Double WYSKs: Trump Slump for US visitors, Travel stocks’ ups and downs

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FOXTROTS*

 

Double WYSKs: Trump Slump for US visitors, Travel stocks’ ups and downs

WYSK = What You Should Know

 

US visitors; Trump Slump

Again, normally we would not review so thoroughly data for one month. But these are not normal times, thus this analysis* – this one on Jan-Jul visitor arrivals.

 

Bad.

 

Most of the bigger markets (regions and markets) are down. There are no great surprises – except perhaps that some markets still grew. Some details:

 

[] Of the two contiguous markets in North America, the largest Canada is +4.6% YTD but with slowing growth in the latest month, July. Mexico is -8.5%, but with a reducing fall.

 

[] Overseas -6.4% and getting worse.

 

[] International -4.0% and getting worse.

 

[] Top-3 overseas. UK -6.2% but steady; Japan 0.4% and growing; China -5.8% and getting much worse.

 

[] Rest of top-5. Korea +17.2% but slowing growth; Germany -0.2% and getting worse.

 

[] Selected other bigger markets.

 

-The top-2 regions, Western Europe then Asia, take a near-80% share of the overseas markets, so what happens from those two regions decides a lot about the total. Europe is -1.9%, Asia -1.8%, but both are worsening.

 

-Not surprisingly, Africa and the Middle East are crashing – -28% and -32% – but their combined share is only 5%.

 

-South America is bigger, 13% share, so its fall – -14% and getting worse – is important.

 

-Perhaps it is a surprise that any in the top-20 are growing. That is the case for France, then Italy, Netherlands, Spain, Taiwan, Ireland. But for all except the Netherlands, growth is falling.

 

*A report on this topic in our Travel Business Analyst newsletter contains some important additional information, qualification, and analysis.

 

 

 

Travel stocks’ ups and downs

Travel stocks (US, AsPac, Eur) in December. Airlines: biggest growth, China Eastern +23%; biggest fall, SAS -17%. Hotels: InterContinental +8%, Mandarin Oriental -7%. Tech: eDreams +14%, cTrip -5%. Others: Fraport +12%, Royal Caribbean -5%.

 

Previous month: Airlines: biggest growth, Hawaiian +22%; biggest fall, Norwegian -22%. Hotels: Hyatt +16%, Peninsula -14%. Tech: eDreams +58%, Travelport -16%. Others: Walt Disney +8%, HNA -22%.

 

TBA Travel Stocks Index: World 242, AsPac 120, Eur 205, US 402. Index previous month: World World 236, AsPac 116, Eur 203, US 389.

 

NVTT (Net Value Travel Tech) Stocks Index: 136; previous month 132.

 

Stockmarkets. Biggest growth, Istanbul +11%; biggest fall, Singapore -1%. Previous month: Tokyo +4%; Istanbul -6%.

 

Info from Travel Business Analyst newsletters. Details in next month’s newsletters – which will include annual comparison, as well as 5-year, 10-year, and millennium comparisons.

 

 

The Fox

Remember, I’m an industry expert in the parallel world.

 

*Fox – sly.  Trots – left-leaning (Trotsky) plus its more insalubrious meaning.

Foxtrots – leading the industry in a dance.

 

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Double WYSKs: We challenge Easyjet and WTTC farewell comments

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FOXTROTS*

Double WYSKs: We challenge Easyjet and WTTC farewell comments

WYSK = What You Should Know

Excerpts from our monthly People-in-Travel report. As this is a subscription report, the following items are not from the current edition.

 

Recently, the heads of airline Easyjet and the lobbyist WTTC, have moved on. The following are our contemporary comments.

 

Easyjet

Carolyn McCall*, 56, CEO of UK-based Easyjet is due near the end of this year to become CEO UK-based TV company, ITV, in early 2018. She joined Easy in 2010.

 

According to our database, Easy’s seat sales have shown a +7.0% average annual growth rate since she joined. That looks weak alongside some key competitors – +8.2% AAGR at arch-rival Ryanair, the world’s biggest NFA (no-frills-airline), +14.5% at (relative) newcomer Norwegian, although only +5.9% at US-based Southwest, overtaken two months ago as the world’s biggest NFA. And Air Berlin, which has now shut down, is negative, -1.6%.

 

The same for Easy’s share price. At current prices, Easy’s share AAGR over end-2010 was +18.3%, Ryan +24.6%, Southwest +24.4%. Only two years for Norwegian, -25.2%, and Air Berlin was not a quoted airline.

