Star Cruises Plc News

Malaysian cruise operator Star Cruises Plc has positioned a 100-passenger vessel in Dubai in efforts to cover West Asia, company officials said. "The coverage of West Asia reinforces Star as the leading cruise line in Asia-Pacific after having ships positioned in North, East and South East Asia," Star chairman K.T. Lim said. The MegaStar Capricorn will be positioned year-round in Dubai and will make 200 calls a year at the port. Lim said the company's Dubai office will also bring first-time cruisers from the Middle East to cruise with Star in the Asia-Pacific region. Star has a fleet of 20 ships and more than 21,000 lower berths, following its acquisition of Norwegian Cruise Line Holdings earlier this year…

The New York Stock Exchange on Monday said it had suspended trade of Norwegian cruise operator NCL Holding ASA's American Depositary Receipts due to the purchase of the company by another cruise line. After the suspension, the NYSE will file with the Securities and Exchange Commission to delist the issue, the exchange said in a statement. The suspension is related to the Nov. 29, announcement that Arrasas Limited, a subsidiary of Star Cruises Plc, has begun acquiring all of NCL's ordinary shares and ADRs, related to the tender offer statement dated Jan. 13.

As a result of its voluntary reporting of irregularities, Norwegian Cruise Line Limited (NCL) has reached an agreement with the U.S. Attorney's Office for the Southern District of Florida and the US Department of Justice to plead guilty to a single count of violation of Title 33, U.S.C., Section 1908, for the knowing failure to maintain an accurate Oil Record Book aboard the S.S. Norway prior to May 2000. Under the plea agreement, NCL has agreed to pay a fine of $1 million, be placed on probation, and maintain a comprehensive environmental compliance plan. NCL discovered reporting irregularities and improper use of on board oil/water…

Carnival Corp. plans to allow its tender to buy Norwegian line NCL Holding to expire on the December 22 deadline without making any adjustments. Carnival had bid 30 crowns per share for NCL, which had consistently rejected the bid as too low. Earlier on Thursday, Star Cruises Plc said that it had bought 39.3 percent of NCL, just below the 40 percent limit before a formal takeover bid would have to be launched under Norwegian law.

Singapore-listed Star Cruises Plc launched a surprise takeover bid for Norway's NCL Holding ASA on Dec. 17, after U.S. giant Carnival Corp. bowed out of a battle for control. Star offered 35 Norwegian crowns ($4.38) a share for NCL, valuing it at about 8.73 billion Norwegian crowns ($1.10 billion). Star will also assume NCL debts of about six billion crowns. The bid was inevitable after Star lifted its shareholding in NCL above 40 percent late on Dec. 16, the threshold above which a formal takeover has to be launched under Norwegian law. NCL officials said they were surprised by the bid after Star had assured them only a day earlier that it had no such plans.

Star Cruises Plc has chartered a vessel for three years for its Japan and South Korea operations starting in March 2000. The 950-passenger capacity vessel, MS Leeward, was chartered from Finland's Neptune Maritime Oyj and would be renamed SuperStar Taurus. The 10-deck vessel, with 475 cabins, was rebuilt in 1995. It will undergo a multi-million dollar refit in December before starting operations. SuperStar Taurus, Star Cruises' ninth vessel, will be delivered back to the owners in early 2003. "By then, we would have taken delivery of the 91,000 gross-ton SuperStar Libra and SuperStar Scorpio in 2001 and 2002 respectively," Star Cruises' President and Chief Executive Officer Colin Au said. Star Cruises plans to have a fleet of 12 vessels by 2005.

One week after spurning an offer from industry leader Carnival Cruise Lines, Norwegian cruise ships operator NCL Holding ASA is in talks with Singapore's Star Cruises Plc. Miami-based Norwegian Cruise Line, the world's fourth-largest cruise operator, had rejected Carnival's 30 Norwegian crowns-a-share offer ($3.77) as too low and hinted rival takeover bids might surface. But NCL said it was not clear whether Star, the leading Asia-Pacific cruise line, would prove its savior. "Further information will be given if NCL receives a concrete bid from Star Cruises," NCL said. Carnival immediately challenged Star to come up with a better offer than its own made last week, which valued NCL at $884 million, or $1.7 billion with assumption of debt.

Malaysia's Star Cruises Plc has reportedly been selected as the developer and operator of a cruise terminal at Thailand's Laem Chabang, the gateway port to Bangkok. Star said in a statement that an agreement signed between the cruise operator and the Port Authority of Thailand provided for a 30-year lease which can be extended by two more periods of 10 years each. The berth at Laem Chabang will be 365 metres (yards) long and capable of docking the largest cruise ships, it said. Star said about $15 million will be spent on a cruise terminal building.

Star Cruises Plc has bought the remaining two ships of Airtours' Sun Cruises unit as well as the rights to the Sun Cruises name. The Sun Viva I and Sun Viva II will be renamed MegaStar Sagittarius and MegaStar Capricorn respectively, Star said. It gave no financial details. Star said that following its joint acquisition with U.S. cruise firm Carnival Corp last month of Norway's NCL Holdings for $1.1 billion, it has a fleet of 18 ships and over 21,000 lower berths. By 2004, with the five ships currently on order, Star/NCL will have 23 vessels with about 34,000 lower berths.

Malaysia's Star Cruises Plc and Carnival Corp. have terminated a joint venture agreement to buy Norwegian cruise group NCL Holding ASA, paving the way for Star to have full ownership. Star reportedly cancelled the deal with Carnival because it was not prepared to give more control to Carnival on NCL's future direction. Carnival was offered a minority 40 percent stake to prevent a bidding war, Star officials said, but have since wanted more control than the Malaysian company was prepared to give. Officials added that the termination was amicable, and there were no claims or costs pending against either party. Star currently has a 95 percent stake in NCL, inclusive of an indirect 10 percent.

The cruise line unit of Malaysia's Genting Bhd -- Star Cruises Plc reportedly signed a 10-year agreement with Wharf (Holdings) Ltd to berth in Hong Kong.