Core Viewpoint - Norwegian Cruise Line Holdings Ltd. has entered into an agreement with Fincantieri for the design and construction of three new cruise ships, enhancing its long-term fleet growth strategy through 2037 [1][3] Fleet Development - The order includes one ship for each of the company's three brands: Norwegian Cruise Line, Oceania Cruises, and Regent Seven Seas Cruises, with deliveries scheduled between 2036 and 2037 [2][4] - Following this agreement, the company now has a total of 17 newbuilds on order, with eight for Norwegian Cruise Line, five for Oceania Cruises, and four for Regent Seven Seas Cruises [4][7] Financial Strategy - The agreement allows the company to secure valuable shipyard capacity while maintaining financial discipline and driving sustainable shareholder value [3] - The new ship order is expected to support a 4% compound annual growth rate (CAGR) from 2026 through 2037, aligning with the company's measured approach to fleet expansion [4] Ship Specifications - The new ships will include various classes with different gross tonnage and berth capacities, such as: - Norwegian Luna (~156,000 gross tons, ~3,565 berths) in Q1 2026 - Seven Seas Prestige (~77,000 gross tons, ~822 berths) in Q4 2026 - Norwegian Aura (~170,000 gross tons, ~3,880 berths) in 2027 [5][6] Market Position - The company operates a combined fleet of 34 ships with over 71,000 berths, offering itineraries to approximately 700 destinations worldwide [7]

Financial Performance - The company's TCE for Q3 2025 was USD 236 million, an increase from USD 208 million in Q2 2025[7] - EBITDA for Q3 2025 reached USD 152 million, up from USD 127 million in Q2 2025[7] - Net profit for Q3 2025 was USD 78 million, compared to USD 59 million in Q2 2025[7] - The company's basic earnings per share increased to USD 0.79 in Q3 2025, from USD 0.60 in Q2 2025[30] - The dividend per share increased to USD 0.62 in Q3 2025, from USD 0.40 in Q2 2025, with a dividend payout ratio of 78%[30] Market Dynamics - Trade volumes in Q3 increased by 4% compared to Q2 and 2% year-over-year[16] - The product tanker capacity trading CPP is down by 1% versus nominal fleet growth of 5%[26] Fleet and Strategy - The company's fleet size remained constant at 88 vessels between Q2 and Q3 2025[7] - The company acquired one 2010-built LR2 and four 2014-built MR vessels and sold one 2007-built MR vessel[9] Outlook - The company expects TCE earnings to be USD 875 - 925 million and EBITDA to be USD 540 - 590 million for 2025[54] - 55% of Q4 2025 is covered at USD 30,156 per day[53]