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Royal Olympic Cruises News

07 Nov 2001

Royal Olympic Cruises Announces Delivery of the Olympia Explorer

Royal Olympic Cruise Lines Inc. announced today that the, Olympia Explorer, sister ship to Royal Olympic’s Olympia Voyager is expected to reach the port of Piraeus early 2002, which will enable her to perform exciting new itineraries from Venice to Piraeus, Istanbul and the Greek Islands next summer, with Piraeus as an alternative port of embarkation. Royal Olympic Cruises delegates and representatives from Blohm+Voss Shipyard in Hamburg had a very constructive meeting in Piraeus regarding the delivery of the Olympia Explorer, which was due for delivery in April 2001. With 28 knots cruising speed, the Olympia Explorer is the only ship…

17 Dec 2003

Royal Olympic Cruises Files For Chapter 11 for Two Ship Owning Companies

Royal Olympic Cruise Lines, Inc., announced today that two out of its eight shipowning companies, Olympic World Cruises, Inc., the owner of the vessel Olympia Voyager, and Royal World Cruises, Inc. the owner of the vessel Olympia Explorer, have filed for reorganization under Chapter 11 of the United States bankruptcy code. The company has been in discussion with the lenders to these subsidiaries regarding a potential restructuring of $250.0 million in loans incurred to finance the acquisition of the two vessels. Discussions have not to date produced an agreement and the lenders have delivered a notice of acceleration of the loans. These loans are secured by mortgages on the two vessels and have been guaranteed by Royal Olympic Cruise Lines, the parent company.

21 Jan 2004

Royal Olympic Cancels Cruises

Royal Olympic Cruises Ltd’s scheduled cruises on the Olympia Voyager and the Olympia Explorer, have all been cancelled during the month of January, 2004. Also, Royal Olympia has advised that it has begun to refund fares on canceled cruises. Checks are being sent to cash paying passengers and credits have begun being issued to those who paid by credit cards. These refunds are being processed in the order that cruises were scheduled to commence. Royal Olympia has indicated to the Commission that no actions on the part of the passengers are necessary during this process.

12 Feb 2004

Royal Olympic Cruises Awaits Greek Court Decision

Royal Olympic Cruise Lines Inc. announced today that the Greek Court administrating the Section 45 proceeding regarding its subsidiaries is expected to issue a decision in the next few days. The Court had previously given the company until today to present a restructuring plan consented to by 51% of its creditors. Negotiations with Fortis Bank, the holder of more than 51% of the company's debt, are meanwhile continuing, in an attempt to secure the consent to a plan. The company also announced that Athens 2004, the group overseeing the Olympic Games to be held in Athens, has recalled in full the $1 million advance deposits paid to Royal Olympic Cruise Lines.

11 Mar 2004

Olympia Explorer and Olympia Voyager to Be Auctioned

Royal Olympic Cruises announced that the vessels Olympia Explorer and Olympia Voyager will be sold at judicial auction, on March 24 and March 26 respectively, under process initiated by creditor banks and pursuant to a settlement agreement between ROCL, the owners, and the banks. The owning companies of the ships (subsidiaries of ROCL) had filed for Chapter 11 reorganization in the U.S. Bankruptcy Court in Honolulu, Hawaii, following which the ships were placed under judicial arrest pursuant to the settlement agreement. The judicial auction of the OLYMPIA EXPLORER is scheduled to take place on March 24 in Long Beach California, and the auction of OLYMPIA VOYAGER will be held on March 26 in Miami, Florida.

28 Nov 2001

Royal Olympic Cruises Expects Cancellations to Affect Year End Results

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. $0.85 per share.

28 Nov 2001

Royal Olympic Announces Delivery of Olympia Explorer

Royal Olympic Cruise Lines Inc. announced that the Olympia Explorer, sister ship to Royal Olympic's Olympia Voyager, is expected to reach the port of Piraeus early 2002, which will enable it to perform new itineraries from Venice to Piraeus, Istanbul and the Greek Islands next summer, with Piraeus as an alternative port of embarkation. Royal Olympic Cruises delegates and representatives from Blohm+Voss Shipyard in Hamburg had a meeting in Piraeus regarding the delivery of the Olympia Explorer, which was due for delivery in April 2001.

