Tag Archives: Norwegian Cruise Line Holdings

Norwegian Cruise Line Holdings brands extend the suspension of sailings

Posted on by
Reply

Norwegian Sky leaving the Port of Miami, photo credit Dave Jones

Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises have extended the suspension of all cruises until June 30.

The Norwegian Cruise Line Holdings brands extended the current extension from May 11 as they bid to help stem the spread of Covid-19.

The company said it will continue to work with the US Centers for Disease Control and Prevention (CDC), the federal government and global public health authorities to take “all necessary precautions” to ensure the health, safety and security of guests, crew and the communities it visits.

“We are committed to taking all appropriate actions to combat the spread of Covid-19 and, as such, have extended our global voyage suspension through June 30,” said Frank Del Rio, president and chief executive of Norwegian Cruise Line Holdings. “We continue to work closely and in partnership with the US CDC, global public health authorities and local, state and federal governments to build upon our already rigorous health and safety protocols to ensure that our brands are ready to safely resume operations with these new protocols in place.

“Our teams are working around the clock to do what is right by our loyal guests and valued travel partners and we greatly appreciate their understanding as we continue to adapt to the ever-evolving global health environment.”

Guests who are booked on voyages with embarkation dates between May 11 and June 30, 2020, on Norwegian Cruise Line, Oceania Cruises or Regent Seven Seas Cruises are asked to contact their travel agent or the cruise line for more information.

NCLH hires Goldman Sachs as financing options are explored

Posted on by
Reply

Goldman Sachs applies for Tokyo banking licence | Financial Times

Norwegian Cruise Line Holdings has reportedly hired experts at investment bank Goldman Sachs to explore financing options on its behalf.

The parent of Norwegian Cruise Line, Regent Seven Seas Cruises and Oceania Cruises has tasked Goldman Sachs will looking into options which could include the sale of a stake in the company, according to a report from Reuters.

It comes amid a global pause on cruise operations due to the coronavirus outbreak.

The report suggests NCLH is considering a stake sale known as private investment in public equity (PIPE), with the company said to be in talks with several private equity firms.

Goldman Sachs declined to comment and the Reuters report said NCLH did not immediately respond to a request for comment.

It comes after Carnival Corporation raised $6.25 billion by issuing new debt and equity to investors. It made a share offering to raise $3 billion and said it would issue $1.75 billion in senior convertible notes. It also commenced an underwritten public offering of $1.25 billion of shares of common stock and underwriters were being given an option purchase of up to $187.5 million additional shares.

NCLH to report first quarter results May 9

Earlier this month it was announced that Saudi Arabia’s sovereign wealth fund had acquired a minority stake in Carnival Corp. The Public Investment Fund based in Riyadh disclosed that it had taken an 8.2% shareholding in the world’s largest cruise company, estimated to be valued at around $370 million.

Royal Caribbean Cruises – parent of Royal Caribbean, Azamara, Celebrity Cruises and Silversea, also announced a $2.2 billion loan last month as it looked to shore up cash flow amid the pandemic.

On April 9, the US Centers for Disease Control and Prevention extended its ‘no sail order’ for all cruise ships for up to 100 days.

Major Layoffs at Royal Caribbean

Posted on by
Reply
Oasis of the Seas

Royal Caribbean Cruises is laying off and furloughing up to 26 per cent of its the United States-based workforce.

“Earlier today, we told our employees the difficult news that we were laying off or furloughing approximately 26 per cent of our more than 5,000 coworkers in the United States,” the company said in an emailed statement. “We earlier announced the early conclusion of many crew contracts. The circumstances of the pandemic made this action unavoidable, and it hurts to part ways with so many good and talented people.”

Royal Caribbean leadership recently agreed to pay cuts, while Norwegian Cruise Line Holdings cut pay and moved to a four-day workweek.