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In January 2013, NCLH completed its IPO and the ordinary shares of NCLC were exchanged for the ordinary shares of NCLH, and NCLH became the owner of 100% of the ordinary shares and parent company of NCLC (the “Corporate Reorganization”).
−Removed: At the same time, NCLH contributed $460.0 million to NCLC and the historical financial statements of NCLC became those of NCLH.
−Removed: The Corporate Reorganization was affected solely for the purpose of reorganizing our corporate structure.
In November 2014, we completed the Acquisition of Prestige.
−Removed: Additional Information
−Removed: Our registered offices are located at Walkers Corporate (Bermuda) Limited, Park Place, 3rd Floor, 55 Par-la-Ville Road, Hamilton HM 11, Bermuda.
−Removed: Our principal executive offices are located at 7665 Corporate Center Drive, Miami, Florida 33126.
−Removed: Farkas, the Company’s Executive Vice President, General Counsel and Assistant Secretary, is our agent for service of process at our principal executive offices.
Business Overview
We are a leading global cruise company which operates the Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises brands.
−Removed: As of December 31, 2021, we had 28 ships with approximately 59,150 Berths and had orders for nine additional ships to be delivered through 2027.
Due to COVID-19, we temporarily suspended all global cruise voyages from March 2020 until July 2021, when we resumed cruise voyages on a limited basis.
+Added: In early May 2022, we completed the phased relaunch of our entire fleet with all ships now in operation with guests on board.
We refer you to “—Impact of COVID-19” for further information.
+Added: As of December 31, 2022, we had 29 ships with approximately 62,000 Berths and had orders for eight additional ships to be delivered.
+Added: We have converted some double occupancy cabins to studio cabins and we expect to convert approximately 900 additional cabins in early 2023.
+Added: Additionally, in February 2023, we amended the delivery dates of the last two Prima Class Ships to 2027 and 2028.
+Added: These ships will be lengthened and re-configured to accommodate the use of methanol as an alternative fuel source in the future.
+Added: While additional modifications will be needed in the future to fully enable the use of methanol in addition to traditional marine fuel, this reinforces our commitment to reduce greenhouse gas emissions.
Our brands offer itineraries to worldwide destinations including Europe, Asia, Australia, New Zealand, South America, Africa, Canada, Bermuda, Caribbean, Alaska and Hawaii.
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All brands also offer a selection of shore excursions at each port of call as well as hotel packages for stays before or after a voyage.
−Removed: We have nine ships on order across our portfolio of brands.
−Removed: For the Norwegian brand, we have six Prima Class Ships on order, with expected delivery dates from 2022 through 2027.
+Added: We have eight ships on order across our portfolio of brands.
+Added: For the Norwegian brand, we have five Prima Class Ships on order, with currently scheduled delivery dates from 2023 through 2028.
For Regent Seven Seas Cruises, we have one Explorer Class Ship on order for delivery in 2023.
For Oceania Cruises, we have two Allura Class Ships on order for delivery in 2023 and 2025.
−Removed: These additions to our fleet will increase our total Berths to approximately 83,000, which includes additional Berths we plan to add to our Prima Class Ships, subject to certain conditions.
−Removed: The impacts of COVID-19 on the shipyards where our ships are under construction (or will be constructed) have resulted in some delays in expected ship deliveries, and the impacts of COVID-19 could result in additional delays in ship deliveries in the future, which may be prolonged.
+Added: These additions to our fleet will increase our total Berths to approximately 82,000.
+Added: Corporate Information
+Added: Our registered offices are located at Walkers Corporate (Bermuda) Limited, Park Place, 3rd Floor, 55 Par-la-Ville Road, Hamilton HM 11, Bermuda.
+Added: Our principal executive offices are located at 7665 Corporate Center Drive, Miami, Florida 33126.
+Added: Farkas, the Company’s Executive Vice President, General Counsel and Assistant Secretary, is our agent for service of process at our principal executive offices.
Impact of COVID-19
−Removed: Due to the impact of COVID-19, travel restrictions and limited access to ports around the world, in March 2020, the Company implemented a voluntary suspension of all cruise voyages across our three brands.
+Added: Safe Resumption of Operations
+Added: Due to the impact of COVID-19, travel restrictions and limited access to ports around the world, in March 2020, we implemented a voluntary suspension of all cruise voyages across our three brands.
In the third quarter of 2021, we began a phased relaunch of certain cruise voyages with ships initially operating at reduced occupancy levels.
−Removed: Beginning in December 2021, the spread of the Omicron variant of COVID-19, with its increased transmissibility, caused several operational challenges and disruptions, including new travel restrictions and increased protocols in ports of call limiting port availability, which led to the cancellation of certain voyages in the fourth quarter of 2021 and first quarter of 2022, and the postponement of the restart of certain vessels.
−Removed: As of the date hereof, 16 of our 28 ships, or 70% of our Berth capacity, are operating with guests on board.
−Removed: This excludes a vessel which was paused from service beginning December 2021 due to the cancellation of its South Africa and related itineraries as a result of travel restrictions and other operational challenges due to the Omicron variant.
−Removed: We expect to have approximately 85% of capacity operating by the end of the first quarter of 2022 with the full fleet expected to be back in operation during the early part of the second quarter of 2022.
−Removed: In connection with the expiration of the Temporary Extension and Modification of Framework for Conditional Sailing Order on January 15, 2022, the CDC announced that it would be implementing the COVID-19 Program for Cruise Ships Operating in U.S.
−Removed: Waters (the “Program”), a voluntary COVID-19 risk mitigation program for foreign-flagged cruise ships operating in U.S.
−Removed: The CDC released details regarding the Program in February 2022, which we have reviewed.
−Removed: We currently remain opted into the Program.
−Removed: As part of our SailSAFE health and safety program, our SailSAFE Global Health and Wellness Council, chaired by former head of the U.S.
−Removed: Food and Drug Administration, Dr.
−Removed: Scott Gottlieb, continues to advise the Company on health and safety protocols in light of advancements in medicine and technology.
−Removed: Our selection of itineraries in the short-term will be predicated by port availability and the safety of the destinations we visit.
−Removed: We continue to work with our partners at ports as well as governmental agencies to address the impact that COVID-19 will have on future operations, including the ability to receive guests, potential capacity restrictions, and the need for physical distancing and other health guidelines that may be imposed on guests onboard the ship, in port facilities and while in the destinations we visit.
−Removed: Our goal is to provide a safe and healthy cruise vacation while at the same time keeping the guest experience as authentic as possible.
−Removed: All three of our brands afford the ability to pre-sell tickets and onboard activities in advance with long lead times ahead of sailing;
−Removed: however, sales of cruises are subject to consumer discretionary spending levels and may be influenced by geopolitical events and economic conditions.
−Removed: As a result of COVID-19, there are severe negative impacts on consumer spending as well as our travel advisors’ operations and their ability to book cruises.
−Removed: Refer to “Item 7—Management’s Discussion and Analysis of Financial Condition and Results of Operations—Update Regarding COVID-19 Pandemic” for additional information.
−Removed: Strategy for COVID-19
−Removed: The Company has taken several actions in response to the impact on our business brought on by the COVID-19 pandemic.
−Removed: Addressed Significant Operational Challenges
−Removed: Health and Safety
−Removed: In response to the public health environment brought on by the COVID-19 pandemic, we have developed SailSAFE TM , a comprehensive and multi-faceted health and safety strategy to enhance our already rigorous protocols and address the unique public health challenges posed by COVID-19.
−Removed: In July 2020, we announced a collaboration with Royal Caribbean Group to form a group of experts called the “Healthy Sail Panel” to guide the industry in the development of new and enhanced cruise health and safety standards.
−Removed: The panel is co-chaired by Dr.
−Removed: Scott Gottlieb, former commissioner of the U.S.
−Removed: Food and Drug Administration, and Governor Mike Leavitt, former Secretary of the U.S.
−Removed: Department of Health and Human Services, and consists of globally recognized experts from various disciplines, including public health, infectious disease, biosecurity, hospitality and maritime operations.
−Removed: The panel’s recommendations have informed new detailed health and safety protocols for our return-to-service plan.
−Removed: The Company also further extended its depth and breadth of experts with the formation of its SailSAFE Global Health and Wellness Council, comprised of four experts at the forefront of their fields and led by Chairman Dr.
−Removed: Scott Gottlieb.
−Removed: The Council’s work complements the Healthy Sail Panel initiative and focuses on the implementation, compliance with and continuous improvement of health and safety protocols across the Company’s operations.
−Removed: The Company continues to work with its expert advisors, the Healthy Sail Panel, and global public health authorities and government agencies to refine its comprehensive and multi-layered health and safety strategy to enhance its already rigorous health and safety standards in response to COVID-19.
−Removed: Port Availability
−Removed: In preparation for our resumption of operations, we coordinated closely with the homeports and ports of call around the world in which we had previously operated.
−Removed: Based on the openness and availability of ports, we drafted a voyage resumption plan with a slate of voyages, which we have modified as additional ports opened or temporarily closed for cruise traffic.
−Removed: Due to varied embarkation and disembarkation requirements by port, we are implementing processes to inform passengers of local regulations and requirements.
−Removed: We remain in contact with ports of call to ensure accessibility and any need for modifications due to port availability.
+Added: In early May 2022, we completed the phased relaunch of our entire fleet with all ships now in operation with guests on board.
+Added: Occupancy levels have sequentially increased in recent quarters, most recently averaging 87% in the fourth quarter 2022, with the Company expecting to return to historical Occupancy levels for the second quarter of 2023.
+Added: During 2022, we benefitted from significant improvements in the public health environment which allowed for the removal of most COVID-19 related health and safety protocols by year-end, unless required by local jurisdictions.
+Added: For example, in July 2022, the CDC announced that its voluntary COVID-19 Program for Cruise Ships Operating in U.S.
+Added: Waters was no longer in effect.
+Added: We will continue to modify and evolve our health and safety protocols as needed along with the broader public health and regulatory environments.
+Added: We continue to prioritize the health and safety of our guests, crew and communities we visit and follow applicable travel guidelines and local protocols as required by the ports and destinations we visit.
+Added: The relaxation of protocols, continued easing of travel restrictions and reopening of most ports around the globe to cruise ships has improved travel experiences, expanded the addressable cruise market, allowed us to expand the variety of our itineraries and provided additional catalysts on the road to recovery.
