P&O has sold Artemis to German tour operator Phoenix Reisen, effective October 6. P&O will continue to operate Artemis by lease agreement until April, 2011.
Many of us fondly remember Artemis as Princess Cruises Royal Princess, one of the finest Princess ships ever.
I don't think they are downsizing, just replacing older ships with newer ones. They are taking delivery of a 3100 passenger vessel named Azura next April. I haven't seen a rendering of Azura, but at 3100 pax I have to think it is another Grand Class clone like Ventura.