Posted on Sunday, February 3, 2013 by Shawn Dake
NORWEGIAN STAR leaving Los Angeles on October 3, 2009. Photo © Shawn J. Dake.
After years of aborted attempts, Norwegian Cruise Line has at last become a publicly traded company, at least in part. Company president Kevin Sheehan opened the NASDAQ stock market on January 18th from aboard the NORWEGIAN EPIC. Officially listed under the stock ticker symbol NCLH, shares opened at $19.00. The IPO generated $477.6 million on the sale of slightly over 27 million shares. Only 12% of the line has gone public with the remainder still controlled by existing owners Genting Hong Kong, Ltd. with 44%, Apollo Global Management at 33% and Texas investment group TPG Capital owning 11%. In January 2008, Apollo paid $1 billion to acquire 50% interest in Norwegian Cruise Line, from Genting Hong Kong. Apollo also controls Prestige Cruise Holdings, which owns Regent Seven Seas Cruises and Oceania Cruises.
NORWEGIAN SKY off Cozumel, Wikimedia Commons.jpg
Among other things the newly raised funds will be used toward making a $79.7 million payment to Genting Hong Kong for Norwegian’s reacquiring of the 77,104 gross ton NORWEGIAN SKY (ex COSTA OLYMPIA, PRIDE OF ALOHA) and repaying debts on additional vessels in the fleet. Last year NCL made a deal to purchase that ship for $260 million. In a related development, the NORWEGIAN DREAM (ex DREAMWARD), unused since 2008, has been renamed SUPERSTAR GEMINI (ii) by Star Cruises. Like many Asian-based cruise ships it will spend the winter months cruising from Singapore, before moving north to homeport in Shanghai, China from April through October. The 50,764 gross ton ship is nearly identical to the SUPERSTAR AQUARIUS (ex WINDWARD, NORWEGIAN WIND), so the two, twenty-year-old sisters are fleetmates once again.
SUPERSTAR AQUARIUS has been rejoined with her sister SUPERSTAR GEMINI in the Star Cruises fleet. Photo © Shawn J. Dake 2008.
Patrick Le BIhan
February 4, 2013 at 12:08 am
I give instruction to my broker to buy 1000 shares because i was pleased with the EPIC during shipbuilding time in St Nazaire and later with a cruise on board with my wife and 5 couples !!Unforgotable time !
Hank
February 4, 2013 at 9:49 am
Forgive me, I’m not familiar with stocks, but does this mean that if you buy a share, you own a part of Norwegian Cruise Line?
richard osborne
February 4, 2013 at 11:35 pm
I hate NCL I will never forgive them for what they did to the Norway, I drive tour buses in Seattle and when they come in for the summer for the Alaska tour season I hear the costome complaints every weeken about NCl I just laugh. I tell people if you want to go on a curise go Holland America or Princess or RCCl but NOT NCL or Carnivil
Thanks,
Richard
Alan Mackenzie
February 6, 2013 at 9:57 am
But Holland America and Princess ARE Carnival – or, at least, part of the Carnival group…
Stephen
February 7, 2013 at 10:45 pm
I agree with Richard, avoid these guys, poor eco record, poor maintenance in the past, dumped a classic ship on the beach of Alang, sold of the Independance which later sank, never did anything with the Big U could have got could comms by giving here to the conservancy but didnt….. do you need to say any more. Built the worst looking ship ever!