Norwegian Cruise Line Holdings Joins Global Maritime Forum to Support Shared Mission of Driving a Positive Change for the Industry, Environment and Society
Company Strengthens Commitment to Decarbonization Efforts Through Participation in the Getting to Zero Coalition
MIAMI, Oct. 19, 2023 (GLOBE NEWSWIRE) -- Norwegian Cruise Line Holdings Ltd. (NYSE: NCLH) (the “Company” or “Norwegian”), a leading global cruise company which operates Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises, today announced its partnership with Global Maritime Forum, a global non-profit organization committed to shaping the future of global seaborne trade to increase sustainable long-term economic development and human wellbeing. The new partnership closely aligns with the Company’s efforts to drive a positive impact on society and the environment through its global sustainability program, Sail & Sustain, including its commitment to pursue net zero greenhouse gas emissions by 2050.
“We are pleased to partner with the Global Maritime Forum and join its flagship initiative, the Getting to Zero Coalition, as we believe cross-sector partnership is a catalyst for innovation and effective change,” said Harry Sommer, president and chief executive officer of Norwegian Cruise Line Holdings Ltd. “We look forward to collaborating with other like-minded and solution-oriented stakeholders on meaningful initiatives to drive a positive change, strengthen resilience, accelerate decarbonization efforts and best position the maritime industry for a bright future ahead.”
Earlier this year, the Company announced short- and near-term greenhouse gas (“GHG”) targets to support its net zero by 2050 ambition and its revised climate action strategy which focuses on three key pillars, Efficiency, Innovation and Collaboration. The new partnership highlights the Company’s commitment to the Collaboration pillar as the Company plans to participate in a variety of initiatives led by Global Maritime Forum, including the Getting to Zero Coalition. Initially founded together with the World Economic Forum, Friends of Ocean Action and the Global Maritime Forum, the Getting to Zero Coalition is a powerful alliance of more than 200 organizations within the maritime, energy, infrastructure and finance sectors, committed to getting commercially viable deep sea zero emission vessels powered by zero emission fuels into operation by 2030 to support the industry in its journey towards full decarbonization by 2050. The Company is also exploring engagement opportunities focused on human sustainability and inclusion across the industry.
“We are pleased to welcome Norwegian Cruise Line Holdings as a Global Maritime Forum partner,” said Johannah Christensen, Chief Executive Officer of Global Maritime Forum. “The cruise segment is a critical part of the global maritime industry, and we are confident that Norwegian will bring a diverse perspective and valuable expertise to our collaborative platform of maritime leaders.”
Established in 2017, the Global Maritime Forum has served as a platform for dialogue and collective action, successfully bringing together influential decision-makers through its many working groups and workshops. One of the most significant initiatives led under the auspices of the Global Maritime Forum was the development of the Poseidon Principles, a framework which guides financial institutions in integrating climate considerations into lending decisions in line with the climate-related goals of the International Maritime Organization. To date, 30 financial institutions have joined the initiative, representing approximately $200 billion in loans to international shipping or over 70% of the global shipping finance portfolio. Since its inception, the Company has participated and provided data to signatory banks in alignment to the Poseidon Principles.
About Norwegian Cruise Line Holdings Ltd.
Norwegian Cruise Line Holdings Ltd. (NYSE: NCLH) is the leading global cruise company that operates Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises. With a combined fleet of 31 ships and more than 65,000 berths, NCLH offers itineraries to approximately 700 destinations worldwide. NCLH has six additional ships scheduled for delivery across its three brands, adding nearly 16,500 berths to its fleet. To learn more, visit www.nclhltd.com.
About Sail & Sustain
Sail & Sustain is Norwegian Cruise Line Holdings’ global sustainability program centered around its commitment to drive a positive impact on society and the environment while delivering on its vision to be the vacation of choice for everyone around the world. This program is structured around five pillars developed through cross-functional collaboration with key internal and external stakeholders. The pillars include: Reducing Environmental Impact, Sailing Safely, Empowering People, Strengthening our Communities and Operating with Integrity and Accountability.
