Norwegian sees $2.2 billion capex on newbuildings to 2015
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- Written by Kari Reinikainen Kari Reinikainen
- Category: Top Headlines Top Headlines
- Published: 06 May 2013 06 May 2013
Norwegian Cruise Line Holdings, the listed parent company says that it expects to spend $2.23 billion in capital expendidure related to its newbuildings to the end of 2015.
Future capital commitments consist of contracted commitments, including ship construction contracts and future expected capital expenditures for business enhancements, the company said in a statement. As of March 31, 2013, anticipated capital expenditures for ship construction were $681.1 million for the remainder of 2013, $755.6 million for 2014 and $788.5 million for 2015, of which export credit financing is in place of $572.8 million for 2013, $657.1 million for 2014 and $621.1 million for 2015, based on the euro/U.S. dollar exchange rate as of March 31, 2013
In addition, as of March 31, 2013, anticipated capital expenditures for business enhancements were $57.2 million for the remainder of 2013, and $77 million for each of the years 2014 and 2015, the company said.
Norwegian reports $96.4 million first quarter net loss on financial items
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- Written by Kari Reinikainen Kari Reinikainen
- Category: Top Headlines Top Headlines
- Published: 06 May 2013 06 May 2013
Norwegian Cruise Line Holdings, the listed parent company of Norwegian Cruise, has reported loss for the first quarter of the year due to financial items.
The company booked $110.4 million in expenses related to debt prepayments funded by the aggregate net proceeds from the IPO and the Notes Offering as well as non-cash compensation and other expenses related to the Company's IPO. On a GAAP basis, net loss and diluted EPS were $96.4 million and $0.49, respectively
Excluding these items, adjusted net income improved to $12.9 million with adjusted EPS of $0.06 from $3.3 million and $0.02 in 2012 respectively. Net yield increased 3.3% on both an as reported and constant currency basis, the company said in a statement.
"We are excited to announce another quarter of strong results, especially in light of this being our first quarter as a publicly traded company," said Kevin Sheehan, Norwegian Cruise Line's President and CEO. "These strong results bring us to nineteen consecutive quarters of year over year Adjusted EBITDA growth."
On January 24, 2013, the Company closed on its successful IPO at a price of $19.00 per share. In addition, on February 6, 2013, the Company issued $300 million of 5.00% senior unsecured notes. The aggregate net proceeds of the IPO and the Notes Offering were used to prepay certain credit facilities, prepay amounts due pursuant to the Norwegian Sky Purchase Agreement, redeem the full amount of the outstanding $450 million 11.75% senior secured notes due 2016, redeem a portion of the outstanding $350 million 9.5% senior unsecured notes due 2018 and for general corporate purposes.
Interest expense, net for the period was $127.7 million and included $90.5 million in charges related to the prepayment of certain credit facilities and the redemption of certain of the Company's senior notes in connection with proceeds from both the Company's IPO and Notes Offering
Carnival sets up Asia unit in Singapore, sees 3.7 million Asians to cruise 2017 - report
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- Written by Kari Reinikainen Kari Reinikainen
- Category: Top Headlines Top Headlines
- Published: 03 May 2013 03 May 2013
Carnival Corporation & plc, the world’s largest cruise shipping group, has set up regional unit in Singapore and unveiled plans to develop the city state a hub for its Asian operations.
The Anglo-American group is aiming for a 50% share of the Asian cruise market in 2017 and intends to establish South-east Asia as Caribbean of the East, with Singapore as the hub, TTG Asia reports on its website. Carnival has established its regional unit, Carnival Asia, in Singapore and it projects that the Asian cruise market would grow to 3.7 million passengers by 2017, from 1.5 million now.
Pier Luigi Foschi, Carnival Asia chairman and CEO, told TTG Asia e-Daily in an interview this morning: “We would like our share of Asia to be the same as our share of the market worldwide, which is 50%,” the report said
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