News

Carnival group’s Frank to step down, Kruse becomes ceo of new Holland America Group

Details: Written by Kari Reinikainen Kari Reinikainen; Category: Top Headlines Top Headlines; Published: 04 November 2013 04 November 2013

Carnival Corporation & plc, the world’s largest cruise shipping company, said Howard Frank would step down from his current positions to assume an advisory role, while Stein Kruse would become CEO of newly created Holland America Group adding Princess Cruises and Holland America Princess Alaska land operations to his current responsibilities of Holland America Line and Seabourn.

Frank would remain as chairman of CLIA. "We are greatly appreciative of Howard’s commitment to provide ongoing counsel, advice and industry leadership, as he enters this next stage," said Arnold Donald, CEO of Carnival Corporation & plc.

Micky Arison, chairman of Carnival Corporation & plc, added, "For the last 25 years, Howard and I have worked side by side and I could not have asked for a better business partner. I am looking forward to his continued contributions in his new role."

Also effective 1 December, 2013, Stein Kruse, currently president and CEO of Holland America Line, is being appointed CEO of the Holland America Group, adding Princess Cruises and Holland America Princess Alaska land operations to his current responsibilities of Holland America Line and Seabourn.

Kruse will report to Carnival Corporation & plc President and CEO Arnold Donald. "This is an exciting expanded opportunity for Stein and the experience and track record of effective leadership he brings to it bodes well for our future," said Donald.

In his expanded role, effective 1 December, Kruse also will replace Micky Arison as chairman of the board of MANCO, the UK-based entity which oversees operations of Carnival Australia including P&O Cruises, the number one cruise line in the Australian market.

Fred. Olsen Cruise Lines' losses mount, revenue falls, but so does debt

Details: Written by Kari Reinikainen Kari Reinikainen; Category: Top Headlines Top Headlines; Published: 01 November 2013 01 November 2013

Fred. Olsen Cruise Lines, the UK based destinational cruise operator of four medium sized vessels, has reported a sharp increase in losses and a slight fall in revenues in the first nine months of the year, while its equity increased, debt fell and cash position remained little changed.

The Ipswich based company reported a pre tax loss of NOK97 million for the January-September period, a marked deterioration from a loss of NOK40 million in the same period last year.

Revenues fell to NOK1.12 billion from NOK1.29 billion, while operating result (EBIT) turned negative by NOK80 million compared to positive figure of NOK18 million in the same period in 2012, figures released by Ganger Rolf and Bonheur, two listed companies that own 100% of the shares in Fred. Olsen Cruise Lines show.

The company cut interest bearing debt to NOK826 million from NOK1.05 billion at the end of September in 2012, while holdings of cash decreased to NOK218 million from NOK255 million in the same period. Ganger Rolf and Bonheur, which are controlled by the Olsen family and listed on the Oslo Stock Exchange, did not give guidance with regards of the expected future performance of their cruise operations.

Fred.Olsen Cruise Lines are changing their business concept by offering more overnight stays in ports of call and offering more short cruises from ports in the UK. Its 2014 cruise programme includes cruises from 10 ports around the country.

NYK’s cruise operations return to profit on broad recovery

Details: Written by Kari Reinikainen Kari Reinikainen; Category: Top Headlines Top Headlines; Published: 31 October 2013 31 October 2013

Cruise operations of Nippon Yusen Kabushiki Kaisha (NYK), the Japanese shipping giant, returned to profit in the second quarter of its financial year on a broad based recovery, the company said in a statement.

The group’s cruise division, which entails Asuka Cruises in Tokyo and Crystal Cruises in Los Angeles, recorded a recurring profit of JPY1.1 billion in the review period, markedly better than the JPY 1.2 billion loss recorded in the same time last year. Operating result improved to show a profit of JPY1.2 billion compared to a loss of JPY1.1 billion, while revenues rose by one third, to JPY 24.9 billion from 17.9 billion.

“In the North American market, Crystal Cruises posted a large year-on-year increase in revenues due to robust sales, particularly for Mediterranean cruises,’ NYK said in the statement.

“In the Japanese market, Asuka Cruises sales were generally firm as a result of strong demand for mainstay summer cruises. Overall, the cruises segment posted a profit on sharply higher revenues compared with the same period of the previous fiscal year.”

In the first half of its financial year that began on 1 April, NYK’s cruise operations showed a profit of also JPY1.1 billion, while a year earlier, they had suffered a loss of the same size as the third and fourth quarters had been bad for the business.