Norwegian Cruise Line

Norwegian Cruise Line
Publicly traded
Traded as NASDAQ: NCLH
Industry Transportation
Founded 1966
Headquarters

Bermuda (domicile),

Miami-Dade County, Florida, United States (HQ)
Key people
 Frank Del Rio, CEO
Products Cruises
Owner Genting Group (28%)
Apollo Global Management (20%)
TPG Capital (7.9%)
Website www.ncl.com

Norwegian Cruise Line Holdings Ltd. (Norwegian) is a Bermuda-incorporated, US-headquartered[1] company operating cruise ships, headquartered in unincorporated Miami-Dade County, Florida.[2] It began operations in 1966 under the name Norwegian Caribbean Line. The company is best known for its Freestyle Cruising concept, which means that there are no set times or seating arrangements for meals, nor is formal attire required. Norwegian is a publicly traded company with 44.1% publicly listed on NASDAQ, with major shareholders including Genting Group (28.0%), Apollo Global Management (20.0%), and TPG Capital (7.9%) as of 30 June 2014.[1] Norwegian Cruise Line controls approximately 8% of the total worldwide share of the cruise market.[3]

History

Norwegian headquarters in Miami-Dade County

The cruise line was founded as Norwegian Caribbean Line in 1966 by Knut Kloster and Ted Arison, with just one 8,666-ton, 140m cruise ship/car ferry, Sunward, which in 1966 operated as a car-ferry between Southampton UK and Gibraltar, for that one, short season only. Arison soon left to form Carnival Cruise Lines, while Kloster acquired additional ships for Caribbean service. Norwegian pioneered many firsts in the cruise industry like: the first Out Island Cruise, the first combined air-sea program (marketed as "Cloud 9 Cruises") which combined low cost air fares with the cruise, first shipline to develop new ports in the Caribbean, like Ocho Rios in Jamaica. Like the original Sunward of 1966, Norwegians's second ship, the Starward had the capability to carry automobiles through a well concealed stern door. Later, this area was turned into cabins and a two deck movie theater, which is now a casino. Norwegian was responsible for many of the cruise innovations that have now become standard throughout the industry.

Norwegian made headlines with the acquisition of the France in 1979, rebuilding the liner as a cruise ship and renaming her Norway. The conversion cost more than $100 million USD. The Norway was at the time significantly larger than any existing cruise ship, and exploited the extra space available by adding a greater than usual variety of onboard entertainment. Her success paved the way for a new era of giant cruise ships. A boiler explosion in May 2003 forced Norwegian to withdraw the Norway from service, later being laid up in Bremerhaven, Germany until 2005 when she was towed to Port Klang Malaysia with the claimed intent to use her as an anchored casino or slow overnight casino cruises on her remaining boilers. Instead, she was sold for scrap and renamed the SS Blue Lady[4] and later beached at Alang, Gujarat, India in August 2006 with claims that she had not been cleaned of toxic materials.[5] On September 11, 2007, the India Supreme Court issued an order permitting her to be broken-up at Alang, despite the presence of large amounts of hazardous asbestos remaining on board.[6][7]

Norwegian has expanded to other parts of the world, including Alaska, Europe, Bermuda, and Hawaii. Between 1997 and 2001 the company also operated cruises out of Australia under the name Norwegian Capricorn Line.

Its subsidiary Orient Lines, founded in 1991 to run the Marco Polo, was acquired in 1998. Norwegian itself was acquired by the Star Cruises, subsidiary of Malaysia-based Genting Group, in 2000. In 2007 Star Cruises sold the Marco Polo to Transocean Tours, to be delivered in early 2008. Orient Lines will cease trading when the ship is delivered to its new owners.

In 2002, Norwegian purchased the half-complete hull of the first Project America ship, at the time under construction at Ingalls Shipbuilding in Pascagoula, Mississippi, USA, which was towed to Germany to be completed at the Lloyd Werft shipyard. Subsequently Norwegian acquired the rights to move two ships built entirely outside the United States under the US flag, making it possible to start a US-flagged operation under the brand name NCL America.[8][9] In 2003 the company announced the purchase of the famed American-flagged liners SS United States and SS Independence. Although it has promised to restore the United States to service, the future of the ship remains uncertain to this day. In their July 2007 fiscal report, Norwegian noted the sale of the Independence, renamed SS Oceanic some time before. On July 1, 2010, the SS United States Conservancy struck a deal to buy the SS United States for $3 million.[10] On February 1, 2011, the ownership was officially transferred to the SS United States Conservancy.

