Cruise Share Performance

Towards the end of 1999, the stock market had shaken off concerns about the economy becoming too strong, interest rates had backed up and the general economy was sound. The S&P had moved back into positive territory, led by a rally in the technology sector and assisted by oversold sectors such as the retailers.

Since early November, the cruise shares staged an impressive rally, with an 11.6 percent one-month rise in the LF Cruise Index (pictured), which is consistent with the performance of the two leaders, CCL and RCL. Even more impressive was the truly explosive one-month performance of Star Cruises, which rose 50 percent.

Star is now the fourth largest cruise line in the world based on its market capitalization of $5.6 billion. The Lazard Freres Cruise Index enjoyed good performance in the last few years, with a five year cumulative return of 264 percent.

— excerpted, in part from Lazard Freres' 1999 "Cruisin' Miami" Fieldtrip

Maritime Reporter Magazine, page 26, Feb 2000

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