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RCCL reports steady third quarter net profit

  • Written by Kari Reinikainen

Royal Caribbean Cruises, Ltd. (RCCL), the world second largest cruise shipping group, has reported a steady net profit for the third quarter compared to the same period last year, if an impairment charge it booked at that time is eliminated.

Group net profit rose to $693.2 million in the June to September period from $228.7 million in the same period last year, when an impairment chage3 of $411 million depressed the bottom line. Revenues rose slightly, to $2.56 billion from $2.52 billion.

For the first nine months of the year, the group reported a net profit of $1.18 billion, almost double the $624.9 million figure it reached in the same period last year, but the $411 million impairment charge hit the latter fire as well. Revenues rose to $6.59 billion from $6.39 billion.

“Net Yields were up 2.9% on a Constant-Currency basis (up 0.4%, As-Reported), better than guidance driven mainly by strong close-in demand for North American itineraries. Net Cruise Costs ("NCC") excluding fuel were down 1.6% on a Constant-Currency basis (down 2.0%, As-Reported), in line with guidance,” the company said in a statement.

Fred. Olsen Cruise Lines’ profit rises in third quarter and nine months

  • Written by Kari Reinikainen

Fred. Olsen Cruise Lines, the destination focused operator of four medium sized vessels on the British market, has reported an increase in net profit for both the third quarter and the first nine months of the year compared to corresponding periods last year.

In the third quarter, its net profit rose to NOK127 million from NOK123 million despite a slight decrease in revenues, which fell to NOK622 million from NOK647 million, said Bonheur ASA, the Oslo listed holding company controlled by the Olsen family which owns the Ipswich based cruise line.

The British pound weakened by 14% against the krone, but net per diems rose by 10% in the review period, Bonheur said.

In the first nine months of the year, the net profit reached NOK190 million compared to NOk141 million in the same period last year, while revenues rose a fraction, to NOK1.67 billion from NOK1.66 billion.

Earlier this week, Fred. Olsen Cruise Lines said it would invest millions of pounds to upgrade its fleet, starting with black Watch that will enter dry dock in Germany next month.

Ulstein Verft to carry out major upgrade of Sea Adventurer expedition ship

  • Written by Kari Reinikainen

Ulstein Verft, which is part of the Norwegian privately owned Ulstein Group, said it has won an order to carry out an extensive two month upgrade of an expedition cruise vessel owned by Adventurers Partners Ltd.

This means that the yard has taken the first successful step to enter the expedition cruise vessel market. It has also produced a portfolio of expedition cruise vessel concept designs of its own.

Information on the Internet says the Bahamas based Adventurers Partner owns the 1976 built Sea Adventuer. Meanwhile, Quark Expeditions that operates the vessel said on its website: “The nimble, ice-strengthened Sea Adventurer is undergoing a multi-million dollar renovation."This would include renovations to the interior of the ship including outside cabins with ensuites, spacious forward lounge and bar, and other amenities, the addition of new passenger cabins and new bathrooms in every cabin. In addition, there would be upgrades to the main lounge and main dining room, gym, and select suites

“Significant technical enhancements – including two new engines, generators, gear boxes, drive systems, and re-bladed propellers,” Quark said, adding that this would result in increased fuel efficiency, and a minimized carbon footprint.

Sea Adventurer was built in Yugoslavia in 1976, refurbished in 1999 and had further upgrades in 2002. The ice-strengthened ship, which carries up to 117 passengers and features a spacious forward lounge and bar, window-lined dining room and promenades, it added

"This is an important contract for us within a new segment," says Ulstein Verft's managing director Kristian Sætre in a statement. The work in the yard’s engineering and design department has already started. The ship will most likely come to Ulstein Verft early April 2017 and the job is to be completed by mid-June 2017. "The ship owner wanted a quality partner, and even if it’s a demanding project with short delivery time, we will deliver on-time with quality as always," said Sætre.

Virgin Voyages three ship orders firm, financing package due soon

  • Written by Kari Reinikainen

Virgin Voyages, the new Miami based cruise ship venture in Sir Richard Branson’s Virgin Group in London, says its contract to build three 110,000 gross ton ships at Fincantieri is now a firm order and a financing package to be in place soon.

“Virgin Voyages, backed by lead investors Bain Capital Private Equity and Virgin Group, expects the multi-billion dollar financing package for the purchase of its three ships to be finalised shortly,” the company said in a statement.

“The lead lending partners will be Cassa depositi e prestiti (Cdp) and UniCredit, and the loan will be fully backed by Italian export credit agency SACE and supported by SIMEST, both subsidiaries of Cdp.,” Virgin Voyages added.

The keel of the first ship wikll be laid at the Sestri Ponente shipyard of Fincantieri in Genoa in the final quarter of next year and the ship will enter service with Miami as its base in 2020.

Virgin Voyages teams up with Climeon to convert wastes heat onboard to electricity 

  • Written by Kari Reinikainen

Virgin Voyages, the nascent cruise shipping in Sir Richard Branson’s business empire, said it has teamed up with Climeon, the Swedish technology group, to convert waste heat produced on board its three ships into electricity.

“The smart people at Climeon found a way to efficiently turn heat waste into electricity, saving stacks of C02. So we’re excited to announce our partnership with Climeon. It’s just one thing we’re doing to meet our commitment to launch one of the cleanest fleets to sail the seven seas,” Virgin Voyages said on its relaunched website.

Climeon said on its website that at sea, a large part of the energy in the fuel fed to combustion engines is transmitted as heat to cooling water and exhaust gases, however, with Climeon Ocean it is possible to convert this otherwise lost energy into electricity. “By utilizing your waste heat with a patented technology squeezed into surprisingly small box, you will grow your companies profit whilst helping the environment,” the company said.

“Heat is one of the largest untapped resources in the world with 50% of all energy being dumped as waste heat. With the Climeon Ocean solution on you can convert this waste heat into clean energy. By utilizing waste heat at temperatures below 120°C, the range at which the largest volume of waste heat is found,” Climeon stated.

Virgin Voyages has contracted the Genoa yard of Fincantieri to build three 110,000 gross ton cruise ships that each will have capacity for 2,800 passengers. Construction of the first ship will start next year, Virgin Voyages said.

CBR 2/2016 CONTENTS

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