Norwegian Cruise Line Holdings Ready to Grow Capacity 50%

Norwegian Cruise Line Holdings is set to grow its guest capacity by 50 percent by 2027 when compared to 2019 levels.

“Looking ahead we are gearing up to deliver on our attractive newbuild program,” said CFO Mark Kempa, speaking on the company’s first quarter earnings call.

For a complete global breakdown of capacity growth, see the 2022 Cruise Industry News Annual Report. 

“This transformational growth is an under-appreciated cornerstone of our company’s investment thesis,” he continued. “Compared to 2019 the addition to our fleet of nine new ships through 2027 results in a 50 percent capacity growth versus 2019.

“This also reflects the additions of both Norwegian Encore in late 2019 and Regent Seven Seas Splendor in early 2020. These new ships are expected to be top line and margin accretive with very efficient financing structures, resulting in an expected immediate boost to our profitability.”

Upcoming, the company will take delivery of six Prima-class ships for its namesake brand, and has also increased the capacity of the final four ships by 335 guests each, adding another 1,340 net berths.

The Oceania brand will add two new Vista ships, while Regent Seven Seas cruises will take delivery of the Grandeur.

Frank Del Rio, president and CEO, said that new vessels were key to pricing power.

“We have the most growth coming online percentage wise,” he said. “New vessels, especially the new generation of the Norwegian vessels, the new generation of the Oceania vessels and the last of the Regent vessels, they’re all incredibly productive in terms of being able to raise prices.”

Del Rio said that the new ships also attract new guests and drive a halo impact for the company.

“These new hardware introductions are meaningful drivers not only in net yield growth and overall profitability but also in attracting new guests to our brands and reigniting loyal past guests to enjoy new and elevated experiences,” he explained. “They also have historically had a significant a halo effect in the rest of our fleet. Needless to say I’m ready and eager to begin welcoming these additional premium capacity to our fleet, which we expect will be meaningful contributors to our top and bottom line financial results.”

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