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Norwegian Cruise Line Holdings Ltd NCLH

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Rigorous Conditional Sail Exercises Push Norwegian's Sailing Date Further Out to Late Q1 2021

Jaime M. Katz, CFA Senior Equity Analyst

Analyst Note

| Jaime M. Katz, CFA |

No-moat Norwegian has extended its pause in sailing yet again, with the namesake Norwegian brand now halted until March 1, 2021 and Regent Seven Seas and Oceania on break until April 1, 2021. We surmise this is a function of the robust steps the U.S. Centers for Disease Control and Prevention is directing cruise operators to take as a result of its conditional return-to-sailing order, which will take more time to execute upon. While no-moat Carnival and no-moat Royal Caribbean have only a few ships set to sail in North America during first-quarter 2021, we expect both players to follow suit on policy domestically, leading to a later sailing start than currently expected. That said, we do believe ships will get back on the seas, evidenced by Royal’s first revenue itinerary, which left Singapore this week.

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Company Profile

Business Description

Norwegian Cruise Line is the world's third- largest cruise company by berths (at nearly 60,000), operating 28 ships across three brands (Norwegian, Oceania, and Regent Seven Seas), offering both freestyle and luxury cruising. With nine passenger vessels on order among its brands through 2027, Norwegian is increasing capacity faster than its peers, expanding its brand globally. Norwegian sails to more than 450 global destinations.

7665 Corporate Center Drive
Miami, FL, 33126, Bermuda
T +1 305 436-4000
Sector Consumer Cyclical
Industry Travel Services
Most Recent Earnings Sep 30, 2020
Fiscal Year End Dec 31, 2019
Stock Type
Employees 36,000