UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
CURRENT REPORT
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Item 8.01 Other Events.
Newbuild Updates
On July 10, 2025, Norwegian Cruise Line Holdings Ltd. (“NCLH”), which is the direct parent company of NCL Corporation Ltd., confirmed that it had taken delivery of a new ship, Oceania Allura, for the Oceania Cruises brand. On July 10, 2025, a subsidiary of NCLH confirmed that it will not exercise its option to cancel the orders for two ships for the Oceania Cruises brand that were originally scheduled to be delivered in 2030 and 2031 through an effective contract that was subject to cancellation. NCLH and Fincantieri S.p.A. also agreed to reset delivery dates for certain newbuilds on order.
The following chart discloses details about our newbuild program. The impacts of initiatives to improve environmental sustainability and modifications NCLH plans to make to its newbuilds to improve their profitability and better space out the newbuilds, along with shipyard availability, have resulted in us resetting the expected ship deliveries. These and other impacts could result in additional delays in ship deliveries in the future, which may be prolonged. Expected delivery dates for our most recently announced newbuilds are preliminary and subject to change.
Year | Brand | Class | Ship Name | Gross Tons(1) | Berths(1) | Status |
2026 | Norwegian Cruise Line | Prima Class | Norwegian Luna | ~156,000 | ~3,565 | Contract effective / financed.(3) |
2026 | Regent Seven Seas Cruises | Prestige Class | Seven Seas Prestige | ~77,000 | ~822 | Contract effective / financed.(3) |
2027 | Norwegian Cruise Line | Next Gen "Methanol-Ready(2)" Prima Class | To come | ~169,000 | ~3,840 | Contract effective / financed.(3) |
2027 | Oceania Cruises | Sonata Class | Oceania Sonata | ~86,000 | ~1,390 | Contract effective / financed.(3) |
2028 | Norwegian Cruise Line | Next Gen "Methanol-Ready(2)" Prima Class | To come | ~169,000 | ~3,840 | Contract effective / financed.(3) |
2029 | Oceania Cruises | Sonata Class | Oceania Arietta | ~86,000 | ~1,390 | Contract effective / financed.(3) |
2030 | Norwegian Cruise Line | New Class | To come | ~227,000 | ~5,000 | Contract effective / financing is being negotiated. |
2030 | Regent Seven Seas Cruises | Prestige Class | To come | ~77,000 | ~822 | Contract effective / financed.(3) |
2032 | Oceania Cruises | Sonata Class | To come | ~86,000 | ~1,390 | Contract effective, but not yet financed. |
2032 | Norwegian Cruise Line | New Class | To come | ~227,000 | ~5,000 | Contract effective / financing is being negotiated. |
2034 | Norwegian Cruise Line | New Class | To come | ~227,000 | ~5,000 | Contract effective / financing is being negotiated. |
2035 | Oceania Cruises | Sonata Class | To come | ~86,000 | ~1,390 | Contract effective, but not yet financed. |
2036 | Norwegian Cruise Line | New Class | To come | ~227,000 | ~5,000 | Contract effective / financing is being negotiated. |
| (1) | Berths and gross tons are preliminary and subject to change as we approach delivery. |
| (2) | Designs for the final two Prima Class ships have been lengthened and reconfigured to accommodate the use of green methanol as a future fuel source. Additional modifications will be needed to fully enable the use of green methanol. |
| (3) | We have obtained export credit financing which is expected to fund approximately 80% of the contract price of each ship as well as related financing premiums, subject to certain conditions. |
As of July 10, 2025, the combined contract prices, including amendments and change orders, of the 13 ships on order for delivery was approximately €18.4 billion, or $21.7 billion based on the euro/U.S. dollar exchange rate as of June 30, 2025. We do not anticipate any contractual breaches or cancellations to occur. However, if any such events were to occur, it could result in, among other things, the forfeiture of prior deposits or payments made by us and potential claims and impairment losses which may materially impact our business, financial condition and results of operations.
