China to Create Asia’s Largest Cruise Fleet in State Sector Overhaul
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The Adora Magic City cruise ship docks at the Shanghai Wusongkou International Cruise Terminal on May 17, 2025. Photo: VCG
China Tourism Group Corp. Ltd. has taken the helm of a new state-backed cruise platform aimed at consolidating assets from the country’s top central enterprises, creating a fleet with the largest passenger capacity in Asia.
The restructuring seeks to streamline the fragmented state sector and boost efficiency in a market grappling with low ticket prices and a sluggish recovery. The initiative was formalized recently at a State-owned Assets Supervision and Administration Commission (SASAC) meeting, where eight project groups signed agreements to advance integration.
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- China Tourism Group leads Huaxia International Cruise Co., consolidating assets from major state firms to form Asia's largest cruise fleet, exceeding 16,000 passenger capacity.
- Huaxia was founded in late 2023 with 8.5 billion yuan ($1.2 billion) capital; key stakeholders include China Tourism Group (35.3%) and COSCO Shipping (17.6%).
- By 2025, China’s cruise sector handled 1.28 million trips—a 50% increase year-on-year, but still 40% below 2019 levels amidst strong competition and low profits.
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Who’s Who
- China Tourism Group Corp. Ltd.
- China Tourism Group Corp. Ltd. leads a new state-backed cruise platform, Huaxia International Cruise Co. Ltd., established to consolidate state-owned cruise assets. It holds a 35.3% stake in Huaxia, the largest share. Through Huaxia, the group now controls a fleet with Asia's largest passenger capacity, aiming to streamline the fragmented sector and boost efficiency in China's recovering cruise market.
- Huaxia International Cruise Co. Ltd.
- Huaxia International Cruise Co. Ltd. is a Chinese state-backed company established in late 2023 with 8.5 billion yuan ($1.2 billion) in registered capital. It was formed to consolidate cruise assets from major state-owned enterprises, effectively controlling brands like Adora Cruises, Astro Ocean, and Viking. Huaxia aims to streamline the fragmented state sector and has quickly become Asia's largest cruise operator by passenger capacity.
- China COSCO Shipping Corp. Ltd.
- China COSCO Shipping Corp. Ltd. (COSCO Shipping) is one of the central enterprises contributing cruise assets to Huaxia International Cruise Co. Ltd., a new state-backed platform. COSCO Shipping holds a 17.6% stake in Huaxia. Their joint venture with China Tourism Group, Astro Ocean International Cruise Co. Ltd., operates the "Piano Land" cruise ship, now part of Huaxia's consolidated fleet.
- China Merchants Group
- China Merchants Group is one of the state-owned enterprises whose cruise assets are being consolidated under Huaxia International Cruise Co. Ltd. They hold a 17.6% stake in Huaxia. Their cruise operations include the CM-Yidun, a vessel operated through a joint venture with Viking.
- China State Shipbuilding Corp. Ltd.
- China State Shipbuilding Corp. Ltd. (CSSC) is involved in China's cruise industry consolidation through its subsidiary, CSSC Cruise Technology Development Co. Ltd. This subsidiary operates Adora Cruises, which previously owned Adora Magic City and Adora Mediterranea. Huaxia International Cruise Co. Ltd. secured a 65% controlling stake in Adora Cruises, making Adora Cruises part of the new state-backed cruise platform.
- Jinjiang International (Holdings) Co. Ltd.
- Jinjiang International (Holdings) Co. Ltd. is one of three Shanghai-headquartered state-owned enterprises that hold the remaining shares in Huaxia International Cruise Co. Ltd. Huaxia International Cruise Co. Ltd. was established to consolidate state-backed cruise assets in China.
- Adora Cruises
- Adora Cruises, a subsidiary of CSSC Cruise Technology Development Co. Ltd., is a prominent individual cruise brand. Huaxia International Cruise Co. Ltd. now holds a 65% controlling stake in Adora Cruises, whose fleet includes the Adora Magic City and Adora Mediterranea. The brand will expand with the Adora Flora City in 2026, making it the largest individual cruise brand in Asia.
- CSSC Cruise Technology Development Co. Ltd.
- In January 2025, Huaxia International Cruise Co. Ltd. injected capital into Adora Cruises, a subsidiary of CSSC Cruise Technology Development Co. Ltd., securing a 65% controlling stake. Yang Guobing, chairman of CSSC Cruise Technology Development Co. Ltd., identified ongoing market pressures. He noted that while income levels could support demand, cruise culture is still developing, and passport numbers haven’t risen.
- Sansha Nanhai Dream Cruises Ltd.
- Sansha Nanhai Dream Cruises Ltd. is a Chinese cruise company. In September 2025, Huaxia International Cruise Co. Ltd. acquired a 36% stake in Sansha Nanhai Dream Cruises. The company operates the cruise ship "Nanhai Dream," which is part of Huaxia's consolidated fleet, giving it a total passenger capacity exceeding 16,000.
- Astro Ocean International Cruise Co. Ltd.
- Astro Ocean International Cruise Co. Ltd. (星梦邮轮) operates the vessel Piano Land. It was formed as a joint venture between COSCO Shipping and China Tourism Group. Following the recent consolidation, Huaxia International Cruise Co. Ltd. now controls its assets.
- NYK Cruises
- NYK Cruises (日本邮船邮轮) is mentioned as a cruise operator that the newly consolidated Huaxia International Cruise Co. Ltd. has surpassed in terms of total passenger capacity. Huaxia's combined fleet now holds the title of the largest cruise operator in Asia, exceeding NYK Cruises.
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What Happened When
- Late 2023：
- Huaxia International Cruise Co. Ltd. was established.
- January 2025：
- Huaxia injected capital into Adora Cruises and secured a 65% controlling stake.
- Early 2025：
- The new cruise platform began consolidating assets.
- First half of 2025：
- China's cruise homeports handled about 1.28 million passenger trips; international port calls by foreign travelers reached 57,000.
- September 2025：
- Huaxia acquired a 36% stake in Sansha Nanhai Dream Cruises Ltd.
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