Norwegian Cruise Line Holdings Ltd. (NYSE: NCLH) (the ”Company”), a
leading global cruise company which operates Norwegian Cruise Line,
Oceania Cruises and Regent Seven Seas Cruises, today announced the
successful completion of its nearly $200 million, multi-year
investment in exhaust gas cleaning systems (“EGCS”) on certain
ships across its fleet with the successful commissioning of EGCS
onboard Norwegian Breakaway and Norwegian Getaway. The new systems
are aimed at improving the ships’ environmental footprint by
significantly reducing emissions, including sulfur oxides and
particulate matter, and improving air quality. Investments in
technology such as EGCS are an integral part of the Company’s
long-term climate action strategy and the Company is committed to
continually exploring additional avenues to further reduce its
footprint and protect and preserve the environment.
“We are pleased to announce that our ambitious
multi-year investment to install exhaust gas cleaning systems on
our ships has concluded with the successful completion of EGCS
retrofits on the Norwegian Breakaway and Norwegian Getaway,” said
Frank Del Rio, president and chief executive officer of Norwegian
Cruise Line Holdings Ltd. “We took the opportunity during the
COVID-19 pandemic related voyage suspension to accelerate
installations on existing ships and complete this project nearly
two years ahead of schedule. Approximately 70% of our operational
capacity, or 13 ships, are now equipped with this innovative
environmental technology and all but one ship is equipped with a
hybrid system which can operate in closed or open loop. The EGCS
project is just one of many examples of our ongoing commitment to
protect and preserve the environment through our global
sustainability program, Sail & Sustain, and we will continue to
invest in this critical mission.”
“Protecting the environment is vital to our business and we
continually seek and invest in new, cutting-edge technologies and
innovations, like exhaust gas cleaning systems, to reduce our
environmental impact,” said Giovanni Canu, vice president special
projects and operational support of Norwegian Cruise Line Holdings
Ltd. “This incredible feat began with our first EGCS retrofit in
early 2014 and would not have been possible without the help and
support of our world-class team and the numerous external partners
who came together on this project. Retrofitting for each ship
required approximately 280,000 man hours to complete and we want to
thank each individual who contributed to the success of this
important environmental achievement for Norwegian.”
The Company has completed EGCS installations on 13 Norwegian
Cruise Line ships which represent approximately 70% of operational
capacity. EGCS, commonly referred to as scrubbers, work by
“scrubbing away” sulfur oxides (“SOx”) and particulate matter
before the emissions leave the stack to decrease the amount that is
released into the air, resulting in a clean white plume of steam.
Ships equipped with this technology can reduce SOx emissions by up
to 98%. 92% of systems installed on the Company’s ships can operate
in open or closed loop, which is known as a hybrid system. This
allows the ships to operate the systems within compliance in
expanded areas of the world. Ships with EGCS technology can use
heavy fuel oil (“HFO”) instead of low-sulfur marine gas oil (“MGO”)
as their primary fuel source. According to the International
Maritime Organization’s Third IMO Greenhouse Gas Study, the CO2
emissions factor for HFO is less than for MGO on average which
should result in lower relative CO2 emissions as the Company
increases its mix of HFO consumption. The Company expects its
normalized fuel consumption mix will now be approximately 50% heavy
fuel oil (“HFO”) and 50% MGO in 2022.
About Norwegian Cruise Line Holdings Ltd.
Norwegian Cruise Line Holdings Ltd. (NYSE: NCLH)
is a leading global cruise company which operates the Norwegian
Cruise Line, Oceania Cruises and Regent Seven Seas Cruises brands.
With a combined fleet of 28 ships with approximately 60,000 berths,
these brands offer itineraries to more than 490 destinations
worldwide. The Company has nine additional ships scheduled for
delivery through 2027, comprising approximately 24,000 berths.
About Sail & Sustain
Sail & Sustain is Norwegian Cruise Line Holdings’ global
sustainability program centered around its commitment to drive a
positive impact on society and the environment while delivering on
its vision to be the vacation of choice for everyone around the
world. This program is structured around five pillars developed
through cross-functional collaboration with key internal and
external stakeholders. The pillars include: Reducing Environmental
Impact, Sailing Safely, Empowering People, Strengthening our
Communities and Operating with Integrity and Accountability.
