There is no opportunity for the export credit agencies to change those rates. If I booked a fly cruise does my Future Cruise Credit cover the cost of the flight? To offer our guests even more flexibility for future vacation planning, some who hold outstanding previously issued Future Cruise Credits (FCC) may now submit a request to convert their FCC to a monetary refund. And before I get started, I have to say that I am honored and grateful to be given the opportunity to lead this iconic company. Beverage or dining gratuities (if part of the Free At Sea promotion selection) that was extended to January 2025, we will address that -- start addressing that later this year. Harry, do you want to take that one? What happens if the cancelled booking had a previous FCC applied? You know, we've stated before that our goal is to be between 60% and 65% booked at year-end for the following 12 months. And as I had communicated when we communicated on our last call, we were steadfastly going into a lot of our onboard -- our margin enhancement initiatives. This will be incredibly convenient for guests who had a cruise booked in 2020 but have so far been unable or unwilling to use their future cruise credit as it was set to expire on January 31. Cancellation penalties will be withdrawn from the FCC amount if applicable and remaining balance will be attached to guest's profile. What happens if the cruise I am looking to book has a greater value than my Future Cruise Credit? And congratulations to both Frank and Harry. We combined with our ongoing efforts to maximize profitability on our existing fleet, including by delivering consistent year-over-year moderate yield growth. After eight incredible years, it is now time for me to make way for the next generation of leaders who are ready and energized to take this company onto greater heights. Cruise Hive was established back in 2008 and among the earliest blogs in the industry. 2023 Norwegian Cruise Line Holdings Ltd. 11-Reasons to Cruise to Alaska this Summer | NCL Travel Blog, 14-Day Authentic Alaska - Northbound Cruisetour | Norwegian Cruise Line, 14-Day Authentic Alaska - Southbound Cruisetour | Deck Plans | Norwegian Cruise Line, 20-Day Transpacific from Tokyo (Yokohama) & Alaska | Norwegian Cruise Line, 11 Reasons to Cruise to Alaska this Summer | NCL Travel Blog. Our record book position also gives us high visibility into the back half of the year and beyond. As Slide 5 shows, Harry has a broad range and depth of experience that makes him one of the premier executives in the industry. What Are Carnival's Early Saver Cruise Deals? W9 Form. But it's a bit early for us to give additional color on that. Should your credits be applied to an active reservation, the refund amount will be subject to Norwegian's cancellation fee policy communicated to our guests at the time of booking and may be found on our website, An active and existing FCC is attached to a profile of a guest who has passed away. But as Mark just discussed, we believe, over time, this actually is going to be EBITDA and margin-accretive. I look forward to continuing to partner with Harry in his new role as we work to capitalize on the momentum we are experiencing in order to maximize value for all of our stakeholders. Harry, welcome. You can redeem any FCC by calling us! Registered Seller of Travel. Thanks for that. This article is a transcript of this conference call produced for The Motley Fool. Future cruise credit blues NCL - Norwegian Cruise Line - Cruise Critic A good example of this is a recent announcement regarding the rollout of the Starlink low-latency broadband internet system in a phased manner across our fleet. Hotel purchased through Norwegian Cruise Line With each cruise line's form of credit comes its own stipulations on when and how to use it. We've talked previously about the actions taken earlier this year to address a large portion of our 2024 maturities, so I won't go into further details today, but a summary is provided on Slide 16 for your reference. Now, there are times when fate meets circumstances, and this happens to be one of those times, as my departure coincides not only with the 20th anniversary of the founding of Oceania Cruises, but also the delivery of the seventh ship in the Oceania fleet, the incomparable Vista, which you can see details about on Slide 6. CruiseNext deposits applied to a suspended reservation will be returned to the guests profile. Congrats, Frank and Harry. This initiative is very much ongoing and will continue to be a top priority under my leadership. Attachment of email from current FCC owner authorizing transfer. So, we're very happy with that strategy? Once added to your profile, Future Cruise Credit can then be applied to any existing booking or newly created booking. You might receive a Future Cruise Credit if a . We think this shift to premium itineraries, primarily Europe and Alaska, but a little bit in Asia as well, allows us to get the type of customer that we need to get to support our revenue goals and our revenue growth for the future. And, Frank, best wishes in retirement. I remember reading there was a form that my kids could fill out to transfer their cruise credits to me, does anyone have a link to that form? To give you an example, bookings for Regent's 2026 World Cruise were nearly 70% higher than its 2022 World Cruise, which was the last world cruise launched pre-pandemic, at an average price point of over $230,000 per suite. On the other hand, an Future