3 unchanged sentences
Our brands include Lindblad Expeditions, Natural Habitat, Inc.
−Removed: (“Natural Habitat”), Off the Beaten Path, LLC (“Off the Beaten Path”), DuVine Cycling + Adventure Company (“DuVine”), Classic Journeys, LLC (“Classic Journeys”), and Thomson Group, consisting of Wineland-Thomson Adventures, LLC (“Thomson Family Adventures”), Thomson Safaris Ltd (“Thomson Safaris”), Nature Discovery Ltd (“Nature Discovery”), and the Ngorongoro Safari Lodge Ltd (“Gibb’s Farm”).
+Added: (“Natural Habitat”), Off the Beaten Path, LLC (“Off the Beaten Path”), DuVine Cycling + Adventure Company (“DuVine”), Classic Journeys, LLC (“Classic Journeys”), and Thomson Group, consisting of Wineland-Thomson Adventures, LLC (“Thomson Safaris”), Nature Discovery Ltd (“Nature Discovery”), Thomson Safaris Ltd (“Thomson Safaris Tanzania”), and Ngorongoro Safari Lodge Ltd (“Gibb’s Farm”).
Lindblad Segment
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This relationship includes co-selling, co-marketing and branding arrangements with National Geographic Partners, LLC (“National Geographic”) whereby our owned vessels carry the National Geographic name and National Geographic sells our expeditions through their internal travel divisions.
−Removed: In November 2023, this strategic partnership with National Geographic was extended and expanded through 2040.
+Added: In November 2023, this strategic partnership with National Geographic was expanded and extended through 2040.
Under the new agreement, the two companies have extended their industry-defining 20-year relationship, allowing the brand to reach new worldwide audiences through compelling new market opportunities and long-term, mutually beneficial growth strategies.
2 unchanged sentences
Lindblad Expeditions’ Ships
−Removed: We operate a fleet of 12 owned expedition vessels, along with seven seasonal chartered ships, to provide our signature marine-based adventures to over 40 destinations on six continents, offering itineraries that last from five to over 30 days.
+Added: We currently operate a fleet of 12 owned expedition vessels, along with 10 seasonal chartered ships (with several other vessels contracted for future expeditions), to provide our signature marine-based adventures to over 40 destinations on six continents, offering itineraries that last from five to over 30 days.
The small size of our vessels allows them to reach places inaccessible to larger ships.
41 unchanged sentences
Alaska, California Coast and Baja California
+Added: 1968, renovated in 2019
+Added: Charaidew II*
+Added: Germany, France, the Netherlands and the Slovak Republic
Vietnam and Cambodia
3 unchanged sentences
1996, renovated in 2015
−Removed: 1931, rebuilt in 1979, renovated in 2011
−Removed: Caribbean and Mediterranean Seas
Sea Cloud II*
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* Chartered Vessel
−Removed: For voyages beginning in 2026, we have added two additional charter vessels, the Delfin III and the Charaidew II .
−Removed: The Delfin III , sails the Ucayali and Marañón rivers to the confluence of the mighty Amazon River in Peru’s Upper Amazon year-round with style.
−Removed: The Delfin III is an elegant ship, sustainably furnished, featuring hand-made furniture, art and textiles from the surrounding communities that are supported by our guests.
−Removed: She carries 42 guests in 21 spacious suites, providing an intimate and exceptionally comfortable experience.
−Removed: Guests will enjoy sweeping views in expansive public spaces, including an air-conditioned presentation room and lounge, an open-air sun deck with whirlpool hot tub, small exercise room and wellness spa, and a dining room with a 270-degree panorama serving exquisite Amazonian-Peruvian cuisine.
−Removed: The Charaidew II , is a 17-cabin boutique vessel, with an extra-shallow draught and low profile, sailing the less-traveled areas of the Brahmaputra River, a holy body of water whose banks are home to incredible wildlife as well as small, rarely visited communities, in the Indian state of Assam.
−Removed: She will take our guests on expedition to wonderful villages and to the wilds of Kaziranga National Park, and through other areas of India, including Agra/Taj Mahal, Bandhavgarh National Park, and Kolkata.
+Added: In 2026, the Company is retiring its National Geographic Sea Bird and National Geographic Sea Lion vessels following their Alaska expedition season and will be sailing the Greg Mortimer for Alaska itineraries in 2027 through 2029.
+Added: For voyages beginning in 2027, we have added an additional charter vessel, the Evolve .
+Added: The Evolve , to be constructed in 2026, will be a brand-new, state-of-the-art European river ship, with cutting-edge technology, luxurious amenities and wrap-around picture windows sailing through the heart of storied European destinations.
+Added: Joining our growing collection of charter vessels, the Evolve will comfortably transport 120-guests for expeditions exploring along the Danube, including Germany, Austria, and the Slovak Republic.
Land Experiences Segment
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Their dedication to environmental stewardship and exceptional travel experiences has earned them the distinction of being the exclusive conservation travel partner of World Wildlife Fund (“WWF”).
−Removed: This partnership allows Natural Habitat to promote their unique style of conservation travel to WWF’s substantial list and collaborate with WWF’s top scientists in training the company's guides and field team.
+Added: This partnership allows Natural Habitat to promote their unique style of conservation travel to WWF’s substantial list of members and collaborate with WWF’s top scientists in training the company's guides and field team.
Off the Beaten Path
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All Off the Beaten Path expeditions are defined by a focus on hiking and walking, wildlife and nature, and history and culture, anchored by unique lodging reflecting the authentic nature of place and led by deeply experienced, local guides.
−Removed: DuVine offers luxury cycling and adventure tours around the world, providing immersive cultural and culinary experiences through thoughtfully designed itineraries led by expert local guides.
−Removed: Offerings primarily include tours throughout Europe, the United States and South America.
−Removed: Examples of DuVine’s tours include cycling and culinary tours throughout the Bordeaux and Burgundy wine making regions, Tuscan truffle, porcini and chestnut harvest regions, Napa and Sonoma wine making regions and lakes and volcanos throughout Patagonia.
−Removed: DuVine’s trips include top-quality gear and support and are tailored to riders of all abilities with an emphasis on exceptional food and wine experiences, along with boutique accommodations.
+Added: DuVine Cycling + Adventure Company
+Added: DuVine offers guided luxury bike tours in over 50 destinations across Europe, the United States, Latin America, Africa, and New Zealand.
+Added: The focus of every trip is to cultivate meaningful connections across cultures:
+Added: you may hop off the bike to taste sun-warmed grapes with a Bordeaux winemaker or hand-shape orecchiette pasta with a local chef in Puglia, Italy.
+Added: DuVine’s thoughtfully designed, multi-day itineraries cater to riders of all abilities, allowing travelers to discover the true character of each region with well-connected local guides, boutique accommodations, small groups of 14 or fewer guests, and top-quality bikes and support.
Classic Journeys
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Thomson Group
−Removed: Founded on a passion for travel more than 40 years ago, US-based Thomson Group and its Tanzanian affiliates offer a depth of experience and expertise that are rare in the industry.
