7 unchanged sentences
Interest Rate Risk
−Removed: As of June 30, 2024, 96% of our debt was fixed and 4% was variable.
−Removed: As of December 31, 2023, 95% of our debt was fixed and 5% was variable.
−Removed: The change in our fixed rate percentage from December 31, 2023 to June 30, 2024 was primarily due to a higher proportion of variable rate debt being repaid than fixed rate debt.
−Removed: Based on our June 30, 2024 outstanding variable rate debt balance, a one percentage point increase in annual Term SOFR interest rates would increase our annual interest expense by approximately $6.1 million excluding the effects of capitalization of interest.
+Added: As of September 30, 2024 and December 31, 2023, 95% of our debt was fixed and 5% was variable.
+Added: Based on our September 30, 2024 outstanding variable rate debt balance, a one percentage point increase in annual Term SOFR interest rates would increase our annual interest expense by approximately $6.2 million excluding the effects of capitalization of interest.
Foreign Currency Exchange Rate Risk
−Removed: As of June 30, 2024, we had foreign currency derivatives to hedge the exposure to volatility in foreign currency exchange rates related to our ship construction contracts denominated in euros.
−Removed: These derivatives hedge the foreign currency exchange rate risk on a portion of the payments on our ship construction contracts.
−Removed: As of June 30, 2024, the payments not hedged aggregated €10.4 billion, or $11.1 billion based on the euro/U.S.
−Removed: dollar exchange rate as of June 30, 2024.
−Removed: As of December 31, 2023, the payments not hedged aggregated €5.4 billion, or $6.0 billion, based on the euro/U.S.
+Added: As of September 30, 2024, future ship construction obligations aggregated €16.8 billion, or $18.7 billion based on the euro/U.S.
+Added: dollar exchange rate as of September 30, 2024.
+Added: As of December 31, 2023, the ship construction obligations aggregated €5.4 billion, or $6.0 billion, based on the euro/U.S.
dollar exchange rate as of December 31, 2023.
−Removed: The change from December 31, 2023 to June 30, 2024 was primarily due to the six new effective newbuild agreements.
−Removed: We estimate that a 10% change in the euro as of June 30, 2024 would result in a $1.1 billion change in the U.S.
+Added: The change from December 31, 2023 to September 30, 2024 was primarily due to the eight new effective newbuild agreements, which excludes the two ships on order for Oceania Cruises, which are currently scheduled for delivery in 2030 and 2031, but are expected to be cancelled.
+Added: We estimate that a 10% change in the euro as of September 30, 2024 would result in a $1.9 billion change in the U.S.
dollar value of the foreign currency denominated remaining payments.
1 unchanged sentence
Our exposure to market risk for changes in fuel prices relates to the forecasted purchases of fuel on our ships.
−Removed: Fuel expense, as a percentage of our total cruise operating expense, was 12.0% and 11.9% for the three months ended June 30, 2024 and 2023, respectively, and 13.1% and 13.5% for the six months ended June 30, 2024 and 2023, respectively.
−Removed: We use fuel derivative agreements to mitigate the financial impact of fluctuations in fuel prices and as of June 30, 2024, we had hedged approximately 53% and 39% of our remaining 2024 and 2025 projected metric tons of fuel purchases, respectively.
+Added: Fuel expense, as a percentage of our total cruise operating expense, was 10.7% and 11.5% for the three months ended September 30, 2024 and 2023, respectively, and 12.3% and 12.8% for the nine months ended September 30, 2024 and 2023, respectively.
+Added: We use fuel derivative agreements to mitigate the financial impact of fluctuations in fuel prices and as of September 30, 2024, we had hedged approximately 51%, 51% and 16% of our remaining 2024, 2025 and 2026 projected metric tons of fuel purchases, respectively.
As of December 31, 2023, we had hedged approximately 53% and 21% of our 2024 and 2025 projected metric tons of fuel purchases, respectively.
−Removed: The percentage of fuel purchases hedged changed between December 31, 2023 and June 30, 2024 primarily due to additional fuel swaps.
+Added: The percentage of fuel purchases hedged changed between December 31, 2023 and September 30, 2024 primarily due to additional fuel swaps.
We estimate that a 10% increase in our weighted-average fuel price would increase our anticipated 2024 fuel expense by $16.4 million.
3 unchanged sentences
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.