Fred. Olsen Cruise Lines, the UK based operator of four medium sized ships, has reported a fall in operating profit and a deepening in net loss in the first quarter of the year.

Net loss amounted to NOK21 million compared to NOK4 million in the corresponding period last year. Operating profit (EBITDA) weakened to NOK30 million from NOK36 million.

Higher cost of bunkers led to the weakening of results, said Ganger Rolf and Bonheur, two holding companies of the Oslen family that are both listed in Oslo. Jointly they own 100% of the shares in Ipswich based Fred. Olsen Cruise Lines.