Cautionary Statement Concerning Forward-Looking Statements
Some of the statements, estimates or projections contained in this report are “forward-looking statements” within the meaning of the U.S. federal securities laws intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in this report, including, without limitation, our expectations regarding our results of operations, future financial position, including our future capital expenditures, plans, prospects, actions taken or strategies being considered with respect to financing, expected fleet additions, including expected timing thereof, and expectations relating to our sustainability program and decarbonization efforts may be forward-looking statements. Many, but not all, of these statements can be found by looking for words like “expect,” “anticipate,” “goal,” “project,” “plan,” “believe,” “seek,” “will,” “may,” “forecast,” “estimate,” “intend,” “future” and similar words. Forward-looking statements do not guarantee future performance and may involve risks, uncertainties and other factors which could cause our actual results, performance or achievements to differ materially from the future results, performance or achievements expressed or implied in those forward-looking statements. Examples of these risks, uncertainties and other factors include, but are not limited to the impact of: adverse general economic factors, such as fluctuating or increasing levels of interest rates, inflation, unemployment, underemployment and the volatility of fuel prices, declines in the securities and real estate markets, and perceptions of these conditions that decrease the level of disposable income of consumers or consumer confidence; our indebtedness and restrictions in the agreements governing our indebtedness that require us to maintain minimum levels of liquidity and be in compliance with maintenance covenants and otherwise limit our flexibility in operating our business, including the significant portion of assets that are collateral under these agreements; our ability to work with lenders and others or otherwise pursue options to defer, renegotiate, refinance or restructure our existing debt profile, near-term debt amortization, newbuild related payments and other obligations and to work with credit card processors to satisfy current or potential future demands for collateral on cash advanced from customers relating to future cruises; our need for additional financing or financing to optimize our balance sheet, which may not be available on favorable terms, or at all, and our outstanding exchangeable notes and any future financing which may be dilutive to existing shareholders; the unavailability of ports of call; future increases in the price of, or major changes, disruptions or reduction in, commercial airline services; changes involving the tax and environmental regulatory regimes in which we operate, including new and existing regulations aimed at reducing greenhouse gas emissions; the accuracy of any appraisals of our assets; our success in controlling operating expenses and capital expenditures; adverse events impacting the security of travel, or customer perceptions of the security of travel, such as terrorist acts, armed conflict, or threats thereof, acts of piracy, and other international events; public health crises, and their effect on the ability or desire of people to travel (including on cruises); adverse incidents involving cruise ships; our ability to maintain and strengthen our brand; breaches in data security or other disturbances to our information technology systems and other networks or our actual or perceived failure to comply with requirements regarding data privacy and protection; changes in fuel prices and the type of fuel we are permitted to use and/or other cruise operating costs; mechanical malfunctions and repairs, delays in our shipbuilding program, maintenance and refurbishments and the consolidation of qualified shipyard facilities; the risks and increased costs associated with operating internationally; our inability to recruit or retain qualified personnel or the loss of key personnel or employee relations issues; impacts related to climate change and our ability to achieve our climate-related or other sustainability goals; our inability to obtain adequate insurance coverage; implementing precautions in coordination with regulators and global public health authorities to protect the health, safety and security of guests, crew and the communities we visit and to comply with related regulatory restrictions; pending or threatened litigation, investigations and enforcement actions; volatility and disruptions in the global credit and financial markets, which may adversely affect our ability to borrow and could increase our counterparty credit risks, including those under our credit facilities, derivatives, contingent obligations, insurance contracts and new ship progress payment guarantees; our reliance on third parties to provide hotel management services for certain ships and certain other services; fluctuations in foreign currency exchange rates; our expansion into new markets and investments in new markets and land-based destination projects; overcapacity in key markets or globally; and other factors set forth under “Risk Factors” in our most recently filed Annual Report on Form 10-K and subsequent filings with the Securities and
Exchange Commission. The above examples are not exhaustive and new risks emerge from time to time. There may be additional risks that we currently consider immaterial or which are unknown. Such forward-looking statements are based on our current beliefs, assumptions, expectations, estimates and projections regarding our present and future business strategies and the environment in which we expect to operate in the future. You are cautioned not to place undue reliance on the forward-looking statements included in this report, which speak only as of the date made. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in our expectations with regard thereto or any change of events, conditions or circumstances on which any such statement was based, except as required by law.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, NCL Corporation Ltd. has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Date: July 10, 2025 | NCL CORPORATION LTD. | |
By: | /s/Daniel S. Farkas | |
Daniel S. Farkas | ||
Executive Vice President, General Counsel, Chief Development Officer and Secretary | ||