Norwegian Cruise Line Holdings Completes Biofuel Trial

Posted on 11 February, 2023 by Spacejunkie2

PRIO, a producer of biofuels in Portugal, and Norwegian Cruise Line Holdings in collaboration with World Fuel Services (WFS), have successfully completed the first trials with sustainable biofuels produced in Portugal, according to a press release.

Following the launch of ECO Bunkers B15 and taking the first step towards the decarbonization of maritime transport in the Iberian Peninsula, PRIO has announced a blend of Biofuels with 30 per cent renewable base material.

This milestone was achieved in collaboration with Norwegian Cruise Line Holdings and the Florida-based energy and services company World Fuel Services.

The new fuel, ECO Bunkers B30, contains a blend of 30 per cent of advanced biofuel from waste raw materials and it is produced at PRIO’s biodiesel plant in Aveiro. This enables the company to scale up production as demand increases and to adjust the percentage of Biodiesel blends (up to a 100 per cent renewable product).

Luis Nunes, a member of PRIO’s Executive Board said: “Advanced biofuels, produced from residual raw materials, i.e., the result of circular economy, are the solution of the present and that allows us to immediately meet the growing needs of our clients. They are “drop-in” solutions, meaning that they did not require any modifications to the engine or tank of Norwegian Cruise Line Holdings’ cruise ships and, in this way, allowed an immediate impact without any need for additional investment in these ships.

“We are at a crucial moment in the world’s response to climate and biodiversity emergencies, so PRIO believes we can already accelerate the energy transition if we increase the contribution of advanced biofuels in the maritime sector,” he added.

PRIO has established itself as the ideal partner for maritime companies on the road toward decarbonization of the sector.

With the help of World Fuel Services, two Norwegian Cruise Line Holdings ships were fueled with a total of 400 tons of B30 supplied by PRIO last year.

The Norwegian Star received 200 tons of ECO Bunkers B30 in Lisbon in November.

The following week, the Norwegian Epic, received another 200 tons of ECO Bunkers B30. This has enabled the cruise company to avoid approximately 440 tons of CO2 emissions.

NCLH: Amendment and Extension of Operating Credit Facility

Posted on 11 December, 2022 by Spacejunkie2

Norwegian Cruise Line Holdings today announced it has amended and extended the majority of its operating credit facility consisting of its senior secured revolving credit facility and senior secured term loan A facility on December 6, 2022.

The amendment has resulted in the extension of maturities of approximately $1.4 billion of the Operating Credit Facility by one year to January 2025, according to a press release.

The Company is actively pursuing alternatives to address the remaining debt associated with the Operating Credit Facility that will otherwise mature in January 2024.

“We are pleased to have successfully amended and extended the majority of our Operating Credit Facility by one year to 2025,” said Mark A. Kempa, executive vice president and chief financial officer of Norwegian Cruise Line Holdings Ltd. “As part of this amendment, we were able to modify certain financial covenants and secure additional debt capacity of $1.5 billion, including approximately $0.5 billion of secured debt capacity. While we continue to believe our ongoing and organic cash generation provides a path to restore our balance sheet over time, the increase in debt capacity provides meaningful additional financial flexibility if needed, as we prepare for multiple scenarios in an uncertain macroeconomic environment.”

The Operating Credit Facility consists of the $875.0 million senior secured revolving credit facility and the senior secured term loan A facility with an outstanding principal amount of approximately $1.5 billion as of September 30, 2022. Additional details on the terms of the amendment can be found in the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on December 9, 2022.

Cruise Stocks Soar on Market Rise

Posted on 11 November, 2022 by Spacejunkie2

Cruise line stocks surged on Thursday along with the market which went up on better-than-expected inflation reports.

Carnival Corporation saw its shares soar 14.3 per cent, closing at $9.78, compared to a 52-week low-high of $6.11 to $23.86.

Royal Caribbean saw a 9.9 per cent rise to $57.72 from a 52-week range from $31.09 to $90.55.

Norwegian Cruise Line Holdings rose 8.2 per cent to $17.09, compared to a 52-week low-high of $10.31 to $27.05

Lindblad Expeditions rose 6.5 per cent to $10.55 compared to a 52-week low-high of $5.91 to $19.13.

The Dow Jones Industrial Average had surged more than 1,000 points or more than 3% on the news that the October’s consumer price index rose only 0.4 per cent for the month and is up 7.7% from a year ago. It is the lowest monthly increase since January.