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a temporary restraining order that had been issued by the U.S. Bankruptcy Court at 1 p.m. Wednesday, December 17, was rescinded two hours later.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.
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.
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
With the AHTS Bourbon Liberty 320, BOURBON is now running a fleet of 100 Bourbon Liberty series-built, diesel-electric propelled and DP 2 vessels, a first in the oil services industry. This milestone coincides with the delivery of the first two of 20 deep offshore PSVs of the new BOURBON series: the Bourbon Explorer 500. "The Bourbon Liberty's operational success and the launch of the Bourbon Explorer 500 series strengthen our ability to provide a complete range of services worldwide
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.
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
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
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
A keel laying ceremony was held Monday at Korea’s Samsung Heavy Industries Co., Ltd. for the first of six ships in the project 42К Arctic Shuttle Tanker series. The six tankers in the series will be named after the famous Russian explorers of the Arctic
PGS has recently completed the fifth consecutive acquisition season offshore Newfoundland and Labrador as part of the ongoing joint venture (JV) with TGS. The successful 2015 season was the biggest yet with PGS operating four vessels, two 3D and two 2D vessels
Rushton Gregory Communications, a marketing communications agency specializing in the marine, outdoor, automotive and consumer electronics markets, announced today the latest addition to its industry-leading client roster, NavX Studios.
Top luxury cruise line Regent Seven Seas Cruises says it's investing $125 million to renovate three of its ships. Beginning with Seven Seas Navigator (built in 1999) this spring, the public spaces and suites of the Regent fleet will be updated to match the style of the new
Dive and salvage teams worked to remove debris used as anchor blocks by environmental activists protesting Shell’s Arctic drilling aboard a barge in Seattle’s Alki Seacrest Park on May 19. A dive team from Global Diving & Salvage, Inc
Maersk Drilling has been awarded a 5-year contract extension for the semi-submersible Heydar Aliyev rig with BP Exploration (Shah Deniz) Limited acting as Operator of the Shah Deniz field . The rig will continue working on the development of the Shah Deniz field in the Caspian Sea
Shipping group CMA CGM has taken delivery of the newbuild box ship CMA CGM Vasco de Gama [sic] on July 27. Built by China State Shipbuilding Corporation (CSSC), the 18,000 TEUs vessel is, with its 399 meters length and 54 meters width, is the largest ship in the CMA CGM fleet and the largest
The Spanish ship San Salvador is the embodiment of California’s origin story. The ship’s voyage in 1542, with Juan Rodríguez Cabrillo at the helm, established California as one of the places in America’s landscape where we can say our country truly began.
Brazilian prosecutors plan to file criminal charges stemming from the lease of an Ensco Plc offshore oil-drilling ship to Brazil's state-run oil company Petrobras "in due course," they said. The plan to prosecute over the Ensco-Petrobras charter was mentioned in a Thursday
The cruise ship being billed as "the most luxurious ship ever built" will also feature some of the largest cabins and balconies afloat. The suites on the Seven Seas Explorer, a cruise ship coming next summer, will be distinguished by some of the largest balconies at
Cnooc Ltd., China’s biggest offshore oil and gas explorer, posted a 56 percent decline in profit for the first half of this year. Net income dropped to 14.73 billion yuan ($2.3 billion), or 0.33 yuan a share, from 33.59 billion yuan, or 0
Container shipping firm CMA CGM Group has taken delivery of its newest colossal containership, the 18,000 TEU, 400-meter-long CMA CGM Bougainville. Now the largest vessel sailing under the French flag, CMA CGM Bougainville is the fourth vessel of the 18,000 TEU series
A ship built by the CIA for a secret Cold War mission in 1974 to raise a sunken Soviet sub is heading to the scrap yard, a victim of the slide in oil prices. Christened the Hughes Glomar Explorer, after billionaire Howard Hughes was brought in on the CIA's deception
Silver Cloud is to move Silversea Cruises’ luxury expedition fleet in November 2017. Destined mostly for polar waters, the elite 296-guest ship that launched the ultra-luxury cruise line will be converted into an ice-class ship during an extensive refurbishment scheduled
Plans to terminate commercial tours to the North Pole on the nuclear-powered icebreakers of the Atomflot company in 2016 have surged the demand for these tours. Sergey Shirokiy, the chief of the tourist department of the Russian Arctic national park summed up the results of the tourist