Royal Olympic Cruises Expects Cancellations to Affect Year End Results

Wednesday, November 28, 2001
Royal Olympic Cruise Lines Inc. reported that significant booking cancellations aboard its cruise vessels for the remainder of the year will adversely affect its final results for 2001. The cancellations follow the tragic attacks on New York and Washington DC on September 11, 2001.

CEO of Royal Olympic Cruise Lines, Yiannos Pantazis, stated, "A large number of the passengers travelling with us in September and October are from the United States and unfortunately, since September 11, many have chosen not to travel abroad. The cancelled bookings will have a serious negative impact on the fourth quarter and, consequently, the year-end numbers will show a higher loss than previously expected. Although it is too early to give a clear indication of the full financial effect of this, we expect net losses before any gain/loss on financial instruments in the range of $0.70 to $0.85 per share.

"Prior to September 11, Royal Olympic Cruise Lines was enjoying a successful summer season. Our fourth quarter bookings were strong and we were expecting this to be reflected in our year-end results. We have worked hard to present some of the most interesting destination cruise packages in the cruise business and will continue to work hard to rebound from the current situation, by adapting our fleet utilization and identifying immediate cost savings."

Maritime Reporter July 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Cruise Ship Trends

Cruise Industry Wins Key Norovirus Judgment

In what is being seen as a landmark decision, Hill Dickinson is the first law firm to have successfully defended a UK class action case involving a Norovirus outbreak onboard a cruise liner.

Royal Caribbean's Profit Rises 34 Percent

Royal Caribbean Cruises Ltd, the world's second-largest cruise operator by revenue, reported a 34 percent rise in quarterly profit as passengers spent more onboard

Long Beach Port Celebrates Environmental Successes

Shipping lines, environmental organizations, trucking companies, terminal operators and a railroad were honored today, July 29, by Long Beach Mayor Dr. Robert

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Offshore Oil Pipelines Port Authority Ship Electronics 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: 0.1079 sec (9 req/sec)