Royal Olympic Reports Improved First Quarter Results

Friday, June 21, 2002
Royal Olympic Cruise Lines Inc. reported improved overall results for the three months ended February 28, 2002. The improvement was achieved in spite of the difficulties experienced, along with all the other cruise companies, due to the terrorist attacks in September 2001, which led to a substantial drop in its revenues. Total revenues for the quarter under review fell by 33.2 percent, from $14.2 million in the corresponding period of the previous year to $9.5 million. However, as a result of reduced interest rate payments and an improvement in non-operational items, the net loss for the quarter decreased by 18.2 percent or $2.2 million, from $12.4 million to $10.2 million. Passenger cruise days (p.c.d.) sold in the first quarter of 2002 were 75,319, a 21.05 percent drop from 95,402 p.c.d in the same period last year. Occupancy showed an increase of 2.1percent for the first quarter this year, to 72.2 percent from 70.1 percent for the same time period in 2001. Because the Royal Olympic Cruise Lines' Eastern Mediterranean cruise season historically runs from Mid-March through November, the company operated only two of its vessels during the winter season of 2001/02. As a result, operations of the company are seasonal and losses are traditionally incurred during the winter months. First quarter operating expenses decreased by 17.1 percent or $2.3 million, from $13.2 million in 2001 to $10.95 million this year. The newest addition to the Royal Olympic Cruise fleet, Olympia Explorer, was christened in Piraeus on June 11, 2002 and began her summer series of exotic, seven-day sailings to nine ports of call in Greece, Croatia, Italy, and Turkey.
Maritime Reporter June 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

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

Ocean Safety’s New Liferaft Facility Opens

Ocean Safety, a specialist in the worldwide supply, distribution, service and hire of marine safety equipment, has opened a new liferaft hire division.   Ocean

ISS Inks Service Pact with Technip

Inchcape Shipping Services (ISS) and Techniphave signed a contract to provide marine agency services and logistics for the Rashid C project in the Middle East. Currently

Finance

Greece Port Operations Update

An update on Greece’s port operations and local conditions was issued today by maritime services provider Inchcape Shipping Services (ISS).   According to ISS,

Container Shipping Lucky to Break Even in 2015

A toxic mixture of overcapacity, weak demand and aggressive commercial pricing is threatening liner shipping industry profitability for the rest of 2015, according

Dry Bulk Market Crisis: Opportunity or Threat?

The shipping industry is experiencing the biggest dry bulk market recession since the 1980s, as uncertain global economic outlook and increased imbalance between

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Naval Architecture Navigation Offshore Oil Port Authority Salvage Ship Simulators Shipbuilding / Vessel Construction 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: 0.1195 sec (8 req/sec)