Norwegian Cruise Line Parent Company to Launch IPO

NCL Corporation Ltd. applies to US securities commission to go public with shares totalling up to $250 million.

Norwegian Cruise Line may soon become a public company. Its parent company, NCL Corporation Ltd., has filed an S-1 registration with the US Securities and Exchange Commission, meaning that it wants to go public with an initial offering of up to $250 million in shares. As reported, the cruise line ordered two mega-vessels this week for delivery in 2013 and 2014, boosting the company’s capacity by more than 30%.

The IPO would raise money to help fund capital expenditures. Known to be a smaller fish among the much larger North American cruise companies Carnival Corp and Royal Caribbean Cruises, which are both public companies, Norwegian Cruise Line has seen almost all of its top execs replaced since Apollo, private equity firm, bought a 37.5% stake at the start of 2008.

The new management team led by Kevin Sheehan, formerly a major figure in the expansive holding company Cendant Corporation, has turned around the company’s fortunes by cutting loss-making cruises in Hawaii from three ships to one and cancelling an order for a second ship of two to be built by STX Europe (previously Aker Yards) in Saint-Nazaire, France. Norwegian Cruise Line has also aggressively expanded its direct-to-consumer sales business. Its share in total ticket revenues has increased from little over 13% in 2007 to 27% today.

USA Today

x

Check Also

Norwegian, IAG, takeover, buy, Walsh, third, offer, billion, debt, newspaper, report

IAG prepares new offer for Norwegian: report

IAG is considering a third and final approach to bid for Norwegian, according to press reports.

Dallas/Fort Worth, Iceland, Keflavik, airport, route, three, airlines, destination, USA,

Keflavik adds three links to one destination

Three airlines are launching routes between the Icelandic airport and the same destination in the US.

Primera Air, airlines, list, low-cost, long-haul, cheapest, Rome2Rio, ranking, cost per kilometre, SAS, Norwegian, Finnair, Virgin, world, Global Flight Pricing

Cheapest airlines in the world listed

Airlines are ranked according to the lowest fares for passengers in terms of cost per kilometre.

Norwegian, USA, judges, panel, court, DoT, decision, ruling, approval, fly, routes, unions, labour

US judges back Norwegian in key battle

A panel of judges has approved a Department of Transportation decision, against a challenge from unions.

Norwegian, low-cost, long-haul, flights, revenues, unit, routes, postpone, USA

Norwegian: Mixed results, uncertain routes

The low-cost carrier sees 16% more passengers but reveals a 20% fall in unit revenue. Meanwhile it postpones one new route but considers starting another.

PortMiami, Norwegian Cruise Line, NCL, construction, ground breaking, executives, Dade, Miami, check-in, cruise, Caribbean

NCL breaks ground on new terminal

The Norwegian Cruise Line’s terminal at PortMiami is expected to be ready by the end of next year.