+Added: The level of occupancy on our ships will depend on a number of factors including, but not limited to, the duration and extent of the COVID-19 pandemic, further resurgences of COVID-19 or the emergence of other public health crises, our ability to comply with governmental regulations and implement new health and safety protocols, port availability, travel restrictions, bans and advisories, our ability to staff certain ships and additionally the impact of other events impacting travel or consumer discretionary spending, such as Russia’s ongoing invasion of Ukraine, and general macroeconomic conditions discussed below under “Macroeconomic Trends and Uncertainties.”
Execution of Financial Action Plan
−Removed: We continue to take proactive measures to enhance liquidity and financial flexibility in the current environment.
−Removed: In March 2021, we received additional financing through various debt financings and an equity offering, collectively totaling $2.7 billion in gross proceeds.
−Removed: From the proceeds, approximately $1.5 billion was used to extinguish debt.
−Removed: In November 2021, the Company executed a $1 billion commitment through August 15, 2022 that provides additional liquidity to the Company.
−Removed: Also in November 2021, we received additional financing through a debt financing and an equity offering, collectively totaling $2.3 billion in gross proceeds.
−Removed: From the proceeds, approximately $2.0 billion was used to extinguish debt.
−Removed: In addition, in February 2022, we received additional financing through various debt financings, collectively totaling $2.1 billion in gross proceeds, all of which has been, or will be, used to redeem all of the outstanding 2024 Senior Secured Notes and 2026 Senior Secured Notes and to make principal payments on debt maturing in the short-term, including, in each case, to pay any accrued and unpaid interest thereon, as well as related premiums, fees and expenses.
+Added: In 2022 and 2023, we continued to take actions to bolster our financial condition as part of our long-term post-pandemic financial recovery strategy.
+Added: In February 2022, we received additional financing through various debt financings, collectively totaling $2.1 billion in gross proceeds, which was used to redeem all of the outstanding 2024 Senior Secured Notes and 2026 Senior Secured Notes and to make scheduled principal payments on debt maturing in 2022, including, in each case, to pay any accrued and unpaid interest thereon, as well as related premiums, fees and expenses.
+Added: In December 2022, we amended the Senior Secured Credit Facility to extend approximately $1.4 billion of maturities by one year to January 2025.
+Added: The amendment also updated certain financial covenants and increased our ability to incur additional debt.
+Added: Each of our export-credit backed facilities were also amended to conform the financial covenants with the Senior Secured Credit Facility.
+Added: In February 2023, a commitment of $82.5 million in aggregate principal amount of the Revolving Loan Facility that was not previously extended was obtained to assign the commitment to a new lender under the same terms as the extending lenders.
+Added: In February 2023, NCLC issued $600 million aggregate principal amount of 8.375% senior secured notes due 2028.
+Added: The proceeds from the notes were used to repay the loans outstanding under our Term Loan A Facility that otherwise would have become due in January 2024, including to pay any accrued and unpaid interest thereon, as well as related premiums, fees and expenses.
+Added: In July 2022, we amended our $1 billion commitment, which provided additional liquidity to the Company through March 31, 2023.
+Added: In February 2023, the commitment was further extended through February 2024, with an option for NCLC to further extend the commitments through February 2025 at its election.
+Added: Simultaneously, the amount of the commitment was reduced to $650 million, which may be drawn in up to two draws, and in connection with the execution
+Added: of the amended commitment letter, NCLC issued $250 million aggregate principal amount of senior secured notes due 2028.
+Added: NCLC will use the net proceeds for general corporate purposes.
+Added: In February 2023, NCLC entered into a backstop agreement (the “Backstop Agreement”) with Morgan Stanley & Co., LLC (“MS”), pursuant to which MS has agreed to provide backstop committed financing to refinance and/or repay in whole or in part up to $300 million of amounts outstanding under the Senior Secured Credit Facility.
Refer to Note 8 – “Long-Term Debt” for further details about the above transactions.
−Removed: We also undertook several proactive cost reduction and cash conservation measures to mitigate the financial and operational impacts of the COVID-19 pandemic, including the reduction of capital expenditures and deferral of debt amortization as well as a reduction in operating expenses, including ship operating expenses and selling, general and administrative expenses.
−Removed: Refer to “ Item 7—Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources ” for more detail regarding our COVID-19 financial action plan.
−Removed: Resumption of Operations
−Removed: We began a phased relaunch of cruise voyages in July 2021.
−Removed: Initially, each newly launched ship is expected to operate at reduced occupancy, which will gradually increase over time.
−Removed: We plan to continue gradually launching ships from each brand through the early part of the second quarter of 2022.
−Removed: Based on the current conditions, we are planning for all ships to sail at full capacity by the end of 2022.
−Removed: The timing for returning ships to service, the level of occupancy on our ships and the percentage of our fleet in service will depend on a number of factors including, but not limited to, the duration and extent of the COVID-19 pandemic, further resurgences and new more contagious and/or vaccine-resistant variants of COVID-19, the availability, distribution, rate of public acceptance and efficacy of vaccines and therapeutics for COVID-19, our ability to comply with governmental regulations and implement new health and safety protocols, port availability, travel restrictions, bans and advisories and our ability to re-staff certain ships.
−Removed: Refer to “Item 1A.
−Removed: Risk Factors” for further details regarding the uncertainties of returning to sailing at full fleet capacity, and “Item 1A.
−Removed: Risk Factors—If our phased restart of cruise operations does not resume as planned, we may not be in compliance with maintenance covenants in certain of our debt facilities” for details regarding the potential effect of delays on our debt covenants.
−Removed: Our COVID-19 vaccination policy requires that all guests, with the exception of guests under the age of 12 on Norwegian Cruise Line sailings beginning March 1, 2022, and all crew must be vaccinated.
−Removed: In the U.S., certain states have enacted legislation prohibiting companies from verifying the vaccination status of guests.
−Removed: We challenged such a
−Removed: prohibition in Florida in court and received a preliminary injunction allowing us to operate as planned.
−Removed: As a result of regulatory requirements and other logistical challenges, the timeline for our ability to return our entire fleet to cruises is fluid.
−Removed: Nevertheless, we continue to work with other federal agencies, public health authorities and national and local governments in areas where we operate to take all necessary measures to protect our guests, crew and the communities visited as we continue to resume operations.
+Added: Refer to “ Item 7—Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources ” for more detail regarding our financial action plan.
+Added: Strategy for Significant Operational Challenges
+Added: Operating Efficiency Improvement Initiative
+Added: We are currently undergoing a broad and ongoing effort to improve operating efficiencies, including cost minimization initiatives, to strengthen the foundation for sustained, profitable growth and mitigate the impact of inflation and supply chain disruptions.
+Added: The Company has various planned initiatives both shoreside and shipboard, either already implemented or in process, which will contribute to this broader efficiency improvement effort while continuing to provide value to our guests.
+Added: Russia’s Invasion of Ukraine
+Added: The conflict from Russia’s ongoing invasion of Ukraine resulted in the cancellation or modification of approximately 60 sailings in 2022, which included all voyages with calls to ports in Russia.
+Added: Three ships were redeployed as a result of the conflict including Norwegian Getaway to Port Canaveral, Oceania Cruises’ Marina to the British Isles and Regent’s Seven Seas Splendor to Northern Europe.
+Added: In addition, we have also removed all calls to ports in Russia from our itineraries in 2023 and 2024.
+Added: Macroeconomic Trends and Uncertainties
+Added: As a result of conditions associated with global events, including the downstream effects of the COVID-19 pandemic and Russia’s ongoing invasion of Ukraine and actions taken by the United States and other governments in response to the invasion, the global economy, including the financial and credit markets, has experienced significant volatility and disruptions, including increases in inflation rates, fuel prices, and interest rates.
+Added: Our costs have been, and are expected to continue to be, adversely impacted by these increases.
+Added: We have used, and may continue to use, derivative instruments to attempt to mitigate the risk of adverse changes in fuel prices and interest expense.
+Added: In an attempt to mitigate risks related to inflation, our supply chain department has negotiated contracts with varying terms, with a goal of providing us with the ability to take advantage of cost declines when they occur, and diversified our sourcing options.
+Added: These strategies may not fully offset the impact of current macroeconomic conditions.
+Added: Furthermore, we are exposed to fluctuations in the euro exchange rate for certain portions of ship construction contracts that have not been hedged.
+Added: See “Item 1A—Risk Factors” for additional information.
The following table presents information about our ships and their primary areas of operation based on current and future itineraries, which are subject to change.
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Norwegian Prima
−Removed: The Bahamas, Bermuda, Caribbean, Europe
+Added: The Bahamas, Bermuda, Canada & New England, Caribbean, Europe
Norwegian Encore
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Norwegian Bliss
−Removed: Alaska, Caribbean, Central America, Mexico-Pacific, U.S.
+Added: Alaska, Caribbean, Central America, Europe, Mexico-Pacific, U.S.
Norwegian Joy
−Removed: The Bahamas, Bermuda, Canada & New England, Caribbean, Central America, Mexico-Pacific
+Added: The Bahamas, Bermuda, Canada & New England, Caribbean, Central America, Mexico-Pacific, U.S.
Norwegian Escape
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Norwegian Getaway
−Removed: The Bahamas, Bermuda, Caribbean, Europe
+Added: The Bahamas, Bermuda, Canada & New England, Caribbean, Europe
Norwegian Breakaway
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Norwegian Jewel
−Removed: Alaska, Caribbean, Central America, Hawaii, Mexico-Pacific, U.S.
+Added: Alaska, Asia, Caribbean, Central America, Mexico-Pacific, U.S.
Pride of America
Norwegian Dawn
−Removed: Caribbean, Europe
+Added: Africa, Asia, Caribbean, Europe
Norwegian Star
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Norwegian Sun
+Added: Alaska, Asia, Central America, South America, U.S.
