christopher middleton - Answered a Question by Bowker (28 Oct 08 16:39)

STAR Cruises’ $218m sale of the Norwegian Dream to Louis Cruises has fallen through after the Cyprus-based line failed to take delivery of the vessel. The Malaysian-owned Star Cruises said that a Memorandum of Agreement signed with Louis Cruises had been brought to an end. In a statement to the Singapore and Hong Kong Stock Exchanges Star Cruises said that it had served notice on Louis and Marzio Shipholding that the agreement had been brought to an end following the “the buyers reported rescission or termination” of the MOA and their failure to accept delivery of the Norwegian Dream Under the terms of the agreement the Norwegian Dream was to be delivered to Louis and Marzio with 14 weeks of the signing of the MOA and it was then to be chartered back to NCL unit Ocean Dream a hire fee of about $60,000 a day. It would then be re-delivered to the Cyprus-based owner in November. Louis and Marzio were to have paid the entire $218m purchase price in cash on taking delivery of the Norwegian Dream. The acquisition was funded by DVB Bank .

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