Royal Olympic Announces Six-Month Results

Friday, October 06, 2000
Royal Olympic Cruise Lines Inc. reported a net loss for the first six months of the fiscal year 2000 of $10.2 million, an improvement of $2.3 million or 18.4 percent compared with the same period last year. The first half of the year is traditionally a very slow period for the area of the European cruise market in which Royal Olympic operates. The company expects to further improve its position in the rest of fiscal year 2000 and to report positive net income for the full year. The company plans to deploy its most recent delivery, the Olympic Voyager, in the Caribbean cruise market following the end of the summer and fall high seasons in the Aegean. The company also announced that on June 14, 2000 it entered into an amended agreement with the bank that is financing the company's two newly constructed cruise ships. The first of such cruise ships, the "Olympic Voyager," was delivered in June of this year. The second new building is expected in late spring or early summer of 2001. Under the terms of this agreement, the company is required to raise $20.0 million of additional equity by the end of the year. ROC Holdings Inc. and Louis Cruise Lines Ltd. have agreed with the bank to provide up to the full amount of the required $20 million equity investment. ROC Holdings owns 51.4 percent of the company and Louis Cruise Lines owns 70 percent of ROC Holdings.

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter January 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Cyprus Shipping 'Navigates' the Country to Recovery

Cyprus shipping sector has evolved in the recent years as one of the leading sectors of the economy and “navigates” Cyprus to economic recovery, President of the

Sardines Boost Murmansk Port Turnover

In January 2016 turnover of the Murmansk Marine Fishing Port reached 22 thousand tons of cargo, including 15 thousand tons of fish. This is higher than last year,

COSCO Plans European Transhipment Hub

China's COSCO is forging ahead with a plan to build a European transhipment hub, reports Reuters. The state owned shipping giant is expected to make an offer for

 
 
Maritime Security Maritime Standards Navigation Port Authority Salvage Ship Repair Ship Simulators 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: 0.0787 sec (13 req/sec)