Harry Sommer, president and CEO of Norwegian Cruise Line Holdings, played down the threat of taxes on the cruise industry from the Trump administration, speaking on the company’s year-end and fourth quarter earnings call.

He said any changes would require legislative action and that the business is complex with a variety of deployments and the relatively short amount of time the company’s ships are in U.S. waters.

“It’s really hard for us to speculate on what this would mean to us,” Sommer said.

Sommer also pointed to what he called positive things coming out of the Trump Administration, including the push for sustained peace in the Middle East and potentially between Ukraine and Russia.

“That can be a significant tailwind for us in 2026,” Sommer said, noting that the company has a third of its fleet in Northern Europe next year.

“And that is all without being Saint Petersburg being available. If Saint Petersburg was to become available for the summer 2026 season, I think as a company with one third of our fleet based in that region of the world, we could disproportionately benefit,” he said.

“As a human being, I hope for peace for purely humanitarian reasons, but as a cruise operator, we think this can provide us a unique opportunity for summer 2026.”