Color Line To Take Delivery of New Cruise Ferry

Tuesday, October 08, 2002
The Norwegian ship owner Color Line AS and Kvaerner Masa-Yards have agreed to extend the validity of their letter of intent signed in July 2002. The signing of the final contract has been delayed because the financing of the vessel is pending the outcome of the Norwegian budget proposal of October 3, 2002. The key outstanding issue is required material changes in the net wage scheme for Norwegian seamen, which are already in effect in other Nordic and European countries. According to the letter of intent Color Line shall purchase and Kvaerner Masa-Yards shall design, build and deliver one cruise passenger ferry of about 74 500 gross tonnes. The extended letter of intent is subject to finalisation of the financing, which Color Line is confident will be arranged if Stortinget (the Norwegian Parliament) and the Norwegian Government approve a long-term net wage scheme similar to the system in Sweden or Denmark. The vessel could start operation under Norwegian flag for the Christmas season 2004. The parties have agreed on the general arrangements and specifications of the vessel. The value of the vessel is about EUR 300 million. The letter of intent includes also a buyer's option to purchase one sister vessel. Color Line and Kvaerner Masa-Yards continue to work on an exclusive basis towards signing the final shipbuilding contract by December 16, 2002. "We are happy to have concluded this agreement with Kvaerner Masa-Yards for a future oriented and outstanding cruise product on competitive terms," says Trond Kleivdal, President of Color Line AS. "We are satisfied with this agreement with Color Line in the difficult market conditions of today and are pleased that Color Line has confirmed its intention to take delivery of this new cruise passenger ferry in 2004," states Jorma Eloranta, President & CEO of Kvaerner Masa-Yards.
Maritime Reporter September 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Swiss Re Establishes North America Marine Team

Swiss Re Corporate Solutions has expanded its marine business by opening a North America marine office. Beginning October 1, 2015, the New York-based team will provide ocean cargo insurance,

Abu Dhabi Ports Achieve Pilot Certification

Khalifa Port and Zayed Port become first commercial ports in Middle East to achieve certification for marine pilots; Abu Dhabi Ports Marine Services gets I.S.P.

Pitbull Named Godfather of Norwegian’s New Cruise Ship

Norwegian Cruise Line announced today that musician Pitbull will serve as godfather for its newest ship, Norwegian Escape, slated to be christened next month in Miami.


Search for El Faro Crew Continues, Hopes Fading

Responders continue the hunt for possible survivors from the missing cargo ship El Faro, which is believed to have sunk during Hurricane Joaquin.   As of Tuesday night,

HMAS Melbourne Intercepts 427kg Heroin

HMAS Melbourne’s crew has seized 427 kilograms of heroin hidden in a fishing dhow carrying the illegal drugs across the Indian Ocean. The intercept occurred

Russia Builds 'Arc Of Steel'

Russia is building an “arc of steel” from the Arctic to the Mediterranean Sea said a NATO commander, in the same vein as Winston Churchill’s Iron Curtain metaphor.

Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Pipelines Pod Propulsion Port Authority Ship Repair Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1467 sec (7 req/sec)