−Removed: Leveraging their Tanzania-based ground operations, Thomson Group focuses on providing socially responsible, eco-friendly, immersive Tanzanian safaris, and industry-leading, luxury Kilimanjaro treks.
+Added: Founded on a passion for travel 45 years ago, US-based Thomson Group offers a depth of experience and expertise that are rare in the industry.
+Added: Leveraging their Tanzania-based ground operations, handling small-group, private and prestigious affinity trips, Thomson Group focuses on providing socially responsible, eco-friendly, immersive Tanzanian safaris, and industry-leading, luxury Kilimanjaro treks.
Most safari and post-Kilimanjaro itineraries benefit from the inclusion of Gibb’s Farm, an award-winning, historic lodge on 80 stunningly verdant acres that abut Ngorongoro Conservation Area.
−Removed: In addition to handling small-group, private and prestigious affinity trips to Tanzania, Thomson Group is also an experienced family travel provider, having established one of the country’s first exclusively family-focused travel companies, Thomson Family Adventures 25 years ago.
Competitive Strengths
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Natural Habitat is recognized for its commitment to conservation, and for over 20 years has partnered with WWF to offer conservation travel - sustainable travel that supports the protection of nature, wildlife and local communities.
−Removed: Off the Beaten Path, established in 1986, has 38 years of experience connecting travelers to the combination of nature and culture of a destination, with a focus on avoiding crowds, opportunities for custom or select small group travel, while offering options for more active exploration.
+Added: Off the Beaten Path, established in 1986, has nearly 40 years of experience connecting travelers to the combination of nature and culture of a destination, with a focus on avoiding crowds, opportunities for custom or select small group travel, while offering options for more active exploration.
DuVine, since 1996, has been providing unique cycling adventure for two and a half decades.
−Removed: A 5-time winner of Travel + Leisure Magazine’s World’s Best award, DuVine believes bike travel immerses guests fully in every destination, allowing an appreciation for the landscape with all senses, forming meaningful connections across cultures, and gaining a deeper understanding of the world.
+Added: A five-time winner of Travel + Leisure Magazine’s World’s Best award, DuVine believes bike travel immerses guests fully in every destination, allowing an appreciation for the landscape with all senses, forming meaningful connections across cultures, and gaining a deeper understanding of the world.
Classic Journeys, founded in 1995, offers the most culturally rich and authentic walking tours in the world.
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Thomson Group was founded in 1981 and has been providing exceptional safari experiences, and Kilimanjaro treks and family adventures for more than 40 years.
−Removed: Known for authentic and engaging travels, the company has grown steadily, earning an industry-wide reputation for quality, garnering awards, including 7-time Travel + Leisure World’s Best, and becoming the trusted Tanzania operator for alumni of the world’s most prestigious universities.
+Added: Known for authentic and engaging travels, the company has grown steadily, earning an industry-wide reputation for quality, garnering awards, including seven-time Travel + Leisure World’s Best, and becoming the trusted Tanzania operator for alumni of the world’s most prestigious universities.
As pioneers with decades of experience in the expedition adventure travel sector, we have established deep expertise and knowledge of operating expedition tours in remote, wild locations.
We have earned awards and honors from various representatives of the travel industry, including recognition for the quality of our offerings and our support for conservation and sustainable tourism.
−Removed: Some of the awards we earned during 2024 and 2023 are as follows:
−Removed: Condé Nast Traveler’s 2025 Gold List:
−Removed: The Best Cruise Ships in the World – National Geographic Islander II
+Added: Some of the awards we earned during 2025 are as follows:
Cruise Critic 2025 Best in Cruise Awards:
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Cruise Critic 2025 Best in Cruise Awards:
−Removed: Best in Antarctica
−Removed: Cruise Critic 2024 Best in Cruise Awards:
Best in Galápagos
Cruise Critic 2025 Best in Cruise Awards:
−Removed: Cruisers’ Choice Best Expedition Cruise Line
−Removed: Cruise Critic UK 2024 Best in Cruise Awards:
−Removed: Best in Antarctica
+Added: Best for Education and Enrichment
Cruise Critic UK 2025 Best in Cruise Awards:
−Removed: Best in Galápagos
−Removed: Cruise Critic 2024 Best in Cruise Awards:
Best Expedition Cruise Line
−Removed: Cruise Critic AUS 2024 Best in Cruise Awards:
−Removed: Best Expedition Cruise Line
−Removed: Cruise Critic AUS 2024 Best in Cruise Awards:
−Removed: Best in Antarctica
−Removed: Cruise Critic AUS 2024 Best in Cruise Awards:
−Removed: Best in Galápagos
−Removed: Cruise Critic AUS 2024 Best in Cruise Awards:
−Removed: Cruisers’ Choice Best Expedition Cruise Line
−Removed: 2024 HSMAI Adrian Awards:
−Removed: Public Relations/Communications – Feature Placement – Baja California Group Press Trip [Gold]
−Removed: 2024 HSMAI Adrian Awards:
−Removed: Public Relations/Communications – Innovation – Climate Change and Zero Waste Menus [Gold]
−Removed: 2024 HSMAI Adrian Awards:
−Removed: Digital – Contest/Sweepstakes – Jeopardy!
−Removed: Explore Iceland Sweepstakes [Silver]
−Removed: 2024 HSMAI Adrian Awards:
−Removed: Public Relations/Communications – Innovation – Climate Change and Zero Waste Menus [Best in Category]
−Removed: 2024 HSMAI Adrian Awards:
−Removed: Digital – Contest/Sweepstakes – Jeopardy!
−Removed: Explore Iceland Sweepstakes [Best in Category]
−Removed: Good Housekeeping 2025 Family Travel Awards:
−Removed: Remarkable Voyage – National Geographic-Lindblad Expeditions, Fire and Ice:
−Removed: An 8-Day Sail Around Iceland
−Removed: Porthole Cruise and Travel 2024 Readers’ Choice Awards:
−Removed: Best Expedition Ship – National Geographic Endeavour II
−Removed: Condé Nast Traveler's 2024 Reader’s Choice Awards:
−Removed: Top 10 Reader’s Choice Best Cruise Lines - Expedition Ship Line
−Removed: Travel Weekly 2024 Magellan Awards:
−Removed: Itinerary (Cruise – Expeditions) – National Geographic-Lindblad Expeditions’ Antarctica Direct Itineraries
−Removed: Travel Weekly 2024 Magellan Awards:
−Removed: Eco-Friendly “Sustainable” Cruise Ship (Cruise – Overall) – National Geographic Endurance
−Removed: Condé Nast Traveler's 2024 Gold List:
−Removed: The Best Cruise Ships in the World – Delfin II
+Added: Cruise Critic UK 2025 Best in Cruise Awards:
+Added: Best for Education and Enrichment (Expedition)
+Added: Cruise Critic UK 2025 Best in Cruise Awards:
+Added: Best in Alaska (Expedition)
+Added: Cruise Critic UK 2025 Best in Cruise Awards:
+Added: Best in Galápagos (Expedition)
+Added: Travel Weekly 2025 Readers’ Choice - Best Cruise Lines – Antarctica - National Geographic-Lindblad Expeditions
+Added: Travel + Leisure - World’s Best Awards :
+Added: Readers’ 10 Favorite Intimate-ship Cruise Lines
TravelAge West 2025 Wave Awards :
−Removed: Best Cruise Line for Antarctica Sailings
−Removed: Virtuoso Best of the Best Travel Awards:
−Removed: Best Adventure Community Partner
−Removed: Travel + Leisure’s World’s Best Awards 2024:
−Removed: Readers' 10 Favorite Intimate-ship Ocean Cruise Lines – Lindblad Expeditions
−Removed: Global Traveler Magazine’s Wherever Family Awards 2024:
−Removed: Best Family Friendly Travel Provider of the Year
+Added: Expedition Cruise Line Providing Best Advisor Support and Best River Cruise Line for U.S.