In August 2007, Star Cruises sold 50% of Norwegian for $1 billion to US-based Apollo Management (owners of Oceania Cruises) in order to strengthen Norwegian's financial position.[11] Subsequently Norwegian reported in February 2008 that the Pride of Aloha, one of the two remaining NCL America ships, would be withdrawn from service in May of the same year. Initial reports suggested she would be transferred to the fleet of Star Cruises,[12] but it was later announced that she would return to the Norwegian international fleet as the Norwegian Sky,[13] while the Norwegian Majesty and Norwegian Dream would be sold to Louis Cruise Lines.[14] The sale of the Norwegian Dream was subsequently cancelled.[15] It was announced in September 2012 that the Norwegian Dream will become the Superstar Gemini for Star Cruises, she will start service in January 2013.

In January 2013, Norwegian Cruise Lines filed for an IPO.[16] As of 30 June 2014, Apollo Management only has a 20% stake and the Genting-Group-owned Star Cruises only had a 28% stake in the cruise line.[1][17] In September 2014, Norwegian Cruise Line announced that it had purchased Prestige Cruise Holdings, the parent company of both Oceania Cruises and Regent Seven Seas Cruises in cash and stock for a total transaction consideration of $3.025 billion, including the assumption of debt.[18]

On 11 March 2014, Norwegian announced that it was cancelling all future port calls at Tunisia following an incident where the country forbade Israeli nationals from disembarking.[19]

On 9 January 2015, it was announced that Kevin Sheehan, President and CEO, had been succeeded by Frank Del Rio, co-founder of Oceania Cruises.

Future

On June 1, 2012 Norwegian announced the signing of a memorandum of agreement to exercise its option to purchase Norwegian Sky. The purchase price is approximately $260 million, financing is being provided by the seller.[20]

On October 17, 2012, Meyer Werft and Norwegian reached a second agreement for the construction of two new vessels. Slated for delivery in October 2015 and 2017, respectively. The project is under the code name "Breakaway Plus Class" and it is expected for the vessels to be 163,000 tons and hold 4,200 passengers. The Norwegian Escape entered service in November of 2015 and weighs 164,600 tons. Norwegian is expected to confirm its option for the 2017 vessel soon.[21] Two more vessels were ordered on July 14, 2014, they will enter service in 2018 and 2019 and will be slightly bigger at 164,000 GT.[22]

Norwegian Cruise Line ships

Sun Class

Ship Built Entered service
for Norwegian 		Last
Refurbishment 		Tonnage Class Flag Notes Image
Norwegian Sky 1999 1999-2004/2008 2009 77,104 tons Sun Class  Bahamas Previously Sailed as NCL America Pride of Aloha 2004-2008, constructed as Costa Olympia, but sold to NCL during construction
Norwegian Sun 2001 2001 2011[23] 78,309 tons Sun Class  Bahamas

Spirit Class

Ship Built Entered service
for Norwegian 		Last
Refurbishment 		Tonnage Class Flag Notes Image
Norwegian Spirit 1998 2004 2011[23] 75,338 tons Spirit Class  Bahamas Previously SuperStar Leo (Leo Class)
Sister to the SuperStar Virgo

Dawn Class (Libra Class)

Ship Built Entered service
for Norwegian 		Last
Refurbishment 		Tonnage Class Flag Notes Image
Norwegian Star 2001 2001 2015 91,740 tons Dawn Class  Bahamas Originally ordered as Superstar Libra(Libra Class)
Norwegian Dawn 2002 2002 2011[24] 92,250 tons Dawn Class  Bahamas Originally ordered as SuperStar Scorpio(Libra Class)

Jewel Class

Ship Built Entered service
for Norwegian 		Last
Refurbishment 		Tonnage Class Flag Notes Image
Norwegian Jewel 2005 2005 May 2014[25] 93,502 tons Jewel Class  Bahamas
Norwegian Jade 2006 2006 2011[23] 93,558 tons Jewel Class  Bahamas Previously named The Pride of Hawaii
Norwegian Pearl 2006 2006 April 2013 93,530 tons Jewel Class  Bahamas
Norwegian Gem 2007 2007 November 2015 93,530 tons Jewel Class  Bahamas Refurbishment postponed from Nov 2014 to Nov 2015

Epic Class (F3 Class)

Ship Built Entered service
for Norwegian 		Last
Refurbishment 		Tonnage Class Flag Notes Image
Norwegian Epic 2010 2010 2015 155,873 tons Epic Class (F3 Class)  Bahamas8th largest cruise ship in the world after Royal Caribbean International's Liberty of the Seas. [26]

