Norwegian Cruise Line Holdings Ltd. (NCLH)

Norwegian Cruise Line Holdings Ltd. (NCLH) is a leading global cruise company that operates the Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises brands. Norwegian began operating from Miami in 1966, and NCLH was formed in Bermuda in 2011, completed its initial public offering in 2013 and acquired PCI in 2014. In late 2023, in response to the OECD's BEPS 2.0 Pillar 2 tax reform, it realigned many operations across its three brands into Bermuda. As of December 31, 2025, the company had 34 ships with approximately 71,400 berths, and it expects to add 17 more ships from 2026 through 2037.

Revenue comes from passenger tickets and from onboard and other sales. Ticket prices generally cover cruise fare, meals, entertainment and onboard activities, and in some cases airfare, beverages, shore excursions, Wi-Fi, laundry and pre-cruise hotel packages. Onboard revenue includes casino, certain food and beverages, shore excursions, retail, spa, art auctions and communication services. Some of these are run by third-party concessionaires that pay the company a share of gross sales. Norwegian offers up to 20 dining options on select ships, a range of attractions and accommodations from The Haven luxury suites to solo studios, and the only entirely inter-island Hawaii itinerary on its U.S.-flagged Pride of America. Oceania Cruises emphasizes dining and destination-focused itineraries and has accepted only guests aged 18 and older for new reservations since January 2026. Regent's all-inclusive fares cover unlimited shore excursions, premium beverages, specialty dining, gratuities and Wi-Fi. The company also operates two private destinations, Great Stirrup Cay in The Bahamas and Harvest Caye in Belize.

The brands target seasoned travelers and premium families who appreciate upscale experiences, a customer base the company describes as resilient with strong repeat bookings. Itineraries reach about 700 ports across Europe, Asia, Australia, New Zealand, South America, Africa, Canada, Bermuda, the Caribbean, Alaska and Hawaii. Demand is seasonal and strongest in the Northern Hemisphere summer. The company works with travel partners and travel advisors.

The fleet expansion program includes three more Prima Class ships and five additional Norwegian ships on order, five Sonata Class ships for Oceania and four Prestige Class ships for Regent. Some of these orders take effect only upon financing, and export credit financing is expected to cover about 80% of the contract price for ships with effective orders. The company has also signed charters with purchase options for Norwegian Sky and Norwegian Sun as part of a plan to dispose of older vessels. Its largest capital expenditures are for ship construction and acquisition, generally paid in euros. Its largest operating costs are payroll (including a third-party crew services contract), fuel, airfare, food and beverage, marketing and travel advisor services. Supplies are generally available from many sources. Its main competitors are Carnival, Royal Caribbean, MSC Cruises, Viking Ocean Cruises and Virgin Voyages, along with land-based vacation options. The company carries hull and machinery, protection and indemnity, war risk and other insurance. Its principal executive offices are at 7665 Corporate Center Drive, Miami, Florida, and its registered office is in Hamilton, Bermuda.