The 922-passenger ship is now offering a seven-night cruise that includes visits to destinations in Portugal, Morocco and Spain.
The itinerary is highlighted by stops in off-the-beaten-path ports in the region, including Portimão and Puerto Banús.
Before ending in Lisbon, the maiden voyage will also include visits to Palma de Mallorca, Cádiz and Tangier, in addition to a full day of cruising in the Western Mediterranean.
The ship will later offer a second seven-night cruise to Southampton, which will sail to Spain, Portugal and France.
On its way to the United Kingdom, the Explora III will visit Porto, La Coruña, Bilbao and Bordeaux, as well as St. Jean de Luz.
In addition to sailing the individual cruises, guests were able to combine the two weeklong voyages for a 14-night itinerary sailing from Barcelona to Southampton.
As part of its inaugural season, the 70,000-ton vessel is also set to offer itineraries to Northern Europe, Iceland, Greenland and North America.
The ship is also set to offer cruises to the Caribbean departing from San Juan and Miami starting in December 2026.
Cristina Ozores, a marine educator and National Geographic Educator, served as the ship’s godmother during the ceremony.
The Explora III also offered a pre-inaugural cruise in the Western Mediterranean, which departed from Genoa, Italy, on July 24, 2026.
The five-night preview journey included visits to destinations in France and Italy, including Marseille, Saint-Tropez, Livorno and Villefranche-sur-Mer.
Originally launched as the R4 in 2000, the 684-passenger ship was acquired by Oceania in 2016, after spending over a decade sailing for Princess Cruises.
Nautica Capacity: 684 Tonnage: 30,200 Year Built: 2000 Fate: To become Oceania Aurelia Farewell Cruise: October 15, 2027
The Nautica will remain in service for Oceania Cruises after undergoing a significant refurbishment in late 2027.
According to the company, the 2000-built ship will be reimagined as the “ultimate world explorer,” embarking on longer cruises and the brand’s 180-day Around the World Voyages. Renamed Oceania Aurelia, the vessel will offer larger suites and capacity will be trimmed from 684 to under 400.
Regatta Capacity: 684 Tonnage: 30,200 Year Built: 1998 Fate: Chartered to My Cruises Farewell Cruise: August 17, 2026
The Regatta will leave Oceania Cruises’ fleet this year having been chartered to My Cruises’ Explorations by Norwegian brand.
“At the conclusion of the initial term, the charter may be extended for multiple years or, alternatively, the vessel may be sold to a third-party cruise operator,” NCLH stated in its 2026 second quarter earnings presentation.
Insignia Capacity: 684 Tonnage: 30,200 Year Built: 1999 Fate: To remain in fleet for the time being Farewell Cruise: TBD
While no new long-term plans have been announced, Oceania’s published deployment includes departures onboard the 30,200-ton ship through November 2027.
Norwegian Cruise Line Holdings today reported financial results for the second quarter ended June 30, 2026 and provided guidance for the third quarter and full year 2026.
Highlights
Second quarter total revenue grew 4.9% to $2.6 billion. GAAP net income was $223 million with EPS of $0.48. Delivered better-than-expected second quarter profitability, with Adjusted EBITDA1 of $666 million, Adjusted Net Income of $222 million and Adjusted EPS of $0.48, each exceeding guidance. Company now expects full year 2026 Adjusted EPS to be approximately $1.50. Advanced the Company’s global business sourcing strategy through the consolidation of technology vendors as well as other salary and benefit savings, generating an additional ~$100 million of expected annualized run-rate savings, primarily from capital expenditures and SG&A. Announced the grand opening of Great Tides Waterpark on September 4, 2026, at the Company’s private island, Great Stirrup Cay. Spanning nearly six acres, Great Tides Waterpark will deliver a bold, family-friendly adventure across immersive attractions for all ages. Entered into a memorandum of agreement in July 2026 for the sale of Oceania Sirena. Oceania Cruises expects to continue operating Oceania Sirena through spring 2028 pursuant to a charter agreement. The transactions are expected to close during the third quarter of 2026. Prior to quarter-end, the Company elected to settle the 1.125% Exchangeable Senior Notes due 2027, and the 2.50% Exchangeable Senior Notes due 2027, in cash. The elections are expected to reduce the diluted weighted-average shares outstanding in full year 2026 by 4 million shares, relative to guidance previously issued on May 4, 2026. “Norwegian Cruise Line Holdings delivered a solid second quarter with profitability ahead of guidance. At the same time, we continued to advance our strategic priorities to strengthen the business for the long term,” said John W. Chidsey, Chairperson and Chief Executive Officer of Norwegian Cruise Line Holdings.
“We are executing with urgency on our priorities including sharpening our brand positioning and marketing execution, strengthening our revenue management and pricing capabilities, driving meaningful cost efficiencies, including an additional $100 million of savings, and ensuring we have the right team in place to rebuild commercial momentum over time. While we are confident in the strength of our brands and the long-term benefits of the actions underway, we are still in the early stages of our turnaround. Our leadership team is united and focused on delivering sustainable growth and long-term value creation.”