Breakaway Class

Ship Built Entered service
for Norwegian 		Last
Refurbishment 		Tonnage Class Flag Notes Image
Norwegian Breakaway 2013 2013 N/A 144,017 GTBreakaway Class  Bahamas This ship was delivered on April 25, 2013 and is homeported in New York City.[27] Largest ship to be based year-round out of New York City.
Norwegian Getaway[28] 2014 2014 N/A 144,017 GTBreakaway Class  Bahamas This ship was delivered on January 10, 2014 and will be homeported in Miami, FL year-round[29]

Breakaway Plus Class

Ship Built Entered service
for Norwegian 		Last
Refurbishment 		Tonnage Class Flag Notes Image
Norwegian Escape 2015 2015 N/A 164,600 tons Breakaway Plus  Bahamas 6th largest cruise ship in the world after Royal Caribbean's Ovation of the Seas.
This ship was delivered and put into service in November of 2015.[21]

Pride Class

Ship Built Entered service
for NCL America 		Last
Refurbishment 		Tonnage Flag Notes Image
Pride of America 2005 2005 March 2016 80,439 GRT  United States First large, newly built US-flagged cruise ship in nearly 50 years; the only ship in its class

Future ships

Ship Class Inaugural Run Tonnage Flag Notes
Norwegian Joy Breakaway Plus Class 2017 168,800 GT[30]  Bahamas Formerly named Norwegian Bliss, she will be introduced as the first ship customized for the Chinese market in 2017.[31][32] [33]
Norwegian Bliss Breakaway Plus Class 2018 168,800 GT[30]  Bahamas
unnamed Breakaway Plus Class 2019 168,800 GT[30]  Bahamas [22]

Former ships

Ship Built In service for NCL Tonnage Status as of 2016. Image
Sunward (1966) 1966 1966–1976 8,666 GRT Scrapped in 2004 at Chittagong, Bangladesh.
Starward 1968 1968–1995 12,948 GRT Since 2006 Orient Queen for Louis Cruise Lines.
Skyward 1969 1969–1991 16,254 GRT Since 2000 Leisure World for New Century Cruise Lines.
Seaward 1970 Never entered service
owned 1970 – 1972 		17,042 GT Hull sold to P&O Cruises in 1972. Capsized and partially sunk on February 27, 2016 near the port of Laem Chabang,Sri Racha,Thailand.
Southward 1971 1971–1994 16,607 GRT Since 2008 Aegean Pearl for Golden Star Cruises. Scrapped in 2013 at Aliaga, Turkey.
Sunward II 1971 1977–1991 14,151 GRT Since 2005 Coral for Louis Cruise Lines. Scrapped in 2014 at Aliaga, Turkey.
Norway 1961 1979–2003 70,702 GRT
76,049 GRT 		Sold after 2003 boiler explosion, scrapped in 2008 at Alang, India.
Seaward
Norwegian Sea 		1988 1988–1997
1997–2005 		42,276 GRT Since 2005 SuperStar Libra for Star Cruises.
Westward 1972 1991–1993 28,221 GRT Since 1996 Black Watch for Fred. Olsen Cruise Lines.
Sunward (1991) 1973 1991–1992, 1992–1993 28,078 GRT Since 2005 Boudicca for Fred. Olsen Cruise Lines.
Dreamward
Norwegian Dream 		1992 1992–1998
1998–2008 		39,172 GT
50,764 GT 		Since 28 Dec 2012 SuperStar Gemini for Star Cruises.
Windward
Norwegian Wind 		1993 1993–1996
1996–2007 		39,127 GT
50,760 GT 		Since 2007 SuperStar Aquarius for Star Cruises.
Leeward 1980 1995–1999 25,611 GT Since 2007 Cristal for Louis Cruise Lines.
Norwegian Crown 1988 1996–2000, 2003–2007 34,242 GRT Since 2008 Balmoral for Fred. Olsen Cruise Lines.
Norwegian Dynasty 1993 1997–1999 19,089 GRT Since 2001 Braemar for Fred. Olsen Cruise Lines.
Norwegian Majesty 1992 1997–2009 40,876 GT Originally 32,396 GT, lengthened 1999. Is now known as the Thompson Majesty and owned by Louis Cruise Lines.[34]
Independence 1951 Never entered service
owned 2003–2006 		20,221 GRT Wrecked while being towed to Alang for scrapping.
SS United States 1952 Never entered service
owned 2003 – 2011 		53,330 GT Sold to SS United States Conservancy on 7/1/10, Ownership transferred on 2/1/11

