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CARNIVAL CORPORATION REVISES EPIROTIKI/DOLPHIN VENTURE

 MIAMI, Aug. 30 /PRNewswire/ -- Carnival Corporation (NYSE:CCL) today announced that its previously announced agreement to form a new company with Epirotiki Lines and Dolphin Cruise Line has been revised. Under the new agreement, Carnival has agreed to exchange its interest in the cruise ship Mardi Gras for a small equity interest in Epirotiki Lines.
 Miami-based Dolphin Cruise Line, under a separate, previously announced agreement with Epirotiki, will serve as the North American general sales agent for Epirotiki's Mediterranean-based fleet. Epirotiki will continue to maintain a New York office.
 Under the new Carnival/Epirotiki agreement, Carnival will deliver the Mardi Gras to Epirotiki as scheduled, following the completion of its final three-day cruise to the Bahamas in early September 1993. The ship will sail to Piraeus, Greece, where it will undergo a refurbishment prior to joining the Epirotiki fleet in the Greek Isles as the Olympic in March 1994. Citibank, N.A., acted as financial advisor to both companies.
 According to Carnival Corporation Chairman Micky Arison, both companies will continue discussions which could result in a more significant relationship between the two companies.
 "While this is a somewhat different scenario than our original agreement, I believe that we have forged a strategic alliance among Carnival, Epirotiki and Dolphin that works for the benefit of all of us, but also best serves the needs of each individual company," said Carnival Corporation Chairman Micky Arison. "We are delighted to be aligning ourselves with Epirotiki, which is the number one cruise operator in the Mediterranean," he added.
 Arison pointed out that Epirotiki is well known in the European marketplace. "The company has a long and rich history and pioneered cruises to some of the world's most historic lands, including the Greek Isles, Turkey, Egypt and Israel," he said.
 While Dolphin Cruise Line is not a partner in a new venture as originally intended, Captain Paris Katsoufis, president of Dolphin Cruise Line, said his company was satisfied with the role it will play in the venture. "We're very happy to see Carnival and Epirotiki teaming-up and are delighted that Dolphin will have the opportunity to work with both companies in directing North American sales and marketing activities for their Aegean and Mediterranean products," Katsoufis said.
 Andreas Potamianos, acting on behalf of Epirotiki Lines, said that he believed the entire Mediterranean/Aegean cruise market and Greece would benefit from the new alliance. "By tapping the resources and knowledge of the largest cruise line in the world, I believe we have ensured the future growth and dominance of Epirotiki in the Mediterranean marketplace. There has been tremendous consolidation of the cruise industry and we believe we have chosen a very strong partner in Carnival," he said.
 Pireaus, (Athens) Greece-based Epirotiki operates 11 ships and is one of the oldest shipping companies in the world, tracing its origins to 1830 and offering cruises as early as the 1930s. It also operates from Italian and French ports including Venice, Genoa and Nice, as well as Northern European ports such as Amsterdam and Bremerhaven. During the winter, the company offers cruises in the Red Sea, Indian Ocean, South America, the Amazon and various Caribbean destinations. Epirotiki markets under the slogans "Modern Vacations in Ancient Worlds" and "Fascinating Cruises."
 Carnival Cruise Lines, Inc., to be renamed Carnival Corporation, already comprises the world's largest cruise line based on number of passengers carried. In addition to Carnival Cruise Lines, its other units include Holland America Line, Windstar Cruises and Seabourn Cruise Line, which combined operate 19 ships in the Caribbean, Alaska and other worldwide destinations. Carnival Cruise Lines has contracted for the construction of three 70,000 gross-registered-ton, 2,600-passenger ships, the Sensation, Fascination and Imagination, which are scheduled for delivery in 1993, 1994 and 1995, respectively, as well as a 95,000-ton ship which will be the largest cruise ship ever built, scheduled for delivery in 1996. Holland America Line introduced its new Statendam in January, and the company has contracted to construct two more ships, the Maasdam and Ryndam, to be delivered in late 1993 and 1994, respectively.
 -0- 8/30/93
 /CONTACT: Tim Gallagher, director of public relations of Carnival Cruise Lines, 305-599-2600, ext. 776/
 (CCL)


CO: Carnival Cruise Lines, Inc.; Epirotiki Lines; Dolphin Cruise Lines ST: Florida IN: LEI SU: JVN

RC -- FL005 -- 7125 08/30/93 13:48 EDT
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Publication:PR Newswire
Date:Aug 30, 1993
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