+Added: The Nexion Travel Group 2025 Awards:
+Added: Expedition Cruise Line of the Year
USA TODAY - 10Best Readers’ Choice Awards:
+Added: Best Adventure Tour Operator
+Added: USA TODAY - 10Best Readers’ Choice Awards:
Best Boutique Cruise Line
USA TODAY - 10Best Readers’ Choice Awards:
−Removed: Best Alaska Cruise
+Added: Best Cruise Line for Families
USA TODAY - 10Best Readers’ Choice Awards:
−Removed: Best Family Cruise
−Removed: Australian Travel Industry Association’s National Tourism Industry Awards (NTIA):
−Removed: Sustainability Award – Supplier
−Removed: TravelPulse Travvy Awards:
−Removed: Best Cruise Ship (Expedition/Adventure) – National Geographic Islander II [Silver]
+Added: Best Cruise Line for Shore Excursions
+Added: Montecito Village Travel Conference Awards:
+Added: Ocean Cruise Line of the Year – Specialty / Expedition
+Added: Condé Nast Traveler’s 2025 Women Who Travel Power List:
+Added: Women Who Travel – Natalya Leahy
+Added: Food & Wine 2025 Global Tastemakers:
+Added: Top 10 Cruises for Food & Drink
+Added: Travel Weekly Magellan Awards:
+Added: Overall – River Cruising (GOLD)
+Added: Travel Weekly Magellan Awards:
+Added: Overall – Eco-Friendly “Sustainable” Cruise Ship (GOLD)
+Added: Travel Weekly Magellan Awards:
+Added: Overall – Giving Back Initiative (GOLD)
+Added: Travel Weekly Magellan Awards:
+Added: Overall – Destination Immersion (GOLD)
+Added: Travel Weekly Magellan Awards:
+Added: Expeditions – Suite Design (GOLD)
+Added: Travel Weekly Magellan Awards:
+Added: Expeditions – Itinerary (GOLD)
+Added: Travel Weekly Magellan Awards:
+Added: Overall – Small Cruise Ship (GOLD)
+Added: Travel Weekly Magellan Awards:
+Added: Expeditions – Cabin Design (Non-Suite) (SILVER)
+Added: Travel Weekly Magellan Awards:
+Added: Overall – Cuisine (SILVER)
+Added: Condé Nast Traveler Reader's Choice 2025:
+Added: The Best Cruise Lines in the World:
+Added: Expedition Ships
+Added: Condé Nast Traveler Bright Ideas in Travel:
+Added: Bright Ideas in Travel - LEX-NG Fund
+Added: 2025 Travvy Awards by TravelPulse:
+Added: Best Cruise Line - National Geographic-Lindblad Expeditions (GOLD)
+Added: 2025 Travvy Awards by TravelPulse:
+Added: Best Cruise Ship - National Geographic Islander II (GOLD)
+Added: 2025 Cruise Critic Awards:
+Added: Best Expedition Cruise Line
+Added: 2025 Cruise Critic Awards:
+Added: Best for Education & Enrichment
+Added: 2025 Cruise Critic Awards:
+Added: Best in the Galapagos
+Added: Travel Weekly’s 2025 Readers’ Choice Awards:
+Added: Best Cruise Line:
+Added: Sailawaze - Excellence Awards UK:
+Added: Best for Families – Expedition
Travel + Leisure 2025 World’s Best Tour Operator - Classic Journeys
−Removed: Travel + Leisure World’s Best Tour Operator Hall of Fame Inductee- Classic Journeys
−Removed: Travel + Leisure 2024 World’s Best Awards:
−Removed: Best Tour Operator - DuVine
−Removed: Explore France:
−Removed: 2024 Best Initiative Towards Sustainability - DuVine
−Removed: 2024 Travel + Leisure 2024 World’s Best Awards:
−Removed: Top 10 Safari Outfitter – Thomson Safaris
−Removed: USA Today Top 10Best Adventure Tour Operators – Thomson Safaris
−Removed: Good Housekeeping 2024 Family Travel Awards:
−Removed: “Wild Galapagos & Peru Escape”
−Removed: 2023 Travel + Leisure World’s Best Awards:
−Removed: Best Tour Operators Hall of Fame - Classic Journeys
−Removed: 2023 Travel + Leisure World’s Best Awards:
−Removed: Best Tour Operators - DuVine Cycling + Adventure Company
−Removed: 2023 Men's Health Travel Awards:
−Removed: Active Experiences:
−Removed: “Exploring Alaska’s Coastal Wilderness”
−Removed: 2023 Women's Health Travel Awards:
−Removed: Best Adventure Cruise:
−Removed: “Wild Alaska Escape:
−Removed: Haines, the Inian Islands, and Tracy Arm Fjord”
−Removed: Cond é Nast Traveler 's Reader's Choice Awards:
−Removed: Best Expedition Ships:
−Removed: Lindblad Expeditions
−Removed: Cond é Nast Traveler 's 2023 Gold List:
−Removed: The Best Cruise Ships in the World:
−Removed: National Geographic Endurance
−Removed: Cruise Critic Editors’ Picks Awards:
−Removed: Best in the Galápagos (Expedition)
−Removed: Cruise Critic UK’s Editors’ Picks Awards:
−Removed: Best in the Galápagos (Expedition)
−Removed: Travel Weekly 2023 Gold Magellan Awards:
−Removed: Eco-Friendly "Sustainable" Cruise Ship (Cruise – Overall):
−Removed: National Geographic Endurance and National Geographic Resolution
−Removed: Travel Weekly 2023 Gold Magellan Awards:
−Removed: Non-Suite Cabin Design (Cruise – Expeditions):
−Removed: National Geographic Endurance and National Geographic Resolution
−Removed: Travel Weekly 2023 Gold Magellan Awards:
−Removed: Spa Design (Cruise – Expeditions):
−Removed: The Sanctuary on National Geographic Endurance and National Geographic Resolution
−Removed: Travel Weekly 2023 Gold Magellan Awards:
−Removed: Attractions (Cruise – Expeditions):
−Removed: Igloos on National Geographic Endurance and National Geographic Resolution
−Removed: Travel Weekly 2023 Gold Magellan Awards:
−Removed: Restaurant Design (Cruise – Expeditions):
−Removed: Cook’s Nook and the Zero-Waste Dinner on National Geographic Resolution
−Removed: HSMAI Adrian Silver Award:
−Removed: PR/Communication Campaign:
−Removed: Kids Under 21 Sail Free in the Arctic
−Removed: TravelAge West 2023 Wave Awards:
−Removed: Best Cruise Line for Antarctica Sailings:
−Removed: Lindblad Expeditions
+Added: Travel + Leisure World’s Best – Top Ten Favorite Safari Outfitter – Thomson Safaris
+Added: Trip Advisor Travelers’ Choice Award – Gibb’s Farm
+Added: Conde Nast Traveler Readers’ Choice:
+Added: Best Hotels in Africa – Gibb’s Farm
+Added: USA Today – 10Best Adventure Tour Operator – Thomson Safaris
When customers select an expedition provider for the types of journeys that we offer, we believe that being known as a trusted brand with extensive operating history and knowledge in the market is a significant competitive strength.
