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NCL has "explored alternatives" to optimize its capital
structure: "In conjunction with an equity investment by its
shareholders of $100 million, the company has
refinanced approximately $800
million of its debt that it had coming in 2009 and
2010," reports the company.
In terms of cruise operating expenses, the all-important line of
"commissions, transportation
and other" shows a decline for NCL. For the fourth
quarter, NCL's total cost in this area went down substantially
from $94.7 million in '07 to $66.7 million in '08. How much of
this was due to less in commission paid out? either for reasons
of slower bookings or reduced rates?
Norwegian Cruise Line lost $211.8 million in 2008,
the line disclosed. NCL CEO Kevin Sheehan said the company
"achieved record results" in 2008, in what he said was an "extremely
challenging economy."
He went on to add that with management changes and fleet changes
(including moving two ships out of Hawaii), NCL has emerged a
company that is "extremely focused on customer service, financial
performance and is well poised to come through this difficult
period." The line paid shipyard STX $128.8 million when it
canceled plans for its second Epic-class ship – the first, the
4,200-passenger Norwegian Epic, is under construction in France and
due to debut in May 2010 (bookings open this May 20). Net loss was
$83 million (before the payout for the canceled order), compared to
$224.4 million in 2007.
As for this year, the company is reporting "strong bookings," with a
rise of 15% year-over-year through March 15. But there was no
specific projection in the release as to anticipated yields on those
bookings.
"This is an extremely exciting time for Norwegian Cruise Line. We
transformed the Company, improved our financial performance,
negotiated new lender terms and received additional financial
support from shareholders," Sheehan said. |