Cautionary Statement Concerning
Forward-Looking Statements
Some of the statements, estimates or projections
contained in this release 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 release,
including, without limitation, those regarding our business
strategy, financial position, results of operations, plans,
prospects, actions taken or strategies being considered with
respect to our liquidity position, valuation and appraisals of our
assets and objectives of management for future operations
(including those regarding expected fleet additions, our suspension
of certain cruise voyages, our ability to weather the impacts of
the COVID-19 pandemic, our expectations regarding the resumption of
cruise voyages and the timing for such resumption of cruise
voyages, the implementation of and effectiveness of our health and
safety protocols, operational position, demand for voyages, plans
or goals for our sustainability program and decarbonization
efforts, our expectations for future cash flows and profitability,
financing opportunities and extensions, and future cost mitigation
and cash conservation efforts and efforts to reduce operating
expenses and capital expenditures) are forward-looking statements.
Many, but not all, of these statements can be found by looking for
words like “expect,” “anticipate,” “goal,” “strategy,” “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: the spread of epidemics, pandemics and viral outbreaks
and specifically, the COVID-19 pandemic, including its effect on
the ability or desire of people to travel (including on cruises),
which are expected to continue to adversely impact our results,
operations, outlook, plans, goals, growth, reputation, cash flows,
liquidity, demand for voyages and share price; our ability to
comply with the United States Centers for Disease Control and
Prevention’s (“CDC”) Framework for Conditional Sailing Order and
any additional or future regulatory restrictions on our operations
and to otherwise develop enhanced health and safety protocols to
adapt to the pandemic’s unique challenges; legislation prohibiting
companies from verifying vaccination status; coordination and
cooperation with the CDC, the federal government and global public
health authorities to take precautions to protect the health,
safety and security of guests, crew and the communities visited and
the implementation of any such precautions; 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 may be dilutive
to existing shareholders; our indebtedness and restrictions in the
agreements governing our indebtedness that require us to maintain
minimum levels of liquidity and otherwise limit our flexibility in
operating our business, including the significant portion of assets
that are collateral under these agreements; the accuracy of any
appraisals of our assets as a result of the impact of the COVID-19
pandemic or otherwise; our success in controlling operating
expenses and capital expenditures; our guests’ election to take
cash refunds in lieu of future cruise credits or the continuation
of any trends relating to such election; trends in, or changes to,
future bookings and our ability to take future reservations and
receive deposits related thereto; the unavailability of ports of
call; future increases in the price of, or major changes or
reduction in, commercial airline services; adverse events impacting
the security of travel, such as terrorist acts, armed conflict and
threats thereof, acts of piracy, and other international events;
adverse incidents involving cruise ships; adverse general economic
and related factors, such as fluctuating or increasing levels of
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; any further impairment of our
trademarks, trade names or goodwill; breaches in data security or
other disturbances to our information technology 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;
fluctuations in foreign currency exchange rates; overcapacity in
key markets or globally; our expansion into and investments in new
markets; our inability to obtain adequate insurance coverage;
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
inability to recruit or retain qualified personnel or the loss of
key personnel or employee relations issues; our reliance on third
parties to provide hotel management services for certain ships and
certain other services; our inability to keep pace with
developments in technology; changes involving the tax and
environmental regulatory regimes in which we operate; and other
factors set forth under “Risk Factors” in our most recently filed
Annual Report on Form 10-K, Quarterly Report on Form 10-Q and
subsequent filings with the Securities and Exchange Commission.
Additionally, many of these risks and uncertainties are currently
amplified by and will continue to be amplified by, or in the future
may be amplified by, the COVID-19 pandemic. It is not possible to
predict or identify all such risks. There may be additional risks
that we consider immaterial or which are unknown. The above
examples are not exhaustive and new risks emerge from time to time.
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. These forward-looking
statements 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 contained herein 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.
Investor Relations &
Media Contact |
Jessica John(305)
468-2339InvestorRelations@nclcorp.com |
Norwegian Cruise Line (NYSE:NCLH)
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