Royal Olympic Cruise Lines Inc. has announced a loss for the fiscal year 2001, ended November 30, 2001. The events of September 11 had a substantial impact on the company's results and in the period September to November 2001, booking cancellations exceeded 3,000. EBIDA fell 25 percent from $ 21.7 mil in 2000 to $9.8 million in 2001. The inclusion of the first new vessel, Olympia Voyager, for a full year, resulted in additional interest and depreciation charges of $9.5 million, giving rise to operating losses of $18.4 million vs. profit of $3.2 million last year. The results were further deteriorated by non-operating losses on the valuation of financial instruments, in connection with the acquisition of the second new vessel, Olympia Explorer, of $7 million and a charge of $1.1 mil, resulting from the adoption of a new accounting policy on the treatment of financial instruments, bringing overall losses to $25.4 million vs. profits of $1.5 million last year. Revenues for the year however increased from 2000, reaching $128.8 million reflecting what had been an improvement through the summer in 2001, and a full year of operations for the company's first new building, the Olympia Voyager. Passengers increased by 19.8% to 146,739 and passenger days increased by 159,289, or by 20.6%. Operating expenses increased by $12.5 million to $93.6 million in 2001
Responding to a published report that their vessel Olympia Explorer was ordered by the court in Honolulu to remain in Hawaiian waters, Royal Olympic Cruise Lines Inc. announced that a temporary restraining order that had been issued by the U.S. Bankruptcy Court at 1 p.m. Wednesday, December 17, was rescinded two hours later. The vessel sailed from Honolulu the same day and is presently continuing the performance of its scheduled cruise among the Hawaiian islands and its voyage to San Diego and
Navigation Ltd. (TEN) announced that it has taken delivery, pursuant of the exercise of its option in October 2006, of the 1999-built double-hull Aframax tanker Olympia from the German KG house to which it had sold the vessel in 1999. The purchase option was exercised at $31.1 million while its fair market value is estimated to be approximately $60 million. The vessel is currently operating in the spot market and will remain so for the foreseeable future.
Ocean Rig UDW Inc. (NASDAQ:ORIG) received a Letter of Award for its ultra deepwater drillship “Ocean Rig Olympia”, from a major oil company. The Letter of Award is for a three- year contract for drilling offshore West Africa, with an estimated backlog of approximately $652 million. The Letter of Award is subject to completion of definitive documentation and receipt of regulatory approvals. The contract is expected to commence in direct continuation of the Ocean Rig
Explorer of The Seas, which is currently under construction at Kvaerner Masa-Yards for Royal Caribbean International, has successfully completed its sea trials. The second member of the Voyager-class series, the vessel's trials were conducted on the Baltic Sea, and according to Captain Olav Nyseter, the incoming master of the vessel, all tests performed met or superceded the specified parameters. The trials also included the vessel's demonstration of its excellent maneuvering
Royal Olympic Cruise Lines Inc. has requested that a number of improvements be made to the Company's newbuilding, Olympic Explorer, prior to taking final delivery of the cruise ship, which was originally scheduled for today. The Company is making adjustments to the Olympic Explorer's early voyages and is in contact with its clients and agents informing them of possible variations to schedules and alternative options.
The commandant of the Coast Guard, Adm. Thomas Collins, is in Maine Wednesday, joining U.S. Sen. Olympia Snowe for a tour of the Coast Guard base in South Portland, according to WMTW.com, touring the recently established Coast Guard Sector Northern New England. Snowe chairs the Senate Commerce Subcommittee on Fisheries and the Coast Guard.
Explorer, RiverQuest’s newly constructed boat leaving Freeport, Fla. for its homeport in Pittsburgh, is a state-of-the-art environmental classroom, a world benchmark “green” commercial vessel and a tourist attraction that is the first of its kind. The launch of Explorer, the world’s first green-engineered floating classroom, marks a new era in marine design for environmental sustainability. Departing from its construction site in Freeport, Fla
Due to the delay in delivery of Olympic Explorer from Blohm + Voss shipyard in Hamburg, Royal Olympic Cruise Lines has been forced to cancel the cruises of its new vessel until September 15, 2001. The delay is reportedly due to certain technical problems that need to be addressed and solved before the vessel's delivery. The matter has since been referred to the yard's technical team, who is assessing the situation.
