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.
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.
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…
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.
Royal Olympic Cruise Lines Reports Loss for 2001
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…
Olympia Explorer Christened in Piraeus
Royal Olympic Cruise Lines Inc. announced that its new cruise ship, Olympia Explorer, was christened at the Port of Piraeus on Friday, June 7, 2002. Vangelis Papathanassiou, the internationally renowned composer and 1982 Oscar winner for his film score for "Chariots of Fire," was the vessel's godfather, assisted by Katerina Potamianos and Marisa Loizou, the daughters of Andreas Potamianos and Costakis Loizou, Royal Olympic's two main shareholders. After the christening ceremony, music from Vangelis' score for the film "1492" was played. Olympia Explorer, like her sister ship, Olympia Voyager, was built at the Blohm+Voss shipyard in Hamburg and with cruising speeds of up to 30 knots, she is the fastest cruise ship, of her size, in the world.
Royal Olympic Fights to Stay Alive
Royal Olympic Cruise Lines, Inc. and Olympia Voyager 11:00 AM EST, Monday, December 22. Honolulu, and subject to further discussions with lenders and further action by the District Court are restricted to calls at US Ports. As a result of this limitation the December 22 sailing of the Olympia Explorer to Ensenada, Mexico and the Hawaiian Islands has been cancelled and the Olympia Voyager has been held at St Thomas V.I., and is expected to return to Port Everglades with passengers on January 2nd. between owners and lenders and further action by the Court. reorganization.
Olympia Explorer Continues Voyage
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 Los Angeles. The vessel Olympia Voyager, which also is subject to the Chapter 11 reorganization proceeding pending in Honolulu, sailed from Fort Lauderdale, Fla. on Wednesday night on its next scheduled voyage.
Olympia Explorer Continues Voyage
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 Los Angeles. The vessel OLYMPIA VOYAGER, which also is subject to the Chapter 11 reorganization proceeding pending in Honolulu, sailed from Fort Lauderdale, Florida on Wednesday night on its next scheduled voyage.
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.
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.
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.
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.
Royal Olympic Reports Improved First Quarter Results
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.
Royal Olympic Announces Third Quarter Results
Royal Olympic Cruise Lines Inc., reported that third quarter net revenues increased by 11.3 percent to $57.1 million compared to the same period last year. For the nine months ended August 31, 2001, revenues increased by 17.6 percent to $102.6 million compared to $87.3 million during the same period in 2000. The growth in revenues in the third quarter is attributable to an improved summer cruise season and the introduction of Seawing, which contributed $8 million. Operating expenses increased by 20.4 percent or $5.5 million to $ 32.6 million for the third quarter of 2001, compared to $ 27.0 million for the same period last year. The increase in operating expenses was mainly due to the introduction of Seawing…
Port of Tacoma Selects Wolfe as Deputy Executive Director
The Port of Tacoma has selected John Wolfe as Deputy Executive Director. Wolfe, is currently Executive Director at the Port of Olympia. He is a native of Puyallup, Washington and a graduate of Tacoma's Pacific Lutheran University (B.A. in Business Administration, 1987). Port of Tacoma Executive Director Timothy J. Farrell says Wolfe brings a collaborative leadership style to Tacoma. "We have known John for many years and respect his ability to build teams and lead an organization," he said. "As our Port grows, it is important to bring people with John's capabilities into our organization. Before being named Port of Olympia Executive Director in December 2003, Wolfe served as Olympia's Director of Operations and Marine Terminal General Manager.
TEN Sells Tanker
Tsakos Energy Navigation Ltd., announced the sale of the 1999-built 107,181 dwt Aframax tanker Olympia to an independent Greek- based operator. The Olympia will be delivered to her new owners in January, 2008 resulting in a $34m capital gain that will be recorded in the first quarter of 2008. The Olympia is debt-free and as a result all proceeds from this sale will be free cash available for reinvestment.
CSS Olympia Launched, Additional CSS Contracts Secured
STX Marine launched MAC Offshore’s Compact Semi-Submersible (CSS), CSS Olympia. The launch took place on the 28th March, 2013 at the LiyaPingtan Shipyard, in Fujian Province, China, managed by Fujian Mawei Shipbuilding. The delivery of the vessel is due in November 2013 to CSS Olympia’s new owner Graal Invest of Brazil. MAC Offshore signed four additional CSS contracts to be constructed by Fujian Mawei Shipbuilding with delivery between August 2014 and October 2015. STXM recently…
Brazil's GranEnergia Receive Unusual DP-3 Accommodation Vessel
STX Marine (STXM), which split off from the STX Corporation in 2011, say they partnered with CSS Designs Ltd. for 5 years to develop the ground breaking Compact Semi-Submersible (CSS) design of the 'Olympia' which they believe will change the long term landscape of the offshore vessel market. The primary function of the Olympia is to act as a floating accommodation unit for rig personnel. The vessel has a DP-3 rating and will remain connected to an offshore facility via a telescopic gangway system.
CSS Olympia Delivered
STX Marine (STXM) announced that Gran Energia took delivery of the Compact Semi-Submersible (CSS) Olympia from MAC Offshore. STXM and partners in CSS Designs Ltd. developed the CSS design over the past five years, and said this delivery, will change the long term landscape of the Offshore Vessel market. Built by Fujian Mawei Shipbuilding in Fujian Province, China, the CSS Olympia has a length of 84.25m. with an overall capacity of 500 people. The primary function of the Olympia is to act as a floating accommodation unit for rig personnel.
Olympia Countess Sold at Auction
Royal Olympia Cruise Lines Inc. announced that its ship Olympia Countess, which had been arrested by creditors in Durban, South Africa, in December 2003, has been sold at auction under the auspices of South African courts. It is not expected that the company will receive any proceeds for its own use from this auction. Auction proceeds will be used to pay certain creditor debts. The company has also been notified by NASDAQ that it is in non-compliance with two of the Exchanges' Marketplace Rules. The company has 90 days to bring the company's minimum market value of publicly held shares to $5 million for a minimum of 10 consecutive days and 180 days to bring its share price to the $1.00 level for ten consecutive days in order to bring itself back into compliance.
TSC Container Freight Selects Rate Explorer
Management Dynamics, Inc. announced that TSC Container FreightT (www.tsccontainerfreight.com), a global provider of logistics solutions for both import and export customers, has selected Rate Explorer® from Management Dynamics to automate the buy and sell side of its NVOCC business. Rate Explorer will enable TSC Container Freight to increase bottom-line results as the company seeks to meet aggressive growth objectives over the next three years. TSC Container Freight Managing Director, Brad Heier, said, "As a large NVOCC and freight forwarder, we have seen many vendors and technologies promising to solve the contract management challenge, but always failing to deliver.
Royals on the High Seas!
Regent Seven Seas Explorer is billed as the most luxurious cruise ship in the world. Her Serene Highness Princess Charlene of Monaco took the role of godmother. Dubbed as the ‘most luxurious ship ever built’, at a whopping cost of $450 million, Regent Seven Seas Explorer boasts one of the highest space ratios and lowest guest to cruise ratios in the history of cruising. Accompanied by her husband and Monaco's reigning monarch, Prince Albert II, the former Olympic swimmer took the role of godmother and cut a red velvet ribbon.