Norwegian Sky
−Removed: The Bahamas, Bermuda, Canada & New England, Caribbean, Central America
+Added: Asia, The Bahamas, Canada & New England, Caribbean, Central America, Europe
Norwegian Spirit
−Removed: Alaska, Australia & New Zealand, Hawaii, South Pacific
+Added: Alaska, Asia, Australia & New Zealand, Hawaii, South Pacific
Oceania Cruises
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Oceania Riviera
−Removed: Africa, Asia, Bermuda, Caribbean, Europe
+Added: Africa, Alaska, Asia, The Bahamas, Bermuda, Caribbean, Europe
Oceania Marina
−Removed: Antarctica, Caribbean, Central America, Europe, South America
+Added: Africa, Antarctica, Caribbean, Central America, Europe, South America
Oceania Nautica
−Removed: Africa, Asia, Australia & New Zealand, Bermuda, Canada & New England, Caribbean, Europe, South America, South Pacific
+Added: Africa, Asia, Australia & New Zealand, Bermuda, Canada & New England, Caribbean, Central America, Europe, Hawaii, South America, South Pacific
Oceania Sirena
−Removed: The Bahamas, Bermuda, Caribbean, Central America, Europe
+Added: The Bahamas, Bermuda, Caribbean, Central America, Europe, South America
Oceania Regatta
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Oceania Insignia
−Removed: Africa, Asia, Australia & New Zealand, Bermuda, Canada & New England, Caribbean, Central America, Europe, Hawaii, Mexico-Pacific, South America, South Pacific, U.S.
+Added: Africa, Alaska, Antarctica, Asia, Australia & New Zealand, Bermuda, Canada & New England, Caribbean, Central America, Europe, Hawaii, Mexico-Pacific, South America, South Pacific, U.S.
Seven Seas Grandeur (4)
−Removed: The Bahamas, Bermuda, Caribbean, Central America, Europe, Mexico-Pacific
+Added: The Bahamas, Bermuda, Canada & New England, Caribbean, Central America, Europe, Mexico-Pacific
Seven Seas Splendor
−Removed: The Bahamas, Bermuda, Caribbean, Central America, Europe, Mexico-Pacific, South America
+Added: Antarctica, The Bahamas, Bermuda, Canada & New England, Caribbean, Central America, Europe, Mexico-Pacific, South America
Seven Seas Explorer
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Seven Seas Voyager
−Removed: Africa, Antarctica, Bermuda, Caribbean, Europe, South America
+Added: Africa, Antarctica, Bermuda, Europe, South America
Seven Seas Mariner
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(1) The table above does not include the five additional ships on order.
−Removed: (2) The first and second of the Prima Class Ships, which are expected to be delivered in the summer of 2022 and spring of 2023, respectively.
+Added: (2) The second of the Prima Class Ships, which is expected to be delivered in the summer of 2023.
(3) The first of the Allura Class Ships, which is expected to be delivered in the spring of 2023.
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We believe that the following business strengths support our overall strategy to deliver on our mission.
−Removed: While the COVID-19 pandemic has impacted our competitive strengths, our core mission remains intact.
Enhanced Product Offering and Guest Experience
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Historically, we have continually looked for ways to enhance our already strong product offering and onboard guest experience across our three brands and in the destinations we visit.
−Removed: We have done so through ship refurbishments, enhancements to dining and entertainment offerings, expansion of immersive shore excursion offerings and more.
−Removed: In the current environment, we are focused on enhancing health and safety practices for our guests.
−Removed: The Norwegian, Oceania Cruises and Regent brands all offer a high level of onboard service.
−Removed: We collaborate amongst the brands to provide an enhanced guest experience.
+Added: We have done so through ship refurbishments, enhancements to dining and entertainment and enrichment offerings, expansion of immersive shore excursion and land program offerings and more.
+Added: The Norwegian, Oceania Cruises and Regent brands all offer a high level of onboard service and we collaborate amongst our brands to provide an enhanced guest experience.
Norwegian offers guests the freedom and flexibility to design their ideal cruise vacation on their schedule with no set dining times, a variety of entertainment options and no formal dress codes.
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The Haven suites surround a private courtyard with pool, hot tubs, sundeck, fitness center and steam rooms.
−Removed: On board Norwegian Epic, the Breakaway Class Ships and the Breakaway Plus Class Ships, The Haven also includes a private lounge and fine dining restaurant.
+Added: On board Norwegian Epic, the Breakaway Class Ships, the Breakaway Plus Class Ships and the Prima Class Ship, The Haven also includes a private lounge and fine dining restaurant.
Norwegian’s accommodations also include the groundbreaking Studio staterooms designed for solo travelers centered around the Studio Lounge, a private lounge area solely for Studio guests, as well as ocean views, balconies and connecting accommodations to meet the needs of all types of cruisers.
−Removed: The spacious and elegant accommodations on Oceania Cruises’ six award-winning ships, the 684-Berth Regatta, Insignia, Sirena and Nautica, and the 1,250-Berth Marina and Riviera, range from 143-square foot inside staterooms to opulent 2,030-square foot owner suites.
+Added: The spacious and elegant accommodations on Oceania Cruises’ six award-winning ships range from 143-square foot inside staterooms to opulent 2,030-square foot owner suites.
The Regent fleet is comprised of five ships.
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Itinerary Optimization & Premium Itinerary Mix
−Removed: We manage our ships’ deployments to promote a better breadth of itineraries, sell cruises further in advance and maximize profitability.
−Removed: We offer a diverse selection of premium itineraries which we continually look to enhance.
−Removed: fleet has a worldwide deployment, offering voyages ranging from three days to a 180-day around-the-world cruise.
−Removed: Our vessels call on ports including Scandinavia, Russia, the Mediterranean, the Greek Isles, Alaska, Canada and New England, Hawaii, Asia, Tahiti and the South Pacific, Australia and New Zealand, Africa, India, South America, the Panama Canal and the Caribbean.
+Added: We manage our ships’ deployments to promote a better breadth of itineraries, sell cruises further in advance and maximize profitability while also considering our efforts to reduce greenhouse gas emissions.
+Added: We offer a diverse selection of premium itineraries with worldwide deployment and voyages ranging from three days to a 180-day around-the-world cruise.
+Added: Our vessels call on ports including Scandinavia, Northern Europe, the Mediterranean, the Greek Isles,
+Added: Alaska, Canada and New England, Hawaii, Asia, Tahiti and the South Pacific, Australia and New Zealand, Africa, India, South America, the Panama Canal and the Caribbean.
Our destination management team reviews deployments across the fleet, either repositioning ships to new destinations or fine-tuning itineraries, with the goal of diversifying our deployment and creating product scarcity which, in turn, leads to higher pricing.
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In 2019, we launched Silver Cove, the latest enhancement designed to elevate the guest experience.
−Removed: This new exclusive oceanfront lagoon area includes private beachfront villas, a Mandara Spa with beachfront treatments as well as the exclusive Moët & Chandon Bar and upscale Silver Cove Restaurant and Bar.
−Removed: The 38 luxury air-conditioned villas range from studios to larger one-and-two-bedroom villas, all of which include private bathroom, daybed, club chairs, televisions with on-demand entertainment, outdoor patio and lounge seating, retractable glass walls providing unobstructed views and access to the private beachfront lagoon.
+Added: This exclusive oceanfront lagoon area includes private beachfront villas, a Mandara Spa with beachfront treatments as well as the exclusive Moët & Chandon Bar and upscale Silver Cove Restaurant and Bar.
+Added: The 38 luxury air-conditioned villas range from studios to larger one-and-two-bedroom villas, all of which include a private bathroom, daybed, club chairs, televisions with on-demand entertainment, outdoor patio and lounge seating, retractable glass walls providing unobstructed views and access to the private beachfront lagoon.
In 2016, we introduced Harvest Caye, the Company’s private resort-style destination in Southern Belize.
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Disciplined Fleet Expansion
−Removed: For the Norwegian brand, we have six Prima Class Ships on order, each ranging from approximately 140,000 to 156,300 Gross Tons with approximately 3,215 to 3,550 Berths, with expected delivery dates from 2022 through 2027.
+Added: For the Norwegian brand, we have five Prima Class Ships on order, each ranging from approximately 143,500 to 169,000 Gross Tons with 3,100 or more Berths, with currently scheduled delivery dates from 2023 through 2028.
For the Regent brand, we have one Explorer Class Ship on order to be delivered in 2023, which will be approximately 55,000 Gross Tons and 750 Berths.
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Each of the Allura Class Ships will be approximately 67,000 Gross Tons and 1,200 Berths.
−Removed: The impacts of COVID-19 on the shipyards where our ships are under construction (or will be constructed) have resulted in some delays in expected ship deliveries, and the impacts of COVID-19 could result in additional delays in ship deliveries in the future, which may be prolonged.
−Removed: We believe these new ships will allow us to continue expanding the reach of our brands, positioning us for accelerated growth and providing an optimized return on invested capital.
−Removed: We have obtained export-credit backed financing which is expected to fund approximately 80% of the contract price of each ship expected to be delivered through 2027, subject to certain conditions.
−Removed: Go-to-Market and Bundling Strategy
+Added: The impacts of COVID-19 on the shipyards where our ships are under construction (or will be constructed), Russia’s ongoing invasion of Ukraine, initiatives to improve environmental sustainability and modifications the Company plans to make to its newbuilds and/or other macroeconomic events have resulted in delays in expected ship deliveries.
+Added: These and other impacts could result in additional delays in ship deliveries in the future, which may be prolonged.
+Added: We believe these new ships will allow us to continue expanding the reach of our brands, position us for accelerated growth and provide an optimized return on invested capital.
+Added: We have obtained or expect to obtain fixed rate export-credit backed financing which is expected to fund approximately 80% of the contract price of each ship currently scheduled to be delivered through 2028, subject to certain conditions.
+Added: Two-Pronged Go-to-Market Strategy of Market-to-Fill and Value-Add Bundling
Our revenue management function performs extensive analyses in order to determine booking history and uses trends by sailing, stateroom category, travel partner, market segment, itinerary and distribution channel in order to optimize cruise ticket revenue.
−Removed: The Norwegian brand offers guests the choice of a more inclusive, value-add product offering on certain sailings and in certain stateroom selections by allowing guests to choose from multiple amenities.
−Removed: Our market-to-fill strategy maintains pricing integrity by offering both the best price early in the booking cycle and value-added promotions when necessary to reduce the need to compromise on price.
−Removed: This marketing strategy assists in maximizing the revenue potential from each customer contact generated.
+Added: Our core go-to-market strategy results in a longer booking curve with enhanced predictability and the opportunity to increase prices.
+Added: Our strategy to market-to-fill consists of using marketing instead of price as the main lever to drive demand.
