Norwegian Cruise Line Holdings

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Norwegian Cruise Line Holdings Ltd.
Public
Traded as
IndustryTourism
FoundedFebruary 21, 2011; 8 years ago (2011-02-21)
HeadquartersBermuda (domicile)
Miami, Florida, United States (operations)
Area served
Worldwide
Key people
Frank del Rio
(CEO)
ProductsCruises
Subsidiaries
Websitenclhltd.com
Footnotes / references
[1]

Norwegian Cruise Line Holdings (NCLH) is a holding company that is domiciled in Bermuda and based in the United States.[2][3] It operates three cruise lines as wholly owned subsidiaries: Norwegian Cruise Line, Oceania Cruises, and Regent Seven Seas Cruises. With its subsidiaries combined, it is the third-largest cruise operator in the world. It is a publicly traded company listed on the New York Stock Exchange.

History[edit]

NCLH was incorporated on February 21, 2011[1] in anticipation of a planned initial public offering (IPO).[4] Norwegian Cruise Line till then was owned by a consortium of Genting Hong Kong, Apollo Management and TPG Capital.[4] Following the completion of the IPO in 2013 and its debut on the NASDAQ,[5][6] Norwegian Cruise Line and NCLH underwent a corporate reorganisation gave NCLH full ownership of Norwegian Cruise Line,[7] while Norwegian Cruise Line's previous owners exchanged their stakes for shares in NCLH.[7]

Immediately after the initial public offering, Genting Hong Kong controlled a 43.4% stake, Apollo 32.5%, and TPG 10.8%, while public shareholders controlled 13.3%.[7] Since then, its sponsors progressively reduced their stakes in NCLH through a series of secondary public offerings.[3] As of 30 June 2014, this had declined to 28% for Genting and 20% for Apollo,[8] and by 20 March 2017, Apollo controlled 15.8%, Genting 11.1%, and TPG 2.3%.[9][10] Eventually, on 3 December 2018, Apollo and Genting sold off their remaining stakes in the company, marking the end of a relationship that lasted more than a decade.[11]

In September 2014, NCLH announced that it had purchased Prestige Cruise Holdings, the parent company of 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.[12][13]

On 9 January 2015, Kevin Sheehan, President and CEO, was succeeded by Frank Del Rio, co-founder of Oceania Cruises.[14]

On 14 December 2015, NCLH was added to the NASDAQ-100 index.[15] However, it later switched its listing from NASDAQ to the New York Stock Exchange on 19 December 2017,[16] and it was removed from the index.[17]

In June 2018, NCLH's Chairman Walter Revell stepped down,[18] and was replaced by Miami Beach developer Russell Galbut.[19]

As of 2018, it is the third-largest cruise operator in the world, collectively controlling 9.5% of the cruise market by passengers and 12.6% by revenue across its three subsidiaries.[20]

Subsidiaries[edit]

NCLH fully owns three subsidiary cruise lines:

References[edit]

  1. ^ a b "Norwegian Cruise Line Holdings Ltd (NCLH.N) Company Profile". Reuters. Retrieved January 1, 2018.
  2. ^ "Norwegian Cruise Line Holdings Ltd. - Quarterly Report". ncl.com. Retrieved May 11, 2016.
  3. ^ a b 2017 Annual Report (Report). Norwegian Cruise Line Holdings Ltd. Retrieved January 1, 2019.
  4. ^ a b ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2011 (PDF) (Report). NCL Corporation Ltd. February 22, 2012. Retrieved January 1, 2019.
  5. ^ "Company History". nclhltdmedia.com. Norwegian Cruise Line Holdings. Retrieved December 31, 2018.
  6. ^ "Norwegian Cruise Line IPO soars 31%". USA Today. January 17, 2013. Retrieved May 11, 2016.
  7. ^ a b c FORM 10-K (Annual Report) (PDF) (Report). Norwegian Cruise Line Holdings Ltd. February 20, 2013. Retrieved January 1, 2019.
  8. ^ "Norwegian Cruise Line Holdings Ltd. - Quarterly Report". ncl.com. Retrieved May 11, 2016.
  9. ^ "Norwegian Cruise Line Holdings Ltd. - Quarterly Report". ncl.com. Retrieved May 11, 2016.
  10. ^ "t1700166-def14a - none - 7.8927892s". www.sec.gov.
  11. ^ Stieghorst, Tom (December 3, 2018). "Apollo and Star cash out of Norwegian Cruise Line: Travel Weekly". Travel Weekly. Retrieved January 1, 2019.
  12. ^ "Norwegian Cruise Line Purchases Prestige Cruise Holdings". cruiseindustrynews.com. Retrieved May 11, 2016.
  13. ^ Reuters Editorial (September 2, 2014). "UPDATE 1-Norwegian Cruise Line to buy Prestige Cruises from Apollo". Reuters. Retrieved May 11, 2016.
  14. ^ "New chief at Norwegian helm". miamiherald. Retrieved March 9, 2017.
  15. ^ "Norwegian Cruise Line Holdings will become member of NASDAQ-100". informare.it. December 14, 2015. Retrieved December 31, 2018.
  16. ^ "Norwegian Cruise Line Holdings leaving Nasdaq for NYSE". December 8, 2017.
  17. ^ "Annual Changes to the NASDAQ-100 Index". December 8, 2017. Retrieved January 2, 2019.
  18. ^ Kalosh, Anne (April 27, 2018). "Longtime Norwegian Cruise Line Holdings chairman will step down". seatrade-cruise.com. Retrieved January 1, 2019.
  19. ^ Bandell, Brian (June 21, 2018). "Norwegian Cruise Line names Miami Beach developer chairman". South Florida Business Journal. Retrieved June 22, 2018.
  20. ^ "2018 Worldwide Cruise Line Market Share". Cruise Market Watch. 2018. Retrieved December 31, 2018.

External links[edit]