MIAMI, November 3, 2008 â€“ Prestige Cruise Holdings, parent company of Oceania Cruises and Regent Seven Seas Cruises, has announced that effective November 10, 2008, fuel supplement charges will be eliminated from all voyages departing in 2010 and the company has established specific guidelines under which the fuel supplement may be reimbursed to guests sailing on voyages departing in 2009.
For voyages departing in 2010, no fuel supplement will be charged on new reservations. For existing reservations on voyages departing in 2010, the fuel supplement charge will automatically be removed from the guestsâ€™ final payment balance. For voyages departing in 2009, the company will continue to apply a $15 per guest per day fuel supplement. Fuel supplement charge adjustments, if any, will be determined on a quarterly basis. Refunds, in the form of shipboard credits, will be applied to all reservations to which a fuel supplement had previously been charged if the quarterly closing price on the New York Mercantile Exchange of West Texas Intermediate fuel is below $65 per barrel two weeks prior to the beginning of the upcoming calendar quarter.
Frank Del Rio, Chairman of Prestige Cruise Holdings, stated that the company was implementing these changes due to the recent decline in fuel prices. â€œIf oil stabilizes below $65 per barrel, we are confident that we can effectively eliminate the need to charge our guests a separate fuel supplement. 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,â€ stated Del Rio.
The dates on which the price of West Texas Intermediate fuel will be measured and the quarters during which refunds may be applied are listed below.
Fuel Price Determination Date Quarter of Possible Fuel Supplement Refunds
December 18, 2008 First Quarter 2009
March 18, 2009 Second Quarter 2009
June 17, 2009 Third Quarter 2009
September 17, 2009 Fourth Quarter 2009
Prestige Cruise Holdings will continue to monitor the price of fuel and will retain the right to reinstate the fuel supplement charge at any time should market conditions warrant.
About Prestige Cruise Holdings
Prestige Cruise Holdings (PCH) is a subsidiary of Apollo Management L.P. and the parent corporation of Regent Seven Seas Cruises and Oceania Cruises. Formed in 2007 to manage select assets in Apollo Managementâ€™s cruise investment portfolio, PCH is led by Chairman and Chief Executive Officer Frank J. Del Rio, the founder of Oceania Cruises. PCH is the market leader in the Upper Premium and Luxury segments of the cruise industry with more than 4,450 berths between the Regent Seven Seas Cruises and Oceania Cruises brands, a number the company expects will grow to more than 6,700 berths by 2011.
About Oceania Cruises
Oceania CruisesÂ® is the worldâ€™s only upper-premium cruise line and offers a unique combination of the finest cuisine at sea, luxurious accommodations, exceptional personalized service and extraordinary value. As the leader in destination cruising, Oceania Cruises sails to more than 180 ports in Europe, Australia, New Zealand, Asia, South America, and the Caribbean. Featuring three intimate and elegant mid-sized ships, Regatta, Insignia and Nautica, the line will introduce the new mid-size Marina to its award-winning fleet in 2010 along with an identical sister-ship in 2011. For additional information, to make a reservation, or to order a brochure, please contact your Travel Agent or Oceania Cruises at 800-531-5658. Visit us at www.OceaniaCruises.com.
About Regent Seven Seas Cruises
Regent Seven Seas Cruises operates a fleet of medium-sized luxury cruise ships that visit over 300 ports on all seven continents, including Antarctica. RSSC is consistently rated among the worldâ€™s top three cruise lines by readers of luxury travel magazines. Travel professionals worldwide voted RSSC the â€œWorldâ€™s Best Luxury Cruise Lineâ€ for the fourth consecutive year as part of the 2007 Travel Weekly Awards and readers of CondÃ© Nast Traveler magazine voted RSSC â€œWorldâ€™s Best Small-Ship Cruise Lineâ€ in 2007. For further information, contact Regent Seven Seas Cruises, 1000 Corporate Drive, Suite 500, Fort Lauderdale, Florida, 33334. For brochures, call toll-free (866) 284-4079; for reservation information call toll-free (800) 285-1835; or visit www.rssc.com.