Chris Theophilides was born in Cyprus and earned his MBA in the US before becoming a Certified Public Accountant. He has been a member of both the American Institute of Certified Public Accountants (AICPA) and its Cypriot counterpart, the Institute of Certified Public Accountants of Cyprus (ICPAC). Prior to joining Celestyal Cruises, he was a Senior Manager in Corporate Finance at PricewaterhouseCoopers, specializing in mergers and acquisitions, corporate reorganizations, strategic options analysis, and business valuation. In 2006, he joined Celestyal Cruises as a Senior Manager of Business Development, and in January 2017, he was promoted to COO. Just a year and a half later, he was appointed CEO of the company.
Article from CruisesNews magazine no. 54 – October 2020
Who could have imagined a situation like this? Can any company be prepared for such a long shutdown?
Yes, this is absolutely true; no one could have imagined or even foreseen the unprecedented impact of this pandemic.
I don't think there's a single company that could have prepared for such a long pause in its operations. For us, 2020 is, unfortunately, a year to forget, as we made the difficult, albeit responsible, decision to cancel all cruises and resume operations in March 2021.
Celestyal Cruises has weathered challenging times and periods of crisis before, and while this pandemic is unprecedented, we are confident we can maintain business continuity. All the steps we have taken and the benefit programs we have implemented are designed to retain our ground staff, preserve our liquidity, and prepare us to quickly resume operations where we left off when the time is right.
The company has recently recorded two excellent fiscal years that exceeded targets in both passenger volume and revenue, and was therefore in a very healthy financial position at the start of this challenging year. It is also worth noting that Celestyal Cruises is part of a larger group of publicly traded companies with over 85 years of successful operation in the travel and hospitality sectors. Therefore, the company has the necessary support from its shareholders to sustain itself through an extended period of inactivity.
How has this unprecedented pause in operations been for Celestyal Cruises?
We have used this opportunity to focus on 2021 and beyond. As part of our growth strategy and fleet renewal program, which was already underway well before the pandemic, we have been actively pursuing the acquisition of new ships. When the time was right, we were able to proceed with the acquisition of a new ship that perfectly aligns with our cruise strategy and philosophy of providing unforgettable experiences both onboard and ashore. The addition of the Celestyal Experience to our fleet represents Celestyal Cruises' commitment to an intimate and authentically Greek experience aboard a modern, well-equipped, mid-sized cruise ship. It will undoubtedly be instrumental in driving our continued growth.
We remain extremely optimistic about the future of cruising, which is reflected in our investment in our fleet. We see this acquisition as the right path forward, not only for Celestyal Cruises, but also to help accelerate the overall recovery in the cruise and tourism industries.
Where are your ships now? Did you experience crewing difficulties like some other cruise lines?
All of our ships remain docked in the port of Piraeus and are under the supervision of a secure crew. Because we made the decision to suspend operations very early on, we were in a much better position, compared to other companies, to safely and quickly repatriate the majority of our crew members. At certain times, we housed a very small number of our crew members on our ships, and when travel restrictions were lifted, they too were repatriated. When this global situation is resolved, Celestyal Cruises looks forward to welcoming our colleagues back on board.
We continue working to become the preferred cruise line when sailing the Eastern Mediterranean.
Why did you decide to announce the suspension until March 2021 directly, when all other companies have been making their announcements month by month?
As I said, it was a difficult decision, but it was the right one for two main reasons. First, our priority is the health of our passengers, crew, and local communities, and as of August 2020, protocols to ensure a safe resumption of sailing had not yet been implemented. Second, most of our passengers come from countries that require long-haul flights, such as North and South America, Asia, Japan, and Australia. These countries still have restrictive and prohibitive travel measures in place, making it difficult to plan a cruise for the second half of 2020. Therefore, it made more sense for our business to focus on resuming operations in 2021.
Can you tell us something about the future? Is the strategy changing for the coming years? And what about the Spanish and Latin American markets?
We are optimistic about the future, and our main objective is to continue expanding our operating season while ensuring that the impact on our operations remains unchanged. We were on a very positive trajectory at the beginning of 2020 to achieve these objectives, but now we must persevere to rebuild that momentum. Furthermore, since the outbreak of the pandemic, we have been working intensively and preparing to welcome our passengers with even higher standards of hygiene and safety, always in accordance with EU protocols and CLIA guidelines.
Spain and Latin America have always been priority markets for Celestyal. Therefore, it's no surprise that the top five nationalities on board our ships include both Spanish and Latin American passengers. We will continue our strategy of growing and strengthening our presence in these markets, as it's clear that our destinations, as well as the Celestyal Cruises product, are well-received there.
Celestyal is a destination-oriented cruise line. Are there any new itineraries on the horizon?
