Latest news with #NorwegianSky
Hans India
17-06-2025
- Business
- Hans India
Waterways IPO targets Rs 727 cr
New Delhi: Cruise operator Waterways Leisure Tourism has filed preliminary papers with markets regulator Sebi seeking its approval to raise Rs 727 crore through an Initial Public Offering (IPO). The IPO is entirely a fresh issue of shares with no offer-for-sale component, according to the Draft Red Herring Prospectus (DRHP) filed last week. Proceeds from the fresh issue to the extent of Rs 552.53 crore will be used for payment towards deposit or advanced lease rental and monthly lease payments for its step-down subsidiary, Baycruise Shipping and Leasing (IFSC) Private Ltd and a portion will be used for general corporate purposes. Waterways Leisure Tourism currently operates a cruise vessel, the 'MV Empress', under the brand name 'Cordelia Cruises', and since its launch, over 5.49 lakh guests have sailed on its cruise vessel as of December 31, 2024. The company plans to introduce two new cruise vessels, 'Norwegian Sky' and 'Norwegian Sun', each with a capacity of up to 2,004 and 1,936 guests, respectively.
Forbes
02-05-2025
- Business
- Forbes
Norwegian Is Turning Two Regent And Oceania Cruise Ships Into Residences
The Norwegian Sky is one of several ships that Norwegian is repurposing. Cruise lines are finding a new way to attract new customers, optimize their fleets and, they hope, boost profits by transforming ships into permanent residential vessels. Norwegian Cruise Line Holdings has recently executed a significant shift in its fleet management strategy in all three of its cruise brands: Norwegian, Regent Seven Seas, and Oceania, according to Cruise Industry News. After previously indicating to Wall Street in February that there weren't imminent plans for ship sales and suggesting a 35-year service life for its vessels, the company abruptly changed course in March and April. The rapid transformation began on March 21 when Regent Seven Seas Navigator was sold to Crescent Seas. Just two weeks later, on April 3, the same startup acquired Oceania Insignia. The fleet reduction continued when Norwegian Sky and Sun were chartered to Cordelia Cruises, a cruise line based in Mumbai, four days later. These will remain conventional cruise ships. "These agreements are a clear reflection of our disciplined long term approach to fleet optimization," explained Harry Sommer, president and CEO of Norwegian Cruise Line Holdings, during the company's first quarter earnings call on April 30. "By transitioning these ships into markets outside our core business with established operators in their respective areas, we're able to unlock value from these assets while remaining focused on delivering a consistent, high quality experience across the remainder of each fleet in our three brands." But what's really happening behind this corporate speak? The cruise industry has been exploring new business models, and permanent residences at sea represent an intriguing growth opportunity. The moves create a younger overall fleet profile. Before these transactions, Norwegian Cruise Line would have had an average fleet age of 15 years by 2030, with both Oceania and Regent averaging 14 years. The redeployed ships are among the oldest ships for the three brands. Newer ships are more in demand and generally command higher cruise prices due to their more modern amenities and attractions. In the post-pandemic years, cruise demand boomed. Lines raised prices as ships became fully booked for months into the future. But NCL recently missed its projected earnings, noting 'choppiness' in U.S. bookings on European cruises in the last couple of months. Sommer still made the point that times of economic turmoil can actually shift vacationers to cruising because of its value proposition compared to other types of vacation. If demand for cruising continues to soften, reducing the fleet size will help maintain occupancy levels. The concept of living aboard a cruise ship permanently isn't new, but it's gaining momentum. For cruise companies, selling older ships to residential operators makes financial sense. This reduces maintenance costs on aging vessels and free up capital for newer ships that can command higher cruise prices. For consumers with the means and desire for a nomadic lifestyle, these floating residences can offer an appealing alternative to traditional retirement or second-home ownership. Residents get to travel the world without constantly packing and unpacking, maintain social connections with fellow seafarers, and enjoy the amenities and services of luxury cruise living. To date, residential cruise ships haven't always provided smooth sailing for purchasers. Delays have stranded residents in departure ports. One line, Storylines, in 2022 announced its MS Narrative would sail in 2024. It's now scheduled for 2027. Despite many announcements, there are only two residential cruise ships actually sailing today. With the cost of a residence easily hitting a million dollars or more, a