+Added: The best price is offered early in the booking cycle with value-added promotions used when necessary to further reduce the need to compromise on price.
+Added: We offer a value-add bundled product for all three brands which we believe leads to higher quality guest bookings.
+Added: The Norwegian brand offers guests the choice of a more inclusive, value-add product offering on certain stateroom selections by allowing guests to choose from multiple amenities through our Free at Sea program.
+Added: Our go-to-market strategy assists in maximizing the revenue potential from each customer contact generated.
We believe these strategies and other initiatives executed by our distribution channels will drive sustainable growth in the number of guests carried and in revenues achieved.
−Removed: We also seek to increase demand through effective marketing campaigns across various channels such as branding campaigns on nationwide television, robust and varied digital campaigns or targeted mail campaigns aimed at supporting seasonal deployments.
−Removed: Our sales forces are also drivers of demand, particularly in terms of educating travel advisors on our products and services in order to better sell to potential vacationers.
−Removed: Casino Player Strategy
−Removed: We have non-exclusive arrangements with casino partners worldwide whereby loyal gaming guests are offered cruise reward certificates redeemable for cruises.
−Removed: Through property sponsored events and joint marketing programs, we have the opportunity to market cruises to these guests.
−Removed: These arrangements with casino partners have the dual benefit of filling open inventory and reaching guests expected to generate above average onboard revenue through the casino and other onboard spending.
−Removed: Strengthening Our Global Footprint
−Removed: Our international efforts are aimed at strengthening our global footprint by increasing brand awareness across the globe which allows us to diversify our guest sourcing.
−Removed: We maintain numerous sales offices which support sales and marketing efforts in various markets outside of North America including the United Kingdom, Europe, Hong Kong, Australia, Brazil, India, Japan and Singapore.
−Removed: Expand and Strengthen Our Product Distribution Channels
−Removed: As part of our growth strategy, we continually look for ways to deepen and expand our sales channels.
−Removed: We have strategic relationships with travel advisors and tour operators who commit to selling a certain level of inventory with long lead times.
−Removed: The retail/travel advisor channel represents the majority of our ticket sales.
−Removed: Our travel partner base is comprised of an extensive network of independent travel advisors worldwide.
−Removed: We have made substantial investments with improvements in booking technologies, transparent pricing strategies, effective marketing tools, improved communication and cooperative marketing initiatives to enhance and facilitate the ability of travel advisors to market and sell our products.
−Removed: We have sales teams who work closely with our travel advisor partners on maximizing their marketing and sales effectiveness across all three of our brands.
−Removed: Our focused account management is designed to create solutions catered to the individual retailer through product and sales training.
−Removed: This education process creates a deeper understanding of all our product offerings.
−Removed: We continue to support our travel advisors by protecting earned commissions on original, fully paid bookings that were canceled due to suspended voyages as a result of COVID-19.
−Removed: We have invested in our brands by enhancing websites, mobile applications and passenger services departments including our personal cruise consultants, who offer personalized service throughout the process of designing cruise vacations for our guests.
−Removed: We have also enhanced our capabilities to enable guests to customize their vacation experience with certain onboard product offerings.
−Removed: As sailings have resumed, we utilize our onboard cruise sales channel where guests can book their next cruise or purchase cruise certificates to apply to their next cruise while vacationing on our ships.
−Removed: Our meetings, incentives and charters channel focuses on full ship charters as well as corporate meetings and incentive travel.
−Removed: These sales often have very long lead times and can fill a significant portion of the ship’s capacity, or even an entire sailing, in one transaction.
−Removed: Sixthman, a subsidiary company specializing in developing and delivering music-oriented charters, provides a market to sell high-quality music experiences at sea to guests.
Marketing Strategy
−Removed: In 2021, our gradual return to service was accompanied by a disciplined increase in sales and marketing activities to further drive demand.
−Removed: Marketing activities in 2022 have once again ramped up focusing on driving sales at maximum yield.
Our marketing teams work to enhance brand awareness and consideration of our products and services among consumers and travel partners with the ultimate goal of driving sales.
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We regularly initiate guest feedback studies among both travel partners and consumers to assess the impact of various programs and/or to solicit information that helps shape future direction of the experiences we provide.
+Added: Expand and Strengthen Our Product Distribution Channels
+Added: As part of our growth strategy, we continually look for ways to deepen and expand our sales channels.
+Added: We have strategic relationships with travel advisors and tour operators who commit to selling a certain level of inventory with long lead times.
+Added: The retail/travel advisor channel represents the majority of our ticket sales.
+Added: Our travel partner base is comprised of an extensive network of independent travel advisors worldwide.
+Added: We have made substantial investments with improvements in booking technologies, transparent pricing strategies, effective marketing tools, improved communication and cooperative marketing initiatives to enhance and facilitate the ability of travel advisors to market and sell our products.
+Added: We have sales teams who work closely with our travel advisor partners on maximizing their marketing and sales effectiveness across all three of our brands.
+Added: Our focused account management is designed to create solutions catered to the individual retailer through product and sales training.
+Added: This education process creates a deeper understanding of all our product offerings.
+Added: We have invested in our brands by enhancing websites, mobile applications and passenger services departments including our personal cruise consultants, who offer personalized service throughout the process of designing cruise vacations for our guests.
+Added: We have also enhanced our capabilities to enable guests to customize their vacation experience with certain onboard product offerings.
+Added: As sailings have resumed, we utilize our onboard cruise sales channel where guests can book their next cruise or purchase cruise certificates to apply to their next cruise while vacationing on our ships.
+Added: Our meetings, incentives and charters channel focuses on full ship charters as well as corporate meetings and incentive travel.
+Added: These sales often have very long lead times and can fill a significant portion of the ship’s capacity, or even an entire sailing, in one transaction.
+Added: Sixthman, a subsidiary company specializing in developing and delivering music-oriented charters, provides a market to sell high-quality music experiences to guests.
+Added: To further grow and expand this channel, we introduced a new branded initiative “Experiences at Sea,” consisting of Sixthman and the Company’s Charters, Meetings & Incentives department.
+Added: Experiences at Sea will focus on corporate, incentive and affinity-focused clients across all three of our brands.
+Added: Casino Player Strategy
+Added: We have non-exclusive arrangements with casino partners worldwide whereby loyal gaming guests are offered cruise reward certificates redeemable for cruises.
+Added: Through property sponsored events and joint marketing programs, we have the opportunity to market cruises to these guests.
+Added: These arrangements with casino partners have the dual benefit of filling open inventory and reaching guests expected to generate above-average onboard revenue through the casino and other onboard spending.
+Added: Strengthening Our Global Footprint
+Added: Our international efforts are aimed at strengthening our global footprint by increasing brand awareness across the globe which allows us to diversify our guest sourcing.
+Added: We maintain numerous sales offices which support sales and marketing efforts in various markets outside of North America including the United Kingdom, Europe, Hong Kong, Australia, Brazil, India, Japan and Singapore.
Our Commitment to Sustainability
The continued success of our business is linked to our ability to operate and grow sustainably.
−Removed: We are committed to driving a positive impact on society and the environment through our Sail & Sustain global sustainability program.
−Removed: Our mission is to continually improve our sustainability culture through fresh innovation, progressive education and open collaboration.
−Removed: We are committed to maintaining our culture of diversity, equality and inclusion in the workplace.
−Removed: We also drive social impact through our philanthropy initiatives, partnerships and community engagement programs in our local communities and at the destinations we visit.
−Removed: We are committed to addressing climate change and doing our part to protect and preserve the environment.
−Removed: The ultimate goal of our long-term climate action strategy is to reach carbon neutrality through reducing carbon intensity, investing in technology including exploring alternative fuels and implementing a voluntary carbon offset program.
−Removed: The management systems for all of our ships are certified under the International Organization for Standardization’s 14001 Standard.
−Removed: This voluntary standard sets requirements for the establishment and implementation of a comprehensive environmental management system which we have adopted for our operations.
−Removed: We promote environmental awareness among our stakeholders both through our corporate global sustainability program, Sail & Sustain, and our annual Environmental, Social and Governance report.
−Removed: For additional information regarding our sustainability and stewardship initiatives, please visit our website at www.nclhltd.com.
+Added: We are committed to driving a positive impact on society and the environment through our global sustainability program, Sail & Sustain.
+Added: The Sail & Sustain program is centered around five pillars:
+Added: Reducing Environmental Impact, Sailing Safely, Empowering People, Strengthening Our Communities and Operating with Integrity and Accountability.
+Added: The Company’s Board of Directors is actively engaged in overseeing the Sail & Sustain program and Environmental, Social and Governance (“ESG”) strategy and implementation through its Technology, Environmental, Safety & Security Committee.
+Added: Reducing our environmental impact is a key component of the Sail & Sustain program.
+Added: All of our ships have environmental management systems that are certified under the International Organization for Standardization’s 14001 Standard.
+Added: This voluntary standard sets requirements for the establishment and implementation of a comprehensive environmental management system.
+Added: As part of our environmental commitment, we have a long-term climate action strategy with a commitment to pursue net zero greenhouse gas emissions by 2050.
+Added: The three components of our climate action strategy include:
+Added: Reducing Carbon Intensity, Investing in Technology and Exploring Alternative Fuels, and Implementing a Voluntary Carbon Offset Program.
+Added: Each ship in our fleet has a Shipboard Energy Efficiency Management Plan with the objective to improve the overall operating efficiency of the ship by implementing methods for energy and fuel savings.
+Added: We evaluate, monitor, and implement energy-savings projects on our existing ships including but not limited to HVAC system upgrades, LED lighting, low friction silicone hull coating, hydrodynamic upgrades, and waste heat recovery projects.
+Added: There is no clear path today to achieve net zero for the cruise industry, and this effort will require significant technology advancements including commercially viable and scalable low or zero emission fuels, but we are committed to doing our part to facilitate this transition.
+Added: For example, we have partnered with MAN Energy Solutions on a multi-stage feasibility assessment and project with the goal of retrofitting an existing engine to use with dual fuels, both diesel and methanol.
+Added: In addition, we have successfully tested the use of biofuel blends, blended with approximately 30% biofuel and approximately 70% marine gas oil, on several ships as a potential “drop-in” solution that does not require modifications to existing engines.
+Added: We are also investing in shore power capabilities, which with the appropriate port infrastructure would allow us to connect to onshore electrical power grids to supply much of the power needed while docked.