An investigation by the Liberian Registry and the resulting Decision of the Commissioner of Maritime Affairs for the Republic of Liberia into the sinking of the passengership Explorer off the South Shetland Islands in November 2007, while on an Antarctic cruise, has concluded that the primary reason for the casualty was a mistaken interpretation by the vessel's master of the nature of the ice he was entering. The Liberian-registered Explorer was on an eighteen-day round-trip from Argentina
With the Américo Vespúcio the Hamburg Süd subsidiary Aliança christened the third of four identical 3,800 TEU container ships for its cabotage fleet on October 22, 2013 in Pecém (Brazil). The naming ceremony was held as part of a customer event at the port of
Florida-based Global Marine Exploration, Inc. (GME) seeks to raise $12 million dollars to continue development of their deep underwater salvage division GME Deep . This effort is the next step in the company's plan to rescue billions in gold and treasure from the ocean depths.
Today in U.S. Naval History - October 3 1921 - USS Olympia sails for France to bring home the Unknown Soldier from World War I 1955 - USS Saipan (CVL-48) begins disaster relief at Tampico, Mexico rescuing people and delivering supplies. Operations ends 10 October.
Licensed Professional Engineer and Naval Architect Andrew Mund has been named AdvanTec Marine's Technical Director.In this role Mr. Mund will extend his commitment to the industry by expanding his offerings to a wider client base, leading marine engineering and design initiatives for all five of
Marlink successfully completed delivery of Ku-band VSAT services based on a 12 Mbit/s dedicated return link for the Atlantic Explorer, a Petroleum Geo Services (PGS) owned seismic survey vessel. The high throughput link was an upgrade to Atlantic Explorer’s existing Sealink customized VSAT
With the Fernão de Magalhães, Aliança has christened the second of four identical new container ships for its cabotage fleet. The Naming Ceremony was held on September 26 at the container port of Porto Chibatão on the Rio Negro in Manaus
SeaBird Exploration has notified the owner of 'Hawk Explorer' that it will exercise its option under the current charter agreement to purchase the vessel and related equipment for USD 6.5 million. The vessel and equipment will be delivered at the end of the lease term 31 August 2014 against
Northern Maine vessels will be able to navigate more safely around the dangerous Cobscook Bay thanks to an updated version of the area's nautical chart issued by NOAA. The latest chart includes a new detailed illustration-called a "chart inset"-of the waters around Falls Island
Two vessel groups from Russia’s Northern Fleet will be sailing Arctic waters during the busiest season for commercial shipping along the Northern Sea Route reports the 'Barents Observer'. Citing Commander Vladimir Korolev's press statement Barents Observer reports that the Russian Navy
Vantage announced the order of its fifth drillship, the Cobalt Explorer, to be built at Daewoo for an August 2015 delivery. The company will issue convertible debt to fund the initial $60 million yard payment. Last night, Vantage announced a construction contract with DSME to build the Cobalt
The new ship will be named 'Seven Seas Explorer' and is to be built in Sestri Ponente (Genoa) shipyard with delivery scheduled for summer 2016. The contract for the 54,000 gross tonnes and 223 metres in length cruise ship with accommodation for 738 passengers
The CMA CGM Jules Verne made her maiden call in Le Havre on June 20 at the Terminal de France in Port 2000. She is the world biggest French-flag containership. With a transport capacity of 16,020 twenty-foot equivalent units (TEU), she joins the other sister-ships ordered by CMA CGM shipping line
The record-breaking manned submersible was brought to the Navy Yard to be with the Trieste, which is housed in the National Museum of the United States Navy. The Navy museum says that a large number of school children stop by to see Deepsea Challenger, a submarine designed by James Cameron
The Crowley Maritime Corp. tugboat 'Explorer' has been awarded a letter of commendation from the Chamber of Shipping of America (CSA) for assisting a stricken vessel 30 miles west of Providenciales, Turks and Caicos Islands, in December. Crowley crewmembers quickly responded to the 20-foot vessel
Through satellite connectivity, Thuraya SatSleeve supports the diverse communications needs of iPhone users – from corporate and NGO users to frequent travelers and adventurous explorers, the manufacturer said. Ensuring connectivity through phone calls and SMS via satellite mode