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Expeditions are operated on intimately-scaled ships with capacities ranging between 16 and 148 guests, fostering a friendly atmosphere on board and extensive interaction between guests, crew and the teams of world-class scientists, naturalists, researchers and photographers that participate in the expeditions.
−Removed: The vessels are nimble and can access locations that are unattainable for large cruise ships, allowing for in-depth exploration itineraries and viewpoints.
+Added: The vessels are nimble and can access locations that are unattainable for large cruise ships, allowing for in-depth exploration itineraries and awe-inspiring viewpoints.
The ships are customized to provide our signature adventure experiences and activities, such as kayaking among Antarctic icebergs to view penguins or traveling on a Zodiac for an up-close encounter with a whale.
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Many of Natural Habitat’s expeditions feature access to private wildlife reserves, remote corners of national parks and distinctive lodges and camps for the best wildlife viewing.
−Removed: Their expeditions average nine guests with itineraries running from six to 17 days, with an average of nine days.
+Added: Their expeditions average eleven guests with itineraries running from six to 17 days, with an average of nine days.
Off the Beaten Path offers active small-group and private custom journeys throughout North America, Central and South America, Oceania, Europe and Africa, ranging from seven to 29 days.
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Classic Journeys’ tours run between five and 10 days, traveling with an average of 10 or fewer guests.
−Removed: Thomson Group offers socially responsible and positively impactful light-treading Tanzanian safaris, industry-leading Kilimanjaro treks, global custom and private tours, and family travel experiences.
+Added: Thomson Group offers socially responsible and positively impactful light-treading Tanzanian safaris, and industry-leading Kilimanjaro treks, offering scheduled, customized, private and affinity trips.
Between their safaris, treks and tours, Thomson Group averages 10 or fewer guests per trip.
−Removed: The historic award-winning Gibb’s Farm, an 80-acre sanctuary and high-end lodge located near the Ngorongoro Crater, can accommodate up to 70 guests per night in its current 21 cottages.
+Added: The historic award-winning Gibb’s Farm, an 80-acre sanctuary and high-end lodge located near the Ngorongoro Crater, can accommodate about 56 guests per night in its current 21 cottages.
We are continuously focused on maintaining and elevating the guest experience and identifying new opportunities to help people discover the wonders of the world.
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It is our goal to provide guests with differentiated opportunities with an experienced expedition team or travel guide that adds to the guests’ understanding and appreciation, through dedicated observation, insightful commentary and engaging presentations, weaving the expedition into a cohesive narrative.
−Removed: On our ships this could include an opportunity for the guest to watch a pod of whales, including mothers with their calves, a rookery of sea lions gathered during breeding season, or a killer whale circling a seal on an ice floe, all while standing next to a marine biologist, providing an explanation of the situation's dynamics, and an experienced nature photographer from National Geographic providing guidance and tips for taking better photos.
+Added: On our ships this could include an opportunity for the guest to watch a pod of whales, including mothers with their calves, a rookery of sea lions gathered during breeding season, or a killer whale circling a seal on an ice floe, all while guests stand next to a marine biologist providing an explanation of the situation's dynamics, and an experienced nature photographer from National Geographic providing guidance and tips for taking better photos.
On our land experiences this could include an immersive viewing of polar bears preparing to hunt on the ice under the guidance of an expert naturalist, expert guided white-water rafting adventures, viewing the Big 5 (the lion, leopard, rhinoceros, elephant and the African buffalo) and other wildlife on safari, cycling through mountain peaks and volcanic landscapes with locals, or a private jazz-making session with a group of musicians in Havana.
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Given the nature of our experiences and the expectation that our guests will seek to plan such trips with substantial lead time, we generally begin to market our expeditions approximately 12 to 24 months in advance of the departure date.
−Removed: Guests book their trips, on average, nine months prior to travel date for our Lindblad expeditions and seven months prior to travel for our land experiences, paying a deposit at booking, providing us significant visibility into future revenue and a source of cash flow.
−Removed: Final payment is due 60 to 120 days prior to the date of travel, dependent upon the selected expedition or trip.
+Added: Guests book their trips, on average, nine months prior to travel date for our Lindblad expeditions and our land experiences trips and tours, paying a deposit at booking, providing us significant visibility into future revenue and a source of cash flow.
+Added: Final payment is due 60 to 120 days prior to the date of travel, depending upon the selected expedition or trip.
Unlike the large cruise line operators that serve the broader market, our product offerings are inclusive of most costs and therefore the advance customer payments provide us strong visibility into future revenues and the associated cash flows.
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When evaluating various strategies for expansion of guest capacity and product offerings, we consider closely the expected return on invested capital and the range of possibilities, such as a newbuild program, adding selected charters and the acquisitions of existing ships or operators.
−Removed: Given the demand for expedition sailing, since 2017, we have strategically expanded our owned and operated fleet from six ships to ten ships through a new build program.
−Removed: This new build program included the delivery of two custom built polar ice-class vessels, the National Geographic Resolution and the National Geographic Endurance , in 2021 and 2020, respectively, more than doubling the size of our existing polar capacity, and the delivery of two coastal vessels, the National Geographic Venture and the National Geographic Quest , in 2018 and 2017, respectively, nearly tripling the capacity of our US-flagged fleet.
+Added: Given the demand for expedition sailing, since 2017, we have strategically expanded our owned and operated fleet through a new build program.
+Added: In 2018 and 2017 we took delivery of two coastal vessels, the National Geographic Venture and the National Geographic Quest , respectively, nearly tripling the capacity of our US-flagged fleet.
+Added: We took delivery of two custom built polar ice-class vessels, the National Geographic Resolution and the National Geographic Endurance , in 2021 and 2020, respectively, more than doubling the size of our existing polar capacity.
