Norwegian Cruise Line Holdings reports fourth quarter and full year 2020 earnings on Thursday morning Feb. 25 before market open, and will also provide a business update, with company executives participating on an hour-long conference call at 10 a.m. eastern with the investment community.

What Matters:

CDC: With Royal Caribbean Group commenting on Monday that technical regulations to cruise from the CDC may only be days away, expect Norwegian Cruise Line Holdings to be pressed to comment on any developments with the CDC.

What The Restart Looks Like: Where will ships first sail with guests? How long will cruises be? What will occupancy rates be, and when may all this happen?

Go-To-Market: Norwegian’s namesake brand has unique in its go-to-market strategy, using added value and bundling to drive bookings in lieu of price discounting. Has that held up?

Cash Burn and Start: Analysts will be interested to hear the latest cash burn numbers from Norwegian, as well as any anticipated expenses in restarting – hopefully detailed on a per ship basis.

Alaska: Royal Caribbean executives on Monday did not comment on or field questions about the key 2021 Alaska cruise season. Thus, signaling that getting a waiver to eliminate the need to go a foreign port is not a consideration. With a much bigger piece of its deployment pie in Alaska, will Norwegian detail any efforts underway to sail in Alaska in 2021?

Vaccine: Will Norwegian require passengers on the Norwegian, Oceania and Regent brands to get the COVID-19 vaccine? What about crew?

Ship Sales: Carnival Corporation and Royal Caribbean Group have aggressively sold off tonnage. Norwegian Cruise Line Holdings has not. Will the company provide a further update on its strategy here?

Oceania and Regent: Royal Caribbean Group sold Azamara to a private equity firm in January. Expect Norwegian executives to dismiss any speculation on these brands as they are core to the company and both continue to garner high yields and strong demand.