Norwegian Cruise Line Holdings posted a loss of $40.3 million on revenues of $2.1 billion for the first quarter of this year, compared to net income of $17.4 million on revenues of $2.2 billion last year.

This year’s loss was largely the result of foreign exchange losses of $23 million compared to foreign exchange gains of $13 million last year, and a $29 million increase in marketing, general and administrative expenses year-over-year.

Total revenue and passenger cruise days were down partially due to a decline in available capacity days because of drydocks, according to NCLH. However, on per passenger day basis ticket and onboard revenue were up at $367.63 this year compared to $358.48 for the same period last year.

Noted cost reductions were reported for payroll and related, fuel and food.