 

Easy’s chairman John Barton added a few accolades but without accompanying data. According to him, McCall:

 

-“…transformed Easyjet’s performance in every respect…” Wrong, although ‘transform’ and ‘every’ are meaningless hagiographic words in this sense.

-“…built a solid operational performance…” Wrong. Even this year, the airline had some scheduling problems, and is not a leader in, for instance, on-time performance, or baggage handling. So these are non-specific banalities.

-“…has seen…the number and loyalty of Easy’s passengers grow…” Right, of course. Seat sales have grown since 2010 (we calculate +49.7% since 2010, although Ryan has grown +60.6%, Norwegian +124.9%, but Southwest +40.9%). Loyalty has also grown, although this is almost a given as traffic grows – and Barton gives no data.

 

When McCall took over, we worried that she was too UK-centric for the largely-European Easy.

 

There are no specific figures to prove or disprove this, although in her farewell comments – as in her arrival comments – she uses ‘Europe’ to mean the continent outside the UK. Although that is not an uncommon sentiment among many UK nationals, it should not be for the head of a deeply European airline. We reckon around 65% of Easy’s business is from non-UK residents and from routes that do not touch the UK – Rome-Berlin, for instance.

 

Also, considering that Europe-outside-the-UK may become a reality as the UK prepares for Brexit – leaving the European Union – McCall appears to have done nothing to prepare the airline for that eventuality.

 

True there are so many unknowns about Brexit that it is difficult to make specific plans. But her silence on most relevant matters – for example Easy’s base in non-EU Switzerland, which in theory will have to shut – indicates McCall’s weakness. Contrast that with Ryanair’s CEO, who has spoken out strongly on the need for Brexit clarity – if only in economic plans.

 

Perhaps she is leaving partly because does not want to get involved in that messy politics/business of Brexit. She joined Easy from UK-only media companies GMG and the Guardian, and is joining ITV, a UK-only media group. Although born and partly educated outside the UK, she seems to see the world exclusively through British eyes.

 

That is not good for Easy as the March 2019 EU departure date gets closer. And so we would look for a CEO replacement with strong international experience, preferably European.

 

But perhaps Easy still thinks it is a British airline. Despite all the figures that show it is a European airline, and despite the fact that it has grown strong because of the liberal aviation policies introduced by the EU.

*Her last-known remuneration (2014): US$864,000 (at US$1 to £0.77) salary, US$1.49mn bonus, US$7.67mn in shares.

 

 

 

WTTC , (World Travel & Tourism Council)

David Scowsill, before his sudden departure as head of WTTC in June, made a sort-of valedictory – presented as an outlook for the future.

 

Although he personally did not move WTTC towards the future – just managed the present business – the WTTC and some of its partners are well informed on the travel business, and thus should have provide some good insight and foresight for Scowsill.

 

Given the elevated status of WTTC in the market, we expected better. Some (edited) comments (may have been paraphrased for editorial expediency):

 

[] Some developments since I joined WTTC in 2010 – Arab Spring; rising populism; rising-number/changing-nature of terrorist attacks; growing economic power of China and India; rise of the sharing economy; move to mobile; wide awareness-of and almost complete acceptance-of the urgency with which we need to address climate change. [Presumed reference to US President Trump’s climate scepticism.]

 

[] Despite uncertainty, vulnerability, unpredictability, travel growth has remained at around 4% a year. New business models such as [no-frills-airlines], Trip Advisor, online hotel aggregators, sharing economy, have changed travel.

 

[] No large brand name has gone bankrupt, even with competition and the global financial crisis. [Presumed 2008.] This ability to adapt to market forces, respond to consumer demand and adopt new technologies is what I believe ensures the future of the [travel business].

 

[Scowsill mostly uses the (meaningless) term ‘travel and tourism’, sometimes ‘tourism’ and occasionally ‘travel’. We do not know if these are different to him, but we have changed all to our preferred terminology, the ‘travel business’ abbreviated from hereon to TB.]

 

[] AI, machine-learning, robotics, will certainly affect TB jobs over time. Many jobs will become redundant, but others will be created. Service delivery in the TB relies on people contact. People ultimately define the travel experience.

 

[We would want something bolder in a valedictory presentation, not motivational notes suitable for someone applying for Scowsill’s job. When? What is ‘many’ – 10%, 90%? We can see 65% of jobs being replaced with technology. Although there can be no argument about people ‘ultimately defining’ the travel experience, what happens before the ‘ultimate’ – ie, the final? Is that 10% or 50% of the travel experience?]

