Royal Olympic Cruise Lines Inc. has announced a loss for the fiscal year 2001, ended November 30, 2001. The events of September 11 had a substantial impact on the company's results and in the period September to November 2001, booking cancellations exceeded 3,000. EBIDA fell 25 percent from $ 21.7 mil in 2000 to $9.8 million in 2001. The inclusion of the first new vessel, Olympia Voyager, for a full year, resulted in additional interest and depreciation charges of $9.5 million, giving rise to operating losses of $18.4 million vs. profit of $3.2 million last year. The results were further deteriorated by non-operating losses on the valuation of financial instruments, in connection with the acquisition of the second new vessel, Olympia Explorer, of $7 million and a charge of $1.1 mil, resulting from the adoption of a new accounting policy on the treatment of financial instruments, bringing overall losses to $25.4 million vs. profits of $1.5 million last year. Revenues for the year however increased from 2000, reaching $128.8 million reflecting what had been an improvement through the summer in 2001, and a full year of operations for the company's first new building, the Olympia Voyager. Passengers increased by 19.8% to 146,739 and passenger days increased by 159,289, or by 20.6%. Operating expenses increased by $12.5 million to $93.6 million in 2001
Responding to a published report that their vessel Olympia Explorer was ordered by the court in Honolulu to remain in Hawaiian waters, Royal Olympic Cruise Lines Inc. announced that a temporary restraining order that had been issued by the U.S. Bankruptcy Court at 1 p.m. Wednesday, December 17, was rescinded two hours later. The vessel sailed from Honolulu the same day and is presently continuing the performance of its scheduled cruise among the Hawaiian islands and its voyage to San Diego and
Navigation Ltd. (TEN) announced that it has taken delivery, pursuant of the exercise of its option in October 2006, of the 1999-built double-hull Aframax tanker Olympia from the German KG house to which it had sold the vessel in 1999. The purchase option was exercised at $31.1 million while its fair market value is estimated to be approximately $60 million. The vessel is currently operating in the spot market and will remain so for the foreseeable future.
The commandant of the Coast Guard, Adm. Thomas Collins, is in Maine Wednesday, joining U.S. Sen. Olympia Snowe for a tour of the Coast Guard base in South Portland, according to WMTW.com, touring the recently established Coast Guard Sector Northern New England. Snowe chairs the Senate Commerce Subcommittee on Fisheries and the Coast Guard.
Ocean Rig UDW Inc. (NASDAQ:ORIG) received a Letter of Award for its ultra deepwater drillship “Ocean Rig Olympia”, from a major oil company. The Letter of Award is for a three- year contract for drilling offshore West Africa, with an estimated backlog of approximately $652 million. The Letter of Award is subject to completion of definitive documentation and receipt of regulatory approvals. The contract is expected to commence in direct continuation of the Ocean Rig
Excelerate Energy said t its newly upgraded floating storage and regasification unit (FSRU) Explorer recently completed its sendout performance tests and reached a sendout capacity of 1.0 Bcf/d – an unprecedented milestone for an FSRU. The FSRU is currently under long-term charter to Dubai Supply Authority (DUSUP) at the Jebel Ali LNG Import Terminal. "We approach each of our projects as partnerships and work closely with our customers, like DUSUP
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.