Cruise Credit might also be given if your trip is impacted in a major way. What do I do if I am ready to book my next cruise with My Future Cruise Credit? Future Cruise Credit can be applied towards any Norwegian Cruise Line voyage from October 1, 2020 through December 31, 2022. We are heading over to Europe this week where Vista will be christened in Malta by her godmother, Emmy Award-winning food personality, Giada de Laurentiis. So, look, I think bottom line, we continue to sequentially improve our cost structure. And we'll continue to leave no stone unturned. I want to stress that we recognize and acknowledge while this is a great start, we still have more work to do. Is there anything the Peace of Mind FCC cannot be used for? Obviously, while there is a slight impact to load factor, the whole reason we're going to more longer premium itinerary intensive destinations is, number one, to get a better guest, to get higher pricing, and to maximize the value that we're getting out of each of our assets. So, I think, you know, the best indicator for us is our advanced passenger ticket sale revenue. What does My Future Cruise Credit not cover? Norwegian Cruise Line said the following in a letter to travel advisors: As we continue to focus on ways to support the guest experience, we have decided to extend Future Cruise Credits (FCCs) to ensure your guests have the opportunity to enjoy the best vacation possible when they sail. I would now like to turn the conference over to your host, Jessica John, vice president of investor relations, ESG, and corporate communications. If the amount of your credit exceeds the cost of the new cruise, then the balance will be reissued as a new FCC voucher (but likely the same expiration date). Future Cruise Credit Expiration Dates: Do I Need to Worry? Any Bonus FCC can not be used for add ons. And so, we're going to -- occupancy may not be coming in exactly what we thought, but it makes more sense to hold price for those or just trying to think about because I think the itineraries themselves didn't change since last reported. Hongkong If the cruise fare for the new booking exceeds the Future Cruise Credit value, you will be responsible for the difference. Obviously, it sounds like wave has been healthy, but would you say things are stable, accelerating, or decelerating kind of on a core basis when you adjust for those factors? NORWEGIAN CRUISE LINE Norwegian Cruise Line has a unique CruiseFirst program that allows anyone to put down an open deposit for a future cruise right from the website, even if you haven't ever cruised with the line. Our onboard revenue generation, which is our best real-time indicator of how consumers are feeling financially, is also performing exceptionally well. When will I receive My Future Cruise Credit? And, Harry, welcome to the hot seat, as they say. Can I convert my FCC into another currency? It also cannot be used to pay the initial deposit. Thanks, Frank. Thank you, Paul, and good morning, everyone. The first ship to return to service will be Norwegian Pearl, sailing from the stunning new cruise terminal in PortMiami, from February 7. Right now, many people are receiving Future Cruise Credits because the cruise they were supposed to sail on was cancelled due to unprecedented circumstances. Absolutely, once the Future Cruise Credit is added to your profile, it can then be applied to any existing booking or newly created bookings. Peace of Mind allows you to defer decisions to a later date and therefore the cancelled cruise may not be re-booked using the FCC. This will either cover the cost of the fare or be issued in the form of an open certificate similar to the Future Cruise Credit. With that, I'd like to turn the call over to Frank del Rio. Turning our attention to the balance sheet, Slide 15 provides our debt maturity profile, which includes approximately 800 million of scheduled debt service for the remainder of the year, the vast majority of which is related to our export credit agency-backed ship financing. Thank you. 1. I have a sneaking suspicion you were a contributor to the stellar booking and pricing on the around-the-world sailing. A Future Cruise Credit (FCC) is simply a voucher for future cruise travel. Listen, we have about 20% increase in capacity for 2023 versus 2019. India: ICE Vacation Center India (ICE). Our next question is from Patrick Scholes with Truist Securities. But I'll turn it over to Mark to talk about financial ramifications. The current FCC holder is not the original FCC recipient. And, of course, with our bundling strategy that we've embarked on, you know, over the last few years, and that's really taking full throttle in 2023, that does have some headwinds to our overall net yield. We've all experienced, whether it's traveling for business or consumers traveling, flight prices are elevated. There's never a guarantee, but that is what we're rallying around. Better Buy in 2023: Norwegian Cruise Line vs. Carnival Stock And, hopefully, over the next few quarters, we can continue to prove that and further build confidence that we're leveraging our scale to the best of our ability. So, I'm going to kind of ask Dan's question maybe a little bit differently. Our first question is from Dan Politzer with Wells Fargo. Hey, good morning, everyone. But things are looking very, very healthy from our perspective in terms of the overall consumer demand for cruise. Tagalog, Australia Use the cruise search filters on NCL.COM to find the perfect