Testing by Eni and MSC Cruises has confirmed the technical feasibility of using biofuel in its pure form to power cruise ship engines, the cruise line said in a press release.
During the tests with Enilive’s HVO (Hydrogenated Vegetable Oil) diesel, one of the MSC Opera’s engines was powered for approximately 2,000 hours with pure HVO.
No engine modifications were made, while performance and emissions data were recorded.
The test demonstrated that HVO can be used for marine engines with no technological upgrades needed, with performance staying in line with traditional marine fossil fuels.
Michele Francioni, Chief Energy Transition Officer of MSC Cruises, said:” We are very pleased to have satisfactorily confirmed the technical feasibility of 100% HVO on our cruise ship as part of our continuous decarbonization efforts.
“We believe HVO may play an important role in the decarbonization of shipping and together with other immediately available fuels such as LNG and bio-LNG, constitutes an immediate opportunity that could be deployed onboard cruise ships to accelerate the transition towards renewable fuels, bringing us a step closer to our ultimate goal of reaching net zero GHG emissions by 2050”.
According to the press release, the test recorded lower emissions of both NOx (16 percent) and particulate, as well as a reduction in GHG emissions inherent to the origin of the HVO product of around 80 percent compared to the use of traditional fuel.
The reduction is said to be due to the usage of 100 percent biogenic feedstocks in the HVO production process.
Technical data on engine performance and associated emissions were collected and assessed with the support of Wärtsilä as the engine manufacturer, and Bureau Veritas, which independently validated the results.
Stefano Ballista, CEO of Enilive, noted that his company’s marine HVO diesel has been available at the ports of Genoa, Ravenna and Venice for direct delivery from the terminal to vessels via barge for several months.
He described the fuel as a viable solution for the decarbonization of maritime transport.
After undergoing its drydock, the Oosterdam is set to offer eight itineraries and 15 departure dates across Europe, the Caribbean and North America starting in late 2027.
Holland America said that the sailings “give guests the earliest opportunity to experience Oosterdam’s onboard enhancements, paired with destination-rich itineraries.”
The company highlighted the multi-year refurbishment program, which was designed to modernize its fleet by bringing features from the newer Pinnacle Class to more ships.
Following the project, the Oosterdam will introduce new stateroom and suite categories, in addition to expanded access to signature venues.
“We’re excited about what Holland America Evolution represents for our fleet and for our guests,” said Michael Stendebach, senior vice president of food, beverage and rooms division for Holland America Line.
“We can’t wait to welcome guests aboard the elevated Oosterdam through these new voyages, where they’ll be among the first to experience what this transformation brings. From the first step on board, guests will feel a more refined and thoughtfully designed experience, with new spaces like the Grand Dutch Café providing a sense of comfort and welcome as their vacation begins,” he added.
Among the new features coming to the Oosterdam are Solo Verandah staterooms, which offer solo travelers a private balcony and dedicated workspace.
Guests seeking premium accommodations can also choose from newly introduced Bridgeview Suites that feature panoramic windows and living space, as well as Vista Suites, debuting on Oosterdam for the first time.
As part of its Evolution enhancements, the ship will also introduce the Grand Dutch Café, a European-inspired coffee shop that first debuted on Pinnacle class ships and builds on the company’s Dutch heritage.
Following its refurbishment, the Oosterdam will return to service in Europe in early December 2027, kicking off a seven-day itinerary in the Western Mediterranean.
The cruise features visits to destinations in Spain, Portugal and Morocco and will be followed by a 13-night trans-Atlantic crossing to Fort Lauderdale.
The 2003-built vessel is then set to spend the 2027-28 season sailing from Port Everglades to the Caribbean, with 11- and 12-night itineraries that highlight destinations in the Southern Caribbean and the ABC Islands.
In spring 2028, the Oosterdam will transit the Panama Canal while repositioning north to the Pacific Coast.
Holland America said that the journey includes ports throughout Central America and Mexico, followed by scenic sailings along the U.S. West Coast before concluding in the Pacific Northwest.
Norwegian Cruise Line Holdings today reported financial results for the first quarter ended March 31, 2026 and provided guidance for the second quarter and full year 2026.
Highlights
First quarter total revenue grew 10% to $2.3 billion. GAAP net income was $105 million, with EPS of $0.23.
Delivered Adjusted EBITDA of $533 million in first quarter 2026, exceeding guidance, and representing an increase of 18% compared to 2025. Adjusted Net Income more than doubled to $108 million. Adjusted EPS increased $0.13 to $0.23.
Company lowered full year 2026 guidance with Adjusted EPS expected to be $1.45 to $1.79.
Company took delivery of Norwegian Luna, featuring an exceptional collection of venues and experiences, including its latest in house production ELTON: A Celebration of Elton John™.
Announced Board refreshment with the appointment of five new independent directors effective March 31, 2026, further strengthening the Company’s governance and shareholder value focus.
