Louis Cruise Lines have made an agreement with Star Cruises to purchase two of their cruise ships. The parent company, Louis plc plan to buy the Norwegian Dream and the Norwegian Majesty for the total of $380 million (240 million euros).
As part of their agreement, the Norwegian Dream will be leased back to Star Cruises until November 2008 and the Norwegian Majesty until December 2009.
The funding has been undertaken by DVB Bank, who is a specialist transportation finance bank.
Louis Cruise Lines have said the move would strengthen its position in the Eastern Mediterranean cruise market.
They added: “The expansion of the company’s cruising operations is expected to lead to a considerably higher profitability for 2009 onwards and will also create new prospects for Louis plc internationally.”
Costakis Loizou, executive chairman for Louis Plc also stated: “This announcement is working with our strategy for the renewal of our ships and also the continuous upgrading of the service that we provide.”
“This isn’t only a major step forward for Louis but also for the Mediterranean cruise market, where the company have been active over a couple of decades now.”
“With the current trends of the cruise market our decision is consistent, since cruising is the fastest growing tourism sector internationally.”
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