References

  1. 1 2 3 http://www.investor.ncl.com/secfiling.cfm?filingID=1571049-14-3533&CIK=1513761
  2. ↑ "Contact Us." Norwegian Cruise Line. Retrieved on January 9, 2010.
  3. ↑ "Cruise Market Watch Announces 2011 Cruise Line Market Share and Revenue Projections". Cruise Market Watch. 2010-12-11.
  4. ↑ SS Norway ex France. Ssmaritime.com. Retrieved on October 17, 2011.
  5. ↑ "'Toxic ship' cleared for breaking". BBC. 2006-08-02.
  6. ↑ Maritime Matters: France, Norway Archived July 25, 2009, at the Wayback Machine.
  7. ↑ "Indian court says ‘Blue Lady’ can be broken up". Khaleej Times Online. 2007-09-11.
  8. ↑ "Star buys Project America". Bnet. November–December 2002. Retrieved 2008-04-14.
  9. ↑ "Project America rides again". MarineLog.com. 2003-01-18. Retrieved 2008-04-14.
  10. ↑ "SOS to save the SS United States". Mail Online. Daily Mail. Retrieved 11 January 2015.
  11. ↑ "Apollo invests $1billion in NCL Corp to take 50% stake". Cruise Business Review. 2007-08-17. Archived from the original on September 29, 2007. Retrieved 2007-08-17.
  12. ↑ "NCL Corporation Announces Adjustments to Hawai'i Fleet". NCL press release. Norwegian Cruise Line. 2008-02-11. Retrieved 2008-04-14.
  13. ↑ "It's official: Pride of Aloha re-joins NCL international fleet as Norwegian Sky". Cruise Business Review. Cruise Media Oy Ltd. 2008-05-06. Archived from the original on August 2, 2009. Retrieved 2008-05-07.
  14. ↑ Joshi, Rajesh; Lowry, Nigel (2008-04-14). "NCL close to offloading cruiseship trio". Lloyd's List. Archived from the original on 2008-04-26. Retrieved 2008-04-14.
  15. ↑ "No Dream for Louis Cruises". Cruise Business Review. Cruise Media Oy Ltd. 2008-09-30. Retrieved 2008-09-30.
  16. ↑ http://www.usatoday.com/story/travel/cruises/2013/01/17/norwegian-cruise-ipo-prices/1843051/
  17. ↑ http://www.reuters.com/article/2014/09/02/prestigecruises-ma-idUSL3N0R33UM20140902
  18. ↑ http://www.cruiseindustrynews.com/cruise-news/11511-norwegian-cruise-line-purchases-prestige-cruise-holdings.html
  19. ↑ http://www.miamiherald.com/2014/03/11/3988684/after-israeli-passengers-rebuffed.html
  20. ↑ "Norwegian Signs Memorandum of Agreement for Purchase of Norwegian Sky - Cruise Industry News | Cruise News". Cruise Industry News. 2012-06-01. Retrieved 2013-04-27.
  21. 1 2 "Norwegian Cruise Line to Build Third New Ship - Norwegian Cruise Line". Cruisecritic.co.uk. 2012-10-17. Retrieved 2013-04-27.
  22. 1 2 http://www.cruiseindustrynews.com/cruise-news/11329-norwegian-cruise-line-orders-two-new-ships.html
  23. 1 2 3 "Cruise Ship Refurbishments - Cruises". Cruise Critic. Retrieved 2013-04-27.
  24. ↑ "Norwegian Dawn Receives Major Enhancements". Retrieved 16 June 2014.
  25. ↑ "Overhaul brings new features to Norwegian Jewel". usatoday.com. Retrieved 12 June 2014.
  26. ↑ In Norwegian Cruise Line's Homepage, Norwegian Epic is "Epic Class" http://www.ncl.com/cruise-ship
  27. ↑ Sloan, Gene (May 8, 2013). "Rockettes christen largest ship to call New York home". USA Today.
  28. ↑ "Project Breakaway Ships". Ship-Technology.com. Archived from the original on October 16, 2011. Retrieved October 16, 2011.
  29. ↑ "Norwegian Getaway to Sail to the Eastern Caribbean from Miami Year-Round - Cruise Industry News | Cruise News". Cruise Industry News. Retrieved 2013-04-27.
  30. 1 2 3 "Keel laying ceremony for the Norwegian Joy". Meyer Werft. 05 April 2016. Check date values in: |date= (help)
  31. ↑ http://www.cruiseindustrynews.com/cruise-news/13146-norwegian-cruise-line-to-send-new-ship-to-china.html
  32. ↑ http://www.cruisecritic.com/news/news.cfm?ID=6580
  33. ↑ "Norwegian Update on Escape, China, Cuba and More - Cruise Industry News | Cruise News". www.cruiseindustrynews.com. Retrieved 2015-11-10.
  34. ↑ Cruise Reviews – Ship Reviews & Cruise Lines Ratings. Cruise Critic. Retrieved on October 17, 2011.

External links

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