Carnival Corp. Charters Former AMCV Ship To Louis Cruises

The latest in the saga surrounding the remaining vessels of the American Classic Voyages' (AMCV's) fleet involves the vessel, which was formerly known as M/S Patriot.

Carnival Corp.'s Holland America Line brand has entered into a long- term agreement to charter the cruise ship, which was also once known as m/s Nieuw Amsterdam, to Cypress-based Louis Cruises, which will subcharter the vessel to Thomson Holidays in the U.K. The vessel will be marketed as the Thomson Spirit.

Holland America sold the vessel to U.S. Lines, a subsidiary of AMCV in 2000, which operated the ship in Hawaii under the name Patriot, however, it was reclaimed by Holland America in foreclosure proceedings earlier this year. The charter became effective yesterday.

Carnival will account for this charter as a sale which, including related expenses, is expected to result in a charge to earnings of approximately $9 million in its second fiscal quarter of 2002.