Star Cruises waves farewell to two ships
SINGAPORE – Star Cruises has completed the sale of two ships, Norwegian Dream and Norwegian Majesty, to the Cyprus Louis Group for US$218 million and US$162 million respectively.
The two ships will be chartered back from the new owner to complete their announced scheduled itineraries in November 2008 for Norwegian Dream and December 2009 for Norwegian Majesty.
David Chua, president of Star Cruises, said the sale of the two ships would improve on the Star Cruises group’s capital structure following the completion of Apollo’s investment in Norwegian Cruise Line in January.
“It is expected that there will be net savings in interest expenses and the additional cash flow will provide opportunities arising in Asia for Star Cruises like our hotel and casino project in the Philippines,†said Chua.
“This transaction will also speed the optimisation plan for the upgrade of our existing fleet in Asia and the international fleet in America and Europe.
“We have two new ships currently under construction and will deliver 10,800 more lower berths by completion in 2010. Star Cruises will continue our investment in NCL and explore opportunities for our international fleet,”added Chua.
Ian Jarrett
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