World News
NCL Swings to Black, Reduces Fuel Costs
Norwegian Cruise Line [NASDAQ:NCLH] (Norwegian) reports a profit of $111.6 million in the second quarter of 2014, compared with a loss of $8.8 million in the same quarter last year, as fuel prices and consumption per passenger fell.
The cruise operator paid $622 per metric tonne (pmt), compared with $686 last year, while fuel consumption per capacity day fell 5.1 percent.
Overall fuel costs rose 3 percent to $77.8 million, a much lower rate of increase than revenues, which were up 19 percent to $765,927.
The company said its capacity days rose 19.6 percent due to the introduction of Norwegian Getaway and Norwegian Breakaway.
"This quarter marks the first full quarter with both Breakaway-class ships in operation," said President and CEO Kevin Sheehan.
"Along with Norwegian Epic, these newer, premium, earnings-rich ships now comprise a little over a third of our capacity and contributed to the doubling of earnings in the quarter."
Norwegian announced in February that it would install exhaust gas scrubbers on six of its existing ships and two new ships, a move being made by a number of cruise operators to keep fuel costs down while complying with emissions rules.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 648.00 | 2.00 | 808.00 | 10.00 |
| Rotterdam | 613.50 | 4.50 | 792.00 | 21.50 |
| Houston | 646.00 | 3.00 | 851.00 | 13.50 |
| Fujairah | 647.50 | 1.50 | 900.00 | 0.50 |
| Global 20 Ports Average | 672.50 | 0.50 | 896.50 | 0.50 |
| Global 4 Ports Average | 638.50 | 2.00 | 838.00 | 4.00 |
| Global Average Bunker Price | 727.00 | 2.00 | 943.00 | 2.00 |
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