+Added: In 2025 we further increased our fleet to 12 owned vessels when we acquired the renamed National Geographic Delfina and National Geographic Gemini , for sailing the Galápagos Islands, increasing our cupos (licenses) and guest capacity in the national park by 44%.
In 2021 we further diversified our product portfolio, with the acquisitions of Off the Beaten Path, a land-based travel operator specializing in authentic national park experiences, DuVine, an international luxury cycling and adventure company focused on exceptional food and wine experiences, and Classic Journeys, a leading luxury walking tour company that offers highly curated active small-group and private custom journeys.
These businesses are strong compliments to our existing Lindblad and Natural Habitat product offerings, and we are leveraging our experience and resources to accelerate their growth and capitalize on the growing demand for authentic and immersive adventure travel.
−Removed: In 2022, Natural Habitat expanded the adventures offered to our guests when they opened their Alaska Bear Camp at Lake Clark National Park, providing an isolated, sustainable bush camp as a base for explorations and brown bear encounters.
In 2024, we continued to diversify our experiential product portfolio with the acquisition, through our land-based subsidiary Natural Habitat, of Thomson Group to further expand its land-based experiential travel offerings and increase its addressable market.
−Removed: Thomson Group consists of three adventure travel brands, including Tanzania safari specialists Thomson Safaris, with more than 40 years of experience in the country.
−Removed: In addition to its adventure travel brands, the acquisition includes three Tanzania operators, Gibb’s Farm lodge, an 80-acre sanctuary for the senses located near the Ngorongoro Crater, the operator of Kilimanjaro treks Nature Discovery, which has more than 30 years of experience, and Thomson Safaris Limited.
−Removed: In January 2025, we acquired the renamed National Geographic Delfina and National Geographic Gemini , for sailing the Galápagos Islands, increasing our cupos (licenses) and guest capacity in the national park by 44%.
−Removed: We believe that our platform is well positioned to opportunistically seek accretive purchases of operators that lack scale and capital, further extending our growth prospects.
+Added: Thomson Group consists of Tanzania safari specialists Thomson Safaris, with more than 40 years of experience in the country, Gibb’s Farm lodge, an 80-acre sanctuary for the senses located near the Ngorongoro Crater and the operator of Kilimanjaro treks Nature Discovery, which has more than 30 years of experience, and Thomson Safaris Limited.
+Added: We believe that our platform is well positioned to opportunistically seek accretive purchases of operators, further extending our growth prospects.
Guest Activities and Services
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Food is sourced locally whenever practicable from sustainable providers and seating is open with a relaxed atmosphere.
−Removed: Our ships offer a range of services and amenities which allow our guests to travel in comfort.
+Added: Our ships offer a range of services and amenities which allow our guests to comfortably travel.
Depending on the ship, these may include a fitness center, a spa offering a variety of treatments, a photo kiosk for photographers to edit and sort photos, 24-hour beverage service, internet connection, laundry facilities and a doctor on call.
13 unchanged sentences
and travel agencies and other strategic third-party distribution partners.
−Removed: We source our business through a combination of direct selling, travel agency networks and, at the Lindblad segment, through our brand licensing agreement with National Geographic.
+Added: We source our business through a combination of direct selling, including at the Lindblad segment through our brand licensing agreement with National Geographic, and travel agency networks.
We invest in maintaining strong relationships with our key travel agency network partners and seek to maintain commission rates and incentive structures that are competitive within the marketplace.
1 unchanged sentence
Expedition sailing guests sourced from the U.S.
−Removed: represented approximately 93% of our total global expedition cruise guests’ ticket revenue in 2024 and 94% in 2023 and 2022.
+Added: represented approximately 90% of our total global expedition cruise guests’ ticket revenue in 2025, 93% in 2024 and 94% in 2023.
While Land Experiences segment guests from the U.S.
1 unchanged sentence
Our largest channel for expedition sailing guest bookings is direct contact, either by guests calling and speaking with our expedition specialists or making a reservation online at our website.
−Removed: The direct channel represented approximately 54% of expedition cruise guest ticket revenues for 2024, 46% for 2023, and 40% in 2022.
−Removed: Previously, the National Geographic relationship served as a significant channel for bookings for our expedition sailing business.
−Removed: Under the brand license agreement between the Company and National Geographic, effective January 1, 2024, the former National Geographic sales channel co-selling arrangement operates as direct sales through the Company’s booking system.
−Removed: Under the previous arrangement, t he National Geographic channel represented approximately 20% of expedition sailing guest ticket revenues for 2023, and 25% for 2022.
+Added: The direct channel represented approximately 68% of expedition cruise guest ticket revenues for 2025, 75% for 2024 and 74% for 2023, which includes guest bookings through our National Geographic marketing partners and affinity groups and charters.
Land Experiences’ direct channel represented approximately 90%, 89% and 90% of Land Experiences guest ticket revenue for 2025, 2024 and 2023, respectively.
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Our agent and affinity sales teams meet annually with hundreds of highly-targeted agents, at consortium conferences and training seminars, and in-person at agency offices, to provide hands-on training, support and product knowledge.
−Removed: The remainder of our bookings come from affinity groups and charters, which are predominantly college and university alumni associations and other travel organizations targeting specific market niches.
−Removed: Affinity groups represent 7% of Lindblad segment guest ticket revenues for 2024, and 8% in 2023 and 2022, and represent 2% of Land Experiences guest ticket revenue for 2024, 2023 and 2022.
We have a broad and diverse marketing mix across multiple media platforms and channels, allowing us to effectively communicate our product offerings to past guests and prospective guests.
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These include, www.expeditions.com for our Lindblad expedition sailing offerings, www.nathab.com for our Natural Habitat nature adventures, www.offthebeatenpath.com for our Off the Beaten Path guided travel adventures, www.duvine.com for our DuVine cycling adventures and www.classicjourneys.com for our Classic Journeys handcrafted luxury walking tours.
−Removed: We also have a number of websites dedicated to the Thomson Group businesses, including www.thomsonsafaris.com for our Tanzania safaris offerings, www.thomsontreks.com for our luxury Kilimanjaro treks, www.gibbsfarm.com for our Gibbs Farm lodge, www.naturediscovery.com for our Kilimanjaro and mountain trekking operations, and www.familyadventures.com for scheduled and custom group and family adventure travels offerings.
+Added: We also have a number of websites dedicated to the Thomson Group businesses, including www.thomsonsafaris.com for our Tanzania safaris offerings, www.thomsontreks.com for our luxury Kilimanjaro treks, www.gibbsfarm.com for our Gibbs Farm lodge, www.naturediscovery.com for Kilimanjaro and mountain trekking operations.
Consumers are directed to key areas on each website through weekly emails, direct mail, social media, press releases, and advertising.
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Lindblad tour revenues from the sale of guest tickets are mildly seasonal, historically larger in the first and third quarters.
−Removed: The seasonality of our operating results fluctuates due to our vessels being taken out of service for scheduled maintenance or drydocking, which is typically during nonpeak demand periods, in the second and fourth quarters.
