Star Cruises Unit Sells $1b Stake to Apollo

Tuesday, August 21, 2007
Star Cruises Ltd unit NCL Corporation Ltd (NCL) is selling a 50 percent stake to a global private equity group, Apollo Management LP, for $1b. Star Cruises said the proceeds of the Apollo investment would be used to refinance existing NCL indebtedness, greatly increasing the liquidity available to fund a continuation of the dramatic new shipbuilding program.

Under the agreement, Star Cruises and the New York-based Apollo — which manages more than $33b in funds — would each hold 50 percent of NCL. The transaction is expected to be completed early in the fourth quarter of 2007 and is subject to regulatory approval, Star Cruises’ shareholder approval, and Star Cruises and NCL lender consent. (Source:http://www.theedgedaily.com/)


Cruise Ship Trends

Pods Versus Water Lubricated Props

Thordon Bearings has called on the marine industry to investigate the characteristics of both conventional seawater-lubricated propeller shaft systems and podded

Grand Bahama Shipyard Adds Four Executives

Grand Bahama Shipyard Limited (GBSL), a Caribbean shipyard providing retrofit, refurbishment and revitalization to cruise and commercial vessels, has added four

MV Werften Begins Building Crystal’s New Cruise Ships

The first two of four Rhine class river cruise ships are simultaneously under construction at MV WERFTEN in Wismar. Delivery of the 7-star vessels Crystal Bach

Navy

This Day In Naval History: August 23

1819 - Commodore Oliver H. Perry, the hero of the Battle of Lake Erie, dies on board the schooner, USS Nonsuch, in Trinidad of a fever contracted during his successful

Researchers to Visit ‘Battle of the Atlantic’ Wreckage

Researchers from the U.S. National Oceanic and Atmospheric Administration (NOAA) and its partners are set to visit what remains of two ships—a German U-boat and

Austal Hosts Christening of YUMA (EPF 8)

Austal celebrated the christening of the Expeditionary Fast Transport ship USNS Yuma (EPF 8) with a ceremony at its state-of-the-art shipyard here, this morning.

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Navigation Offshore Oil Pod Propulsion Port Authority Salvage Ship Electronics Sonar
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: 0.0881 sec (11 req/sec)