Norwegian Cruise Line Holdings

Norwegian Cruise Line Holdings Ltd. (NCLH) stands as a premier force in the global cruise industry, operating as the third-largest cruise operator worldwide with a diversified portfolio of three award-winning brands. The company operates Norwegian Cruise Line, Oceania Cruises, and Regent Seven Seas Cruises as wholly owned subsidiaries, each targeting distinct market segments from contemporary to ultra-luxury experiences. Based in the United States and domiciled in Bermuda, NCLH commands a fleet of 34 ships with more than 71,000 berths, serving approximately 700 destinations globally.

The company's multi-brand strategy allows it to capture different customer segments across the cruise market spectrum. Norwegian Cruise Line, the flagship brand, pioneered the concept of Freestyle Cruising, revolutionizing the industry by eliminating fixed dining times and dress codes. Oceania Cruises caters to the upper-premium market with a focus on destination-rich itineraries and culinary excellence. Regent Seven Seas Cruises represents the pinnacle of luxury, offering all-inclusive experiences with personalized service, gourmet cuisine, and exotic destinations.

In 2024, NCLH achieved record-breaking financial performance, generating total revenue of $9.5 billion, an approximately 11% increase over 2023 on just 3% capacity growth. The company's GAAP net income reached $910.3 million, up 448% compared to 2023, with earnings per share increasing 386% to $1.89. This exceptional performance reflects strong consumer demand, superior pricing power, and operational excellence across all three brands.

NCLH has unveiled an ambitious fleet expansion plan representing the most comprehensive new build order in its history. The company has ordered eight state-of-the-art vessels delivering between 2026 and 2036, representing nearly 25,000 additional berths. This includes four approximately 200,000-gross-ton ships for Norwegian Cruise Line (2030, 2032, 2034, 2036), two 86,000-gross-ton ships for Oceania Cruises (2027, 2029), and two 77,000-gross-ton ships for Regent Seven Seas Cruises (2026, 2029). Combined with this expansion, NCLH expects to add 13 additional ships through 2036, bringing over 38,400 new berths to its fleet.

The company has also invested significantly in its private island destinations, which serve as exclusive ports of call that enhance guest experiences and drive profitability. Great Stirrup Cay in the Bahamas and Harvest Caye in Belize provide world-class destinations in the Eastern and Western Caribbean. In 2024, NCLH broke ground on a new $150 million pier development at Great Stirrup Cay, expected to be completed by late 2025, which will further enhance the guest experience and operational efficiency.

NCLH operates with a workforce of more than 40,000 employees globally, combining maritime expertise with hospitality excellence. The company went public in January 2013 through an initial public offering on NASDAQ, raising approximately $477.64 million through the sale of 27.1 million shares. It later switched its listing to the New York Stock Exchange on December 19, 2017, where it currently trades under the ticker symbol NCLH.

Environmental sustainability has become a core focus for NCLH. In June 2025, the company released its 2024 Sail & Sustain report, outlining efforts to drive positive environmental impact while advancing its 'Charting the Course' strategic vision. The company is committed to preserving oceans and protecting the environment through operational improvements, advanced technologies, and responsible tourism practices.

Looking ahead to 2025, NCLH expects Adjusted EBITDA of approximately $2.72 billion (an 11.0% increase versus 2024), with Adjusted Net Income expected to be approximately $1.07 billion and Adjusted EPS expected to be approximately $2.05. The company continues to experience strong consumer demand across all itineraries and brands throughout 2025 and into 2026, positioning it for continued growth and market leadership in the global cruise industry.