 

VR and AR movement will be phenomenal, but it will enhance the TB not compete with it. The opportunities  are huge – training [travel] workers to spot potential terrorists, engineers to learn how to diagnose problems, a terminally-ill person to visit the world from their bed .

 

The debate on online communications wiping out business travel is 20-years-old. We see Skype, WhatsApp, WeChat, Twitter, Facebook, video conferencing communications, merging over time on communication devices, for business meetings and leisure experiences. But people will still travel to see the world, business travel will grow because the human contact required for deal making will never disappear.

 

Much of this is debatable. And ‘human contact required for deal making will never disappear’ is wrong. Already many deals are done without human contact – buying an airline ticket, for instance. Scowsill would doubtless argue this is not a ‘deal’, but we believe it is, and presume he means ‘big’ deals. If that is the case, he should provide a level.

 

[] Travel websites will be replaced by apps on mobile devices.

 

[] The [TB] needs to firmly establish its credentials as a force for good. The economic and social impact of the sector is significant everywhere. But a lot of work is needed to ensure that travel growth is inclusive and environmentally sustainable. The UN’s Sustainable Development Goals provide a framework for making and monitoring change. All participants should engage with the SDGs and show how their activities are aligned with them.

 

[This glosses over a lot. What is ‘significant’, ‘inclusive’, etc? How to measure ‘firmly establish’ – which has actually been one of Scowsill’s tasks – or that travel is ‘inclusive’ and the probably-impossible ‘environmentally sustainable’? The UN’s SDGs are a (huge) wish-list that are unlikely to be achieved, even if everyone were ready to pay for implementation. The SDGs are used by organisations such as WTTC to switch the responsibility to those rather than the culprits – in this case, travellers and the TB.]

[] Although government recognition of the TB has come a long way since WTTC was formed in the early 1990s, the TB is often too low down the list of priorities. Policymakers must understand that travel contributes to sustainable development, and is committed to growing this contribution.

 

[How to measure? What was government recognition then and what is it now? How can visitors scrambling over Angkor Wat and the Galapagos ‘contribute to sustainable development’? How can an inanimate ‘travel’ be committed?]

 

In these disruptive times, knee-jerk responses to threats – whether from terrorism , climate change or immigration – can impact travel disproportionately. This affects the bottom line of businesses, and has a direct and often devastating effect on the 292mn people  whose livelihoods depend on travel.

 

[Another anti-Trump comment. Earlier in this presentation, however, Scowsill says travel counts have been unaffected by disruptions. So which is it?]

 

[] The TB – from the CEOs I have represented to ministers I have worked with, to the 1.2bn people who travel each year – must together ensure that travel continues to improve lives, protects the planet and is a force for peace, security and understanding.

 

[We find it ironic that Scowsill’s last words as head of WTTC misinterpret the most basic data. There are not 1.2bn people who travel each year. That is the visitor-arrivals total, produced by at most 1bn travellers, but perhaps as few as 800mn. Even if this may not seem a great difference – although 1.2bn would be 20% – such a mistake from the head of such a body is surely a serious error? Is this what he told those ministers he presented to?]

 

 

The Fox

Remember, I’m an industry expert in the parallel world.

 

*Fox – sly.  Trots – left-leaning (Trotsky) plus its more insalubrious meaning.  Foxtrots – leading the industry in a dance.

Trump slumpish

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FOXTROTS*

 

Trump slumpish

A fall in visitor arrivals in the US in the first-half would seem to confirm that this is indeed a Trump Slump – in other words, a fall caused primarily by the anti-foreigner actions and statements of the US president, Donald Trump.

 

That said, the fall was less in Q2 than in Q1, thus less for the first half.

 

The overall figures may not look so bad. There were 1.4mn fewer visitors in H1 out of a total of 33.9mn (and 1.0mn fewer from overseas out of 16.4mn). That is only 4% of the total (and 6% of the overseas total).

 

But even if not bad, it is certainly not good either. But perhaps worse is the inability of the US authorities to do anything about correcting the downturn. Because, alongside the anti-foreigner discourse, has been the reluctance to admit that anything might be wrong.

 

Observers are left with the opinion that – if the fall was discussed – more effort would go into either denying that the figures were correct, however absurd that seems, or explaining them with platitudes.