+Added: The seasonality of our operating results fluctuates due to our vessels being taken out of service for scheduled maintenance or drydocking, which is typically during non-peak demand periods, in the second and fourth quarters.
Our drydock schedules are subject to cost and timing differences from year to year due to the availability of shipyards for certain work, drydock locations based on ship itineraries, operating conditions experienced especially in the polar regions, and the applicable regulations of vessel classification societies in the maritime industry, which require more extensive reviews periodically.
Drydocking impacts operating results by reducing tour revenues and increasing cost of tours.
−Removed: Natural Habitat, Off the Beaten Path, DuVine, Classic Journeys and Thomson Group brands are seasonal businesses, with the majority of Natural Habitat’s tour revenue recorded in the third and fourth quarters from its summer season departures and polar bear tours, the majority of Off the Beaten Path and DuVine’s revenues are recorded during the second and third quarters from their spring and summer departures, and the majority of Thomson Group revenues are recorded in the third quarter, during the height of their safari season.
+Added: Natural Habitat, Off the Beaten Path, DuVine, Classic Journeys and Thomson Group brands are also seasonal businesses, with the majority of Natural Habitat’s tour revenue recorded in the third and fourth quarters from its summer season departures and polar bear tours, the majority of Off the Beaten Path and DuVine’s revenues are recorded during the second and third quarters from their spring and summer departures, and the majority of Thomson Group revenues are recorded in the third quarter, during the height of their safari season.
While Classic Journeys’ revenue is somewhat less seasonal with the majority of revenues recorded during their second, third and fourth quarters.
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Industry and Market
−Removed: Ship based travel has been steadily increasing since 2021, with 20.4 million passengers in 2022, 31.7 million passengers in 2023, 35.7 million passengers expected to sail in 2024 and 39.5 million passengers forecasted to sail in 2027, per a Cruise Lines International Association's (“CLIA”) reports.
−Removed: The expedition travel segment passengers have increased 71% from 2019 to 2023.
+Added: Ship-based travel has been steadily increasing since 2021, with 20.4 million passengers sailing in 2022, 31.7 million passengers in 2023, 34.6 million passengers in 2024 and 41.9 million passengers forecasted to sail in 2028 , per Cruise Lines International Association's (“CLIA”) reports.
We believe the specialty and small ship cruising segment of the cruise industry and the specialty active land-based tours segment of adventure travel demonstrate the following positive fundamentals:
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Additionally, smaller ships also have the ability to be flexible with regards to itineraries both internationally and domestically, providing a further competitive advantage.
−Removed: Specialty Land-Based Activity Segment
+Added: Growing Demand in Experiential Land-Based Activity Segment
Land-based adventure travel is characterized by an emphasis on experience and connection with the visiting surroundings, with typical itineraries containing a number of the following components:
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Based on the U.S.
−Removed: Census Bureau’s 2022 National Projections, the age group of 50 years and older numbered approximately 121 million individuals in 2022, or approximately 36% of the U.S.
−Removed: population, and is expected to grow 3% to 124 million by 2025 and 8% to 130 million by 2030.
+Added: Census Bureau’s 2024 Community Survey, the age group of 50 years and older numbered approximately 120 million individuals in 2024, or approximately 36% of the U.S.
+Added: population, and is expected to grow to 130 million by 2030.
CLIA reported that 64% of the overall cruise market was comprised of passengers aged 40 and over, while travelers aged 60 and over accounted for 34% of total passengers .
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The market is currently fragmented and primarily comprised of private operators.
−Removed: The primary competitors that operate in the geographic regions we serve include Compagnie du Ponant, Hurtigruten Expeditions, Quark Expeditions, Silversea Expeditions, Seabourne Expeditions and UnCruise Adventures.
+Added: The primary competitors that operate in the geographic regions we serve include Compagnie du Ponant, Hurtigruten Expeditions, Quark Expeditions, Silversea Expeditions, Seabourn Expeditions and UnCruise Adventures.
We expect our competition in the specialty cruise business to continue to increase in future years as the expedition cruising market continues to grow and large cruise operators continue to seek access to the market through acquisitions and the development of their own vessels and operations.
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These range from small private operators to larger companies operating across multiple countries.
−Removed: Some of our larger competitors include Abercrombie & Kent, Backroads, Butterfield & Robinson, Mountain Travel Sobek, Overseas Adventure Travel, and &Beyond.
−Removed: Cruise ship vacation travel is approximately 2% of the travel and tourism sector as we also compete with other vacation alternatives, such as land-based resort hotels and sightseeing destinations, for guests’ leisure time.
+Added: Some of our primary competitors include Abercrombie & Kent, Backroads, Butterfield & Robinson, Mountain Travel Sobek, Overseas Adventure Travel, and &Beyond.
Environmental and Social
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In 2008, the LEX-NG Fund was established by Lindblad and the National Geographic Society to support ocean conservation, the restoration of marine and coastal habitats and environmental stewardship in the regions visited by our fleet, and beyond.
−Removed: Lindblad Expeditions also established an Artisan Fund in 2007, the first in-house artisan development program in the cruise industry, which draws its resources from 5% of sales in the shipboard global galleries and markets.
+Added: Lindblad also established an Artisan Fund in 2007, the first in-house artisan development program in the cruise industry, which draws its resources from a portion of sales in the shipboard global galleries and markets.
Thomson Group has a sister non-profit founded in 1996 called Focus on Tanzanian Communities that has raised millions of dollars for education, women’s entrepreneurship training, healthcare and clean water in northern Tanzania – collaborating and working alongside local communities.
Environmental Stewardship
−Removed: We have focused our entire enterprise around the mission of conservation through exploration, protecting our planet by inspiring travelers, supporting local communities and boldly influencing the entire travel industry.
+Added: The Lindblad family of companies focuses its entire enterprise around the mission of exploring the world responsibly, with purpose and safety as a priority.
+Added: Natural Habitat positions this approach as “conservation through exploration”, which is a philosophy that extends beyond Natural Habitat to Lindblad’s other brands who work tirelessly to protect our planet by inspiring travelers, supporting local communities and boldly influencing the entire travel industry.
Sustaining the world’s wild places and the people who live in and around them is integral to who we are.
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We also work with the Charles Darwin Research Station and Charles Darwin Foundation, among other local and regional partners, on conservation initiatives geared toward preserving the Galápagos Islands.
−Removed: In 2018, we eliminated guest-facing single-use plastics across the National Geographic-Lindblad Expeditions fleet and have been a 100% carbon offset company since 2019.
+Added: In 2018, Lindblad eliminated guest-facing single-use plastics across the National Geographic-Lindblad Expeditions fleet and have been a 100% carbon offset company since 2019.
We offset the carbon footprint of our business (including fleet operations;
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(i) Verified Carbon Standard, (ii) Gold Standard VER or (iii) Certified Emission Reduction.
−Removed: Projects we funded in 2024 to offset emissions from the 2023 calendar year to offset Scope 1, 2, and 3 included a solar project in India, a wind power project in Inner Mongolia, China, and a biogas project in Uganda.
