Tag Archives: Cruising

S&P Upgrades Norwegian Cruise Line Credit Rating

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Norwegian Bliss in Ponta Delgarda, Azores photo credit Spacejunkie2 Flickr Account

Norwegian Cruise Line Holdings today announced that S&P Global Ratings (S&P) has recently upgraded NCLC’s (NCL Corporation, a subsidiary of Norwegian Cruise Line Holdings) issuer credit rating and issue-level ratings.

NCLC’s issuer credit rating has been upgraded to B+, marking a notable improvement in the company’s creditworthiness, according to a press release.

In addition, S&P has raised the issue-level ratings on NCLC’s existing secured and unsecured debt. The company’s senior secured debt ratings were raised to BB/BB- and its unsecured debt rating was upgraded two notches to B.

S&P highlighted several factors for the upgrade, including NCLC’s current forward-booked position, increased capacity, occupancy recovery, and higher pricing providing good revenue and cash flow visibility for 2024. In addition, S&P noted that the Company’s leverage will benefit from higher revenue, EBITDA, and cash as it generates a full year of operations from its 2023 ship deliveries, without incurring incremental ship delivery debt in 2024.

Further enhancing its financial position, on March 7, 2024, the company successfully completed the refinancing of its $650 million backstop commitment. This commitment has been refinanced from a secured to an unsecured commitment, and as part of this refinancing, the company has repaid its $250 million 9.75% senior secured notes due 2028, eliminating its highest interest rate debt.

“The upgraded ratings are an important recognition of the strength of our business and our ability to reduce leverage,” commented Mark A. Kempa, executive vice president and chief financial officer of Norwegian Cruise Line Holdings Ltd. He continued, “Our recent refinancing, which reduces interest costs while releasing the related collateral, is a clear demonstration of our commitment to de-levering and improving our balance sheet.”

Crime Meets Cruise on Vasco Da Gama

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Following the success of the first crime thriller cruise in 2023, Nicko Cruises is once again hosting a crime-themed cruise onboard the Vasco da Gama, according to a press release.

Sailing from August 8 to August 20, 2024, the 17-day cruise around Great Britain with moderator Uwe Bahn is all about mystery, criminal cases and investigations, as well as visiting destinations across the UK such as Edinburgh, Dundee and Belfast.

The onboard program ranges from crime quizzes to crime talk and live podcast hearings to crime readings and more. Guests will have the opportunity to find out how realistic their favorite crime films and series are and what a real court reporter does. 

Real crime scene fans can also meet actor Dietmar Bär at the Meet&Greet who will join guests for crime readings.

Guests onboard the Vasco da Gama will also get to explore Ireland and Scotland on this journey.

Norwegian Dawn: Mauritius blocks cruise ship over cholera fears

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Mauritius has denied a Norwegian cruise ship permission to dock at the capital Port Louis over fears of a potential cholera outbreak on board.

At least 15 people on the Norwegian Dawn have been in isolation over suspected illness.

Mauritian authorities said the decision to block the ship was “taken in order to avoid any health risks”.

Samples were taken for testing on Sunday, with results expected to be known on Tuesday.

The passengers developed mild symptoms of a stomach illness during a trip to South Africa, a representative of Norwegian Cruise Line Holdings said.

Mary Francovilla Dees, 69, a passenger on the Norwegian Dawn told the BBC that despite the delay the atmosphere on the ship has been “fairly calm”.

“The passengers on this ship have appeared to take this in their stride,” she said.

Ms Francovilla says passengers have entertained themselves by sitting by the pool, attending shows and going to the bar.

A Dutch passenger on board told BN DeStem they were told there could be a cholera outbreak on board by the captain.

There have been cholera outbreaks in southern Africa over the last few months, with Zambia being hardest hit.

Since January 2023, at least 188,000 people have been infected with cholera across seven countries in southern Africa, according to the UN. More than 3,000 people have died.

“The health and safety of passengers as well as that of the country as a whole are of the utmost to the authorities,” the Mauritius Ports Authority said.

The ship arrived in Mauritius on Saturday evening after arriving a day early because it did not stop in Réunion Island.

There are 2,184 passengers and 1,026 crew members on the ship. About 2,000 planned to disembark in Port Louis, with another 2,000 expected to board at the same time.

Those who were disembarking or joining the cruise will now do so on 27 February, the Norwegian Cruise Line spokesperson said.