Executed targeted initiatives to enhance its SG&A profile, generating approximately $125 million of expected annualized run-rate savings.
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We delivered strong first quarter results, and more importantly we have already begun taking decisive actions to strengthen execution and accountability across the company, which will enhance results over the longer term,” said John W. Chidsey, Chairperson and Chief Executive Officer of Norwegian Cruise Line Holdings.
“During the quarter, we acted with urgency to simplify, optimize, and streamline the organization, including executing SG&A savings initiatives totaling $125 million in expected run rate savings. These are long-term structural actions that we believe will help offset near-term pressures and position the business for stronger performance over time. As we move through the year, we will continue to manage costs and focus on revenue growth to align resources with the high-growth, high value areas of the business. I remain confident and encouraged that we are building a leaner, more effective and nimble organization that positions NCLH for sustainable long-term value creation.”
First Quarter 2026 Highlights
Generated total revenue of $2.3 billion, a 10% increase compared to the first quarter of 2025, driven by increased Capacity Days. GAAP net income was $104.7 million compared to $(40.3) million in the prior year, with EPS of $0.23.
Gross margin per Capacity Day increased 4.0% versus 2025 on an as reported basis and increased 2.6% on a Constant Currency basis. Net Yield decreased approximately 0.3% on an as reported basis and 1.0% on a Constant Currency basis, above our guidance of a decline of 1.6%.
Gross Cruise Costs per Capacity Day was approximately $287, compared to $297 in the prior year. Adjusted Net Cruise Cost excluding Fuel per Capacity Day was approximately $169 on an as reported basis and $168 on a Constant Currency basis, and was down 0.2% on an as reported basis and 1.0% on a Constant Currency basis compared to $169 in 2025, better than guidance.
Adjusted EBITDA increased 18% to $533 million, compared to $453 million in 2025, exceeding guidance of ~$515 million. Adjusted EPS increased 121% to $0.23, exceeding guidance of ~$0.16.
2026 Full Year Outlook
The Company is experiencing headwinds related to disruptions in the Middle East, including higher fuel expense and signs of softer demand as consumers reevaluate travel plans, particularly to Europe. As previously noted, the Company entered 2026 behind its targeted booking curve, and these headwinds have hindered the Company’s ability to accelerate bookings and close that gap. These external pressures come as the Company continues to enhance its revenue management system and improve execution, resulting in additional pressure on the business and a reduction in its full year 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 3% to 5% versus 2025.
2026 Adjusted Net Cruise Cost excluding Fuel per Capacity Day is expected to be approximately flat on a Constant Currency basis versus 2025, reflecting better-than-previously-guided performance driven by workforce optimization and other SG&A savings.
2026 full year Adjusted EBITDA is expected to be approximately $2.48 billion to $2.64 billion.
Adjusted Operational EBITDA Margin for the full year 2026 is expected to be 32.9% to 34.3%.
Full year Adjusted Net Income is expected to be approximately $679 million to $838 million. Adjusted EPS is expected to be $1.45 to $1.79.
Q2 2026 Outlook
Q2 2026 Net Yield on a Constant Currency basis is expected to decline approximately 3.6% versus 2025.
Q2 2026 Adjusted Net Cruise Cost excluding Fuel per Capacity Day is expected to grow approximately 1.0% on a Constant Currency basis versus 2025.
Q2 2026 Adjusted EBITDA is expected to be approximately $632 million and Adjusted Operational EBITDA Margin for the quarter is expected to be approximately 32.5%.
Booking Environment Update
The Company remains below its optimal booking range following certain execution missteps, exacerbated by softer demand related to heightened geopolitical uncertainty. Recent events related to the conflict in the Middle East have impacted bookings across all three brands, especially in Europe during the summer season. While the near-term environment remains challenging, the Company is taking targeted actions to better align commercial strategy, including marketing, with deployment and revenue management, with the benefits of these actions expected to materialize gradually over time.
Liquidity and Financial Position
The Company is committed to optimizing its balance sheet and reducing Net Leverage. As of March 31, 2026, the Company had total debt of $15.2 billion and Net Debt of $15.0 billion. Net Leverage ended the quarter at 5.3x.
As of March 31, 2026, liquidity was $1.6 billion including approximately $185.0 million of cash and cash equivalents and $1.4 billion of availability under our Revolving Loan Facility.
“During the quarter we delivered better-than-expected cost performance across the business,” said Mark A. Kempa, Executive Vice President and Chief Financial Officer of Norwegian Cruise Line Holdings Ltd. “As we navigate a more uncertain macroeconomic and geopolitical environment, we are acting diligently to offset those pressures through targeted SG&A savings and broader efficiency initiatives. Based on the actions taken during the quarter, we now expect full year Adjusted Net Cruise Cost Excluding Fuel to be approximately flat to last year, which should help support margins as we continue to strengthen execution across the business.”
Outlook and Guidance
In addition to announcing the results for the first quarter of 2026, the Company also provided guidance for the second 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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