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

Finance

Wärtsilä Donates Engine to Texas A&M University

Wärtsilä has donated an 8-cylinder Wärtsilä 20 engine and generating set, to the Marine Engineering Technology Department at Texas A&M University at Galveston.

Höegh LNG Turns to Profit in 1Q

Höegh LNG returned to profit following a Profit after tax of USD 6.3 million for the first quarter of 2016, up from USD 4.0 million net loss in the fourth quarter 2015.

Fitch Warning on NordLB Shipping Reduction Plan

Norddeutsche Landesbank Girozentrale's (NORD/LB) strategy to reduce its shipping exposures by EUR4bn-6bn over the next three years makes sense, but will likely encounter high execution risks,

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Pipelines Pod Propulsion Salvage Ship Electronics Shipbuilding / Vessel Construction 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: 0.1689 sec (6 req/sec)