Top Headlines

RCCL plans to offer $500 million senior 10 year notes

Details: Written by Kari Reinikainen Kari Reinikainen; Category: Top Headlines Top Headlines; Published: 02 November 2012 02 November 2012

Royal Caribbean Cruises Ltd (RCCL), the second largest cruise shipping company in the world, said it plans to issue $500 million worth of senior notes that will mature in 2022.

In a document filed with US stock market authorities, the Miami based company had as yet not defined the coupon of the notes nor the price at which they would be offered.

RCCL has indicated that it plans to place an order for third Oasis class vessel of 226,000 gross tons before the end of the year.

Fred. Olsen Cruise Lines stages strong return to profit on lower costs

Details: Written by Kari Reinikainen Kari Reinikainen; Category: Top Headlines Top Headlines; Published: 02 November 2012 02 November 2012

Fred. Olsen Cruise Lines Ltd, the Ipswich based company that operates four medium sized ships on the UK market, has staged a strong return to profit on lower costs in the third quarter, according to figures released by its listed parent companies Bonheur ASA and Ganger Rolf ASA.

The company made a net profit of NOK37 million compared to a loss of NOK44 million in the third quarter of last year. Revenues remained largely stable at NK452 million compared to NOK455 million.

In the first nine months of the year, however, losses deepened to NOK40 million from NOK26 million on a weak start of the current year. Revenues also fell slightly, to NOK1.29 billion from NOK1.31 billion.

“Number of passenger days totaled 336 250 (348 654) for the quarter and passenger yields were in line with last year. Lower price on fuel oil and lower operating costs impacted the result positively. Ticket income is currently showing a negative trend,” the statement said.

Strategic pricing programmes helped Norwegian to increase profit

Details: Written by Kari Reinikainen Kari Reinikainen; Category: Top Headlines Top Headlines; Published: 31 October 2012 31 October 2012

Strategic pricing programmes were among factors that helped NCL Corporation Ltd, parent company of Norwegian Cruise Line, to improve its profits in the third quarter, the company’s CEO said.

“Posting these great results, despite the challenging economic environment in Europe where we had a record deployment, is a testament to the discipline and rigor instilled at Norwegian to continuously improve quarter after quarter,” said Kevin Sheehan, the Company’s President and Chief Executive Officer.

“Our results reflect strategic pricing programmes, benefits from process improvements and other enhancement initiatives which resulted in a nine percent improvement in operating income,” continued Sheehan.

Norwegian reports 19% rise in third quarter net income to $128.2 million

Details: Written by Kari Reinikainen Kari Reinikainen; Category: Top Headlines Top Headlines; Published: 31 October 2012 31 October 2012

NCL Corporation Ltd, parent company of Norwegian Cruise Line has reported a 19.2% rise in third quarter net income to $128.2 million on revenue of $674.4 million from net income of $107.5 million on revenue of $666.6 million, the company said in a statement.

Operating income increased 8.8% to $174.1 million in the third quarter of 2012 compared to $160.0 million in 2011 with an improvement in operating margin to 25.8% from 24.0%. Adjusted EBITDA grew 7.2% to $223.6 million from $208.6 million with an increase in Adjusted EBITDA margin to 33.2% from 31.3%.

Net Revenue increased 1.8% to $498.4 million primarily due to an increase in Net Yield. With increases in both ticket and onboard and other revenue, Net Yield improved 1.0%, or 2.6% on a Constant Currency basis.

Value of cruising in focus at Madrid summit

Details: Written by Kari Reinikainen Kari Reinikainen; Category: Top Headlines Top Headlines; Published: 30 October 2012 30 October 2012

Over a period of two days (October 25 and 26), this year’s Madrid International Cruise Summit took place in the conference hall of Holiday Inn in central Madrid.

The summit was attended by about 240 delegates, representing major cruise lines, port authorities, and destinations. Among the subjects discussed were the state of the industry, challenges beyond 2012, and perception of Spain as a cruise destination. The underlining theme of most of the discussion sessions was how to reaffirm the true value of cruising, preventing it from being eroded by the persistent price war and the institutionalised discounting among the lines and travel agents.

Our correspondent, Alan Lam, was present. He also moderated one of the panels. His full report on the event will be published in the next edition of Cruise Business Review.

Alan Lam