26 Apr 2002

Royal Olympic Takes Delivery of Olympia Explorer

Blohm+Voss GMBH delivered of the new fast cruise ship, Olympia Explorer, to Royal Olympic Cruise Lines Inc. The vessel immediately sailed from the Blohm+Voss shipyard to the Port of Piraeus in Greece. The Olympia Explorer, together with her sister ship, Olympia Voyager, are the fastest cruise vessels of their size, performing unique cruises at speeds of up to 30 knots. "The new itineraries Royal Olympic Cruises will offer with this vessel have created considerable interest in the cruise market. The first cruises are already fully booked," added Pantazis. On her maiden voyage on May 3, the Olympia Explorer will start a series of weekly cruises calling at the ports of Piraeus, Corfu, Venice, Dubrovnik, Bari, Katakolon, Istanbul, Mykonos and Santorini.

08 May 2002

Targeting Greek Shipping's $16B Budget

Around the world, people involved with shipping are booking flights to Greece and preparing to do business at the Posidonia 2002 International Shipping Exhibition, held on the Piraeus waterfront from June 4-7, 2002. With the Greek market worth a conservative $16 billion per annum, there is plenty of incentive. The business week begins with The Posidonia Congress and a program of high level international presentations and debate, at the Megaron, Athens Concert Hall on Monday, June 3. Posidonia's attraction for exhibitors and visitors is not hard to see. Greek shipowners control the biggest fleet in the world. Their drive towards fleet renewal and regeneration is creating multi billion dollar opportunities throughout the international maritime industry.

07 Dec 2000

Royal Olympic Cruises Appoints New Executives

Royal Olympic Cruise Lines (ROCL) has elected George Stathopoulos to the position of acting CEO. At the same time, Stathopoulos maintains responsibility for the Company's worldwide marketing and sales efforts. The Company also appointed George Kassapis to the position of CFO. The appointment of George Stathopoulos to the top management post of the Company enables Dr. Stelios Kiliaris, who has served as CEO since December 1999, to fully resume his position as managing director of the major shareholder, Louis Cruise Lines Ltd. (LCL). He remains on the Board of ROCL and continues as a member of its Executive Committee. Involved in various aspects of the cruise industry for 24 years…

30 Apr 2001

Olympic Explorer Delivery Delayed

Royal Olympic Cruise Lines Inc. has requested that a number of improvements be made to the Company's newbuilding, Olympic Explorer, prior to taking final delivery of the cruise ship, which was originally scheduled for today. The Company is making adjustments to the Olympic Explorer's early voyages and is in contact with its clients and agents informing them of possible variations to schedules and alternative options. A high level official of Royal Olympic Cruises stated, "Our aim is to make sure that the vessel we take delivery of, and put into service for our guests, is of the highest standards of comfort and efficiency."

08 Aug 2001

Royal Olympic Cruises Cancels Remainder Of Olympic Explorer's Summer Program

Royal Olympic Cruise Lines Inc.announced that it has regretfully been forced to cancel the cruises of its new vessel, Olympic Explorer, for the remainder of the summer season. Although it had been reported that the Company had hoped to commence cruises with the vessel on September 15, it has not been possible to finalize all the discussions with the Blohm+Voss shipyard to allow the necessary technical modifications to be completed by this date. Commenting on the cancellation, Yiannos Pantazis, Royal Olympic's CFO, stated: "It is a real disappointment to us that the ship will not be able to undertake any cruises during the summer season, but we hope to have the vessel ready to commence operations for the next season.

12 Nov 1999

Royal Olympic Considering Proposals

Royal Olympic Cruises Lines stated that a special committee of its outside directors has been considering proposals and alliances involving the company and/or its majority shareholder, ROC Holdings. Consisting of Bobby Melnick, Michael Jolliffe and Nicholas Pisaris, the committee is considering proposals such as a sale of a controlling interest in ROC Holdings that would not involve an offer to purchase the company's publicly held shares.