Ambassadors International, parent of Windstar Cruises, reported a $34.7 million net loss in the third quarter.
Noncash impairment charges related to a decline in value of cruise ships accounted for $32 million of the loss.
Ambassadors' quarterly report also includes a one-time $1.2 million expense -- a settlement under a business interruption insurance claim related to a prior incident at Majestic America Line, Ambassadors' defunct river cruise business.
Windstar's number of passengers in the third quarter fell 2.8%, to 7,273. Occupancy dropped 2.7 points, to 92%.