We recently announced details of our 2021 and 2022 program, which includes new ports of call in Syros, Agios Nikolaos (Crete), and Thessaloniki, as well as more departures on the popular seven-night “In the Footsteps of St. Paul” cruise. We’ve also adjusted our itineraries to ensure that guests enjoy as much time ashore as possible, such as on the new three- and four-night “Iconic Discovery” cruises aboard Celestyal Olympia.
Celestyal Cruises is part of the Louis Group, and therefore has the support of its shareholders to maintain a prolonged period without operations.
More specifically, our Iconic Discovery itinerary, with cruises departing from and returning to Athens during the winter, takes into account the shorter daylight hours and areas of interest during the season in which these sailings are offered. On both the three-night and four-night itineraries, Syros is presented as a new destination worth discovering, and a full day in Santorini is included on all departures. Syros is the administrative capital of the Cyclades and is one of the smaller islands, rich in history and culture, offering visitors a taste of "Greek perfection" without the crowds.
Furthermore, on the seven-night "Idyllic Aegean" itinerary, with round-trip flights from Athens, Heraklion (Crete) is replaced by Agios Nikolaos (Crete), a beautiful port city located on the northeastern side of Crete overlooking the tranquil Mirabello Bay and the stunning, seemingly bottomless Lake Voulismeni. This charming and upscale city has much to offer in terms of shopping and dining and is undoubtedly one of Crete's most enchanting destinations.
Finally, Celestyal Cruises has modified the “Eclectic Aegean” itinerary to maximize time ashore and allow for a new embarkation/disembarkation port, for the convenience of passengers arriving from the Balkans or those flying from Western and Northern Europe. Thessaloniki has replaced Heraklion, and we now offer a full day in Santorini, guaranteeing sunset views on all departures, even in spring, autumn, and winter. Thessaloniki is Greece’s second-largest city, boasting a rich cultural and culinary heritage and serving as the gateway to the land of Alexander the Great, as well as an extraordinary nightlife. With evening departures from Thessaloniki, passengers will have the entire day to enjoy all that the city has to offer. Known as Greece’s “fashionable city,” Thessaloniki features 15 UNESCO World Heritage sites and 29 museums, as well as a spectacular waterfront promenade with a series of themed gardens, statues, and sculptures.
Now that you've acquired a new ship, what are your plans for this cruise?
Yes, I'm truly delighted with the arrival of this mid-sized cruise ship to our fleet. It's ideal for our business model and is very well-equipped following a significant refurbishment in 2012. I'm confident it will be very well received by our guests and will allow us to continue providing truly unique experiences for years to come.
The Celestyal Experience, with a capacity for 1,800 passengers, was built in 1993 and extensively refurbished in 2012. It features 789 cabins, 166 of which include balconies or terraces. One of the Celestyal Experience's most striking features is its expansive, 4,300-square-meter panoramic duplex spa, which includes a fully equipped gym with ocean views, treatment rooms, a solarium, thermal suites with saunas and Turkish baths, and a two-level thalassotherapy pool.
The Celestyal Experience will enter service when Celestyal resumes operations next March. The first departure of the 2021 season will be on March 6th with the seven-night “Three Continents” itinerary, calling at Greece (Athens and Rhodes), Turkey (Kusadasi), Israel (Ashdod), Egypt (Port Said), and Cyprus (Limassol). From April 3rd, the Celestyal Experience will sail the seven-night “Idyllic Aegean” itinerary, a round trip from Athens, visiting Rhodes, Agios Nikolaos, Santorini, Milos, Kusadasi, and Mykonos.
The addition of the Celestyal Experience to our fleet represents our commitment to an intimate and authentically Greek experience aboard a modern, well-equipped, mid-sized cruise ship.
Although slightly larger than other Celestyal ships and featuring a higher percentage of balcony cabins and suites, the Celestyal Experience continues the company's long tradition of providing an intimate guest experience combined with warm Greek hospitality. The mid-sized ship, with its contemporary European design, is also well-suited for visiting smaller ports—a key differentiator for Celestyal and an option beyond the reach of the larger ships that currently dominate the market.
Will you keep all three ships in the fleet?
When we began searching for suitable ships for our fleet in 2019, the intention was to add a third. However, with the COVID pandemic continuing to impact the industry, it may be more prudent to postpone what would represent a significant increase in our capacity. Therefore, the development of our fleet is currently being reviewed and will be defined in the coming months.
What's next for Celestyal Cruises?
While COVID-19 has meant a temporary pause in our operations, it's important to look to the future with optimism and continue delivering on our strategic plan to grow the business and enhance the award-winning Celestyal experience. We are achieving this through significant investment in our fleet and look forward to extending our season and operations. Despite the ongoing implications of the COVID-19 pandemic, we remain committed to becoming the preferred cruise line for sailing the Eastern Mediterranean.
