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Norwegian Cruise Line Holdings Ltd. (NYSE: NCLH) is a leading global cruise company that operates some of the most recognized brands in cruise travel: Norwegian Cruise Line, Oceania Cruises, and Regent Seven Seas Cruises. With a fleet of 32 ships and approximately 66,500 berths, the company offers diverse itineraries to nearly 700 destinations worldwide. Over its 48-year history, Norwegian Cruise Line has introduced freestyle cruising, a concept that gives guests greater flexibility and transformed the cruise industry.
Operations and Fleet
Norwegian Cruise Line operates 13 purpose-built freestyle cruising ships, providing guests with a relaxed, resort-style vacation on contemporary ships. Oceania Cruises is renowned for its culinary and destination-focused experiences on eight small, luxurious ships. Regent Seven Seas Cruises offer all-inclusive, ultra-luxury voyages on five elegant ships. The company plans to introduce 13 additional ships across its brands by 2036, adding approximately 41,000 berths to its capacity.
Achievements and Recent Projects
Norwegian Cruise Line has been recognized as “Europe’s Leading Cruise Line” for seven consecutive years and “Caribbean’s Leading Cruise Line” three times by the World Travel Awards. The company recently added the Norwegian Getaway, a 4,000-passenger ship homeported year-round in Miami, featuring 28 dining options.
Oceania Cruises has announced a free pre-cruise hotel stay offer for select sailings through late 2024 and 2025, enhancing guest convenience and enriching their travel experience. Additionally, Oceania introduced celebrated Chef Giada De Laurentiis as its Brand and Culinary Ambassador, further solidifying its commitment to offering The Finest Cuisine at Sea®.
Financial and Strategic Developments
Norwegian Cruise Line Holdings has a disciplined multi-year de-leveraging plan and strategic initiatives focusing on fleet expansion and sustainability. The company’s latest initiative, the “Charting the Course” strategy, aims to enhance shareholder returns by improving guest experiences, capitalizing on high-growth opportunities, and driving operational excellence.
In 2024, the company is increasing its financial guidance, expecting Net Yield growth from 6.4% to 7.2%, Adjusted EBITDA from $2.25 billion to $2.30 billion, and Adjusted EPS from $1.32 to $1.42. The company continues to focus on sustainability with initiatives to reduce greenhouse gas emissions and advance towards decarbonization.
Partnership with Fincantieri will see the construction of eight new transformational ships across its brands, emphasizing innovation, efficiency, and sustainability. Additionally, infrastructure enhancements are planned for Great Stirrup Cay, the company’s private island in the Bahamas, to accommodate increased capacity and enhance guest experience.
Conclusion
Norwegian Cruise Line Holdings Ltd. remains a pivotal player in the cruise industry, known for its innovative approach and commitment to providing exceptional vacation experiences. As the company expands its fleet and enhances its offerings, it continues to set industry standards for luxury, sustainability, and guest satisfaction.
Oceania Cruises has announced the introduction of Allura, the second vessel in the Allura Class, set to debut in 2025. This new ship, sister to Vista, will accommodate 1,200 guests and provide personalized service from a crew of 800. Allura will feature innovative dining options, including Ember, a signature restaurant. As demand for Vista has been strong, with her maiden season sold out, Allura is expected to attract similar interest. The ship is currently under construction in Italy, with details of its inaugural season to be revealed in spring 2023.
Oceania Cruises announces that its newly re-inspired Riviera will sail in Asia for the first time in the 2023-2024 season due to high demand. This 1,238-guest ship will offer 25 unique voyages, ranging from 10 to 82 days, showcasing captivating locations across Asia and the South Pacific. With nearly doubled seasonal availability, a total of 121 itineraries are now open for booking. The reimagined vessel features luxurious staterooms and upgraded public spaces, enhancing the onboard experience. Furthermore, Oceania Cruises reported record sales after a successful year in luxury cruising.
NCL Corporation Ltd., a subsidiary of Norwegian Cruise Line Holdings Ltd. (NYSE: NCLH), has priced $600 million of its 8.375% senior secured notes due 2028, increasing from a previous $500 million target. The offering, exempt from Securities Act registration, is set to close on February 2, 2023. Proceeds will be used to repay term loans due January 2024, covering accrued interest and associated costs. The notes will be secured by interests in thirteen vessels and guaranteed by subsidiaries owning these vessels. The offering targets qualified institutional buyers and non-U.S. investors only, with no public sale planned.
NCL Corporation Ltd. has announced a proposed offering of $500 million in senior secured notes due 2028. The offering is exempt from registration under the Securities Act and will be secured by interests in thirteen vessels. Proceeds will be used to repay part of the term loans due in January 2024. The notes will be offered to qualified institutional buyers and non-U.S. investors. This move is part of NCLH's strategy to manage its debt and optimize liquidity amid ongoing challenges from the COVID-19 pandemic and geopolitical tensions, particularly Russia’s invasion of Ukraine.
Norwegian Cruise Line Holdings (NYSE: NCLH) has launched the "Experiences at Sea" brand by merging Sixthman Festivals at Sea and its Charters, Meetings and Incentives division. This brand will host 13 immersive events over 66 nights from January 20 to March 27, 2023, aboard the Norwegian Pearl, featuring artists and athletes tailored to various affinity communities. Notable events include themed cruises for music genres and professions. Additionally, NCLH is offering bespoke packages for the Rugby World Cup 2023, allowing travelers to enjoy matches in France while aboard the Norwegian Epic.
Norwegian Cruise Line Holdings (NYSE: NCLH) announced key executive changes effective January 1, 2023, as part of its succession planning. Andrea DeMarco will become President of Regent Seven Seas Cruises, while Frank A. Del Rio will lead Oceania Cruises. Both previously served as Chief Sales and Marketing Officers for their respective brands. Former Presidents Jason Montague and Howard Sherman will remain as Special Advisors. The management transition aims to leverage their extensive experience and maintain brand continuity amidst ongoing recovery efforts in the cruise industry.
Norwegian Cruise Line Holdings has successfully amended and extended its Operating Credit Facility, increasing the debt capacity by $1.5 billion and extending the maturities of approximately $1.4 billion of debt to January 2025. The company aims to address the remaining debt of approximately $1.5 billion due in January 2024. CFO Mark A. Kempa expressed confidence in restoring the balance sheet over time while acknowledging the complexities of the current macroeconomic environment.
Norwegian Cruise Line (NCL) announces the premiere of a two-part episode titled "EMBARK with NCL" featuring the debut of its newest ship, Norwegian Prima. The episode airs on December 8, 2022, at 8 P.M. ET, offering viewers a behind-the-scenes look at the ship's christening in Reykjavik, Iceland. Highlights include performances by Icelandic artists and a ceremonial champagne bottle break by Godmother Katy Perry. Part two showcases innovative onboard experiences such as the Indulge Food Hall and the Prima Speedway. The episode aims to inspire future cruise travelers.
Oceania Cruises has launched a new immersive Grand Voyage itinerary for 2023, titled Mediterranean Connection. Set to sail from Venice to Barcelona on October 11, 2023, this 33-day cruise will visit 28 unique ports without repeating any. Highlights include gourmet culinary experiences, a blend of history and culture, and an overnight stay in Istanbul. Shorter segments of the voyage are also available, catering to different travel preferences. The cruise caters to travelers seeking in-depth exploration of the Eastern Mediterranean and Holy Lands.
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