Royal Olympic Offers Update

January 15, 2004

Royal Olympic Cruise Lines, Inc., which has been eerily silent on the status of cruises on ships that were repositioned by various financial parties, has finally, today, issued an announcement:

"Royal Olympic Cruise Lines Inc. announced today that it and two of its subsidiary companies, Olympic World Cruises, Inc. and Royal World Cruises, Inc., owners of the cruise ships Olympia Voyager and Olympia Explorer respectively, which latter two companies are subject to a Chapter 11 reorganization proceeding pending in Honolulu, Hawaii, have amicably resolved their differences with German lending institutions by an agreement for the resolution of the pending proceedings by consent."

The company calls the development a "major step forward for resolution." However, calls to confirm rumors of cruise cancellations have not been returned -- by either Royal Olympic or its U.S. public relations representatives -- though travel agency sources tell Cruise Critic that passengers booked on near-future voyages should (obviously) stay in close touch with agents (and assume, until Royal Olympic offers further public information, that cruises on impacted ships, particularly Olympia Voyager, Olympia Explorer, Olympia Countess and Triton, are canceled).