 

But nothing to turn the trend.

 

The following are our observations on the data:

 

-Of the top-2 contiguous sources, Canada has been growing, +5%, and now has a 28% share. Mexico continues to fall and faster, -9%, to a 24% share.

 

-Overseas visitors fell -8% in Q1, -4% Q2, -6% H1 – which is a sizeable fall.

 

-In the top-10 sources, only Korea and France grew in Q1, but in Q2 they were joined by a few – in order of size, UK, Japan, Germany, Australia, Italy. But for H1 there were only those two plus Germany and Italy.

 

-A few fell faster in Q2, of which China was the most significant – -6% compared with -0.5% in Q1. The others were Brazil (-15% -13%) and India (-18% -3%).

 

-Perhaps a big shock is that the top-5 overseas markets hardly fell (-0.1%). They fell -4% in Q1 but grew +4% in Q2. The main cause was Germany, switching from -12% in Q1 to +10% in Q2, for +0.3% in H1.

 

-The other big growth, in both Qs was from Korea. In fact, the US almost exactly maintained a fair market share of the Korea outbound market. In Q1 arrivals in the US were +16% compared with the +17% for all outbound travel from Korea. And in H1 +18% +19%.

 

-In conclusion, all nine regions into which the US breaks its arrivals fell in H1. Disregarding their size for a moment, little surprise was that the Middle East (the main target of Trump’s ‘travel ban’) fell the most – -30% in H1, and Africa, the 2nd-target next, with -27%. Lowest fall was Asia Pacific with -1%. But even the Caribbean, almost the closest but possibly less affected in the anti-foreigner positioning of Trump, also fell heavily, by -15%.

 

The Fox

Remember, I’m an industry expert in the parallel world.

 

* Fox – sly.  Trots – left-leaning (Trotsky) plus its more insalubrious meaning.

Foxtrots – leading the industry in a dance.

 

What’s working, what’s not – airlines in Europe and Asia Pacific

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FOXTROTS*

 

Double WYSKs:

What’s working, what’s not – airlines in Europe and Asia Pacific

WYSK = What You Should Know

 

Airlines in Europe

Our summary of traffic results for the leading airlines in Europe, excerpts from the current editions of the Travel Business Analyst newsletter, over January-September. Seat sales (RPKs for British; our estimates for Ryan): Air France+Hop +3%; British +1%; Easyjet +10%; Lufthansa +5%; Ryanair +12%.

 

Notes (on notable details; on whole-group for Air France, British (=ICAG), Lufthansa):

-Air France. KLM growing at twice AF’s rate. Transavia seat factor still good, around 90%, but beware – growth slowing.

 

-British (=ICAG). The engine for growth has been Iberia, but will the Catalan crisis threaten this, although IB is growing 4x as fast as BA?! AerLingus still good growth albeit slowing. But the weakness seems to be Vueling, once the group’s star. Only +1% in the month and +2% YTD. V’s slowdown started before the Catalan crisis so cannot all be blamed on that – although it will be, of course.

 

-Easyjet looks good all round.

 

-Lufthansa. Small seems to be beautiful; growth smallest at the biggest (of the group’s five sizeable airlines), and biggest at the smallest – if you can follow that. The group’s Americas routes are falling; these are combined and so we do not know if the problem is North, South, or both.

 

-Ryanair. Don’t say anything, but growth is slowing, albeit still a super level for such a big airline. Some must be related to the airline’s flight cancellations. Seat factor at near-unbelievable levels, 97%. We suspect management is somehow also including bookings on cancelled flights, and rebookings to other flights.

 

 

 

Airlines in Asia Pacific

Our summary of traffic results for the leading airlines in Asia Pacific, excerpts from the current editions of the Travel Business Analyst newsletter, over January-September. Seat sales at biggest FSAs (full-service-airlines) in Asia Pacific (whole-group results for all): Air China +4%; Cathay flat; China Eastern +8%; China Southern +10%; Japan (estimate) +2%; Singapore +2%.

 

Notes (on notable details):

-Air China. Fall on international routes; what’s happening?

 

-Cathay. Is ‘flat’ good news – because it is not a fall?

 

-China Eastern. International (including Hong Kong) growing twice the rate of domestic.

 

-China Southern. Same as CE.

 

-Japan. No comment.

 

-Singapore. Some results look right, but: Scoot/Tiger seat factor too low at 85%; Silk’s a disaster at 73%. Will traffic growth – a good +7% for SAG – pull the group out of trouble?

