Fred. Olsen Cruise Lines, the UK based operator of four medium sized cruise ships, blamed high bunker costs for a net loss of NOK22 million it booked for the third quarter of the year, compared to a profit of NOK 19 million in the same period in 2010.
EBITDA (earnings before interest, taxation, depreciations and amortisations) also declined, to NOK 96 million from NOK 132 million, show figures of parent company Bonheur ASA, which is listed on the Oslo Stock Exchange.
For the first nine months of the year, Fred. Olsen Cruise Lines booked a net loss of NOK 13 million, which was a marked reduction from a NOK 22 million loss in the same period year earlier. EBITDA for the same period amounted to NOK 196 million, a reduction from NOK 228 million a year earlier.