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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.
Norwegian Cruise Line Holdings (NYSE: NCLH) announced that its new terminal at PortMiami has become the first LEED® Gold New Construction v4.0 cruise terminal globally. This certification acknowledges its commitment to sustainable building practices and environmental responsibility. The terminal, dubbed the “Pearl of Miami”, opened in August 2021 and can accommodate up to 5,000 guests. Features include advanced energy performance, water efficiency, and local sourcing of materials. Plans for shore power capabilities by Fall 2023 further enhance its sustainability efforts.
Norwegian Cruise Line Holdings (NCLH) announced its three brands—Norwegian Cruise Line, Oceania Cruises, and Regent Seven Seas Cruises—will participate in the CDC's COVID-19 Program for Cruise Ships. This voluntary initiative aims to enhance health and safety protocols for cruise operations in U.S. waters, effective January 15, 2022. The company's commitment includes 100% vaccination for guests and crew, universal testing prior to embarkation, and ongoing health oversight from a council led by former FDA chief Dr. Scott Gottlieb.
Norwegian Cruise Line has announced the launch of its newest ship, Norwegian Viva, set to sail from June 2023. It will homeport in key Mediterranean cities, including Lisbon, Rome, Venice, and Athens, before moving to the Southern Caribbean in winter 2023-2024. The ship, measuring 965 feet and accommodating 3,219 guests, features spacious accommodations and a variety of recreational activities. Noteworthy environmental technologies will reduce its ecological footprint, supporting Norwegian’s commitment to sustainability.
Norwegian Cruise Line Holdings Ltd. (NCLH) has appointed Juan Kuryla as Senior Vice President of Port Development and Construction Management, effective January 17, 2022. Kuryla, formerly the Director and CEO of PortMiami, brings over 30 years of experience in the cruise industry. His role will involve leading the company’s Commercial Development, Construction, and Private Island Operations teams. CEO Frank Del Rio expressed confidence in Kuryla's strategic leadership skills and innovation, which will strengthen the company’s port operations.
Norwegian Cruise Line Holdings (NCLH) announced the completion of its $200 million investment in exhaust gas cleaning systems (EGCS) on its ships, improving their environmental footprint by significantly reducing emissions. The EGCS installations are now present on approximately 70% of the company's operational capacity, equipping 13 ships with advanced technology. The project was completed nearly two years ahead of schedule during the pandemic. The company aims to use a fuel mix of 50% heavy fuel oil (HFO) and 50% low-sulfur marine gas oil (MGO) in 2022.
Norwegian Cruise Line (NCL) launched a new two-part episode titled "Adventure Alaska" as part of its "EMBARK with NCL" series, showcasing Alaska as a prime travel destination. Now available on-demand, the episode follows NCL's team exploring the Inside Passage and local cultures. It highlights NCL's sustainable investments in Alaska, including a new pier and development projects in Ketchikan and Juneau. NCL offers five-to-16-day itineraries aboard various ships for summer 2022, featuring glacier tours and unique wilderness experiences.
Norwegian Cruise Line Holdings Ltd. (NCLH) announced successful completion of balance sheet optimization transactions aimed at improving financial health. This involves issuance of $1.15 billion in 2027 Exchangeable Notes and repurchase of $715.9 million in 2024 Exchangeable Notes. Key benefits include an estimated annual interest expense saving of approximately $86 million, a reduction in diluted shares outstanding by about 5.2 million, and increased liquidity of approximately $259 million. These steps align with NCLH's post-crisis recovery strategy, enhancing shareholder value.
Norwegian Cruise Line Holdings priced its direct offering of 46,858,854 ordinary shares at $23.64 per share, aimed at holders of NCL Corp.'s Exchangeable Senior Notes due 2024. The offering, set to close on November 19, 2021, will generate proceeds to redeem $236.25 million of 12.25% Senior Secured Notes and $262.50 million of 10.250% Senior Secured Notes, along with related expenses. The offering is under an automatic shelf registration filed with the SEC.
NCL Corporation Ltd., a subsidiary of Norwegian Cruise Line Holdings Ltd. (NCLH), has priced an offering of $1 billion aggregate principal amount of 1.125% exchangeable senior notes due 2027. The offering was revised from the previously announced $800 million. Initial purchasers have an option for an additional $150 million in notes. The net proceeds are expected to repurchase up to $715.9 million of existing 6.00% exchangeable senior notes and support general corporate purposes. The closing is anticipated on November 19, 2021, subject to conditions.
Norwegian Cruise Line Holdings Ltd. (NYSE: NCLH) has initiated a registered direct offering of ordinary shares primarily for holders of NCLC's 6.00% Exchangeable Senior Notes due 2024. The Company aims to use net proceeds to redeem approximately $236.25 million of NCLC's 12.25% Senior Secured Notes due 2024 and $262.50 million of 10.250% Senior Secured Notes due 2026, covering interest, premiums, and related expenses. This offering is made under an automatic shelf registration filed with the SEC.
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