All Leisure group, the British owner of three boutique cruise brands, has reported a significant deterioration in first half interims compared with last year.
Net loss widened to £11.2 million from £4.2 million in the first six months of last year. Revenues fell to $24.6 million from £34.8 million. Swan Hellenic’s Minerva underwent major refit and was out of service for part of the review period, which reduced available lower berth nights by 19.3% to 155,000.
For cruising the market continues to be extremely challenging. As a result of the political situation in Greece, regrettably the proposed charter of Alexandervon Humboldt, which will re-enter service as Voyager after a refit, fell through just prior to its commencement and as a result she will not trade prior to entering the fleet in December 2012 as Voyager.
The remaining capacity reflects the difficult UK cruise market and it should also be noted that in view of the discounting that has afflicted the cruise market post Costa Concordia, with the exception of Swan Hellenic, much of these load factors have been achieved at lower yields and, due to fuel, against a higher cost base.
Once again the small Swan Hellenic river cruise programme for Summer 2012 has sold at a satisfactory level and in addition the new Hebridean Island Cruises river programme has been a success.
Discovery will undergo an extended dry dock this winter before returning to service in March 2013 whilst Hebridean Princess will receive her annual winter drydock.
