Oceania, Regent Slash Fuel Surcharges

Oceania and Regent Seven Seas have eliminated fuel surcharges for all cruises departing in 2010. For 2010 cruises already booked, the surcharge will be removed from final payment balances.

Prestige Cruise Holdings, the cruise lines’ parent company, said it would continue to apply a surcharge of $15 per passenger, per day on 2009 cruises, but that the charges would be refunded in the form of shipboard credits if certain conditions are met.

If the price of oil falls below $65 per barrel two weeks before the beginning of a calendar quarter, passengers get a shipboard credit for the cruise departing during that quarter. For example, the price of West Texas Intermediate oil will be recorded on Dec. 18 for cruises departing during the first quarter of 2009.

“If oil stabilizes below $65 per barrel, we are confident that we can effectively eliminate the need to charge our guests a separate fuel supplement,” stated Frank Del Rio, Chairman of Prestige Cruise Holdings. “However, we must see stability in fuel pricing on a mid- to long-term basis as there could still be significant volatility in the marketplace.”