+Added: A total of 11 ships in our fleet are currently equipped with shore power capabilities and we are targeting approximately 70% of our fleet to be equipped with this capability by year-end 2025.
+Added: In early 2022, we created a formal governance structure dedicated to the oversight of our climate action and decarbonization strategy.
+Added: The Decarbonization Executive Steering Committee is an internal, cross-functional committee responsible for governing and steering the company-wide climate action and decarbonization strategy.
+Added: The committee is comprised of our President and Chief Executive Officer and other executive officers.
+Added: To supplement the committee, a Decarbonization Action Group comprised of senior leaders across the organization was also created to enhance cross-collaboration and coordination in support of our climate action strategy and goals.
+Added: In late 2021, we also began climate risks and scenario planning which resulted in the publication of our first disclosure aligned with the Task Force on Climate-related Financial Disclosures (“TCFD”) framework in April 2022, which can be found on our website.
+Added: We also drive social impact through our philanthropy initiatives, partnerships and community engagement programs in our local communities and at the destinations we visit worldwide.
+Added: We provide regular updates to our stakeholders on our sustainability efforts and promote awareness on important topics, including environmental stewardship, through our Sail & Sustain program, our annual ESG report and through various communications regarding important sustainability initiatives across various distribution channels including but not limited to press releases, social media and our corporate website.
+Added: We have published disclosures aligned with the Sustainability Accounting Standards Board framework as well as a TCFD report to provide additional transparency to our stakeholders.
+Added: For additional information regarding our sustainability initiatives, please visit our website at www.nclhltd.com.
Highly Experienced Management Team
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Frank Del Rio is our President and Chief Executive Officer.
−Removed: Del Rio is an over 25-year cruise industry veteran who founded Oceania Cruises in 2002.
+Added: Del Rio is a 30-year cruise industry veteran who founded Oceania Cruises in 2002.
Under his leadership, Oceania Cruises grew from a fledgling start-up to a dominant player in the upscale cruise market.
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After NCLH acquired Prestige, Mr.
−Removed: Del Rio led the combined company to many milestones including expanding its fleet with the newest and most innovative ships at sea, introducing the Company’s latest private destination, Harvest Caye in Belize, and significantly strengthening its global footprint.
+Added: Del Rio led the combined company to many milestones including expanding its fleet with the newest and most innovative ships at sea, introducing the Company’s latest private destination, Harvest Caye in Belize, leading the Company’s Great Cruise Comeback following the COVID-19 related global cruise voyage suspension and significantly expanding and strengthening its global footprint.
Kempa, our Executive Vice President and Chief Financial Officer, has been with the Company for over twenty years holding several positions of increasing responsibility in Norwegian’s finance organization, playing an instrumental role in several of the Company’s key milestones, including its successful IPO and the Acquisition of Prestige.
Robin Lindsay, our Executive Vice President, Vessel Operations, is responsible for Marine & Technical Operations, Hotel Operations, Entertainment, Product Development, and Newbuild and Ship Refurbishment for all three of the Company's brands.
−Removed: Lindsay has been with the Company for nearly two decades dating back to 2003, when he joined Oceania Cruises as Senior Vice President, Hotel Operations.
+Added: Lindsay has been with the Company for two decades dating back to 2003, when he joined Oceania Cruises as Senior Vice President, Hotel Operations.
+Added: Harry Sommer, our President and Chief Executive Officer of Norwegian Cruise Line, is responsible for the Company’s largest brand including sales, marketing, revenue management, passenger services, itinerary development, international business development and operations.
+Added: Sommer is an over 30-year cruise industry veteran who has held various executive roles at the Company throughout his tenure including serving as President, International for all three of our brands.
See “Information about our Executive Officers” below for more information on our highly experienced management team.
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Our cruise ticket prices generally include cruise fare and a wide variety of onboard activities and amenities, meals, entertainment and port fees and taxes.
−Removed: In some instances, cruise ticket prices include round-trip airfare to and from the port of embarkation, complimentary beverages, unlimited shore excursions, free internet, valet laundry services, pre-cruise hotel packages, and on some of the exotic itineraries pre or post land packages.
+Added: In some instances, cruise ticket prices include round-trip airfare to and from the port of embarkation, complimentary beverages, unlimited shore excursions, internet, valet laundry services, pre-cruise hotel packages, and on some of the exotic itineraries pre or post land packages.
Prices vary depending on the particular cruise itinerary, stateroom category selected and the time of year that the voyage takes place.
Onboard and Other Revenue
−Removed: All three brands generate onboard and other revenue for additional products and services which are not included in the cruise fare, including casino operations, certain food and beverage, shore excursions, gift shop purchases, spa services, photo services, Wi-Fi services and other similar items.
−Removed: Food and beverage, casino operations, photo services and shore excursions are generally managed directly by us while retail shops, spa services, art auctions and internet services may be managed through contracts with third-party concessionaires.
+Added: All three brands generate onboard and other revenue for additional products and services which are not included in the cruise fare, including casino operations, certain food and beverage, shore excursions, gift shop purchases, spa services, Wi-Fi services and other similar items.
+Added: Food and beverage, casino operations and shore excursions are generally managed directly by us while retail shops, spa services, art auctions and internet services may be managed through contracts with third-party concessionaires.
These contracts generally entitle us to a percentage of the gross sales derived from these concessions.
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Historically, demand for cruises has been strongest during the Northern Hemisphere’s summer months;
−Removed: however, our cruise voyages were completely suspended from March 2020 until July 2021 due to the COVID-19 pandemic and our resumption of cruise voyages are being phased in gradually.
+Added: however, our cruise voyages were completely suspended from March 2020 until July 2021 due to the COVID-19 pandemic and our resumption of cruise voyages was phased in gradually, with our full fleet back in operation in early May 2022.
Our primary competition includes operators such as Carnival and Royal Caribbean as well as other cruise lines such as MSC Cruises, Viking Ocean Cruises and Virgin Voyages.
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In addition to routine repairs and maintenance performed on an ongoing basis and in accordance with applicable requirements, each of our ships is generally taken out of service, approximately every 24 to 60 months, for a period of one or more weeks for scheduled maintenance work, repairs and improvements performed in Dry-dock.
−Removed: Dry-dock interval is a statutory requirement controlled under IMO requirements reflected in chapters of the International
−Removed: Convention of the Safety of Life at Seas (“SOLAS”) and to some extent the International Load Lines Convention.
+Added: Dry-dock interval is a statutory requirement controlled under IMO requirements reflected in chapters of the International Convention of the Safety of Life at Seas (“SOLAS”) and to some extent the International Load Lines Convention.
Under these regulations, it is required that a passenger ship Dry-dock once in five years (depending on age of vessel) or twice in five years (depending on flag state and age of vessel) and the maximum interval between each Dry-dock cannot exceed three years (depending on flag state and age of vessel).
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To the extent practical, each ship’s crew, catering and hotel staff remain with the ship during the Dry-dock period and assist in performing repair and maintenance work.
−Removed: Accordingly, Dry-dock work is typically performed during non-peak demand periods to minimize the adverse effect on revenue that results from ships being out of service.
+Added: Accordingly, Dry-dock work is typically performed during non-peak demand periods to minimize the adverse
+Added: effect on revenue that results from ships being out of service.
Dry-docks are typically scheduled in spring or autumn and depend on shipyard availability.
−Removed: We take this opportunity to upgrade the vessels in all areas of both guest-facing services and innovative compliance technology.
+Added: We typically take this opportunity to upgrade the vessels in all areas of both guest-facing services and innovative compliance technology.
Our largest capital expenditures are for ship construction and acquisition.
−Removed: Our largest operating expenditures are for payroll and related (including our contract with a third party who provides certain crew services), fuel, food and beverage, advertising and marketing and travel advisor services.
+Added: Our largest operating expenditures are for payroll and related (including our contract with a third party who provides certain crew services), fuel, airfare, food and beverage, advertising and marketing and travel advisor services.
Most of the supplies that we require are available from numerous sources at competitive prices.
In addition, due to the large quantities that we purchase, we can obtain favorable prices for many of our supplies.
−Removed: Our purchases are denominated primarily in U.S.
+Added: Our purchases for ship construction expenditures are generally denominated in euros and other purchases are denominated primarily in U.S.
Payment terms granted by the suppliers are generally customary terms for the cruise industry.
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In order to expand our public health protocols, we have developed an Infectious Disease Management System that our crew members are trained on prior to returning to service.
−Removed: These policies are certified and audited to DNV’s Certification in Infection Prevention which further enhances our outbreak prevention and response to all types of infectious disease including, but not limited to COVID-19, norovirus, acute gastroenteritis, influenza and influenza-like illnesses.
+Added: These policies were certified and audited to DNV’s Certification in Infection Prevention which further enhances our outbreak prevention and response to all types of infectious disease including, but not limited to COVID-19, norovirus, acute gastroenteritis, influenza and influenza-like illnesses.
Our captains and chief engineers are experienced seafarers.
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We have developed a Safety Management System (“SMS”), which establishes policies, procedures, training, qualification, quality, compliance, audit and self-improvement standards.
−Removed: SMS also provides real-time reports and information to
−Removed: support the fleet and risk management decisions.
+Added: SMS also provides real-time reports and information to support the fleet and risk management decisions.
Through these systems, our senior managers, as well as ship management, can focus on consistent, high quality operation of the fleet.
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Registration of Our Ships
−Removed: Nineteen of the ships that we currently operate are registered in the Bahamas.
+Added: Twenty of the ships that we currently operate are registered in The Bahamas.
One of our ships, Pride of America, is a U.S.-flagged ship.
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Ships are generally required to be equipped with either approved sewage treatment plants, disinfecting systems or sewage holding tanks.
−Removed: Recently adopted amendments to MARPOL will make the Baltic Sea a “Special Area” where sewage discharges from passenger ships will be prohibited unless they comply with Resolution MEPC 227(64) adopted by the Marine Environmental Protection Committee (“MEPC”) of the IMO.
−Removed: Stricter discharge restrictions went into effect for new passenger ships in 2019, and for existing passenger ships starting in 2021.
−Removed: These requirements may impact our operations unless suitable port waste facilities are available, or new technologies for onboard waste treatment are developed.
−Removed: Accordingly, the cost of complying with these requirements is not determinable at this time.
