Fred Olsen Cruise Lines, the destinational cruise company that operates four vessels on the UK market, suffered a deeper loss in the first quarter of this year than a year earlier, but on a positive note yields rose and debt was reduced.

Net loss deepened to NOK46 million from NOK 41 million in the first three months of 2012, while revenues decreased to NOK 386 million from NOK 448 million, mainly due to a fall in passenger days, parent company Bonheur ASA said in a statement.

“The UK cruise market continued to experience difficult economic conditions. Number of passenger days totaled 296 800 (330 373) for the quarter, partly offset by higher net ticket income per diem (6% higher than 1st quarter last year),” the company said.

The average spot price of fuel oil in the quarter was 5% lower compared to first quarter 2012. Fred. Olsen Cruise Lines also reduced dent, to NOK822 million at the end of March from NOK 1.12 billion at the end of the same month last year.

The company did not give guidance for the rest of the year.