Louis Cruise lines anounced today that 3 new ships are added at their fleet.

The one is Carousel. As for the other two i didnt listened.

MyTravel Group plc has completed the review of its overall cruise strategy as announced on 22 March 2004, and today announces its withdrawal from cruise ship operations, although MyTravel will continue to sell the cruise products of other third party providers.

MyTravel has agreed arrangements with Louis Ltd, a cruise and hotel group listed on the Cyprus Stock Exchange, under which Louis will take over operation of three ships. This transaction will result in a provisional exceptional loss for the year ending 30 September 2004 of £16 million. The disposal of the ships will result in a significant reduction in both the fixed costs and risks associated with cruise ship operations. MyTravel will realise net cash proceeds of £1.5 million (after repayment of related financing and deducting costs of the transaction). Before costs, this represents $2 million payable at completion and $14 million payable over the period to 2005, less outstanding finance related to the Carousel. The net proceeds will be used for working capital purposes. The net book value of the assets included in MyTravel’s balance sheet was £18 million at 30 September 2003. Operating losses before taxation of £8 million were attributable to the three ships for the year ending 30 September 2003. These arrangements are conditional upon execution of agreements with banks providing finance in respect of the vessels and the completion of certain formalities. These conditions are expected to be satisfied within a few weeks.

The arrangements with Louis concern three ships previously operated by MyTravel’s Sun Cruises business, namely Carousel, Sunbird and Sundream. There will be a phased handover of the three ships over the next four weeks, after which Louis will operate them. Each of these ships will sail as normal until 26 September 2004, in the case of Sundream, 15 January 2005 in the case of Sunbird, and May 2005 in the case of Carousel, with departures as advertised. MyTravel will continue to sell Sun Cruises holidays on these ships up to these dates.

MyTravel’s remaining cruise ship, Seawing, operated by Sun Cruises, is due to leave the fleet at the end of Summer 2004.

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So... Louis cruise lines 3 new ships are...

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Gpcruisedude posted:
Louis Cruise Lines also owns the Thompson Spirit formerley the Patriot/Nieuw Amstredam which is Chartered to Thompson Holidays until I think 2007

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Sunbird was bought for $71 million. This ship is chartered to My Travel for 9 months and then enters into a 6-year charter with Thomson.

Carousel is hirepurchased for $14 million and chartered back to My Travel for 1 year. No plans for later plans for this ship are announced.

In addition Louis signed a contract to manage the two remaining My Travel Ships, Seawing and Sundream up to September 2004.

-Carousel.
-Sundream.
-Emerald.
-Sapphire.
-Calypso.

[ 04-17-2004: Message edited by: glynn ]

[ 04-18-2004: Message edited by: NicholasK ]

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Originally posted by NicholasK:
Pan you are right. I have read today in the newspaper the anouncement. Also they anounced that Princessa Victoria departs their fleet. They have sold her for $3.15m. As for the SunDream most possible they will buy her by the end of September.

[ 04-18-2004: Message edited by: NicholasK ]

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do you know which scrap merchant the buyer is? Any information on the reason the PRINCESA VICTORIA is sold. I heard a rumour that the engines are beyond repair...

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Originally posted by Johan:
Should there be no market for Greek Island cruises out of Cyprus, or even greece ? Cyprus will be part of +EU in a few months, and i don't know the exact terms, but a cypriot line will once be able to do such cruises, and with the Olympics et al, there will be a surge in intrest in things greek, normally...EU in total is a huge market, much bigger than UK alone
These are just thoughts...

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Unfortunately there does not seem to be such a large local market to support year around cruises to Greece from Cyprus.

Even during the pre 9/11 years these cruises were operated only during the Summer months as most of Cypriots tend to have their holidays during July and August.

The mail year-around destination for Louis was the Middle East, Holy Land and Egypt.

Louis Ltd announces that it has expended its operations with the purchase of new cruise ships and the safeguard of new charters and ship administration contracts.

Specifically, the Company has acquired the cruise ship “Sunbird” against the sum of $71 million. The ship has been chartered in MyTravel Group plc for the period of 9 months and in Thomson Cruises, member of TUI AG, for the period of 6 years.

Louis Ltd has also acquired with the hire/purchase system the cruise ship “Carousel” against the sum of $14 million. The ship has been chartered in My Travel for the period of one year.

The Company has signed an agreement with MyTravel for the management (by Louis Ltd) of the cruise ship “Sundream” by late September 2004.

The aforementioned agreements are exceptionally important for the strengthening of Louis Ltd as one of the most significant cruise ship companies worldwide. Following the developments above, the cruise ships of the three largest British tour operators, TUI, MyTravel and First Choice will belong to or will be administrated by Louis Ltd.

It is worth noting that following the completion of the aforementioned agreements, the income and profits of Louis Ltd will not entirely depend on the imponderable factors affecting the region of Eastern Mediterranean, since the largest percentage will stem from guaranteed ship charters and administration contracts abroad.

The details of the cruise ships are set below:

- Sunbird is of 37,584 tons and was constructed in 1982. It is 214,88 meters longs and has 11 decks. Load: 1,611 passengers in 725 cabins.

- Carousel is of 23,149 tons and was constructed in 1971. It is 194,32 meters long and has 7 decks. Load: 1,158 passengers in 525 cabins.

- Sundream is of 22,945 tons and was constructed in 1970. It is 194,32 meters long and has 8 decks. Load: 1,257 passengers in 540 cabins.

Within the framework of the purchase of new cruise ships and the renewal of the Company’s fleet, Louis Ltd has proceeded to the sale of the cruise ship Princesa Victoria against the sum of $ 3.15 million. This sale will result to a net accounting loss of £785 thousand.

The new expansion of operations is expected to boost the Company’s profitability not only for 2004 but for the years that will follow as well. For 2004, the Company’s profits are expected to quadruple compared to 2003.

Source: Cyprus Stock Exchange

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gpcruisedude posted:
I also read on Seatrade Insider that Thompson Spirit Charter is only til May 2006 and after that time she will only be chartered for 5 months a year by Thompson, so I wonder who will charter her for the rest of the time??

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The SEAWING went to Royal Olympia in a very complicated sale/lease back deal. She is now laid up as a result of Royal Olympia's problems. That is the reason why she is not included in the MyTravel/Louis deal.

NicholasK, where did you hear that the PRINCESA VICTORIA will be sold on by the scrappers to become a hotel? I thought the hotel deal had long since fallen through...

As a result of the entry of SUNDREAM (Sept '04) and CAROUSEL (May '05) into the Louis fleet, expect the SERENADE and AUSONIA to go for scrap. They are old and they are steamships. EMERALD could be interesting. She is also a steamship, almost the same age as the other two, but she had a full rebuild from the hull up in the early 90s. PRINCESA MARISSA still seems to be doing well on her short cruises. SAPPHIRE is diesel powered, so I reckon she will be OK for a while...