regency Cruises' Regent Sea sailed on schedule from Montego Bay, Jamaica, November 17, beginning its first winter season in the Caribbean. The ship will sail seven-day cruises from Montego Bay through April 1986, before entering service between Vancouver and Alaska for an 18-week summer season.

According to Regency, the first three weeks are completely sold out, with Christmas and New Year's nearly booked.

However, as the line has not yet realized any operating revenues since it went public in May 1985 - when the stock was oversubscribed and 6.5 million units were sold - a loss, consisting of net pre-operating expenses, of $954,000, equal to eight cents per share, was reported at the end of September. Regency also reports that it has taken in over $600,000 in advance deposits, and received bookings worth $1.5 million for the summer season. The line anticipates revenues of $25 million for its first full year of operation, and expects to report a profit in 1986. Current assets are $4.1 million and current liabilities $1 million.

Since May, the stock, which was offered at one dollar per unit (a unit consists of one common share, $.001 par value, and one warrant to purchase a share of common stock at $1.50 to $2.00 between March and July of 1986), has been traded as high as $1.55; and is currently being traded at $0.56. Regency expects the stock to recover, however, as the cruise season gets under way. The stock is listed on the NASDAQ over-the-counter quotation system under the symbol SHIPU.

Shareholders with $500 worth of Regency stock have been offered a $500 per cabin discount on Caribbean/Panama Canal cruises.