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Louis buys two ships against $380m

23/04/2008 13:25
Louis plc proceeded with the renewal of its fleet with the purchase of two new cruise ships against $380 million (€240 million). According to the relevant announcement, “Louis plc announces that it has entered into an agreement with Star Cruises for the purchase of two of its cruise ships, namely the “Norwegian Dream” and the “Norwegian Majesty” for a total amount of US $ 380 million (Euro 240 million). The purchase price for the first one is US $218 million (Euro 138 million) and US $162 million (Euro 102 million) for the second one”.

“As per the terms of the agreement, the two cruise ships will be chartered back to Star Cruises until November 2008 for the Norwegian Dream and December 2009 for the Norwegian Majesty. The funding has been undertaken by DVB Bank, the global specialist transportation finance bank”, the announcement said.

“The purchase of these two cruise ships constitutes the most important renewal and upgrading of the Louis Cruise Lines fleet in its twenty-two year old history and at the same time it further enhances the company’s leading position in the Eastern Mediterranean cruise market”, it added.

“This very important expansion in the Company’s cruising operations is expected to lead to substantially higher profitability for 2009 onwards and at the same time will create new prospects for Louis plc internationally”, it concluded.