Norwegian Cruise Line Holdings Ltd. (NYSE: NCLH) (the “Company”), a
leading global cruise company which operates the Norwegian Cruise
Line, Oceania Cruises and Regent Seven Seas Cruises brands,
published its 2022 Environmental, Social and Governance (ESG)
report and Sustainability Accounting Standards Board (SASB) index
as part of its global sustainability program, Sail & Sustain.
The report highlights the progress on NCLH’s ESG strategy and
goals, including its efforts across the five pillars of Sail &
Sustain: Reducing Environmental Impact, Sailing Safely,
Strengthening our Communities, Empowering People and Operating with
Integrity and Accountability.
“We recognize the need for corporations to take action to help
address global challenges including climate change and
sustainability, and at Norwegian Cruise Line Holdings we are
committed to doing our part by operating in a way that is socially
responsible, respectful of the environment, and drives a positive
impact on society,” said Harry Sommer, president and chief
executive officer-elect of Norwegian Cruise Line Holdings Ltd. “Our
Sail & Sustain program is key to moving our business forward–
it goes hand-in-hand with delivering long-term value for the
company and its stakeholders.”
The 2022 ESG report and additional information on NCLH’s global
sustainability program, Sail & Sustain, can be found at
http://www.nclhltd.com/sustainability
“Over the past year we continued to make great progress with new
goals and initiatives across our Sail & Sustain focus areas as
we help chart a path to a more sustainable future,” said Jessica
John, vice president of ESG, Investor Relations, and Corporate
Communications of Norwegian Cruise Line Holdings Ltd. “This year’s
report highlights not only these advancements but also our
commitment to increase and strengthen our disclosures each year to
provide our stakeholders with critical transparency.”
John continued, “Whether it's through our plan to pursue net
zero by 2050 or our efforts to support the communities we live in
or visit worldwide, we're set on finding innovative ways to Sail
& Sustain.”
Among the many ESG initiatives covered in the report, key
highlights from the past year include:
Reducing Environmental Impact
- Ambitious climate action
strategy and targets to reduce greenhouse gas (“GHG”)
emissions: NCLH recently announced its revamped climate
action strategy focused on efficiency, innovation and
collaboration, along with ambitious short- and near-term emissions
reduction targets that support the Company’s pursuit of net zero by
2050. The Company is now targeting a reduction in GHG intensity of
10% by 2026 and 25% by 2030, compared to a 2019 baseline with
intensity measured on a per Capacity Day basis1.
- Methanol-Ready newbuilds on
order: Modified the final two Prima Class ships, expected
to be delivered in 2027 and 2028, to accommodate the use of green
methanol as an alternative fuel source in the future. While
additional modifications will be needed in the future to fully
enable the use of methanol in addition to traditional marine fuel
on these ships, this reinforces the NCLH’s commitment to
decarbonization.
- Focus on water
stewardship: NCLH continues to improve water production
rates while at the same time focusing on efforts to decrease
consumption. Across its fleet, 90% of the fresh water used in 2022
was produced on board.
- Testing biodiesel
fuels: Successfully tested small
quantities of biodiesel blend B30, which is 70% marine gas oil and
30% biodiesel, in four of its ships to-date. By the end of 2023,
NCLH anticipates more than 20% of its fleet will have tested and
operated on biodiesel blends.
- Investing in shore
power: NCLH currently has 12 ships equipped with shore
power capabilities which allows these ships to connect to onshore
electrical power grids to supply much of the power needed while
docked when available. The Company continues to invest in expanding
this technology and expects to have approximately 60% of its fleet
shore-power enabled by year-end 2023 and approximately 70% by
year-end 2025.
Sailing Safely
- Robust public health program
to protect guests, crew and communities we visit: NCLH
operates a comprehensive 24/7/365 public health and safety program,
working closely with health authorities around the world to
implement and continuously improve policies and procedures that
meet and, in many cases, exceed regulations. Crew members are also
highly trained in the Company’s Outbreak Prevention and Response
Plan, designed to mitigate, and help prevent the spread of
communicable diseases.
- Continuous public health
training and education: In partnership with
representatives from various government agencies and suppliers,
NCLH continues to host public health training through monthly
online collaborations as well as annual in-person summits.
- Prioritized safety and
security efforts: Utmost importance placed on safety and
security at sea with third-party audits conducted regularly to
verify compliance. Each ship also has a resident Safety Officer,
with experience ranging between 10 and 15 years in various roles at
sea, and ship crews participate in regular safety training,
exercises and drills on board and shoreside.
Empowering People
- Enhanced employee benefits
demonstrate commitment to team members: NCLH expanded its
suite of employee benefits by adding new Family Care Benefits which
provides fully paid maternity, paternity and adoption leave as well
as family planning assistance for full-time U.S shoreside team
members.