potential purchaser might approach investing in a future launch with some trepidation. Russell W. Galbut is Founder and Chairman of Crescent Seas and also Co-Founder & Managing Principal of Crescent Heights, a Miami-based urban development firm with a thirty-year track record. The ships will be managed and staffed by NCL and The Apollo Group, a firm with decades of experience in luxury cruising. The credibility and experience of the players in this new venture will likely give potential residents confidence in the security of their investment. The Crescent Seas Navigator is scheduled to begin cruising December, 2026, with residences costing from $750,000 to $8 million. A total of five ships are planned. A few months ago, NCL said it would keep its oldest ships sailing years into the future. Then, as the cruise market showed signs of possible weakness, it changed course. Two of the ships, the Norwegian Sky and Norwegian Sun, will be chartered to a company that isn't directly competitive with NCL's brands. The Regent Navigator and Oceania Insignia will become part of a potentially high growth company in the nascent residential cruising space. The terms of the deal weren't disclosed, but it appears NCL will have some type of ongoing participation in the venture. This is bold deal-making. If cruise interest sinks, NCL won't miss these older vessels. If the market resumes its growth, newer ships are coming online in the next couple of years for all three NCL brands. The end result will be younger, more attractive fleet. This is a great example of finding new markets for existing products – something every CMO should appreciate. This shift suggests we may be seeing the emergence of two distinct cruise segments: traditional vacation cruises on newer vessels, and residential cruises on repurposed older ships. Both models serve different customer needs and allow cruise companies to optimize their fleets for profitability. I find the high-powered backing for the new Crescent Seas fleet and its five-ship plan particularly interesting. The serious players in that venture could well de-risk and legitimize the still-nascent residential cruise concept. If their first two ships sail on schedule and sell most of their condos, look for other major cruise players to repurpose their older vessels for that market.
South China Morning Post
28-04-2025
- Business
- South China Morning Post
Cruise companies aim to be ‘net zero' by 2050. Can they do it?
Cruise tourism creates a powerful wake. As ever more ships convey passengers across the world's seas and down its rivers, so the industry's environmental impact is coming under closer and closer scrutiny. Advertisement Cruising is more popular than ever, according to the Cruise Lines International Association (CLIA), a trade body that represents about 95 per cent of the world's passenger cruise vessels. In 2024, the number of ships belonging to CLIA members surpassed 300 for the first time, with a capacity of more than 635,000 passengers. The year before, as the effects of the pandemic wore off, CLIA had seen the highest-ever number of passengers – more than 31.7 million – take a cruise, generating US$168.6 billion in economic impact. And forecasts show continued growth, with more than two dozen ships – capable of carrying nearly 40,000 passengers – set to launch this year. But with a medium-sized liner emitting as much pollution as 12,000 cars , according to the Marine Pollution Bulletin, and the most popular ports of call struggling to cope with the sudden arrival of thousands of visitors at a time, as well as a long history of ecological negligence, cruise operators are having to heed the call to steer a more ethical course – one that is uncharted and carries no guarantees of sustainability 'Sustainability is indeed an incredibly complex topic and I would resist the temptation to find a black or white answer to this big question,' says Akvile Marozaite, CEO of Expedition Cruise Network, a voice for companies that use smaller ships to access remote places. First, however, it's worth putting the industry into context. The economic activity of cruising amounts to about 2 per cent of the global travel and tourism sector, and cruise ships comprise less than 1 per cent of the world's commercial fleet, which is dominated by cargo and container ships, tankers and ferries. It's not quite the juggernaut some fear it is. Cruise ships the Queen Elizabeth (foreground) and the Norwegian Sky berthed at Hong Kong's Kai Tak Cruise Terminal last month. Photo: Sam Tsang Nevertheless, cruise operators have placed heavy emphasis on a sustainable future. CLIA member companies are aiming to become 'net zero' , which means achieving a state in which the amount of greenhouse gases released into the atmosphere is balanced by the amount removed, by 2050. And individual companies have set even more ambitious goals.
South China Morning Post
28-04-2025
- Business
- South China Morning Post
Cruise companies aim to be ‘net zero' by 2050. Can they do it?
