Fred Olsen takes $20m hit on cruiseship sales as it falls to loss

Norway's Fred Olsen group has revealed it made a substantial loss on selling two idle cruiseships as it renewed the fleet in the third quarter.

The group's Oslo-listed holding company, Bonheur, said in its results statement on Friday that the cruise division Fred Olsen Cruise Lines booked an impairment of NOK 187m ($20.2m). The charge was tied to the disposal of the 28,600-gt sisterships Black Watch (built 1972) and Boudicca (built 1973) this month.