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

Offshore

Renewable Energy: Schottel Tidal Turbines Ready For Use

In the last months Schottel  successfully tested its hydrokinetic turbines in Strangford Lough, Northern Ireland. The full-scale tests included 260 operating hours under realistic conditions.

Total CEO Killed in Moscow Runway Accident

Private jet collided with snow plow during takeoff; Total's CEO a defender of Moscow policies. Insiders Boisseau and Pouyanne long seen as potential successors.

Statoil: New Oil in the Grane Area

Statoil has together with PL169 partners proved new oil resources in the D-structure in the vicinity of the Grane field in the North Sea.   Well 25/8-18 S, drilled by the rig Transocean Leader,

Finance

PDVSA Charters Another Algerian Crude Cargo

Venezuela's state-run oil company PDVSA has hired a supertanker to load a second 2 million-barrel cargo of Algerian crude, according to preliminary tanker fixture data.

Gulf Craft to Invest $100m in Dubai Shipyard

Company plans to invest $100 million over the next five years in the development of a new shipyard in Dubai Maritime City to build a global luxury yachts manufacturing

Pentair Reports 3Q 2014 Sales of $1.8 bi

Pentair plc today announced third quarter 2014 sales of $1.8 billion. Sales were up 3 percent compared to sales for the same period last year. Third quarter 2014

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Navigation Ship Electronics Ship Repair Ship Simulators Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1704 sec (6 req/sec)