LCL Buys Stake In Royal Olympic

Cyprus cruise operator Louis Cruise Lines has signed a deal to acquire a 51.4 percent controlling stake in Nasdaq-listed Royal Olympic Cruise Lines. The value of the deal was not released. Louis now owns seven vessels, and an eighth is under management. It has increasingly turned to out-chartering in recent years and has a dominant position in the eastern Mediterranean short-cruise market that it operates out of Limassol. Royal Olympic operates eight vessels in the Mediterranean and in the United States. The Greek company is in the process of building another two vessels, the first due for delivery in June 2000 and the second in 2001.