Euro 10,000 War Insurance

A cruise ship docking at the Colombo Port has to pay a war risk insurance premium of Euro 10,000 on each voyage; an official told reporters on Monday.

Oneil R. Khosa, C.E.O. & M.D. Louis Cruises India said that those were among the challenges the company faced in calling at Colombo.

Sri Lanka Tourism Promotion Bureau (S.L.T.P.B.) Managing Director Dileep Mudadeniya said that they were working with the Ports Authority to get the war insurance lifted.

The feasible way to do this is to get down international insurers to do an audit, he said.
Louis Cruises India, a virginal line, saw one of its ships dock in Colombo on an overnight tour on Monday.

The cruise ship “Aquamarine” which will call over at Colombo weekly, charges U.S.$ 100 a night on a three night four day trip covering Cochin, Colombo and Male.

The 30 year old “Aquamarine” is one of 12 cruise ships owned by the Loizou family of Cyprus who have a 67% stake in the company, and whose business interests also encompass hotels and the travel trade.

The balance 11 cruise ships do the Mediterranean run.

India has a cruise ship market of more than 100,000; said Khosa. Its up to S.L.P.T.B. and Louis Cruises to effect a marketing campaign to exploit this market, he said.

Khosa said that to manufacture a ship like “Aquamarine” in the present day context would cost between U.S.$ 300-400 million.

He further said that the Indian cruise market has not been hit by the recession.