Explorer, RiverQuest’s newly constructed boat leaving Freeport, Fla. for its homeport in Pittsburgh, is a state-of-the-art environmental classroom, a world benchmark “green” commercial vessel and a tourist attraction that is the first of its kind. The launch of Explorer, the world’s first green-engineered floating classroom, marks a new era in marine design for environmental sustainability. Departing from its construction site in Freeport, Fla
Explorer of The Seas, which is currently under construction at Kvaerner Masa-Yards for Royal Caribbean International, has successfully completed its sea trials. The second member of the Voyager-class series, the vessel's trials were conducted on the Baltic Sea, and according to Captain Olav Nyseter, the incoming master of the vessel, all tests performed met or superceded the specified parameters. The trials also included the vessel's demonstration of its excellent maneuvering
With the AHTS Bourbon Liberty 320, BOURBON is now running a fleet of 100 Bourbon Liberty series-built, diesel-electric propelled and DP 2 vessels, a first in the oil services industry. This milestone coincides with the delivery of the first two of 20 deep offshore PSVs of the new BOURBON series: the Bourbon Explorer 500. "The Bourbon Liberty's operational success and the launch of the Bourbon Explorer 500 series strengthen our ability to provide a complete range of services worldwide
Oilfield services firm Ezra Holdings of Singapore filed for U.S. Chapter 11 bankruptcy at the weekend, blaming a prolonged slump in the energy industry, Reuters reported. Ezra has been facing hostile actions from creditors at home and abroad as it struggles to recover from a
The Royal Australian Navy has tested its primary anti-submarine warfare weapon during Exercise OCEAN EXPLORER off the coast of Western Australia recently. HMAS Melbourne, with the support of Collins class submarine HMAS Dechaineux, conducted three exercise firings of its MU90 torpedo
HMA Ships Darwin, Melbourne and Parramatta have escorted the Spanish Armada's Cristobal Colon into Sydney Harbour as part of her role in providing platform and familiarisation training to Australian personnel. Over the next three months the ship will assist in enabling Australian
Recent reporting by the ABC that “Navy's largest ships unable to join Cyclone Debbie emergency response amid engine troubles” is misleading, said TW Barrett, AO, CSC, Vice Admiral, RAN, Chief of Navy. To assert, as the ABC did in its reporting that issues with HMA Ships
Back in 1994, GE’s technology helped power the 856-foot-long, 77,441-ton, Dawn Princess cruise vessel. Now decades later, GE will once again partner with Carnival Corporation to update the propulsion controls for Dawn Princess during its transition to Pacific Explorer
Survitec Group announced that P&O Ferries have installed two new Survitec BRUDE Explorer-720 fast rescue boats onto their vessels, the Pride of York and the Pride of Bruges operating on the North Sea route between Hull and Zeebrugge.
The Port of Vancouver USA Board of Commissioners today voted 2-1 to hire interim CEO Julianna Marler as the port’s permanent CEO/Executive Director. Marler, who was appointed interim CEO by the board in May 2016, was one of three finalists for the position
In the last few months, the submarine cable industry’s #1 cable installation software, MakaiLay, has been commissioned on four cable laying vessels around the world. KT Submarine (KTS, Korea) recently completed a challenging installation with one of their cable laying vessels, Segero
Australian Navy's HMAS Anzac commenced her recent transit to Fleet Base West alone, meeting with sister frigate HMAS Parramatta in Jervis Bay. For some such as Lieutenant James Keagan, Reserve Entry Officers’ Course member, it was their first real exposure to ship life.
More than 17 ships and aircraft are descending on the Western Australian coast for one of the largest maritime warfare exercises held by the Royal Australian Navy. The inaugural Exercise Ocean Explorer will include international participants
More than 17 ships and aircraft are descending on the Western Australian coast for one of the largest maritime warfare exercises held by the Royal Australian Navy. The inaugural Exercise OCEAN EXPLORER will include some international participants
Inchcape Shipping Services (ISS), the world’s leading maritime and logistics service provider, has won a global port agency contract with Hurtigruten, a world leader in expedition travel. The new business sees ISS providing Hurtigruten with port agency services across the globe for up to
Warships from Australia, Italy, New Zealand and Spain are currently exercising off the Western Australian coast honing war-fighting skills and enhancing joint operating procedures. The multi-national maritime task group, consisting of more than 17 ships and aircraft
Sailing on the Indian Ocean off the coast of Western Australia in a Royal Australian Navy frigate is just another day in the life of Seaman Boatswain's Mate Paige Powers. After completing her initial recruit training at HMAS Cerberus in Westernport, Victoria
Royal Australian Navy’s amphibious ship HMAS Adelaide lead from the front during the recent Exercise OCEAN EXPLORER. Exercising task group operations off the Western Australian coast, the landing helicopter dock was the centrepiece to war-fighting scenarios.