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Marine Log

April 24, 2008

Louis buys two NCL cruise ships from Star

Cyprus-headquartered Louis plc has entered into an agreement with Star Cruises to purchase the cruise ships Norwegian Dream and Norwegian Majesty for $218 million and $162 million respectively.

The two cruise ships are currently operated by NCL and will be chartered back to Star Cruises until November 2008 at $60,000 per calendar day for the Norwegian Dream and December 2009 at $40,000 per calendar day for the Norwegian Majesty.

Louis says funding for the deal has been undertaken by DVB Bank.

Louis says 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 further enhances the company's leading position in the Eastern Mediterranean cruise market.

The 51,000 tons Norwegian Dream is 230 meters long and was built in France in 1992. In 1998 it underwent a lengthening operation. It is a new generation cruise ship which can accommodate 2,156 passengers in its 875 spacious cabins and suites, 695 of which are outside and 48 with private balcony. The cruise ship features ten decks, six restaurants, eleven lifts, two swimming pools, Spa & Fitness facilities, a two-tiered show lounge, casino, library as well as an array of bars and other public areas.

The 41,000 tons Norwegian Majesty is 207 meters long and it was built in Finland in 1992. In 1999 the vessel underwent an extensive rebuilding, lengthening and refurbishment amounting to $53,3 million. It is a new generation cruise ship and can accommodate 1,790 passengers in its 731 spacious cabins and suites, 481 of which are outside. The cruise ship features nine decks, five restaurants, six lifts, three swimming pools, Spa & Fitness facilities, an amphitheatrical show lounge, casino, library as well as a large number of other public areas.

Louis says this expansion of its 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.

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