News

Fred. Olsen Cruise Lines enjoyed strong 2016

Details: Written by Kari Reinikainen Kari Reinikainen; Category: Top Headlines Top Headlines; Published: 21 February 2017 21 February 2017

Fred. Olsen Cruise Lines, the UK based destinational cruise shipping company, enjoyed a strong 2016, with full year profit significantly higher than in the previous year and the final quarter loss markedly lower than that in 2015.

Operating revenues fell a fraction, to NOK2.07 billion from NOK2.09 billion in 2015, but net profit rose to NOK163 million from NOk71 million and operating margin (EBITDA) improved by one percentage point to 15%, show figures released by its parent company Bonheur ASA, a listed company that is controlled by the Olsen family.

In the final quarter of 2016, the company made a loss NOK27 million compared to a NOK70 million loss in the last three months of 2015m,while revenues fell to NOK401 million from NOK433 million. Operating margin became positive by 4% after being negative by 2% in the last quarter of 2015. Fred. Olsen Cruise Line is free of debt.

Bonheur said that the depreciation of the British pound against the dollar had raised costs as these are largely in the dollar, but added that bookings had been strong and net ticket income per diem had risen by 10% in the final quarter

Norwegian in four plus two 140,000 gross ton ship contract with Fincantieri

Details: Written by Kari Reinikainen Kari Reinikainen; Category: Top Headlines Top Headlines; Published: 16 February 2017 16 February 2017

Fincantieri, the Italian shipbuilder, said it has been awarded an order from Norwegian Cruise Line Holdings Ltd. (NCLH) for the construction of four new generation cruise ships with an option for additional two, for its Norwegian Cruise Line contemporary market brand.

“The value of each ship is approximately €800 million, with one delivery per year from 2022 to 2025, stretching to 2027 in case of confirmation of the option,” Fincantieri said in a statement.

Cassa Depositi e Prestiti (CDP) and Sace, together with a pool of export credit lenders, have played a crucial role for the success of the order and the ship owner’s decision, giving Fincantieri the chance to offer an appealing technical, commercial and financial package, still subject to some conditions.

These ships will form the backbone of the future Norwegian fleet, being about 140,000 gross tons, almost 300 meters long, and accommodating 3,300 guests. The order is based on a prototype project developed by Fincantieri, which enhances the consolidated features of Norwegian’s signature offering of freedom and flexibility, qualified by an innovative configuration for an enhanced passenger experience.

In addition, focus was set on energy efficiency, with the twofold aim of optimizing consumption at sea and reducing environmental impact, compliant with all the most recent regulations on this matter.

“This new class of ships will continue Norwegian Cruise Line brand’s legacy of introducing meaningful innovation to the cruise industry” said Frank Del Rio, President and CEO of Norwegian Cruise Line Holdings Ltd. “This order continues to highlight our disciplined newbuild program, extends our growth trajectory well into the future, enhances our already attractive earnings profile and drives expected long-term returns for our shareholders”.

G Adventures buys Swan Hellenic, relaunch due next year - report

Details: Written by Kari Reinikainen Kari Reinikainen; Category: Top Headlines Top Headlines; Published: 01 February 2017 01 February 2017

Swan Hellenic, the destination focused UK based boutique cruise line, has been acquired by adventure travel specialist G Adventures, which has its headquarters in Toronto in Canada, following the collapse of the line's former parent company -- All Leisure Group (ALG) -- last month, Cruise Critic reports on its website.

“G Adventures has revealed it will restart Swan Hellenic cruises in 2018, with new itineraries set to be announced this summer. The company has advised passengers who were booked on 2017 itineraries to contact the administrator for All Leisure, Grant Thornton LLP,” the report said.

Hebridean Island Cruises, the Scotland focused unit of ALG, was sold to private interests before the collapse of the parent company. Voyages of Discovery, the third boutique cruise brand of ALG, remains unsold. It used to operate the 1990 built Discovery of some 16,000 gross tons.