+Added: Amendments to MARPOL have made the Baltic Sea a “Special Area” where sewage discharges from passenger ships will be prohibited unless they comply with Resolution MEPC 227(64) adopted by the Marine Environmental Protection Committee (“MEPC”) of the IMO.
+Added: Stricter discharge restrictions went into effect for new passenger ships in 2019, and for existing passenger ships in 2021.
In the U.S., the Clean Water Act of 1972, and other laws and regulations, provide the Environmental Protection Agency (“EPA”) and the U.S.
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federal law and, in some cases, the laws have no statutory limits of liability.
−Removed: Among the most stringent requirements are those set by the State of Alaska, which has enacted legislation that prohibits certain discharges in designated state
−Removed: waters and requires that certain discharges be monitored to verify compliance with the established standards.
+Added: Among the most stringent requirements are those set by the State of Alaska, which has enacted legislation that prohibits certain discharges in designated state waters and requires that certain discharges be monitored to verify compliance with the established standards.
The legislation also provides that repeat violators of the regulations could be prohibited from operating in Alaskan waters.
The European Union (“E.U.”) has also adopted a substantial and diverse range of environmental measures aimed at maintaining or improving the quality of the environment.
−Removed: To support the implementation and enforcement of European environmental legislation, the E.U.
+Added: To support the implementation and enforcement of European
+Added: environmental legislation, the E.U.
has adopted directives on environmental liability and enforcement as well as a recommendation providing for minimum criteria for environmental inspections.
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All non-ECA waters have a 0.5% fuel sulfur limit.
−Removed: With regard to carbon dioxide emissions, in July 2021, the E.U.
−Removed: published proposed legislation that would extend its Emissions Trading System to the maritime transport sector.
−Removed: Under the proposal, ships over 5,000 Gross Tons that transport passengers or cargo to or from E.U.
+Added: As part of its Fit for 55 package, the E.U.
+Added: is in the process of adopting several rules aimed at reducing greenhouse gas emissions.
+Added: Two of the mechanisms that are being used to achieve emissions reductions are the Emissions Trading System (“ETS”) and the FuelEU Maritime Initiative.
+Added: We may have increased costs associated with the Fit for 55 regulations but are not able to quantify the impact yet as the various regulations are not finalized and the impact of certain proposals like the ETS will depend on future market pricing.
+Added: In addition, strategies to reduce greenhouse gas emissions as well as ship deployment modifications could mitigate the impact of these regulations.
+Added: The maritime transport sector was recently approved to be included in the scope of the ETS.
+Added: Effective January 2024, ships over 5,000 Gross Tons that transport passengers or cargo to or from E.U.
member state ports would be required to purchase and surrender emissions allowances equivalent to emissions for all or a half of a covered voyage, depending on whether the voyage was between two E.U.
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and a non-E.U.
−Removed: The requirements are proposed to be phased in from 2023 to 2026.
−Removed: Beginning in 2023, covered entities would be required to surrender allowances equivalent to 20% of their verified emissions, with the amount increasing to 45% in 2024, 70% in 2026, and 100% in 2026.
−Removed: In 2021, the IMO adopted two new requirements going into effect in 2023, the Carbon Intensity Indicator (the “CII”) and Energy Efficiency Ship Index (the “EEXI”) which each regulate carbon emissions for ships.
+Added: The requirements will be phased in from 2024 to 2026.
+Added: Beginning in 2024, covered entities would be required to procure and surrender allowances equivalent to 40% of their verified carbon emissions, with the amount increasing to 70% of carbon emissions in 2025 and 100% of greenhouse gas emissions in 2026, with allowances to be surrendered in the following year.
+Added: The costs associated with the purchase of allowances are variable and will depend on future market movements.
+Added: ● FuelEU Maritime Initiative:
+Added: The proposed FuelEU regulation would set a maximum limit on the greenhouse gas intensity of onboard energy usage for ships arriving at, sailing in or departing from E.U.
+Added: ports, which will become progressively stricter over time.
+Added: Other key components of the regulation include requirements for connecting to onshore power grids in E.U.
+Added: ports as well as targets for the use of renewable fuels of non-biological origin.
+Added: In 2021, the IMO adopted two new requirements, which have entered into effect in 2023, the Carbon Intensity Indicator (the “CII”) and Energy Efficiency Ship Index (the “EEXI”), which each regulate carbon emissions for ships.
The CII is an operational metric designed to measure how efficiently a ship transports goods or passengers by looking at carbon dioxide emissions per nautical mile.
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In 2023, ships will be required to reduce carbon intensity by 5% from a 2019 baseline with 2% incremental improvements each year thereafter until 2030.
−Removed: The EEXI is a design re-certification requirement that updates energy efficiency requirements for existing ships and regulates carbon dioxide emissions related to installed engine power, transport capacity and ship speed.
−Removed: Compliance with such laws and regulations may entail significant expenses for ship modification and the purchase of emissions allowances, increase costs for compliant newbuilds, render some ships obsolete, significantly increase costs for alternative fuels and require changes in operating procedures, including limitations on our ability to operate in certain locations or slowing the speed of our ships, which could adversely impact our operations.
+Added: The enforcement mechanism for CII has not yet been defined.
+Added: The EEXI is a one-time design re-certification requirement that updates energy efficiency requirements for existing ships and regulates carbon dioxide emissions related to installed engine power, transport capacity and ship speed.
+Added: Compliance with the EEXI is not expected to have a material impact on our operations.
+Added: Compliance with such laws and regulations is expected to entail significant expenses for a combination of:
+Added: ship modifications, purchases of emissions allowances, alternative fuels and higher-cost compliant newbuilds.
+Added: Compliance is also expected to result in changes to our operating procedures, including limitations on our ability to operate in certain locations and slowing the speed of our ships, and may render some ships obsolete, which would adversely impact our operations.
These issues are, and we believe will continue to be, areas of focus by the relevant authorities throughout the world.
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Any fines or other sanctions for violation or failure to comply with environmental requirements or any expenditures required to comply with environmental requirements could have a material adverse effect on our business, operations, cash flow or financial condition.
+Added: We expect to make material
+Added: investments in our business to comply with these laws and regulations;
+Added: however, the total impact cannot be determined as we are evaluating our compliance plans.
We refer you to “—Our Mission, Competitive Strengths & Business Strategies — Our Commitment to Sustainability” for information related to our Environmental, Social and Governance strategy.
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Public Health Service’s requirements, which include vessel ratings by inspectors from the Vessel Sanitation Program of the CDC and the FDA.
−Removed: We have rated at the top of the range of CDC and FDA scores achieved by the major cruise lines.
In addition, the cruise industry and the U.S.
Public Health Service have agreed on regulations for food, water and hygiene, aimed at proactively protecting the health of travelers and preventing illness transmission to U.S.
−Removed: Currently, we are working directly with the CDC Maritime Unit as well as other health regulatory authorities, such as E.U.
−Removed: Healthy Gateways, to adjust our COVID-19 response protocols.
−Removed: We refer you to “—Strategy for COVID-19—Resumption of Operations” for further information.
+Added: We continue to work directly with the CDC Maritime Unit as well as other health regulatory authorities, such as E.U.
+Added: Healthy Gateways, to adjust our infectious disease (COVID-19, influenza, noro virus) response protocols.
Security and Safety
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SOLAS establishes requirements for vessel design, structural features, construction methods and materials, refurbishment standards, life-saving equipment, fire protection and detection, safe management and operation and security in order to help ensure the safety and security of our guests and crew.
−Removed: All our crew undergo regular security and safety training exercises that meet all international and national maritime regulations.
+Added: All our crew undergo regular security and safety training exercises pursuant to international and national maritime regulations.
SOLAS requires that all cruise ships are certified as having safety procedures that comply with the requirements of the International Management Code for the Safe Operation of Ships and for Pollution Prevention (“ISM Code”).
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ports to indemnify passengers in the event of non-performance of the transportation.
−Removed: Accordingly, each of our three brands are required to maintain a $32.0 million third-party performance guarantee in respect of liabilities for non-performance of transportation and other obligations to passengers.
+Added: Accordingly, each of our three brands is required to maintain a $32.0 million third-party performance guarantee in respect of liabilities for non-performance of transportation and other obligations to passengers.
The guarantee requirements are subject to additional consumer price index-based adjustments.
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(a) it is organized in a qualified foreign country, which is one that grants an “equivalent exemption” from tax to corporations organized in the U.S.
−Removed: in respect of each category of shipping income for which exemption is being claimed under Section 883;
+Added: in respect of each category of shipping income for which exemption is being
+Added: claimed under Section 883;
and (b) either:
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Our U.S.-source shipping income is considered effectively connected income if we have, or are considered to have, a fixed place of business in the U.S.
−Removed: involved in the earning of U.S.-source shipping income, and substantially all of our U.S.-source shipping income is attributable to regularly scheduled transportation, such as the operation of a vessel that follows a published schedule with repeated sailings at regular intervals between the same points for voyages that begin or end in the U.S.
+Added: involved in the earning of U.S.-source shipping
+Added: income, and substantially all of our U.S.-source shipping income is attributable to regularly scheduled transportation, such as the operation of a vessel that follows a published schedule with repeated sailings at regular intervals between the same points for voyages that begin or end in the U.S.
If we do not have a fixed place of business in the U.S.
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federal income taxes under the Net Tax Regime discussed above.
−Removed: Income items considered non-incidental to the international operation of ships include income from the sale of single-day cruises, shore excursions, air and other transportation, and pre- and post-cruise land
+Added: Income items considered non-incidental to the international operation of ships include income from the sale of single-day cruises, shore excursions, air and other transportation, and pre- and post-cruise land packages.
We believe that substantially all of our income currently derived from the international operation of ships is shipping income.
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Income Tax Treaty on income derived in respect of our U.S.-flagged operation.
+Added: For example, the Organization for Economic Co-operation and Development and numerous jurisdictions (including the U.K.) have had an increased focus on issues concerning the taxation of multinational businesses and several related reforms have been put forth (including the implementation of a global
+Added: minimum tax rate of at least 15% for large multinational businesses), which could have a negative effect on our business, financial condition and results of operations.
Human Capital
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Regent and Oceania Cruises’ ships use a third party to provide additional hotel and restaurant staffing onboard.