- Fostering inclusive
workforce where diverse backgrounds are represented and
empowered: Across NCLH’s global shoreside workforce, 61%
of team members are female, including 47% of managers and above. In
addition, across the U.S. shoreside workforce, 67% of team members
were under-represented minorities, including 54% of managers and
above. In 2023, the Company also appointed three new Presidents to
lead its brands, all three of whom were internal and ethnically or
gender diverse candidates, including the appointment of NCLH’s
first female brand President, Andrea DeMarco, to lead Regent Seven
Seas Cruises.
- Provided training and
development opportunities across workforce: NCLH team
members logged more than 800,000 hours of training and development
across various roles and responsibilities, cementing the corporate
philosophy to empower top talent and foster robust career
development.
Strengthening Our Communities
- Ongoing corporate efforts to
philanthropic contributions: NCLH contributed more than $2
million in monetary and in-kind donations to nonprofit
organizations around the world. This included over $300,000 donated
to aid in disaster and crisis relief, including Hurricane Ian
recovery efforts in Southwest Florida.
- Honoring the connection
between travel and education: Each year, Norwegian Cruise
Line’s Giving Joy program recognizes top educators for their
unwavering commitment to inspiring students every day. In 2022, the
Giving Joy program awarded 100 teachers across North America a free
week-long cruise for two, valued at over $750,000 collectively,
along with thousands of dollars in contributions from NCL and its
partners to the schools of the top three grand prize winners.
- Offsetting Emissions and
Supporting Communities through Carbon Offsets: NCLH has
purchased 1.6 million carbon offsets to date contributing to 14
projects globally including in South Korea, Brazil and Turkey. The
offsets purchased not only support the Company’s decarbonization
journey but also invest in cleaner energy sources and local job
creation in these communities.
Operating with Integrity and Accountability
- Tied ESG metric to
compensation: The Board of Directors’ Compensation
Committee approved the inclusion of an ESG metric for the first
time as part of the 2022 short-term incentive (“STI”) and once
again approved the inclusion of an ESG metric in 2023. This metric
is tied to the progress made on NCLH’s GHG reduction goals and
builds greater accountability across the Company to accelerate the
progress on ESG goals.
- Fostering a culture of
ethical conduct: NCLH continuously emphasizes the
importance of ethical business practices and upholds all team
members to a Code of Ethical Business Conduct which team members
are required to review and certify on an annual basis.
- Committed to maintaining a
strong board with diverse experiences and backgrounds:
NCLH welcomed a new board member in 2022, Zillah Byng-Thorne.
Zillah brings her extensive technology sector, digital media and
e-commerce experience to the board. Currently, the board is
approximately 50% diverse, including 37.5% female and 12.5%
under-represented minorities, with an average tenure of 6.6
years.
About Norwegian Cruise Line Holdings Ltd.Norwegian
Cruise Line Holdings Ltd. (NYSE: NCLH) is a leading global cruise
company that operates Norwegian Cruise Line, Oceania Cruises and
Regent Seven Seas Cruises. With a combined fleet of 30 ships and
more than 60,000 berths, NCLH offers itineraries to approximately
700 destinations worldwide. NCLH has seven additional ships
scheduled for delivery across its three brands, comprising nearly
19,000 berths. To learn more, visit www.nclhltd.com
About Sail & SustainSail & 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
StatementsSome 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, or incorporated by
reference, 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
expectations regarding the impacts of the COVID-19 pandemic,
Russia’s invasion of Ukraine and general macroeconomic conditions,
our expectations regarding cruise voyage occupancy, 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,” “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; the spread of epidemics, pandemics and viral outbreaks,
including the COVID-19 pandemic, and their effect on the ability or
desire of people to travel (including on cruises), which may
continue to adversely impact our results, operations, outlook,
plans, goals, growth, reputation, cash flows, liquidity, demand for
voyages and share price; 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 regulatory restrictions related to the
pandemic; 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 regulations
aimed at reducing greenhouse gas emissions; 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; trends in, or changes to, future
bookings and our ability to take future reservations and receive
deposits related thereto; adverse events impacting the security of
travel, or customer perceptions of the security of travel, such as
terrorist acts, armed conflict, such as Russia’s invasion of
Ukraine, and threats thereof, acts of piracy, and other
international events; adverse incidents involving cruise ships;
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; our inability to recruit or retain qualified
personnel or the loss of key personnel or employee relations
issues; 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; any
further impairment of our trademarks, trade names or goodwill; 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, 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, Russia’s invasion of Ukraine and the impact
of general macroeconomic conditions. 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 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.comNCLHmedia@nclcorp.com |
1 Targets cover the Company’s emissions from its fleet of ships,
islands and facilities (Scopes 1 & 2) as well as upstream fuel-
and energy-related activities, including well-to-tank emissions
(portion of Scope 3).
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