Norwegian Cruise Line Holdings (NCLH), the parent company of Norwegian Cruise Line, Oceania Cruises, and Regent Seven Seas, recently announced its financials for the third quarter of 2024, showing a solid upward trend in bookings.
The company reported record-breaking revenue of $2.8 billion, an 11% increase from last year, largely thanks to rising demand and cost-saving measures.
Profits on the rise
The booking surge was particularly notable for Alaska and Canada-New England cruises, as travelers embraced these unique, cooler-climate destinations.
The company’s profits rose 37% over the previous year, aided by increased onboard spending and smart cost-cutting initiatives.
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Occupancy reached a remarkable 108% for the quarter, with ships running near capacity across brands, underscoring the high consumer demand for cruise vacations.
As 2024 wraps up, Norwegian expects to maintain an average occupancy of around 105%, indicating that cabins are filling fast.
To manage its finances and improve future growth, Norwegian refinanced $315 million in debt.
New ships on the horizon
In addition to Norwegian Aqua, which will launch next spring, Norwegian also has the Norwegian Luna, which will launch in 2026, and the recently begun construction on Regent Seven Seas’ next ship, Seven Seas Prestige.
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Norwegian’s advanced ticket sales have risen by 6%, with a primary focus on voyages planned for 2025 and beyond, indicating continued growth.
The company has successfully reduced its debt from $14.1 billion to $13.4 billion, which was mostly acquired during the cruise industry shutdown.
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