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Royal Olympic Cruises remains in the red

Greece`s largest cruise line, Royal Olympic CruisesROC<.>, posted losses for yet another financial year. Losses for 1998 reached $4.7 million. That compares with 1997 losses of $700,000. And due to this year`s Yugoslav crisis, which kept cruise customers away from the Mediterranean, 1999 losses should be substantial.

Next year, however, looks more positive for the cruise line. Besides fewer problems expected in the general area, Royal awaits delivery of its first new cruise vessel in June of next year. A new sister ship is expected in February of the following year.

Each of the new cruise vessels will accommodate 840 passengers and 360 crew members. Like its future sister ship, the new Olympic Voyager expected next June can cruise at 27 knots and in winds of up to eight on the Beauford scale.

Olympic Voyager`s first cruise, June 24, will include stops at Santorini, Alexandria, Ashod, Rhodes, Istanbul, Kussadi and Mykonos.

In the meantime, however, competition in the Mediterranean heats up. Royal Carribean of the U.S. plans to sail five new vessels in the area as of next summer. Most are expected to sail out of Italian ports….

Greece`s largest cruise line, Royal Olympic CruisesROC<.>, posted losses for yet another financial year. Losses for 1998 reached $4.7 million. That compares with 1997 losses of $700,000. And due to this year`s Yugoslav crisis, which kept cruise customers away from the Mediterranean, 1999 losses should be substantial.


Next year, however, looks more positive for the cruise line. Besides fewer problems expected in the general area, Royal awaits delivery of its first new cruise vessel in June of next year. A new sister ship is expected in February of the following year.


Each of the new cruise vessels will accommodate 840 passengers and 360 crew members. Like its future sister ship, the new Olympic Voyager expected next June can cruise at 27 knots and in winds of up to eight on the Beauford scale.


Olympic Voyager`s first cruise, June 24, will include stops at Santorini, Alexandria, Ashod, Rhodes, Istanbul, Kussadi and Mykonos.


In the meantime, however, competition in the Mediterranean heats up. Royal Carribean of the U.S. plans to sail five new vessels in the area as of next summer. Most are expected to sail out of Italian ports.

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Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.

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