Frank
del Rio, chairman of Prestige Cruise Holdings (Regent's parent company) said
Prestige has been discussing a newbuild for Regent but would not place the
order until "the time is right." Del Rio said that Regent’s success has readied the cruise line for a new ship. Regent’s last new ship, the Seven Seas Voyager, was delivered in 2003.
Del Rio made his comments during this week's preview sailing on Oceania
Cruises' new ship, the Marina. Prestige is Oceania's parent company, as
well.
"Once we know we can fill the ships we have, we will order more," he said.
"We’ve begun thinking about Regent’s expansion."
When Apollo Management,
the private equity company that owns Prestige, closed on its acquisition of
Regent Seven Seas in 2008, Prestige gave Regent the go-ahead to enter
discussions with shipyards about a ship that was to be ordered that year.
The economy sank, and the order was never placed.
Last year, del Rio said, Regent had its highest occupancy and almost set a
pricing record. In 2011, it will set a pricing record, he said.
"Regent had a record year, its bottom line is extraordinary," he said. "No
luxury cruise line’s bottom line has ever even approached Regent’s. We are
enjoying economies of scale and record occupancy, and we came close to
achieving record pricing."
Del Rio said that Prestige is in a very strong financial position to order
more ships.
"We have $1 billion in revenues, $3 billion in assets, and Apollo is a very
financially savvy company," Del Rio said." And they are supporting
[the growth of Oceania] with these $600 million vessels."
Another Oceania ship order is probably not happening anytime soon.
"The Riviera is around the corner," Del Rio said of the Marina’s sister
vessel, which is scheduled to enter service in April 2012. "We’re happy
with what we’ve got."