−Removed: In previous years we funded 18 additional carbon reduction projects such as a tropical forest restoration project in Brazil;
−Removed: efficient cookstoves in Mozambique and Ethiopia;
−Removed: hydroelectric powerplant and a geothermal project in Indonesia;
−Removed: and wind power projects in New Caledonia and Colombia, among others.
+Added: Projects we funded in 2025 to offset emissions from the 2024 calendar year to offset Scope 1, 2, and 3 included a clean cooking technology project in rural parts of India;
+Added: a renewable energy project on pig farms in China;
+Added: and a safe water project providing chlorine dispensers in Kenya and Uganda.
+Added: In previous years we funded 21 additional carbon reduction projects across 14 countries.
All projects in our portfolio support the UN's established Sustainable Development Goals.
At the Lindblad segment, our staff works with several organizations to promote sustainable seafood programs, including (i) the Monterey Bay Aquarium Seafood Watch program, whose scientific-based standards guide seafood producers, industry leaders, organizations, and governments around the globe to improve their fishing practices, (ii) a co-op in the Galápagos Islands committed to ocean conservation and sustainable, transparent practices minimizing negative impact on the ocean density, ocean floor and the by-catch of non-targeted species, and (iii) a company in Baja California, Mexico that works to foster a market for environmentally sustainable and socially responsible seafood by working with local fisher cooperatives, promoting good fishing management and sustainability of Mexico’s marine ecosystem.
+Added: To complement this, our culinary team conducts in-depth assessments using Food and Agriculture Organization fisheries data to assess species density, stock health, and fishery management by region.
+Added: This added layer helps us evaluate sustainability at the source and guide purchasing decisions that support regenerative fisheries and avoid overharvested stocks.
+Added: In 2023, in efforts to minimize food waste at sea, we expanded zero-waste culinary practices by training shipboard chefs in our Heads-to-Tails philosophy, emphasizing full utilization of ingredients across meals.
+Added: Examples include turning banana peels into a plant-based bacon alternative and using potato peels as chips or garnishes.
+Added: We also pickle, ferment, cure, and smoke ingredients to extend shelf life, reduce spoilage, and support year-round sustainability.
+Added: We raised food waste awareness among our guests by hosting dedicated zero-waste dinners and expanding our plant-based options to highlight sustainable cooking techniques and ingredient stewardship.
+Added: To further reduce food waste, we have implemented the following efforts:
+Added: We prioritize plated dinners (and some lunches) over buffets, which helps reduce overproduction and food waste across guest meals,
+Added: Guests select meal preferences in advance to inform portioning and reduce overproduction,
+Added: Organic waste is re-purposed, where possible, through collaboration with local farms and livestock operations.
+Added: Our sustainable food program continues to grow, offering climate-conscious choices that support diverse dietary needs and waste reduction efforts.
Because of our commitment to environmentally friendly travel, Natural Habitat began a relationship with WWF in 2003 as a conservation travel provider for the Natural Habitat brand.
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This innovative partnership benefits our travelers, our company, and the planet as we work together to change the way people think about travel.
−Removed: Natural Habitat has been actively working to mitigate the waste produced on our adventures.
−Removed: In 2011, single-use plastic water bottles were eliminated on Natural Habitat trips.
−Removed: In 2018, we eliminated plastic straws.
+Added: Natural Habitat has been actively working to mitigate the waste produced on our adventures while also decarbonizing our trips and operations.
+Added: In 2011, single-use plastic water bottles were eliminated on Natural Habitat trips and plastic straws in 2018.
In 2019, Natural Habitat operated the World’s First Zero Waste Adventure in Yellowstone National Park, an ambitious quest to reduce waste so dramatically that all waste generated on a weeklong trip would fit into one quart-sized bottle.
This was accomplished through a combination approach of reusing, refusing, recycling, composting, and “terracycling,” which gave the travel industry a comprehensive look at how to minimize and mitigate waste during travel and several best practices documents were created to help shape and influence the industry.
+Added: And while Natural Habitat has been 100% carbon offset since 2007—continuing to offset all Scope 1, 2, and 3 emissions—our momentum is now carrying us into a new phase of decarbonization focused on cutting emissions at the source.
+Added: We’re accelerating this climate work by adding electric vehicles to the Natural Habitat fleet and investing in small-scale solar power and other renewable energy solutions at our remote camps—reducing emissions while keeping the guest experience seamless.
+Added: We’ve also signed onto the Science Based Targets initiative (SBTi), strengthening our commitment to measurable, science-driven emissions reductions across our business.
Lindblad Expeditions – National Geographic Joint Fund for Exploration and Conservation (LEX-NG Fund)
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The objective of the LEX-NG Fund is to support projects to understand and protect our world’s oceans, restore critical marine and coastal habitats, and foster environmental stewardship in the regions visited by our fleet, and beyond.
−Removed: Together with our guests, since the Fund was established in 2008, we have awarded $24.7 million to local, regional and global projects supporting the regions we visit, and beyond.
+Added: Together with our guests, since the Fund was established in 2008, we have awarded more than $25.0 million to local, regional and global projects supporting the regions we visit, and beyond.
Since we and the National Geographic Society together cover the LEX-NG Fund’s operating costs, 100% of guest contributions go directly to on-the-ground projects.
−Removed: During 2024, the LEX-NG Fund provided support for 45 conservation, research, and education projects and programs, including 20 National Geographic Explorer-led Visiting Scientist projects aboard the fleet;
−Removed: and three major programs including National Geographic Pristine Seas, the Grosvenor Teacher Fellowship, and Unplastify, an effort that has reached 158 educational institutions in 23+ countries engaging student leaders on the topic of reducing and eliminating plastic use.
+Added: During 2025, the LEX-NG Fund provided support for 36 conservation, research, and education projects and programs, including 18 National Geographic Explorer-led Visiting Scientist projects aboard 24 voyages;
+Added: and four major programs including National Geographic Pristine Seas, the Grosvenor Teacher Fellowship, Unplastify, and National Geographic Photo Camp, an immersive experience providing young people around the world with a meaningful introduction to photography and storytelling alongside National Geographic Explorers and photographers.
These 2025 projects and programs are supported by $3.0 million in funding from the LEX-NG Fund.
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Minga Peru (in the Peruvian Amazon);
−Removed: the Charles Darwin Foundation, WildAid, Scalesia Foundation, and Jocotoco/Island Conservation (all four working in the Galápagos Islands);
+Added: the Charles Darwin Foundation, WildAid, Scalesia Foundation, and Jocotoco/Island Conservation (all working in the Galápagos Islands);
and Sealife Response, Rehabilitation, and Research (for whale research in Antarctica).
−Removed: All funds for these activities were donated by guests traveling aboard our fleet, and online donations to the LEX-NG Fund made on the National Geographic Society’s website.
+Added: Funds for these activities were donated by guests traveling aboard the fleet, and online donations to the LEX-NG Fund made on the National Geographic Society’s website.
