Royal Caribbean Cruises and Ctrip.com International announced that they have agreed to form a strategic partnership through SkySea Cruises, a joint venture which is designed to serve the Chinese cruise market.

Royal Caribbean and Ctrip will each own 35% of the new company, with the balance being owned by SkySea management and a private equity fund. The transaction is expected to close before the end of November.

"We look forward to working with Ctrip, a Chinese travel leader, to build a national cruise line for China," said Richard D. Fain, chairman and chief executive officer of Royal Caribbean Cruises Ltd. "SkySea Cruises represents an important strategic milestone in our expansion efforts in the Chinese market."

"Our partnership with Royal Caribbean Cruises Ltd. will allow us to bring the very best cruise vacations tailor-made for Chinese travelers," said Min Fan, chairman and chief executive officer of SkySea Cruises. "We expect SkySea cruises to be an integral part of China's fast growing cruise market."

The new cruise line will begin service in the middle of 2015 and will operate with one ship. The venture anticipates the potential for additional vessels to be added over time. Sales and marketing activities have commenced.