved in so many of these deals, BA maintains a library of typical agreements. 

Our Negotiation Experience includes:

Financial Modeling
Bermello, Ajamil & Partners has one of the most robust financial modeling practices for cruise ports in the world and can custom tailor the financial model to replicate the condition being studied based on the business model and concession agreement that is planned.

Typically, BA builds an interactive model that would allow the Owner, banks or other parties the ability to test and understand different variables, and easily create sensitivity analysis that can be used for negotiations by allowing studies of different tariffs or rate structures. The models are sensitive to the operating conditions of the area and will also be sensitive to utilization.

Comparative tariff studies:

BA has performed a significant number of comparative tariff studies for ports throughout the Caribbean and the world including:

Supporting project financing:

BA has developed financial models and has participated with underwriters, banks, rating agencies in the raising of capital for Port projects including:

Below is some of the most recent work that BA has also completed modeling for the following cruise
operations:

Leadership
Maritime

Luis Ajamil, PE

ENGINEER / PRESIDENT & CEO

Mark Ittel

DIRECTOR OF PORTS & MARITIME

Daniel Ramos, PE, WEDG

DIRECTOR OF PORTS & MARINE ENGINEERING

Felipe Alespeiti, RA

SENIOR PLANNER

Leah McKenny

PROJECT MANAGER / SR. MARITIME ANALYST

Jim Rowe, AIA

SENIOR ARCHITECT / PROJECT MANAGER

Scott Bakos

DIRECTOR OF ARCHITECTURE BROWARD COUNTY

Christopher De Leo

MARITIME BUSINESS ANALYST

CRUISE BULLETINS

How CII Could Impact Ports & Itineraries

The Carbon Intensity Indicator (CII), introduced by the IMO in 2023, measures the environmental efficiency of ships by evaluating CO2 emissions per nautical mile traveled…

Q1 2024 Earnings Report Summary

In the first quarter of 2024, the leading public cruise corporation Carnival Corporation, Royal Caribbean Group (RCG), and Norwegian Cruise Line Holdings (NCLH) have set a promising tone for the remainder of 2024

Q4 2023 Earnings Report Summary

The leading public cruise corporations—Carnival, Royal Caribbean, and Norwegian—concluded 2023 on a high note, as demonstrated by their Q4 earnings reports.

Unveiling BA’s 2024 Comprehensive Cruise Itinerary Insights

BA unveils its expansive 2024 cruise itinerary database, spanning 13,700 sailings across 47 brands and 320 ships globally…

With 2023 coming to a close, BA explores what is in store for 2024

With 2023 coming to a close, BA explores what is in store for 2024…

Q3 2023 Earnings Call Summary

With the final earnings report for Q3 2023 released by the last of the big three public Cruise Corporations yesterday…

Shore Power Adoption in the Cruise Industry

One key technology and noteworthy initiative is the adoption of Shore Side Electricity (SSE) or shore power. In BA’s previous bulletins…

Q2 2023 Earnings Report Summary

With the last of the big three public companies wrapping up their Q2 2023 earnings reports in the past weeks, it’s time for BA’s summary of the key takeaways and themes trending today.

The Port’s Role in the Decarbonization of the Cruise (& Shipping) Industry

In our last bulletin, we talked about the cruise industry’s push toward decarbonization, and the exploration of various alternative fuel options such as LNG, methanol, and biofuels. The key takeaway was that decarbonization will be a collaborative effort across the entire maritime industry…

NEWS AND ANNOUNCEMENTS

Q4 2023 Earnings Report Summary

The leading public cruise corporations—Carnival, Royal Caribbean, and Norwegian—concluded 2023 on a high note, as demonstrated by their Q4 earnings reports.

Unveiling BA’s 2024 Comprehensive Cruise Itinerary Insights

BA unveils its expansive 2024 cruise itinerary database, spanning 13,700 sailings across 47 brands and 320 ships globally…

With 2023 coming to a close, BA explores what is in store for 2024

With 2023 coming to a close, BA explores what is in store for 2024…

Port of Galveston to add a fourth Cruise Terminal

Growth continues at the country’s fourth-busiest cruise port as Galveston Wharves decides to move forward with a new cruise terminal, confirming their support for expanding the port’s cruise business and aligned with the port’s 20-Year Strategic Master plan.

Galveston Cruise Terminal 10 has won Landmark Award from HBJ 

Galveston Cruise Terminal 10 has won the Houston Business Journal Landmark #Award in the Special Projects category! Congrats to all the project teams involved!

PIANC America 2023 Conference

BA’s Director of Ports and Marine Engineering Daniel Ramos is looking forward to the PIANC America conference and BA supporting this important event as a Silver Sponsor…

Nassau Cruise Port opens May 2023

Nassau Cruise Port set to open in May 2023. BA’s scope includes master planning, urban design, architectural design, landscape architecture, civil engineering, and marine engineering services…

Inside the dynamic design of Royal Caribbean’s new Galveston cruise terminal

Royal Caribbean’s new $125m Galveston terminal, opening today, is not only designed as a world-first zero-energy cruise terminal, it’s a beauty of flow and efficiency…

Royal Caribbean to open world-first zero-energy cruise terminal at Galveston

“Set to Open Nov. 9th, 2022, Royal Caribbean Group’s new Galveston terminal will be the first cruise terminal to generate 100% of its needed energy through on-site solar panels”. as shown in a featured article in Seatrade Cruise News linked below…

BERMELLOAJAMIL© 2022