Cruising continues to receive high guest satisfaction rates because of the unique vacation experiences it offers, including, but not limited to, visiting multiple destinations without having to pack and unpack, all-inclusive product offerings and state-of-the art cruise ships with entertainment, relaxation and fun, all at an outstanding value. We believe Costa has meritorious defenses to the claims under Law 231 and that any liability that may arise as a result of these proceedings will not have a material adverse effect on our financial results. Business, Corporation, Dream 985 Words 3 Pages what the differences are between the brands. Each country of registry conducts periodic inspections, or appoints ship classification societies to conduct periodic inspections on their behalf, to verify compliance with these regulations. Income Tax We are primarily foreign corporations engaged in the business of operating cruise ships in international transportation.
These two plaintiffs assert claims for breach of contract, fraudulent misrepresentation and unjust enrichment. Subject to applicable insurance coverage, we may also incur costs both in defending against any claims, actions and investigations and for any judgments, fines, civil or criminal penalties if such claims, actions or investigations are adversely determined. In addition, substantially all of Holland America Princess Alaska Tours revenue and net income is generated from May through September in conjunction with the Alaska cruise season. During 2010, Carnival Investments Limited sold 14. Principal Accountant Fees and Services. The global cruise business and our compound annual passenger capacity growth rate is currently expected to be 3.
Cruise Ship Repair Facility We own a 40% interest in Grand Bahamas Shipyard Ltd. Beginning in January 2014, the area which extends approximately 50 miles off the coasts of Puerto Rico and the U. The spectacular Samsara spa wellness center includes a dedicated restaurant and cabins with direct access to the spa. Exceptional Value Proposition We believe that the cost of a cruise vacation represents an exceptional value in comparison to alternative land-based vacations. Our international operations are subject to additional risks including, but not limited to, adverse changes in foreign countries political systems; social unrest; restrictions and taxes on the withdrawal of foreign investment and earnings and other payments by subsidiaries; government policies against the vacation or maritime industries; local cabotage requirements; anti-bribery laws or regulations; investment restrictions or requirements; diminished ability to legally enforce our intellectual property and contractual rights in foreign countries and commercial instability caused by corruption. X Consents of experts and counsel 23 Consent of Independent Registered Certified Public Accounting Firm. C — Leverage the Carnival.
The plaintiffs filed a notice of appeal to the U. Europe is also a key destination in 2013 with seven ships sailing between the months of April and November, including Rotterdam, which is home ported year-round in Amsterdam, the Netherlands. Their financial data is reported in quarters and keeps the company up to date on how they are doing this year compared. The remaining crew positions are sourced from around the world, with the largest contingent from the Philippines, Indonesia and India. We are a customer service driven company and continue to invest in our service organization to assist travel agents and guests. Brazilian and Chinese Income and Other Taxes From November through March, Costa and Ibero charter certain of their ships for operation in Brazil to Brazilian subsidiaries. Her Majesty the Queen is Godmother to both Queen Elizabeth and Queen Mary 2.
We continue to focus on improving existing, and implementing new, safety measures onboard all of our ships. As a result of these and other favorable cruise business characteristics, we believe that the cruise business has the opportunity to capture a greater share of consumers spending on vacations compared to prior periods. This is enhanced through partnerships with British celebrity chefs Marco Pierre White, Atul Kochhar and Olly Smith, together with popular television programs, such as the British Broadcasting Corporations Strictly Come Dancing. Currently, Costa operates one contemporary ship, the 1,928-passenger capacity Costa Victoria, that is primarily marketed to the Chinese and surrounding vacation markets. Implementing a combination of fuel saving initiatives has allowed us to reduce our rate of fuel consumption by 18% over the past seven years.
Cunard is an international cruise line that offers guests a unique British experience. These truly human relations were not only a fruit of imagination. Costa is also known for offering innovative itineraries that combine the excitement of new destinations with pampering onboard service and ambiance. You will also find the internal and external audits conducted by our firm. Costas ships represent some of the best of Italy by offering beautiful Italian art, unique interior decorations with superb Italian mosaics, precious Murano chandeliers, fine Italian wines, excellent Mediterranean food selections and unique shops that carry well-known Italian fashion brands.
Name Age Years of Service a Title Micky Arison 63 41 Chairman of the Board of Directors and Chief Executive Officer David Bernstein 55 14 Senior Vice President and Chief Financial Officer Alan B. Information about our cruise ships, including the number each of our cruise brands operates, their passenger capacity and their primary regions or countries from which they source their guests, as well as information regarding our cruise ships under construction may be found under Part I, Business. More than 78 million Chinese tourists are expected to have traveled abroad in 2012. The company is currently based in Miami, Florida but has spread globally since its. These systems and technologies must be refined, updated and replaced with more advanced systems on a regular basis. The two companies operate as if they are a single economic enterprise with a single senior executive management team and identical Boards of Directors, but each has retained its separate legal identity.
In addition, we have the ability to change ship itineraries over time to maximize our net revenue yields. Prices vary by cruise line, by category of cabin, by ship, by season and by itinerary. Frank has been Vice Chairman of the Board of Directors since 1993, Chief Operating Officer since 1998 and a director since 1992. Fuel costs accounted for 23%, 21% and 18% of our cruise operating expenses in 2012, 2011 and 2010, respectively. Summary The multi-night cruise business has grown significantly but still remains relatively small compared to the wider global vacation industry, which includes a large variety of land-based vacation alternatives around the world. Stein Kruse has been the Chairman of the Board, President and Chief Executive Officer of Holland America Line since 2004.
The positioning of the vacation service is perceived as distinctive and exceptional. We are not certain as to when these amendments are expected to enter into effect. The action was filed by two plaintiffs in connection with the ship incident in January 2012. We believe that our cruise branding has contributed significantly to the success of our business and that maintaining and enhancing our branding is critical to expanding our brands customer bases. In their quest to provide a service with mass appeal, Carnival has become the very definition of international business.