cruise. Can you kind of help us understand why that's different now? But also, in Q4, where we expect quite a substantial amount of our pricing power, we are actually in the Alaska season longer this year, as well as in the European season longer this year. Sure, Jessica, happy to, and that's a great question. So, while there's always a, you know, both sides of the coin, overall, the economics on going to those itineraries obviously favors the company, or we would not be doing that. As Harry noted, we continue to evaluate all opportunities to accelerate revenue and improve operating efficiencies and are taking deliberate actions to improve our margins, while maintaining the exceptional guest experience and superior service levels our brands are known for. For up-to-the-minute details on vaccination requirements, testing protocols, and health and safety procedures visit www.ncl.com/sail-safe. Hi, Patrick. In Q2, a quarter ago, you talked about it, returning to historic occupancy levels. W9 Tax document form. Bottles of wine At Holland America, the credits must be used by Dec. 31, 2022. The full value of FCC will be credited back to the guest's Latitudes profile if cancellation is outside of standard penalties. As a reminder, this conference call is being simultaneously webcast on the company's investor relations website at www.nclhltd.com/investors. Was there any noise in the quarter on the Free at Sea program? In addition, they agree they are authorized to remove the value of any bonus future cruise credits offered by Norwegian Cruise Line for all guests. And you're talking today about some of the, you know, the shoulder period itineraries are being expanded. French which gives us confidence that we can achieve this sequential improvement in year over-year-growth. 2023 Norwegian Cruise Line Holdings Ltd. 11-Reasons to Cruise to Alaska this Summer | NCL Travel Blog, 14-Day Authentic Alaska - Northbound Cruisetour | Norwegian Cruise Line, 14-Day Authentic Alaska - Southbound Cruisetour | Deck Plans | Norwegian Cruise Line, 20-Day Transpacific from Tokyo (Yokohama) & Alaska | Norwegian Cruise Line, 11 Reasons to Cruise to Alaska this Summer | NCL Travel Blog. The FAQ here explains how to transfer it.. You will be able to leave a comment after signing in, Copyright 19952023 The Independent Traveler, Inc. Frank, well, congratulations on absolutely an amazing career. Reports, policies and documents related to our sustainability program, Sail & Sustain. Second, we are already starting to see the benefits of our margin enhancement efforts and will continue to take strategic measures to best position the company for its next chapter while ensuring that we keep the secret sauce that makes our brand so special fully intact. What happens if a new reservation using the FCC is cancelled? Step 5. We'll be taking delivery of a ship in the third quarter and fourth quarter. July 15, 2017. Thanks for taking my question. Norwegian Cruise Line has extended its Future Cruise Credit (FCCs) booked by date until the end of the year. let one of our experts help you with this procedure to ensure the right amount is transferred. And we've absolutely seen or exceeded those levels during Q1 booking period compared to Q1 of 2019. Frank del Rio -- President and Chief Executive Officer, Norwegian Cruise Line Holdings. Pre-paid service charges Yeah, so, definitely, we are planning -- you know, we are funding all of our existing debt maturities this year from cash on hand and organic cash flow. The new booking must be made within one year of the cancellation date. Cost basis and return based on previous market day close. Internet packages that are not part of the Free At Sea programme Yeah, you know, Brandt, I think you've hit it right. Can I use my Future Cruise Credit to book cruise extras and add-ons such as shore excursions stays tours or drink packages onboard? The FCC is applied to an active and existing reservation. Norwegian Star will sail from Barcelona, Spain, and Pride of America from her traditional homeport of Honolulu, Hawaii. Free expert cruise tips and news from Cruise Hive! Future Cruise Credit FAQs Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. Turning to liquidity, our overall liquidity position remains strong at approximately 1.9 billion as outlined on Slide 17. Only new government or agency mandates would be considered. Regardless of the original Future Cruise Credit's expiration date, the new Future Cruise Credit is valid through December 31, 2021, at which time all unused funds will expire. We continue to expect modest sequential improvement each quarter in 2023 as occupancy increases and as a result of initiatives which have already been identified and implemented. At that time, the receiving guest will be able to apply the coupon to the desired reservation. There will need to be new deposit money paid towards the booking to satisfy the amount of the deposit and then the Future Cruise Credit will be applied towards the balance of the cruise fare costs. You've come to the right place. Anyone choosing to cancel received a full refund in the form of a future cruise credit (FCC) to be used for sailings that embark through June 30, 2023. I'm incredibly proud of you. Are any costs refunded instead of being included in the FCC? Future Cruise Credits will be credited to you via your Latitudes number within seven working days. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings.
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