n Louise Cruise Lines completes market flotation
Louis Cruise Lines has completed a flotation on the Cyprus Stock Exchange aimed at raising £22m to pay off debts,refurbish the fleet and acquire new ships. The share issue was over-subscribed by 70 times. The shares, which wereinitially sold for 45p, were changing hands for £3.50 on the first day of trading.
n US government to axe 100-year-old maritime law
The US government is looking to relax its Passenger Vessel Services Act, a century-old maritime law that prevents foreign-flag vessels from sailing directly between US ports. A bill is being sponsored by senator John McCain, chairman of the US senate commerce committee, who contends theoutdated law confines the country’s cruise market largely to Florida and Alaska because these states lie close toneighbouring countries.
n strong performance boosts Sea Containers
Sea Containers has reported a 50% increase in net earnings to $26.8m for the first half of the year, led by the strongperformance of its leisure and transport divisions.Turnover rose from $588.7m in this period of 1998, to $607.2m this year. The company said that Hoverspeed’s profits in thesecond quarter were substantially more than budgeted.However, profits from Irish Sea ferry operations and Great North Eastern Railways were down on the same period the previous year.
n Ocean majesty set for visit to Port of Barrow
Ocean Majesty is making an inaugural visit to the Port of Barrow on August 22 2000. The 600-capacity ship has been chartered by Page and Moy which is using the port for the first time following a marketing campaign by the Port ofBarrow Cruise Ship Initiative.