In 2000 A-ROSA was established by Seetours, a joint venture between DSR and the British shipping company P&O. A-ROSA initially entered the market with two river cruise ships and an ocean going cruise-ship in 2002.
Following the takeover of the cruise business by the Carnival group in 2003, the A-ROSA brand and the river cruise fleet was sold to DSR. From 2004 onwards, the ocean cruiseship was operated by Carnival under the AIDA brand.
DSR continued to develop the A-ROSA brand, introducing new tonnage and new destinations and laying the foundations for further fleet development. In spring 2009, all shares of A-ROSA Flussschiff GmbH were acquired by the management of A-ROSA, namely Lars Clasen and Markus Zoepke, jointly with the financial investor Waterland Private Equity under a management buyout. The company retains the rights to the A-ROSA brand.