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Old October 15th, 2008, 02:47 PM
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Default fuel supplement

A news item i read

...for 2010 cruises. If you are traveling between now and then make sure that you track the price of oil to see if you will get your refund (in the form of an onboard credit).

Here are the details of the plan From Princess Cruises have announced that effective October 31, 2008, the existing fuel supplement will be eliminated for all new bookings on 2010 departures. At that same time, a price increase on 2010 sailings will become effective. Additionally, the company has established specific guidelines under which the current fuel supplement may be reimbursed to consumers for 2008 and 2009 voyages. For 2008 and 2009 departures, if the price of light sweet crude oil according to the NYMEX (New York Mercantile Exchange Index) is $70 per barrel or less at the 2:30 p.m. close of business as reported by Reuters on each of the 25 consecutive trading days ending five trading days prior to the guest’s cruise departure date, the fuel supplement will be refunded in the form of a shipboard credit. Guests who book a 2010 cruise prior to October 31, 2008, will be charged the current fuel supplement but will also be eligible for a refund of the fuel supplement in accordance with the same fuel price conditions that are being implemented for the 2008 and 2009 departures. Bill Harber, director of marketing for Carnival Corporation & plc, said the company was implementing these initiatives due to the recent trends in declining fuel prices in an effort to migrate away from charging a separate fuel supplement. “If fuel prices stabilize below $70 a barrel, we will be able to effectively eliminate a separate fuel supplement.” However, he cautioned that there is still a risk that fuel prices could move higher “which would require us to maintain or reinstate a fuel supplement but the company is hopeful that the goal of eliminating the fuel supplement can be achieved.” Harber added that “these industry-leading initiatives demonstrate our commitment to our guests and travel agents to make our brands the most attractive cruise vacations available.” The fuel supplement for five of the six Carnival Corporation & plc brands is currently $9 per person per day for the first and second guest (not to exceed $126 per person per voyage) and $4 per person per day for third, fourth and fifth guests (not to exceed $56 per person per voyage). Seabourn’s fuel supplement is $15 per person per day for the first and second guest (not to exceed $210 per person per voyage) and $4 per person per day for third and fourth guests (not to exceed $56 per person per voyage).
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Old October 19th, 2008, 12:14 PM
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By the time the oil is purchased, it takes three weeks before it is available as "fuel" on the market. It ain't going to happen folks - 25 days in a row under $70/barrel - not in this volatile market.

OPEC has said that it wants oil prices at $100, but they might settle on $80. What the news this week as OPEC has its summit.

"Iranian Oil Minister Gholam Hossien Nozari said Saturday that it would be "unsuitable" for both producers and consumers for oil to dip below $100 a barrel. He called on fellow OPEC members not to pump too much oil and avoid a drop in prices."

In the long term, I can see the surcharge going away being replaced by higher cruise fares to offset it.
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