LCL Buys Stake In Royal Olympic

Friday, November 05, 1999
LCL Buys Stake In Royal Olympic Cyprus cruise operator Louis Cruise Lines has signed a deal to acquire a 51.4 percent controlling stake in Nasdaq-listed Royal Olympic Cruise Lines. The value of the agreement was not disclosed. The deal will significantly boost Louis's share of the Mediterranean cruise market, bringing some 16 vessels under its management. Louis now owns seven vessels, and an eighth is under management. It has increasingly turned to out-chartering in recent years and has a dominant position in the eastern Mediterranean short-cruise market that it operates out of Limassol. Royal Olympic operates eight vessels in the Mediterranean and in the United States. The Greek company is in the process of building another two vessels, the first due for delivery in June 2000 and the second in 2001. The acquisition agreement will have to be ratified for currency control reasons by the Central Bank of Cyprus. It will also need approval by the boards of directors of both Louis and ROC and of Louis shareholders.
Maritime Reporter June 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Cruise Ship Trends

Silversea Cruises Plans New Flagship

Cruise operator Silversea Cruises has unveiled its new flagship, the Silver Muse, which will begin sailing the seas in April 2017.    Built by Italian shipbuilding company Fincantieri,

Silversea Cruises Orders Luxury Ship from Fincantieri

Shipbuilder Fincantieri has received an order to build a new luxury cruise ship for client Silversea Cruises due for delivery in April 2017.    At 40,700 grt and accommodating 596 guests,

Confidence Low in Shipping Idustry

Confidence levels in the global shipping market have fallen to a seven-year low as a glut of cargo ships, weak freight rates and excess liquidity continue to batter the industry,

Ship Sales

Research Vessel Concept a first for Voith

The new fisheries research vessel of the Shanghai Ocean University will be a first for Voith in several respects.   It is the first fisheries research vessel

Shipping Gloomiest Since 2009

The shipping industry is the most pessimistic in six years about its prospects as a fleet surplus persists, according to a survey by law firm Norton Rose Fulbright, says a report in Reuters.

South Korea Tops in Shipbuild Orders

South Korean shipbuilders, led by industry leader Hyundai Heavy Industries Co., have secured the largest amount of new orders in the first six months of the year to retain the top slot,

 
 
Maritime Security Maritime Standards Naval Architecture Offshore Oil Pod Propulsion Port Authority Salvage Ship Repair Ship Simulators 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: 0.2086 sec (5 req/sec)