Star Cruises Showing Signs of Better Finances by Narrowing Year-end Losses

Star Cruises recorded a $USD9 million loss in 2004, compared with a $124 million loss in 2003. Revenues for the third-largest cruise company, which includes Star Cruises and NCL Corp., rose 1.1% year-over-year, to $1.6 billion, Travel Weekly magazine reports.

Net yields at NCL Corp., which includes Norwegian Cruise Line, NCL America and Orient Lines, rose 6.9%. The division recorded 105.9% occupancy during 2004; occupancy on NCL America´s ship, the Pride of Aloha, was 100.7%.

Ship operating expenses per capacity day at NCL Corp. rose by 9.4% in part due to rising payroll and other costs, and in part due to heightened cost levels of its U.S. flag operations.

For the quarter ended Dec. 31, Star recorded a $37 million loss, compared with a $138.9 million loss during fourth-quarter 2003; revenues declined 2.5%, to $390 million. Star said that net yields increased 13.7% in the fourth quarter. Total costs and expenses amounted to $385 million.