 

The Fox

Remember, I’m an industry expert in the parallel world.

 

*Fox – sly.  Trots – left-leaning (Trotsky) plus its more insalubrious meaning.  Foxtrots – leading the industry in a dance.

 

 

Double WYSKs: What’s working, what’s not – airlines in Europe; Travel Stocks’ ups and downs.

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FOXTROTS*

 

Double WYSKs:

What’s working, what’s not – airlines in Europe;

Travel Stocks’ ups and downs.

WYSK = What You Should Know.

 

 

What’s working; what’s not. Airlines in Europe

January-August seat sales (RPKs for British; our estimates for Ryan): Air France+Hop +3%; British +1%; Easyjet +9%; Lufthansa +5%; Ryanair +10%.

 

Notes (on notable details; on whole-group for Air France, British, Lufthansa):

 

Air France group starting to look good. But contrary to some news reports, the group’s stock price is the 2nd-worst performer in our TBA-100 Airline Index.

 

British. The problem is now Spain. The group has two airlines based in Barcelona – Level (sic) and Vueling – plus Iberia in Madrid. They will surely be hurt by Catalonia government’s attempted political coup d’etat.

 

Easyjet starting to produce solid monthly gains around 10%. But when will the Brexit shadow fall? (Despite what the airline says, it can only partly solve the problem by creating an EU-based airline, which would have to be majority-EU-owned.)

 

Lufthansa roars ahead thanks to its Eurowing subsidiary, and its newest group member, Brussels (although that growth is mainly a rebound from terrorist-caused falls in 2016).

 

Ryanair growth is slowing but should still become world’s largest no-frills-airline with next month’s counts, overtaking Southwest. Still producing awesome seat factors (remember though, that this includes passenger no-shows).

 

 

 

Travel Stocks’ ups and downs

Travel stocks (US, AsPac, Eur) in October. Airlines: biggest growth, Turkish +19%; biggest fall, Alaska -13%. Hotels: Millennium & Copthorne +34%, Banyan -7%. Tech: Amadeus +6%, Trivago -33% sic. Others: HNA +25%, Walt Disney -1%.

 

Previous month: Airlines: biggest growth, SAS +33%; biggest fall, Jet AW -17%. Hotels: Jinjiang +31%, Millennium & Copthorne -4%. Tech: Amadeus +6%, Trivago -30% sic. Others: Airbus +14%, Star Cruises -9%.

 

TBA Travel Stocks Index: World 236, AsPac 114, Eur 199, US 394. Index previous month: World 229, AsPac 108, Eur 188, US 391.

 

NVTT (Net Value Travel Tech) Stocks Index: 124; previous month 130.

 

Stockmarkets. Biggest growth, Tokyo +8%; biggest fall Kuala Lumpur -0.4%. Previous month: Frankfurt +6%; Istanbul -7%.

 

Info via Travel Business Analyst. Details in next month’s newsletters.

 

 

 

The Fox

Remember, I’m an industry expert in the parallel world.

 

 

*FOXTROTS

Fox – sly.  Trots – left-leaning (Trotsky) plus its more insalubrious meaning.

Foxtrots – leading the industry in a dance.

 

Airline results in Asia Pacific and Europe

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FOXTROTS

Fox – sly.  Trots – left-leaning (Trotsky) plus its more insalubrious meaning.

Foxtrots – leading the industry in a dance.

 

Airline results in Asia Pacific and Europe

Asia Pacific

January-July seat sales at biggest FSAs (full-service-airlines) in Asia Pacific (whole-group results for all): Air China +4%; Cathay flat; China Eastern +9%; China Southern +11%; Japan +4%; Singapore +2%.

 

Notes (on notable details):

 

-Air China shock (fall in international seat sales).

 

-Cathay group still not doing well (is Dragon or Pacific the problem, or both?).

 

-China Eastern shock #2 (fall in international seat sales in month but still manages +1% YTD).

 

-China Southern no shock (international +9% in month and +7% YTD).

 

-Japan (-2% in international seat sales in month but still +2% YTD).

 

-Singapore, as we noted before, its businessplan (which partly follows what we proposed) may be working – group +6%, even though its SIA is +2%. Even its Silk Air (which we still think must be changed into a low-cost-airline following our criteria) is +12%.

 

 

 

Europe

January-July seat sales at biggest airlines (RPKs for British; our estimates for Ryan): Air France+Hop +3%; British +1%; Easyjet +10%; Lufthansa +5%; Ryanair +12%.

