Prestige Cruise Holdings Announces Elimination of Fuel Supplement Charges

Prestige Cruise Holdings, parent company of Oceania Cruises and Regent Seven Seas Cruises, has announced that fuel supplement charges will be eliminated from all voyages departing in 2009. PCH had previously announced that fuel supplement charges for 2010 voyages would be eliminated effective November 10, 2008.

Frank Del Rio, chairman of Prestige Cruise Holdings, stated that the company was eliminating these charges due to the dramatic decrease in the price of crude oil. "As the price of oil has tumbled into the low $40 range, we can now eliminate the fuel surcharge on all 2009 voyages and as long as the price remains below $65 per barrel, we are confident that we will not require a surcharge in the future," he added.

The fuel supplement charge will be removed from reservations for all 2009 voyages at the time of final payment. Guests who have already paid in full for their 2009 voyage will be issued a shipboard credit equal to the fuel supplement charge they were assessed.

Prestige Cruise Holdings will continue to monitor the price of fuel and retains the right to reinstate the fuel supplement charge at any time should market conditions warrant.

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