Greek authorities fine Louis for Sea Diamond

The Greek Minister of Mercantile Marine Kefaloyiannis decided to impose a cumulative fine amounting to EUR 1.17 mln on the captain of the vessel Sea Diamond, the owner company (LUI) and the company managing the vessel, which sank on 5 April 2007 near

the Greek island of Santorini.

Louis meanwhile issued a statement clarifying that the imposition of fine by the Greek Merchant Marine Minister and any possible compensations to third parties are fully covered by the ship’s insurance.

Louis plc also announced that it has reached an agreement with Tasmanico Trading Limited, charterer of cruise ship “Arielle” (ex-“Aquamarine”) for the termination of its charter by mutual consent from November 20, 2007. 

This settlement falls under the Company’s strategy for an improvement and renewal of the quality of its product with departures from the ports of Limassol, Piraeus, Genoa and Marseille. Louis Cruise Lines has adopted a dynamic development program in the past two years and has become one of the most important companies of the sector in Europe. 

The above settlement is not expected to differentiate the financial results in the next few years, since the ship will be used by Louis Cruise Lines for its own itineraries with similar financial results as those of the charter.