Private company
Who owns TUI Cruises GmbH
One company in the researched set discloses a stake in TUI Cruises GmbH, worth $1.10bn between them. TUI Cruises GmbH is private, so no 13F reports it: a 13F covers exchange listed positions only. These figures exist because each holder disclosed the stake in its own filings.
TUI Cruises GmbH - Profile
- Type
- joint venture
- Based in
- Germany
- Founded
- 2008
TUI Cruises GmbH is a Hamburg based cruise operator founded in 2008 as a 50:50 joint venture between the German tourism group TUI AG and Royal Caribbean Cruises. It sells cruises mainly to the German speaking market under the Mein Schiff brand, positioned in the premium volume segment, and its fleet has grown from a single converted Celebrity Cruises ship to nine vessels, the most recent of them newbuilds delivered from the Meyer Turku and Fincantieri yards. TUI contributes the German distribution and brand while Royal Caribbean contributes ship design, newbuild and operating expertise. In February 2020 the partners enlarged the venture by moving the luxury and expedition line Hapag-Lloyd Cruises, valued at 1.2 billion euros, into it, so the joint venture now runs both a premium mass market brand and a small ship luxury brand.
Source
TUI Cruises GmbH files nothing with the SEC, so none of this comes from a filer record. The description was written for this site in August 2026 from TUI Group: Cruises, TUI and Royal Caribbean are significantly enlarging their TUI Cruises joint venture (TUI Group newsroom, 7 February 2020) and Royal Caribbean Cruises Ltd. Form 10-K. The ownership figures below come from the holders' filings instead, and are sourced row by row.
The disclosed stakes
One row per position. Where a holder reports the same company in two share classes, both rows are shown rather than summed, because the class is part of a position's identity.
Where each figure comes from
A private stake has no ownership form behind it, so the source is always the holder's own filing or disclosure. Anything modelled says so, with the arithmetic.
- Royal Caribbean Cruises Ltd., as of 30 Jun 2026. Royal Caribbean's Q2 2026 Form 10-Q, Note 1 (General Description of Business) and Note 5 (Investments and Other Assets, referenced as Note 7 in the FY2025 10-K): 'We also own a 50% joint venture interest in TUI Cruises GmbH ("TUIC", "TUI Cruises"), which operates the German brands Mein Schiff and Hapag-Lloyd Cruises.' TUIC is accounted for under the equity method (a VIE where RCL is not the primary beneficiary; power is shared with joint-venture partner TUI AG). Net book value of the investment was $1.1 billion at 30 Jun 2026 and $990 million at 31 Dec 2025 (10-Q figure rounded to one decimal by RCL itself; the $990 million figure is RCL's own precise disclosure for the prior period, not a derived estimate). TUIC's financing agreements restrict both RCL and TUI AG from reducing their ownership interest in TUIC below 37.55% through May 2033. Value is in USD as reported by RCL; TUIC is a German (euro-functional) entity but RCL discloses the carrying value directly in USD on its own balance sheet, so no currency conversion was performed or needed. sourcesource 2
What this page is not
It is not a complete register. It lists the holders who happen to be inside the researched set and disclosed the stake themselves. A private company can have many other shareholders, and nothing here rules them out: venture investors, founders and employees usually appear in no public filing at all. Percentages are of TUI Cruises GmbH where a holder stated one, and are missing where no holder did.