About Global Maritime Forum
The Global Maritime Forum is an international not-for-profit organization working to create a decarbonized maritime industry that supports sustainable long-term economic development while being committed to human welfare and dignity. Established in 2017, the Forum is funded through a combination of grants and partner contributions but operates independently of any outside influence and does not support individual companies. Most of its roughly 50-person staff is based in the organization’s headquarters in Copenhagen, Denmark.
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Some of the statements, estimates or projections contained in this release are “forward-looking statements” within the meaning of the U.S. federal securities laws intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. 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Examples of these risks, uncertainties and other factors include, but are not limited to the impact of: adverse general economic factors, such as fluctuating or increasing levels of interest rates, inflation, unemployment, underemployment and the volatility of fuel prices, declines in the securities and real estate markets, and perceptions of these conditions that decrease the level of disposable income of consumers or consumer confidence; the spread of epidemics, pandemics and viral outbreaks, including the COVID-19 pandemic, and their effect on the ability or desire of people to travel (including on cruises), which has adversely impacted and may continue to adversely impact our results, operations, outlook, plans, goals, growth, reputation, cash flows, liquidity, demand for voyages and share price; implementing precautions in coordination with regulators and global public health authorities to protect the health, safety and security of guests, crew and the communities we visit and to comply with related regulatory restrictions; our indebtedness and restrictions in the agreements governing our indebtedness that require us to maintain minimum levels of liquidity and be in compliance with maintenance covenants and otherwise limit our flexibility in operating our business, including the significant portion of assets that are collateral under these agreements; our ability to work with lenders and others or otherwise pursue options to defer, renegotiate, refinance or restructure our existing debt profile, near-term debt amortization, newbuild related payments and other obligations and to work with credit card processors to satisfy current or potential future demands for collateral on cash advanced from customers relating to future cruises; our need for additional financing or financing to optimize our balance sheet, which may not be available on favorable terms, or at all, and our outstanding exchangeable notes and any future financing which may be dilutive to existing shareholders; the unavailability of ports of call; future increases in the price of, or major changes, disruptions or reduction in, commercial airline services; changes involving the tax and environmental regulatory regimes in which we operate, including new regulations aimed at reducing greenhouse gas emissions; the accuracy of any appraisals of our assets as a result of the impact of the COVID-19 pandemic or otherwise; our success in controlling operating expenses and capital expenditures; trends in, or changes to, future bookings and our ability to take future reservations and receive deposits related thereto; adverse events impacting the security of travel, or customer perceptions of the security of travel, such as terrorist acts, armed conflict, such as Russia’s invasion of Ukraine, and threats thereof, acts of piracy, and other international events; adverse incidents involving cruise ships; breaches in data security or other disturbances to our information technology and other networks or our actual or perceived failure to comply with requirements regarding data privacy and protection; changes in fuel prices and the type of fuel we are permitted to use and/or other cruise operating costs; mechanical malfunctions and repairs, delays in our shipbuilding program, maintenance and refurbishments and the consolidation of qualified shipyard facilities; the risks and increased costs associated with operating internationally; our inability to recruit or retain qualified personnel or the loss of key personnel or employee relations issues; impacts related to climate change and our ability to achieve our climate-related or other sustainability goals; our inability to obtain adequate insurance coverage; pending or threatened litigation, investigations and enforcement actions; volatility and disruptions in the global credit and financial markets, which may adversely affect our ability to borrow and could increase our counterparty credit risks, including those under our credit facilities, derivatives, contingent obligations, insurance contracts and new ship progress payment guarantees; any further impairment of our trademarks, trade names or goodwill; our reliance on third parties to provide hotel management services for certain ships and certain other services; fluctuations in foreign currency exchange rates; our expansion into new markets and investments in new markets and land-based destination projects; overcapacity in key markets or globally; and other factors set forth under “Risk Factors” in our most recently filed Annual Report on Form 10-K and subsequent filings with the Securities and Exchange Commission. The above examples are not exhaustive and new risks emerge from time to time. There may be additional risks that we consider immaterial or which are unknown. Such forward-looking statements are based on our current beliefs, assumptions, expectations, estimates and projections regarding our present and future business strategies and the environment in which we expect to operate in the future. These forward-looking statements speak only as of the date made. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in our expectations with regard thereto or any change of events, conditions or circumstances on which any such statement was based, except as required by law.
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Released October 19, 2023