Second Quarter 2026 Highlights
Generated total revenue of $2.6 billion, a 4.9% increase compared to the second quarter of 2025, driven by increased Capacity Days. GAAP net income was $223 million compared to $30 million in the prior year, with EPS of $0.48. Gross margin per Capacity Day decreased 11.6% versus 2025 on an as reported basis and decreased 12.3% on a Constant Currency basis. Net Yield decreased approximately 2.1% on an as reported basis and 2.6% on a Constant Currency basis, better than guidance of a decline of 3.6%. Gross Cruise Costs per Capacity Day were approximately $304, compared to $306 in the prior year. Adjusted Net Cruise Cost excluding Fuel per Capacity Day was approximately $164 on an as reported basis and $163 on a Constant Currency basis. Compared to 2025, this metric was essentially flat on an as reported basis and decreased 0.5% on a Constant Currency basis, 150 basis points better than guidance. Adjusted EBITDA declined 4.1% to $666 million, compared to $694 million in 2025, above guidance of $632 million. Adjusted EPS decreased 6.6% to $0.48, above guidance of $0.38. 2026 Full Year Outlook
The Company said it continues to execute on the cost front, identifying $100 million of annualized savings, in addition to the $125 million of annualized savings announced last quarter. The Company has also taken actions to strengthen its execution, including the addition of key leadership within marketing, revenue management and other key areas at Norwegian Cruise Line. The benefits of these changes are expected to be realized over time and will have a limited impact on 2026 financial results as the Company navigates through its execution challenges, which are impacting its demand generation and revenue outlook. As a result, the Company is updating its full year 2026 guidance. A summary of the updated full year guidance is provided below:
2026 full year Net Yield on a Constant Currency basis is expected to be down approximately 5% versus 2025. 2026 Adjusted Net Cruise Cost excluding Fuel per Capacity Day is expected to be down approximately 0.25% on a Constant Currency basis versus 2025, reflecting better-than-previously-guided performance driven by ongoing savings. 2026 full year Adjusted EBITDA is expected to be approximately $2.5 billion. Adjusted Operational EBITDA Margin for the full year 2026 is expected to be 33.2%. Full year Adjusted Net Income is expected to be approximately $700 million. Adjusted EPS is expected to be approximately $1.50. Q3 2026 Outlook
Q3 2026 Net Yield on a Constant Currency basis is expected to decline 8.9% versus 2025. Q3 2026 Adjusted Net Cruise Cost excluding Fuel per Capacity Day is expected to decline 0.9% on a Constant Currency basis versus 2025. Q3 2026 Adjusted EBITDA is expected to be $874 million and Adjusted Operational EBITDA Margin for the quarter is expected to be 41.2%.
Booking Environment Update
The Company remains below its optimal booked position for the next 12 months, as it continues to experience pressure from softer demand at its Norwegian Cruise Line brand related to Company-specific execution challenges, as well as the ongoing conflict in the Middle East. As we look ahead, the full amenities at the Company’s private island, Great Stirrup Cay, will be open to the public beginning September 4, including the pier and the new Great Tides Waterpark, the Great Life Lagoon, and the nearby Splash Harbor, which we expect will improve demand to Caribbean itineraries over time.
Liquidity and Financial Position
The Company is committed to optimizing its balance sheet and reducing Net Leverage. As of June 30, 2026, the Company had total debt of $15.0 billion and Net Debt of $14.8 billion. Net Leverage ended the quarter at 5.3x.
As of June 30, 2026, liquidity was $1.5 billion, including approximately $218 million of cash and cash equivalents and $1.3 billion of availability under our Revolving Loan Facility.
“While the demand environment remains pressured at our Norwegian Cruise Line brand, we continue to execute on disciplined cost and sourcing initiatives, and have identified an additional $100 million of expected annualized run-rate savings primarily related to technology vendors,” said Mark A. Kempa, Executive Vice President and Chief Financial Officer of Norwegian Cruise Line Holdings Ltd. “We remain disciplined in managing our cost structure and over the past three years we have identified over $500 million in savings. These actions will help support future margin expansion and strengthen our financial flexibility as we continue to position the Company for long-term profitable growth.”
Outlook and Guidance
In addition to announcing the results for the second quarter of 2026, the Company also provided guidance for the third quarter and full year 2026, along with accompanying sensitivities, subject to changes in the broad macroeconomic environment. The Company does not provide certain estimated future results on a GAAP basis because the Company is unable to predict, with reasonable certainty, the future movement of foreign exchange rates or the future impact of certain gains and charges. These items are uncertain and will depend on several factors, including industry conditions, and could be material to the Company’s results computed in accordance with GAAP. The Company has not provided reconciliations between the Company’s 2026 guidance and the most directly comparable GAAP measures because it would be too difficult to prepare a reliable U.S. GAAP quantitative reconciliation without unreasonable effort.
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