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 Cruise Lines Shift Share Ownership of ROC Holdings
Royal Olympic Cruise Lines Inc announced that Silk Navigation had acquired an additional 20 percent of ROC Holdings Inc. from Louis Tourist Agency. As a result, Silk and Louis each now hold 50 percent of ROC Holdings, which in turn holds 51.4% of Royal Olympic's common stock. Silk Navigation is controlled by members of the Potamianos family, with Andreas Potamianos holding the position as Royal Olympic's Co-Deputy Chairman and Louis Tourist Agency is controlled by Costakis Loizou, also Co-Deputy Chairman. In addition, Royal Olympic announced that it had agreed with Louis Tourist Agency to modify the terms of the $20 million convertible subordinated note issued by Royal Olympic on February 28, 2001 and held by Louis Tourist Agency.
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.
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…
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.
LCL Buys Stake In Royal Olympic
Cyprus cruise operator Louis Cruise Lines has signed a deal to acquire a 51.4 percent controlling stake in Nasdaq-listed Royal Olympic Cruise Lines. The value of the agreement was not disclosed. The deal will significantly boost Louis's share of the Mediterranean cruise market, bringing some 16 vessels under its management. Louis now owns seven vessels, and an eighth is under management. It has increasingly turned to out-chartering in recent years and has a dominant position in the eastern Mediterranean short-cruise market that it operates out of Limassol. Royal Olympic operates eight vessels in the Mediterranean and in the United States. The Greek company is in the process of building another two vessels, the first due for delivery in June 2000 and the second in 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.
Royal Olympic Reports Bookings Up for 2002
Royal Olympic Cruise Lines Inc. has been advised by Louis Cruise Lines Ltd (LCL) that agreement has been reached for the shares held by LCL in ROC Holdings Inc. (ROCH), the majority shareholder in Royal Olympic Cruise Lines (ROCL), to be exchanged for a number of shares held by Louis Tourist Agency Ltd (LTA) in Cyprus Tourist Development Company (CTD), the owners of the Hilton Hotel in Nicosia. Acquisition of the $20 million subordinated bond by LTA and the Guarantee of Liabilities amounting to $6.0 million. As part of the acquisition of LCL’s investment in ROCL, LTA will guarantee the $6.0 million loan made by LCL to ROCL and will acquire $20.0 million subordinated convertible bond issued by ROCL to LCL in 2001.
See You in September - Royal Olympic Cancels Newest Vessel's Summertime Cruises
Due to the delay in delivery of Olympic Explorer from Blohm + Voss shipyard in Hamburg, Royal Olympic Cruise Lines has been forced to cancel the cruises of its new vessel until September 15, 2001. The delay is reportedly due to certain technical problems that need to be addressed and solved before the vessel's delivery. The matter has since been referred to the yard's technical team, who is assessing the situation. The company said that all passengers, who had been booked to cruise on Explorer during the above period would be offered alternative cruises onboard other Royal Olympic vessels.
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.
LCL Buys Stake In Royal Olympic
Cyprus cruise operator Louis Cruise Lines has signed a deal to acquire a 51.4 percent controlling stake in Nasdaq-listed Royal Olympic Cruise Lines. The value of the deal was not released. Louis now owns seven vessels, and an eighth is under management. It has increasingly turned to out-chartering in recent years and has a dominant position in the eastern Mediterranean short-cruise market that it operates out of Limassol. Royal Olympic operates eight vessels in the Mediterranean and in the United States. The Greek company is in the process of building another two vessels, the first due for delivery in June 2000 and the second in 2001.
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.
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.
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."
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.
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…
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 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 Announces Six-Month Results
Royal Olympic Cruise Lines Inc. reported a net loss for the first six months of the fiscal year 2000 of $10.2 million, an improvement of $2.3 million or 18.4 percent compared with the same period last year. The first half of the year is traditionally a very slow period for the area of the European cruise market in which Royal Olympic operates. The company expects to further improve its position in the rest of fiscal year 2000 and to report positive net income for the full year. The company plans to deploy its most recent delivery, the Olympic Voyager, in the Caribbean cruise market following the end of the summer and fall high seasons in the Aegean.
Greek Court Sets New Deadline for Royal Olympic Cruise Lines
Royal Olympic Cruise Lines announced that the Greek court administering the section 45 proceeding regarding its subsidiaries has allowed the company an extension until Thursday, February 12, 2004, to reach agreement on a plan of restructuring with the holders of at least 51% of outstanding obligations. The company is in negotiations with its major creditor, Fortis Bank, which itself holds more than 51% of the total obligations. In addition the company announced that it has put all administrative staff in Greece on unpaid leave pending the outcome of the court ruling and discussions with financial institutions and various creditors.
Royal Olympic Cruise Lines Opens New Web Site
Royal Olympic Cruise Lines Inc. (Nasdaq: ROCLF & EASDAQ: ROCL) has created a World Wide Web Site (roclf.com) designed for the investor community. The Site, created by Los Angeles based Station1, provides a profile on the company, as well as current and historic information on the company's financial performance. It is specifically designed to provide 24 hour availability to investors and potential investors who have an interest in the company. Commenting on the new Web Site, Yiannos Pantazis, Royal Olympic Cruise Lines CEO stated, " We are a unique cruise company which has for decades provided our cruise passengers with a very special cruise product.
Louis Lines Seeks Stock Split OK
Cyprus cruise line Louis will seek shareholders' approval for a 5:2 stock split and a new share issue to finance its recent acquisition of a Greek shipping line. Louis will apparently seek approval of a motion at the December 6 meeting for the issue of 5,426,660 new shares with a nominal value of 10 cents, which would be granted to shareholders in Royal Olympic Cruise Lines. It signed a deal with the Greek cruise line last month to take over 51.4 percent of the company. The move brings some 16 leisure vessels under its control.
Two Cruise Ships For Blohm + Voss?
German shipbuilder Blohm + Voss said on Wednesday it was in negotiations to build two ships but declined to confirm a report that the potential order was to build two cruise ships worth 960 million marks ($435.2 million). It was reported earlier that the German group was in talks with a potential U.S. client to build two giant cruise ships capable of a top speed of 29 knots using a new propulsion system and hull design. "I can confirm that we are in talks for two ships," a Blohm + Voss spokeswoman said. "We would be very glad if this came true, but for now we are in negotiations," he said but declined further comment. Blohm + Voss returned…