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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 (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.
NCL Corporation Ltd. (NCLC), a subsidiary of Norwegian Cruise Line Holdings Ltd. (NCLH), announced a proposed sale of $800 million in exchangeable senior notes due 2027. The offering is exempt from registration under the Securities Act. NCLC plans to grant an option to purchase an additional $120 million of notes. Proceeds will be used to repurchase existing 2024 Exchangeable Notes and for general corporate purposes. The notes will be unsecured and guaranteed by NCLH, with potential exchanges for cash, shares of NCLH, or a combination thereof.
Oceania Cruises has launched the second phase of culinary enhancements as part of its OceaniaNEXT initiative. New offerings include expanded in-room dining options, a 'Soufflé of the Day' in The Grand Dining Room, and wine tasting programs on every sailing. The updated in-room menu features a variety of new appetizers, entrées, and desserts, enhancing the dining experience for guests. These changes aim to elevate the brand's culinary reputation, with updates already implemented on ships like Marina and Riviera, and set to debut on others as they resume sailing.
Norwegian Cruise Line Holdings Ltd. announced key changes in leadership, effective January 1, 2022. Howard Sherman, currently an Executive Vice President, will succeed Bob Binder as President and CEO of Oceania Cruises. Binder, co-founder of Oceania, will transition to an advisory role as Vice Chairman. Ross Henderson has been promoted to Executive Vice President, Onboard Revenue and Destination Services. The leadership changes aim to enhance innovative strategies and leverage experience as the company prepares for new ship launches, including the Allura Class ships in April 2023.
Norwegian Cruise Line Holdings (NCLH) reported third-quarter results highlighting a positive trajectory as it resumes operations. By year-end 2021, approximately 75% of its capacity is expected to be back in service, with full fleet operations anticipated by April 2022. The company forecasts operating cash flow positivity in late Q1 2022 and profitability in the second half of 2022. Despite Delta variant impacts causing a temporary slowdown in bookings, net booking volumes have improved, with advance ticket sales at $1.7 billion, including $750 million in future cruise credits.
Norwegian Cruise Line Holdings (NYSE: NCLH) will announce its third quarter 2021 financial results on November 3, 2021, at 7:00 a.m. ET, followed by a conference call at 10:00 a.m. ET. The call will also be webcast on the Company’s Investor Relations website. Norwegian Cruise Line Holdings operates brands including Norwegian Cruise Line, Oceania Cruises, and Regent Seven Seas Cruises, with a fleet of 28 ships and plans for nine additional ships through 2027, totaling approximately 24,000 new berths.
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