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February 25, 2003

Star inks cruise ship completion contract
In its latest filing of results with the Hong Kong stock exchange, Star Cruises notes that on February 5, 2003, its subsidiary, Ship Holding LLC, entered a contract with Germany's Lloydwerft for completion of construction of the first "Project America" vessel.

Star Cruises estimates that total cost for the first vessel will be $350 million. When completed it will have a gross tonnage of approximately 81,000 tons and a capacity of approximately 2,100 lower berths.

In a separate filing of results based on U.S. accounting principles, Star Cruises notes that "recent legislative developments in the U.S. have opened up additional opportunities for [its] NCL Group [subsidiary] to build on the strong base already established in Hawaii and it is NCL Group's intention to develop a U.S. flag cruise fleet concentrated in Hawaii in parallel to its existing Bahamas flag fleet."

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