Cruise tourism creates a powerful wake. As ever more ships convey passengers across the world's seas and down its rivers, so the industry's environmental impact is coming under closer and closer scrutiny. Advertisement Cruising is more popular than ever, according to the Cruise Lines International Association (CLIA), a trade body that represents about 95 per cent of the world's passenger cruise vessels. In 2024, the number of ships belonging to CLIA members surpassed 300 for the first time, with a capacity of more than 635,000 passengers. The year before, as the effects of the pandemic wore off, CLIA had seen the highest-ever number of passengers – more than 31.7 million – take a cruise, generating US$168.6 billion in economic impact. And forecasts show continued growth, with more than two dozen ships – capable of carrying nearly 40,000 passengers – set to launch this year. But with a medium-sized liner emitting as much pollution as 12,000 cars , according to the Marine Pollution Bulletin, and the most popular ports of call struggling to cope with the sudden arrival of thousands of visitors at a time, as well as a long history of ecological negligence, cruise operators are having to heed the call to steer a more ethical course – one that is uncharted and carries no guarantees of sustainability 'Sustainability is indeed an incredibly complex topic and I would resist the temptation to find a black or white answer to this big question,' says Akvile Marozaite, CEO of Expedition Cruise Network, a voice for companies that use smaller ships to access remote places. First, however, it's worth putting the industry into context. The economic activity of cruising amounts to about 2 per cent of the global travel and tourism sector, and cruise ships comprise less than 1 per cent of the world's commercial fleet, which is dominated by cargo and container ships, tankers and ferries. It's not quite the juggernaut some fear it is. Cruise ships the Queen Elizabeth (foreground) and the Norwegian Sky berthed at Hong Kong's Kai Tak Cruise Terminal last month. Photo: Sam Tsang Nevertheless, cruise operators have placed heavy emphasis on a sustainable future. CLIA member companies are aiming to become 'net zero' , which means achieving a state in which the amount of greenhouse gases released into the atmosphere is balanced by the amount removed, by 2050. And individual companies have set even more ambitious goals.
Zawya
16-04-2025
- Business
- Zawya
Qatar: Doha Port wraps up 2024/2025 cruise season with record numbers
DOHA: Mwani Qatar has officially wrapped up the 2024/2025 cruise season at Doha Port, Qatar's Main Gateway to Marine Tourism, marking a milestone year filled with record-breaking achievements. The port welcomed 396,265 visitors across 87 cruise calls, reflecting a 5 percent increase in passenger numbers and a 19 percent rise in ship visits compared to last season, underscoring the steady growth and rising demand for cruise tourism to Doha. The season concluded with the maiden call of Norwegian Sky, operated by Norwegian Cruise Line, to Doha Port's cruise terminal. The season saw a diverse array of international cruise lines anchoring at the port, along with a surge in luxury vessels designating Doha as a primary port of call in the Arabian Gulf. This highlights the trust of global cruise operators in the port's state-of-the-art infrastructure and seamless services. Among the notable cruise ships welcomed during the season were Mein Schiff 4, MSC Euribia, AIDAprima, Costa Smeralda, and Celestyal Journey. The season was further marked by the inaugural visits of five cruise liners to Qatar, highlighting the continued expansion of global cruise itineraries and the rising appeal of Doha as a sought-after tourist destination. In partnership with Qatar Tourism and other key stakeholders, Mwani Qatar ensured an exceptional arrival experience for passengers. This included streamlined transport services, modern reception areas, fast and efficient procedures, and multilingual information points all contributing to an elevated visitor experience. Mwani Qatar attributed the season's success to strong coordination among all involved parties, which helped maintain smooth operations and uphold the highest standards of safety and quality, a testament to the port's operational excellence and full readiness. The company extended heartfelt thanks to its partners and teams for their contributions and reaffirmed its commitment to developing the marine tourism sector and attracting more visitors, in line with Qatar's growing reputation as a world-class travel destination. It's worth noting that Doha Port's cruise terminal, managed by Mwani Qatar, is among the most modern in the region. Ideally located just minutes from key attractions like the National Museum of Qatar, Souq Waqif, and Msheireb Downtown Doha, the terminal offers cruise passengers the chance to explore Qatar's cultural landmarks even during short stays, significantly enhancing the city's value as a top-tier travel destination. © Copyright Qatar Tribune. All Rights Reserved. Provided by SyndiGate Media Inc. (