 

Notes (on notable details; on whole-group for Air France, British, Lufthansa):

 

-Air France itself growing well (+3%), but its one-time fast-mover Transavia slipping badly to +3% for the month, although still +16% YTD. Note KLM is now two-thirds the size of AF.

 

-British at only +1% compared with +4% at Iberia. And what is happening with its two NFAs – AerLingus and Vueling? AL slowing but still +13%, but V falls in the month, and just +4% YTD. Is ICAG trying to expand V too far and wide?

 

-Easyjet (only) +9% for the month, but not much space to grow in the summer peak? YTD still +10% and its seat factor 96.7%; is this a record? (See Ryan.)

 

-Lufthansa. All its parts doing well – at least +5%. Both Brussels and Eurowings above +20%, although Brussels’ counts are still a rebound from a terrorism-related fall in 2016.

 

-Ryanair still admirably-strong +12%. Even its flight cuts may not take more than 2pts from that growth. Despite its bluff, Ryan now publishes less information than almost all other airlines. Only one decimal point for seat sales – say 12.6mn. And a rounded figure for seat factor; so its ‘97%’ can be between 96.5% and 97.4%. And so we don’t know if Easy’s 96.7% betters Ryan’s 97%.

 

 

 

The Fox

Remember, I’m an industry expert in the parallel world.

 

Malta Treasure Hunts

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TROTTINGS = Trip Jottings

The Fox Trots: Travel Stories from The Fox’s Friends.

 

‘Revolutionising’ the way to visit the Maltese islands

Mosta, 25/09/17 – Island Publications ‘revolutionised’ the way tourists and residents toured the islands in 2010 with their Malta Treasure Hunts.

 

Today, the Mosta-based travel industry publisher has just produced the third edition of Malta Treasure Hunts (the second edition was published in 2013).

 

Devised, written and illustrated by veteran journalist Terence Mirabelli, this third edition of Malta Treasure Hunts is a 64-page booklet that contains a series of themed hunts that will take tourists and residents alike on a self-guided voyage of discovery around the Maltese islands.

 

For instance, Gozitan odyssey is a 45-kilomtere long treasure hunt that takes in the principal and offbeat sights of the island. Gozitan odyssey is an exciting tour undertaken by car or bicycle.

 

Other, shorter, pedestrian, hunts let one discover Victoria, Valletta, Mdina (aimed at children), Birgu, Zejtun, Zabbar, Rabat, St Julian’s as well as the popular resort of Bugibba and Qawra (dubbed ‘Bugiwra’).

 

For ‘techies’ Sliema – smart therapy is a pedestrian hunt that requires a smartphone. Clues come as QR codes and geographic coordinates.

 

All treasure hunts are colour coded, denoting levels of difficulty. Green hunts are easy, yellow ones are slightly harder and red ones require (a bit of) thinking and deduction.

 

Each hunt has a set of questions that sometimes lead to a landmark or require an answer to find a hidden password. Hunts are either circular or linear, meaning they either end where they start or not. A map is recommended for car and cycle hunts, otherwise one is not necessary for the pedestrian treasure hunts. Unlike previous editions, where hunters had to go online, answers are now available in the book – but it does require a bit of working out to figure them out.

 

No treasure hunt requires the payment of any entrance fees. Some hunts do go past sites, museums and landmarks that may require payment to visit, but entering these sites is at the discretion of the hunter.

 

Malta Treasure Hunts is the fun way to discover and tour the islands and see what they have to offer”, says Terence Mirabelli – managing director of Island Publications and originator of the hunts.

 

“The booklet is not intended solely for tourists, but also for residents of the islands. And hunts can be enjoyed singly, with friends, as a family or as a team-building exercise at whatever time of year.

 

“Moreover, Malta Treasure Hunts is the perfect tool for language students as they can be used as an exercise in English comprehension” Mirabelli adds.

 

“Producing Malta Treasure Hunts has been so much fun and educational, that I’m already planning a fourth edition”.

Malta Treasure Hunts is available from Agenda bookshops and from other leading book retailers and stationers at €10.

 

The hunts will also be available individually for download – as pdf files – from http://www.maltatreasurehunts.com from October.

 

For more information, contact:

Terence Mirabelli

Island Publications Ltd

tmirabelli@travelmalta.com

 

 

The Fox’s Friends; TM

Trottings = Trip Jottings

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