−Removed: We refer you to “Item 1A—Risk Factors—Our inability to recruit or retain qualified personnel or the loss of key personnel or employee relations issues may materially adversely
−Removed: affect our business, financial condition and results of operations” for more information regarding our relationships with union employees and our collective bargaining agreements that are currently in place.
+Added: We refer you to “Item 1A—Risk Factors—Our inability to recruit or retain qualified personnel or the loss of key personnel or employee relations issues may materially adversely affect our business, financial condition and results of operations” for more information regarding our relationships with union employees and our collective bargaining agreements that are currently in place.
Diversity, Equity and Inclusion
Our Company is committed to fostering an inclusive workforce, where diverse backgrounds are represented, engaged and empowered to generate and execute on innovative ideas.
−Removed: Our commitment to diversity and inclusion is demonstrated by our Board of Directors, which is approximately 29% female and approximately 14% under-represented minority.
−Removed: Our commitment to seeking female and minority candidates as well as candidates with diverse backgrounds is formalized in our Corporate Governance Guidelines.
−Removed: Our Company operates globally, with team members representing approximately 120 countries.
−Removed: To foster a diverse and inclusive culture, we seek to leverage the talents of all team members, commit to equal employment opportunity (“EEO”) as detailed in our Company’s EEO policy, and deliver unconscious bias, microaggressions and diversity and inclusion training.
+Added: Our commitment to diversity and inclusion is demonstrated by our Board of Directors, which is 50% diverse with three female directors and one director from an under-represented minority community.
+Added: Our commitment to seeking female and under-represented candidates as well as candidates with diverse backgrounds is formalized in our Corporate Governance Guidelines.
+Added: Our Company operates globally, with team members representing over 110 countries.
+Added: To foster a diverse and inclusive culture, we seek to leverage the talents of all team members and commit to equal employment opportunity (“EEO”) as detailed in our Company’s EEO policy.
We have long-term partnerships with the National Diversity Council, sponsoring the Florida Diversity Council and its South Florida local chapter.
−Removed: In 2021, we announced our Diversity in Leadership employee resource group, Embrace, to promote diversity and inclusion within our management teams and to serve as a feedback channel for front line employees.
+Added: We have established shoreside employee resource groups, such as the Veterans Task Force, Elevate (Women in Leadership) and Embrace (Diversity in Leadership), to promote diversity and inclusion within our teams and to serve as a feedback channel for employees.
As of December 31, 2022, the composition of our workforce was as follows:
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We maintain a long-term incentive plan for our manager-level team members and above that allows us to provide share-based compensation to enhance our pay-for-performance culture and to support our attraction, retention and motivational goals.
−Removed: Our compensation programs for our shipboard team are similarly competitive and for the majority of this team, negotiated with various unions and documented in collective bargaining agreements.
+Added: In October 2022, we proudly established an $18 per hour minimum wage for our non-commission U.S.
+Added: based shoreside employees.
+Added: We also issued an appreciation bonus of up to 10 days of pay to non-management employees not eligible under other bonus or incentive programs.
+Added: The Company also consistently reviews salary levels in order to remain competitive in recruiting and retaining talent for shoreside and shipboard employees.
+Added: We believe our compensation programs for our shipboard team are competitive and for the majority of this team, negotiated with various unions and documented in collective bargaining agreements.
The success of our Company is connected to the well-being of our team members, such that we offer a competitive benefits package including physical, financial and emotional well-being benefits.
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In addition, we offer health savings and flexible spending accounts, vision cover, paid time off, employee assistance programs, short term disability and voluntary long-term disability insurance, term life and business travel insurance.
−Removed: Additionally, we offer a 401(k) retirement savings plan, education assistance including tuition reimbursement
−Removed: and student loan repayment.
+Added: Additionally, we offer a 401(k) retirement savings plan and education assistance benefits.
Our benefits vary by location and are designed to meet or exceed local requirements and to be competitive in the marketplace.
−Removed: While we took several measures in 2020 to preserve liquidity, we proudly supported our team with several positive shoreside and shipboard compensation measures throughout 2021.
−Removed: Our 401(k) retirement savings plan employer match was reinstated to eligible team members.
−Removed: Additionally, our shoreside Directors and above were reinstated to 100% salary compensation on January 4, 2021 to match their below Director colleagues who were reinstated to 100% salary or hours compensation on November 23, 2020, and our management bonus was awarded at least at 50% of target.
−Removed: We also issued an appreciation bonus of up to 10 days of pay to non-management employees not eligible under other bonus or incentive programs.
−Removed: The Company also reviews salary levels in order to remain competitive in recruiting and retaining talent for shoreside and shipboard employees.
−Removed: For the protection of our shipboard team members, guests, and communities we visit, our Healthy Sail Panel has developed a comprehensive and multi-faceted health and safety strategy to enhance our already rigorous protocols and address the unique public health challenges posed by the COVID-19 pandemic.
−Removed: Our shoreside offices monitored local conditions and followed government legislation and guidance to prepare to return to our office environments when it was deemed safe to do so.
−Removed: In June 2021, we phased in our return to our U.S.
−Removed: corporate offices, with extensive office protocols, including onsite nurses, rigorous COVID-19 testing and contact tracing, as well as enhanced office sanitation practices and heating, ventilation, and air conditioning improvements.
−Removed: shoreside team members were also afforded paid COVID-19 vaccination recovery days.
−Removed: To further demonstrate our commitment to being an employer of choice, the Company also announced an indefinite 4/1 flexible work model for shoreside team members globally.
+Added: As we strive to be an employer of choice, the Company continues with a 4/1 flexible work model for shoreside team members globally.
The flexible model allows most employees to work in-office Monday through Thursday and remotely on Friday.
+Added: In April 2022, the Company was honored by South Florida Business Journal as a 2022 Healthiest Employer Awards Honoree to celebrate our dedication to providing health and wellness benefits that allow our employees to thrive both physically and mentally in the workforce.
+Added: To further demonstrate our continued dedication to family as one of our company’s core values, effective July 1, 2022, we enhanced our Family Care Benefits to our eligible shoreside employees.
+Added: This included additional time of paid leave at 100% of an employee’s salary, for maternity, paternity, and adoption leaves.
+Added: Family planning assistance for fertility/surrogacy services and adoption support were also enhanced.
+Added: Minimum basic life insurance was also increased for all team members.
+Added: Beyond our Company’s public philanthropic support during the Ukraine Crisis, the Company dedicated resources and support to our dedicated impacted crew members.
+Added: Among the many actions taken, the Company provided monetary crew welfare fund relief, complimentary enhanced communication channels, and ongoing travel and assignment support as needed.
Training and Development
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We have a year-round focus on providing team members with opportunities to develop their leadership skills and add to our bench of talent through various training initiatives.
−Removed: In 2021, we supported 425 team members or approximately 12% of our shoreside work force with promotions.
Succession planning and talent review programs allow us to continuously calibrate and evaluate high potential talent, offering talent rotations and investing in development for long-term success.
−Removed: In early 2021, we established a new Rising Stars program to identify high potential shoreside leaders at the Director and Senior Director level.
+Added: Established in 2021, Rising Stars remains a key development program to identify high potential shoreside leaders at the Director and Senior Director level.
The 6-month program is conducted with a human resources strategy firm and is focused on developing a growth mindset to refine leadership strengths, champion change and encourage innovation through assessment tools, one-on-one coaching and group learning.
−Removed: Due to its success and positive reception, we grew the program to include three concurrent cohorts to allow more leaders to benefit from this highly sought after development program.
Shipboard team members have the opportunity to learn the skills and responsibilities of another position in a different department, either to increase their effectiveness in the Company, or to give them the opportunity to shift their career path.
Retention and Engagement
−Removed: In February 2021, the Company was proudly honored by Forbes as one of America’s Best Large Employers for 2021.
−Removed: The Company ranked among the top 75 companies in the overall Large Employer category and among the top 10 companies in the Travel & Leisure sector.
−Removed: The Company was then further recognized by Forbes in October 2021, as part of 2021 World’s Best Employers list.
We have a history of strong retention rates across our shoreside and shipboard teams which we attribute to our culture that allows our team members to thrive and achieve their career goals.
−Removed: Our voluntary retention rate throughout 2021
−Removed: remained within our historical range despite the impact that the COVID-19 pandemic has had on our Company and industry.
−Removed: We maintained our Standby Pay Program from 2020 into 2021 to retain our key shipboard officers who are off their normal contract rotation, which continues to facilitate our return to service with our experienced team.
+Added: For the full year of 2022, the company experienced the highest shoreside voluntary retention rate in recent years.
Exceptional team members continue to be recognized by a robust annual Award of Excellence recognition program which acknowledges and rewards individual team members and teams for their demonstration of Company values.
−Removed: We awarded our first Kloster Visionary Award which honors the Company’s founder, Knut Kloster, by recognizing a team member whose spirit of innovation follows in the footsteps of this visionary.
+Added: In 2022, the Award of Excellence winners were celebrated onboard Norwegian Prima, where the ship was dedicated exclusively to our shoreside employees and their guests for a 2-night sailing to share appreciation for our shoreside employees.
+Added: We have also continued the Kloster Visionary Award which honors the Company’s founder, Knut Kloster, by recognizing a team member whose spirit of innovation follows in the footsteps of this visionary.
Through the shipboard Vacation Hero Awards program, shipboard supervisors and management recognize select shipboard team members that have proven to be outstanding in selected categories.
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We own a private island in The Bahamas, Great Stirrup Cay, which we utilize as a port-of-call on certain itineraries.
−Removed: We also operate a cruise destination in Belize, Harvest Caye, which we introduced in November 2016.
−Removed: We have developed, in conjunction with PortMiami, a new terminal, which will be our primary facility at the port.
+Added: We also own and operate a cruise destination in Belize, Harvest Caye, which we introduced in November 2016.
+Added: We have developed, in conjunction with Port Miami, a new terminal, which is our primary facility at the port.
In addition, we have entered into various agreements relating to port or berthing rights for our ships, which include the following:
● an agreement with the Government of Bermuda whereby we are permitted weekly calls in Bermuda through 2028 from Boston and New York.
−Removed: ● contracts for the Port of New Orleans, PortMiami, Port Canaveral, Manhattan Cruise Terminal, A.J.
+Added: ● contracts with the Port of New Orleans, Port Miami, Port Canaveral, Manhattan Cruise Terminal, A.J.
