NCL: Revenues Up, But Profits Hit By Bigger Bunker Bills

by Ship & Bunker News Team
Wednesday February 19, 2014

Norwegian Cruise Line (Norwegian) reports its revenues rose 12.9 percent to $2.6 billion in 2013, but its profits fell 40 percent to $101.7 million as expenses including bunkers rose.

President and CEO Kevin Sheehan said the year "will undoubtedly be remembered as one of the seminal years in Norwegian's 47-year history."

"The hard work of 25,000 Norwegian team members, all with a keen focus on our vision and mission, has been the catalyst for reaching these milestones, reporting solid financial performance in a challenging year for the industry and positioning the Company for measured, disciplined growth," he said.

The company spent $303.4 million on fuel in 2013, up from $283.7 million in 2012, and its fuel price per metric ton (pmt), net of hedges, was $675 compared to $664 in 2012.

Norwegian used 3.3 percent less fuel per capacity day in 2013.

For 2014, the company anticipates spending $515 million on fuel at a price of $695 pmt.

The cruise line also anticipates adding capital costs for the installation of exhaust scrubbers totalling $27 million in 2014, $29 million in 2015 and $8 million in 2016.

The company is planning scrubber installations for six ships between this spring and 2016 and has also ordered the systems for three ships now under construction.

Ship & Bunker News Team
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