Star Cruises, the Far East focused crompany that owns 50% of Norwegian Cruise Line (NCL), has reported a net loss of $41.7 million for 1H09, slightly lower than the $49.6 million loss in the same period last year.

The Group’s total revenue for 1H 2009 was US$167.6 million, decreased by 17.9% from US$204.1 million for 1H 2008. Net revenue for 1H 2009 decreased 22.3% from 1H 2008. The decrease was primarily due to 36.8% reduction in capacity days, partially offset by an increase in net yield of 23.0% and an increase in occupancy percentage of 7.3% from 78.8% in 1H 2008 to 86.1% in 1H 2009.

The reduction in capacity days in 1H 2009 was due to ships disposal and lay up of non-performing ships. Net yield improved during 1H 2009 was mainly due to better performance from our gaming operation onboard the ships, partially offset by lower cabin revenue yield as a result of more gaming centric cruises compared with 1H 2008. The Group recorded higher charter revenue during 1H 2009 compared with 1H 2008, mainly contributed by the m.v. Norwegian Sky (formally known as "Pride of Aloha") charter commencing January 2009.