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 March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Coast Guard tactical air squadron holds change of command ceremony

Capt. Kevin P. Gavin relieved Capt. Donna L. Cottrell as commanding officer of Coast Guard Helicopter Interdiction Tactical Squadron Jacksonville during a change of command ceremony at HITRON Friday.

Shell Commited To Russia Expansion Despite Sanctions

Royal Dutch Shell is committed to expansion in Russia, Chief Executive Ben van Beurden told Russian President Vladimir Putin at a meeting on Friday amid sanctions

Russia Ships First Oil From Offshore Arctic Platform

President Vladimir Putin hailed Russia's first shipment of Arctic offshore oil on Friday, saying the platform decried by environmentalists will help Moscow expand its global energy markets share.

Finance

China Shipbuilder Rongsheng in 2013 Revenue Freefall

During the year ended 31, December 2013 China Rongsheng, the largest non-state-owned shipbuilder in the PRC, reports that revenue of the Company was RmB1,343.6 million, a decrease of 83.

InterManager Welcomes New MLC Amendment

InterManager, the international trade association for the ship management industry, says it has welcomed the adoption of new measures to protect seafarers against abandonment.

China's Japanese Ship Detention Linked to Shrine Spat

Japanese Prime Minister Shinzo Abe has sent a ritual offering to the Yasukuni Shrine, seen by critics as a symbol of Japan's past militarism, media reported on Monday,

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Pipelines Pod Propulsion Port Authority Ship Electronics 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: 0.1201 sec (8 req/sec)