Americas News
Cruise Operator Reports Big Jump in Profits Despite Rising Bunker Costs
U.S. luxury cruise operator Regent Seven Seas Cruises (Seven Seas) reports it achieved record revenues of $166 million in the third quarter of 2013, up 4.4 percent year-over-year, and increased its profits 57 percent to $32.9 million.
The company said fuel costs net of hedging for the quarter rose 7 percent to $9.7 million, and the price it paid for bunkers prices rose while consumption per available passenger cruise days (APCD) held steady.
Fuel costs hit $9.9 million, while the company saw a fuel hedge gain of $151,000.
"We are pleased to have reached record revenues, adjusted EBITDA and net income for the third quarter," said Chairman and CEO Frank Del Rio.
"Along with our financial results, we were also proud to take home Virtuoso's 'Best Luxury Cruise Line' honor for the third consecutive year.
"Both our financial results and market accolades are a reflection of the focus we place on providing our guests with an exceptional experience."
Seven Seas, a Miami-based subsidiary of Prestige Cruise Holdings, operates the Seven Seas Voyager, Seven Seas Mariner, and Seven Seas Navigator, according to its website.
Prestige Cruise Holdings also owns the Ocean Cruises brands.
