Carnival Cruise Lines and Club Med have announced that they have signed a letter of understanding to form a joint venture to develop mass market cruise business in Europe.

According to Mickey Arison, Chairman and CEO of Carnival, the intent is to launch a Carnival/Club Med-style cruise product in the Mediterranean in the spring of 1993 marketed primarily to European clientele.

It is assumed that Carnival will deploy the Carnivale and the Mardis Gras in Europe. The two ships, which are presently sailing from Port Canaveral, are likely to be replaced by two newer ships such as the Fantasv and the Jubilee, while Carnival's newbuildings will go to Miami.