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January 14, 2004

Star Cruises sells Superstar Capricorn

Star Cruises has announced the sale of SuperStar Capricorn to Viajes Iberojet, S.A. It says the sale is part of a larger overall strategy that involves fleet rejuvenation plans for the Star Cruises and Norwegian Cruise Line ("NCL") fleet.

"This strategy has proven successful with the very encouraging performance of NCL's new ships and this is continuing with the recent announcement of newbuildings for the NCL fleet," said Chong Chee Tut, Chief Operating Officer of Star Cruises.

"An integral part of this modernization programme involves the redeployment of ships within the group, from time to time, to capitalize on growth and revenue opportunities in the various markets in which we compete. As some of our Asian markets develop, and once NCL's newbuilds are being delivered into the North American market, we wish to be in a position to transfer into Asia certain of the mid-size NCL ships to replace selected ships in the Star Cruises fleet. This requires us to be on the look-out for opportunities to sell these identified Star ships as and when a potential buyer is interested. This sale of SuperStar Capricorn is consistent with that approach."

At about 28,000 gross tonnes, SuperStar Capricorn entered service in 1973 and joined the Star Cruises fleet in 1997. It measures 206 meters in length and has a width of 25 meters with 430 passenger cabins. Star says the sale of SuperStar Capricorn, which has been offering cruises from the port of Keelung, Taiwan can be seen as the beginning of its Asian fleet rejuvenation plan.

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