Juneau Dock, Ogden Point Cruise Ship Terminal in Victoria, BC, Port of Southampton, Puerto Costa Maya, Port of Roatan, Puerto Plata, and various Hawaiian ports pursuant to which we receive preferential Berths to the exclusion of other vessels for certain specified days of the week at the terminals.
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The pier has been built to simultaneously accommodate two of Norwegian Cruise Line’s 4,000 passenger Breakaway Plus Class Ships.
+Added: ● An agreement with Glacier Creek Development, LLC for construction and operation of a cruise terminal and related berthing facilities in Whittier, Alaska, expected to be operational for the 2024 season.
+Added: ● An agreement with AAK’W Landing LLC for the development of berthing facilities in Juneau Alaska, expected to be operational in 2025 or 2026.
Available Information
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Our SEC filings are available to the public at the SEC’s website at http://www.sec.gov .
−Removed: We also maintain an Internet site at http://www.nclhltdinvestor.com .
+Added: We also maintain an Internet site at http://www.nclhltd.com .
We will, as soon as reasonably practicable after we electronically file or furnish our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, proxy statements and amendments to those reports, if applicable, make available such reports free of charge on our website.
Our website also contains other items of interest to our investors, including, but not limited to, investor events, press and earnings releases and sustainability initiatives.
−Removed: References to our website throughout this annual report and the information contained therein or connected thereto are provided for convenience only and the content thereof is not incorporated into, and does not constitute a part of, this annual report on Form 10-K.
Information about our Executive Officers
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Executive Vice President and Chief Financial Officer
−Removed: President and Chief Executive Officer, Regent brand
−Removed: Howard Sherman
−Removed: President and Chief Executive Officer, Oceania Cruises brand
President and Chief Executive Officer, Norwegian brand
−Removed: Executive Vice President, General Counsel and Assistant Secretary
+Added: Andrea DeMarco
+Added: President, Regent brand
+Added: President, Oceania Cruises brand
Robin Lindsay
Executive Vice President, Vessel Operations
+Added: Executive Vice President, General Counsel and Assistant Secretary
Senior Vice President and Chief Accounting Officer
All the executive officers listed above hold their offices at the pleasure of our Board of Directors, subject to rights under any applicable employment agreements.
−Removed: There are no family relationships between or among any directors and executive officers.
+Added: Del Rio is the father of Frank A.
+Added: There are no other family relationships between or among any directors and executive officers.
Del Rio has served as President and Chief Executive Officer of NCLH since January 2015 and became a director of NCLH in August 2015.
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Prior to that, he served as Interim Chief Financial Officer from March 2018 to August 2018 and as NCLH’s Senior Vice President, Finance, from November 2014 to August 2018.
−Removed: From September 2008 to November 2014, he served as Vice President, Corporate and Capital Planning, and was an instrumental figure in the completion of NCLH’s IPO in 2013 and the Acquisition of Prestige in 2014.
+Added: From September 2008 to November 2014, he served as Vice President, Corporate and Capital Planning, and was an instrumental figure in the completion of NCLH’s IPO in 2013 and the
+Added: Acquisition of Prestige in 2014.
From January 2007 to August 2008, he served as Director, Corporate and Capital Planning.
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Kempa holds a Bachelor’s degree in Accounting from Barry University.
−Removed: Montague has served as President and Chief Executive Officer of the Regent brand since September 2016.
−Removed: In this role, he is responsible for financial and day-to-day operations of the Regent brand.
−Removed: Previously, he served as President and Chief Operating Officer for the Oceania Cruises and Regent brands from December 2014 until September 2016, where he successfully oversaw the launch of Sirena for the Oceania Cruises brand and the Seven Seas Explorer for the Regent brand.
−Removed: Prior to that, he served as Executive Vice President and Chief Integration Officer for NCLH during the Acquisition of Prestige.
−Removed: Before the acquisition by NCLH, he served as Chief Financial Officer and Executive Vice President for Prestige, from September 2010 until November 2014.
−Removed: During his 12-year tenure at Prestige, Mr.
−Removed: helped build the business plan for the launch of Oceania Cruises in 2002, including oversight for the purchase of its initial three R-class vessels, was involved with the equity investment by Apollo Global Management, LLC and acquisition of Regent Seven Seas Cruises, and drove financing and delivery of Oceania Cruises’ newbuilds, Marina and Riviera.
−Removed: Montague served as Oceania Cruises’ Vice President and Treasurer from 2004 to 2007 and Senior Vice President of Finance from 2008 to 2010.
−Removed: Prior to joining Oceania Cruises, Mr.
−Removed: Montague operated a successful consulting practice focused on strategic planning and development of small to medium-sized companies.
−Removed: Previously, he held the position of Vice President, Finance for Alton Entertainment Corporation, a brand equity marketer that was majority owned by the Interpublic Group of Companies.
−Removed: Montague holds a B.B.A.
−Removed: in Accounting from the University of Miami.
−Removed: Howard Sherman has served as the President and Chief Executive Officer of the Oceania Cruises brand since January 2022.
−Removed: Prior to that, he served as Executive Vice President, Onboard Revenue and Destination Services of NCLH from September 2016 through December 2021 and as Executive Vice President, Revenue Management from February 2015 until September 2016.
−Removed: Prior to the Acquisition of Prestige, Mr.
−Removed: Sherman held various roles at Prestige from 2003 to 2014 including Executive Vice President, Revenue Management and Chief Revenue Officer, Senior Vice President, Revenue Management and Vice President of Yield and Inventory Management.
−Removed: Sherman holds a Bachelor’s degree in Accounting from St.
−Removed: Thomas University.
Harry Sommer has served as President and Chief Executive Officer, Norwegian Cruise Line, since January 2020 and was President, International, from January 2019 to January 2020.
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from Baruch College.
−Removed: Farkas has served as Executive Vice President and General Counsel of NCLH since January 2019.
−Removed: He has also served as Assistant Secretary of the Company since 2013.
−Removed: Farkas joined the Company in January 2004, he has held the positions of Secretary from 2010 to 2013, Senior Vice President and General Counsel from 2008 through 2018, Vice President and Assistant General Counsel from 2005 to 2008, and Assistant General Counsel from 2004 to 2005 and was instrumental in the Company’s IPO and the Acquisition of Prestige.
−Removed: Farkas was formerly a partner in the Miami offices of the law firm Mase and Gassenheimer specializing in maritime litigation.
−Removed: Before that he was an Assistant State Attorney for the Eleventh Judicial Circuit in and for Miami-Dade County, Florida.
−Removed: Farkas currently serves as Chairman of the board of directors of the Cruise Industry Charitable Foundation and on the board of directors of the Steamship Mutual Underwriting Association Limited.
−Removed: Farkas earned a B.A., cum laude, in English and American Literature from Brandeis University and a J.D.
−Removed: from the University of Miami.
+Added: Andrea DeMarco has served as the President of the Regent brand since January 2023 and has strong knowledge of the cruise industry with nearly 20 years of diverse experience spanning multiple areas of the business.
+Added: She served as Chief Sales and Marketing Officer for Regent Seven Seas Cruises from September 2021 until January 2023 and as Senior Vice President of Investor Relations, Corporate Communications and Environmental, Social and Governance from January 2020 until August 2021.
+Added: Prior to that, she served as Vice President, Investor Relations and Corporate Communications from October 2016 through December 2019, Senior Director, Investor Relations from June 2015 through October 2016 and Director, Investor Relations from November 2012 through June 2015.
+Added: Prior to joining the Company, she worked in charter sales and corporate financial planning roles at Royal Caribbean Group.
+Added: DeMarco has an M.B.A.
+Added: in Finance from Florida International University and a B.S.
+Added: in Finance from Florida State University.
+Added: Del Rio has served as the President of the Oceania Cruises brand since January 2023 and is an industry veteran, having started his career in the cruise industry in 2003.
+Added: He served as Chief Sales and Marketing Officer for Oceania Cruises from March 2022 until January 2023 and as Senior Vice President, Port Destinations and Onboard Revenue from March 2015 through April 2017.
+Added: From 2018 until March 2022, Mr.
+Added: Del Rio pursued entrepreneurial opportunities in the private equity, finance, and tech spaces, where he was involved across a wide spectrum of products and industries, including AI, telecommunications and 5G network solutions, medical, and real estate development, including serving as Chief Executive Officer of Divinus Life LLC, a specialty provider of skin and wellness products, from 2018 through 2020.
+Added: Prior to the Company’s acquisition of Prestige, Mr.
+Added: Del Rio served as Senior Vice President, Port and Destination Services at Prestige from 2008 until March 2015 and as Vice President, Destination Services and Product Development at Prestige from 2003 to 2008.
+Added: Del Rio has a B.S./B.A.
+Added: in Finance and Economics from the University of Florida.
Robin Lindsay has served as Executive Vice President, Vessel Operations, for NCLH since January 2015.
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degree from Louisiana Tech University.
+Added: Farkas has served as Executive Vice President and General Counsel of NCLH since January 2019.
+Added: He has also served as Assistant Secretary of the Company since 2013.
+Added: Farkas joined the Company in January 2004, he has held the positions of Secretary from 2010 to 2013, Senior Vice President and General Counsel from 2008 through
+Added: 2018, Vice President and Assistant General Counsel from 2005 to 2008, and Assistant General Counsel from 2004 to 2005 and was instrumental in the Company’s IPO and the Acquisition of Prestige.
+Added: Farkas was formerly a partner in the Miami offices of the law firm Mase and Gassenheimer specializing in maritime litigation.
+Added: Before that he was an Assistant State Attorney for the Eleventh Judicial Circuit in and for Miami-Dade County, Florida.
+Added: Farkas currently serves as Chairman of the board of directors of the Cruise Industry Charitable Foundation and on the board of directors of the Steamship Mutual Underwriting Association Limited.
+Added: Farkas earned a B.A., cum laude, in English and American Literature from Brandeis University and a J.D.
+Added: from the University of Miami.
Ashby has served as Senior Vice President and Chief Accounting Officer of NCLH since February 2016.
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From January 2012 to November 2014, Ms.
−Removed: Ashby served as Controller for Prestige, where she managed and
−Removed: developed the Accounting and External Financial Reporting teams.
+Added: Ashby served as Controller for Prestige, where she managed and developed the Accounting and External Financial Reporting teams.
From March 2010 to December 2011, Ms.
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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.