Norway's Fred Olsen Cruise Lines is expecting earnings to surpass pre-pandemic levels as it looks to reactivate all its ships.
The company's Oslo-listed parent Bonheur said the cruise vessel division made a loss of NOK 179m ($20.5m) in the second quarter, compared to a deficit of NOK 172m in 2020.
All four ships were laid up in Scotland in the period due to Covid-19, but one has since resumed UK-only operations with restricted passenger numbers.
The company is seeing "substantial demand" for future cruises, it said.
This should boost annual Ebitda above levels seen before Covid-19 emerged, Bonheur added.
Three more vessels returning
The three remaining cruiseships will be phased back into operation through to the second quarter of 2022. The first will be back by the middle of next month.
Bonheur's net loss was NOK 11m in the second quarter, compared to a loss of NOK 632m last year.
Revenue grew to NOK 1.6bn, against NOK 1.3bn in 2020.
Ebitda was NOK 313m, turning around a loss of NOK 57m 12 months ago.
The wind service division logged Ebitda of NOK 271m, versus NOK 50m in 2020.
Wind farm transport and installation vessel utilisation was 96%, up from 68% a year ago.
Fred Olsen Windcarrier has revealed new turbine transport and installation contracts with a combined value of up to €124m ($151m).
The deals are linked to work on offshore wind farms in 2022, 2023 and 2024 in Europe and Asia Pacific. The contracts last for up to 630 vessel days.
