turning a profit in the first months of 1996.

NCL Holding ASA, lost 58.9 million kroner in the six months ended June 30, compared to a profit of 116 million kroner a year earlier when the company made a one-time gain of 220 million kroner from refinancing its debt.

NCL, whose Dreamward is a regular weekly caller to Bermuda, said: "The market for cruises is strong at the moment and about 34 percent of the capacity for the first half of 1998 has been sold at good prices.

"Prices achieved in the second quarter this year show a decline compared with the same period in 1996, but this is more than compensated by higher passenger numbers.'' NCL Holding ASA said it bought the cruise ship Aida for $180 million from an undisclosed seller.

"Through the cruise ship Aida and a letter of intent for cooperation with Arkona Reisen in Germany, NCL continues to increase its capacity and strengthening its position in the growing European market,'' NCL said.

Aida has a capacity of 1,200 passengers, and was built in 1996.