The LEX-NG Fund is managed jointly by one of our staff members and one National Geographic Society staff member, and the Board of Directors is currently comprised of five members, including Sven-Olof Lindblad, our founder and Board Co-Chair;
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and two At-Large members.
−Removed: Lindblad established the Artisan Fund in 2007 to support artisan development work in regions we visit around the world and is funded through 5% of all proceeds from shipboard global gallery and market sales.
−Removed: Our Artisan Fund helps bolster and empower artisan communities by offering training programs, supplying workspaces and equipment, issuing grants for local projects benefiting artisans, and educating shipboard guests on the value of buying handmade goods.
+Added: Lindblad established the Artisan Fund in 2007 to support artisan development work in regions we visit around the world and is funded through a portion of all sales from shipboard global galleries and markets.
+Added: Our Artisan Fund helps bolster and empower artisan communities by offering training programs, supplying workspaces and equipment, supporting local projects benefiting artisans, and educating shipboard guests on the value of buying handmade goods.
+Added: 2025 accomplishments include hosting workshops aimed at preserving cultural heritage and repurposing wastepaper in Baja and Galapagos, respectively;
+Added: engaging nearly 300 guests with the Greenlandic Sheep Wool project during their expeditions;
+Added: and strengthening local support for artisans in Galapagos.
Human Capital Resources and Management
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We believe we can explore farther and in a more meaningful way by actively creating a more diverse and inclusive organization where everyone feels that they belong.
−Removed: As of December 31, 2024, together with our subsidiaries, we had approximately 1,300 employees, including approximately 370 shipboard employees, and approximately 860 full-time and 80 part-time employees in our shoreside and land operations.
+Added: As of December 31, 2025, together with our subsidiaries, we had approximately 1,550 employees, including approximately 520 shipboard employees, approximately 160 land field staff, and approximately 760 full-time and 110 part-time employees in our shoreside and land operations.
We encourage and support the growth and development of our employees and, wherever possible, seek to fill positions by promotion and transfer from within the organization.
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The safety, health and wellness of our employees is a top priority.
−Removed: The Company promotes the health and wellness of its employees by strongly encouraging work-life balance and keeping the employee portion of health care premiums to a minimum, with a minimal increase to benefit premiums for employees in 2024.
−Removed: For our employees’ health and wellness, we provide 24/7 access to a mobile and website wellness applications, offering live group learning, peer support and educational videos for a wide range of onsite and virtual classes in mind, body, and spirit topics.
+Added: The Company promotes the health and wellness of its employees by strongly encouraging work-life balance and keeping the employee portion of health care premiums to a minimum, with no increase to benefit premiums for employees in 2025.
+Added: For our employees’ health and wellness, we provide 24/7 access to mobile and website wellness applications, offering live group learning, peer support and educational videos for a wide range of onsite and virtual classes in mind, body, and spirit topics.
Fluctuations may occur within our workforce due to seasonality, expedition itineraries and the number of vessels in operation throughout the year.
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MARPOL regulations imposed global limitations on the sulfur content of fuel used by ships operating worldwide and established special Emission Control Areas (“ECAs”) with stringent limitations on sulfur and nitrogen oxide emissions in these areas.
−Removed: As of February 2014, there were four established ECAs:
−Removed: the Baltic Sea, the North Sea/English Channel, the United States/Canadian coasts, and the United States Caribbean Sea area.
Currently, ships operating in ECAs are required to operate on fuel with a sulfur content of not more than 0.1% m/m (mass by mass).
Ships operating elsewhere are subject to a limit of not more than 0.5% m/m.
−Removed: In July 2011, MARPOL regulations introduced mandatory measures to reduce greenhouse gas emissions that included the utilization of an Energy Efficiency Design Index (“EEDI”) for new ships and the implementation of a Ship Energy Efficiency Management Plan (“SEEMP”) for all ships.
+Added: MARPOL regulations include mandatory measures to reduce greenhouse gas emissions that included the utilization of an Energy Efficiency Design Index (“EEDI”) for new ships and the implementation of a Ship Energy Efficiency Existing Ship Index (“EEXI”) for all ships.
The EEDI is performance-based and requires a minimum energy efficiency level per capacity mile, calculated with a formula based on the unique technical design of a ship.
−Removed: The SEEMP provides an approach for establishing a method to improve the energy efficiency of a ship in a cost-effective manner.
−Removed: In January 2024, the European Union Emissions Trading System (EU ETS) was extended to cover CO2 emissions from all large ships (5000 gross tones and above) entering European Union ports regardless of the flag they fly.
+Added: The EEXI provides an approach for establishing a method to improve the energy efficiency of a ship in a cost-effective manner.
+Added: In January 2024, the European Union Emissions Trading System (“EU ETS”) was extended to cover CO2 emissions from all large ships (5,000 gross tones and above) entering European Union ports regardless of the flag they fly under.
The system builds on the provisions for other EU ETS sectors, as well as the recently revised European Union Monitoring, Reporting and Verification Regulation for maritime transport.
Shipping companies are required to surrender allowances for portion of their emissions during an initial phase in period.
−Removed: The first deadline falls due in September 2025 for 40% of the 2024 emissions reported.
−Removed: Then in September 2026, 70% of 2025 emissions reported., and in September 2027 100% of emissions will need to be surrendered going forward each year.
+Added: The first deadline was September 2025, for allowances surrendered at 40% of the 2024 emissions reported, the second phase period is September 2026 for allowances to be surrendered for 70% of 2025 emissions reported.
+Added: Beginning with 2026 emissions, 100% of emissions will need to be surrendered the following September going forward each year.
If regulatory bodies amend and enforce the implementation of more stringent environmental regulations, adjustments required may increase compliance costs as relevant to our operations.
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The Convention reflects a broad range of standards and conditions governing all aspects of crew management for ships in international commerce, including additional requirements not previously in effect relating to the health, safety, repatriation, entitlements, status of crewmembers, and crew recruitment practices.
−Removed: Each of our ships, except for our ships operating in Ecuador (not a signatory to the Convention), have received its certification of compliance with the requirements of the Convention.
+Added: Each of our ships, except for our ships operating in Ecuador (which are not subject to the Convention until April 4, 2026), has received its certification of compliance with the requirements of the Convention.
Consumer Financial Responsibility Regulations
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Corporate Information
−Removed: Our corporate headquarters are located at 96 Morton Street, 9th Floor, New York, New York 10014.
+Added: Our corporate headquarters are located at 11 West 42nd Street, Suite 22 B3, New York, New York 10036.
Our telephone number is (212) 261-9000.
Our website is www.expeditions.com .
+Added: We were originally incorporated in Delaware on August 9, 2010 with the name Capitol Acquisition Corp.
+Added: II and on July 8, 2015, we completed a series of mergers whereby Lindblad Expeditions, Inc., a New York corporation originally incorporated in July 1979, became our wholly-owned subsidiary.
+Added: Immediately following the mergers, we changed our name to Lindblad Expeditions Holdings, Inc.
All of our filings with the Securities and Exchange Commission, can be accessed free of charge through our website promptly after filing;
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.