Top Headlines

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.

Norwegian Breakaway, summer drive Norwegian Cruise Line Holding profits higher

Details: Written by Kari Reinikainen Kari Reinikainen; Category: Top Headlines Top Headlines; Published: 29 October 2013 29 October 2013

A new ship and summer helped Norwegian Cruise Line Holding, the listed parent company of Norwegian Cruise Line, to report a rise third quarter net profit to $170.8 million from $128.1 million in the same period last year as revenues rose to $797.8 million from $ $674.1 million, the company said ina statement.

In the first nine months of the year, the profit fell to $65.6 million from $167.5 million in the same period last year on a $257.9 million interest expense the company had booked earlier this year. Revenues rose to $1.969 billion from $1.773 billion.

"While the environment this year has become more challenging than anticipated, we demonstrated once again our ability to execute and post solid earnings. Our results for the quarter are the product of a summer season which was bolstered by the premium pricing from Norwegian Breakaway in her first full quarter of operation," said Kevin Sheehan, president and chief executive officer of Norwegian Cruise Line.

"Improved ticket pricing and onboard spend, along with better than expected results from business improvement initiatives drove incremental EPS in the quarter."

Pre tax profit for the quarter rose to $182.2 million, giving EPS of $0.86 per share.

Norwegian to report third quarter interims on 28 October

Details: Written by Kari Reinikainen Kari Reinikainen; Category: Top Headlines Top Headlines; Published: 28 October 2013 28 October 2013

Norwegian Cruise Line Holding will report third quarter 2013 financial results after market close on Monday, 28 October 2013. The company will hold a conference call to discuss results on Tuesday, October 29, 2013 at 10:00 a.m. Eastern Daylight Time.

The conference call will be webcast simultaneously via the Company's Investor Relations website, www.investor.ncl.com. A replay of the webcast will be available at the same site for 30 days following the call.

CLIA Spain established in Madrid

Details: Written by Kari Reinikainen Kari Reinikainen; Category: Top Headlines Top Headlines; Published: 25 October 2013 25 October 2013

The outgoing chairman of CLIA Europe Manfredi Lefebvre D'Ovidio announced at the end of his "The State of the Industry" speech at Madrid International Cruise Summit yesterday (24 October 2013), the creation of CLIA Spain, Alan Lam reports from Madrid.

The incumbent chairman also introduced to his audience the first president of the association's Spanish branch, Belén Wangüemert of Royal Caribbean Cruise Limited, and its vice president, Emiliano González of MSC Cruises.

As the second most popular cruise destination in Europe, Manfredi Lefebvre D'Ovidio underlined the importance of the cruise business to Spain and, in turn, Spain's importance to the cruise business.

5.2 million cruise tourists visited Spain in 2012, about 1.2 million of these embarked from Spanish ports, generating EUR 1.25 billion in direct expenditure to the beleaguered economy.

Spain is also the continent's fourth largest source market, with 576,000 people choosing cruise as their holiday option in 2012. This number is expected to grow steadily hereafter.

The need for an association like CLIA has been obvious. Earlier this year, country specific cruise industry organisations in the UK, Germany Brasil plus regional ones in Europe and Australasia were rebranded under the CLIA houseflag.