Hongkong Or is that spread out over different years? My name is Paul, and I will be your operator. And then, my other question is just on the 1.7 billion in additional ECA financing. Only the entire and full original value of Peace of Mind and suspended sailing FCCs worth 100% of the fare paid, as well as the bonus 25% or 50% FCCs, are eligible for transfer. The results of this initiative are ready to getting to bear fruit as demonstrated by our first quarter adjusted net cruise cost excluding fuel per capacity day, which was not only 14% below the run rate in the second half of 2022, but also outperformed our guidance by $4, as certain savings were realized earlier than anticipated. Thank you, Mark. Thank you for the time. Since then, not all those guests have rebooked for a new voyage. Tailor-made packages to help you build the dream holiday you need. Yes, with Norwegian Cruise Line, you can use your Future Crusie Credit to pay for more than one cruise in the future. How Reassuring are New Cruise Cancellation Policies Really? 1. Sign up and register your NCL Future Cruise Credit here, then browse the unlimited availability of exciting NCL sailings, cabin categories and destinations available with my future cruise credit and contact one of our expert agents for personalised help with planning and booking. Norwegian issues either a full refund or future cruise credit for passengers denied boarding at embarkation due to a positive COVID-19 test at the pier, provided they have a valid pre-arrival. Adjusted net cruise cost, excluding fuel per capacity day, is expected to be approximately $159 in the second quarter, a further improvement versus the prior quarter as additional savings initiatives are realized. And then, the 1.4 billion of term loan and revolver. Which guests on the bookings receive the Future Cruise Credit? The full amount of your FCC can be applied to the base cruise fare on a new booking, but only if the passenger whose name it is under is the one who is booking. What happens if there is a difference in cruise fare between the FCC and the booking? This is applicable to Peace of Mind and suspended sailings FCCs, including 25% and 50% credit FCCs issued for suspended sailings. So, the remainder of it, we are carrying through. So, I'm going to kind of ask Dan's question maybe a little bit differently. Many cruise fans opted for the credits instead of cash refunds in order to treat themselves to longer sailings or cabin upgrades down the road, courtesy of the cruise line. Have you qualified for a future cruise credit but aren't sure how to use it? (Those are often reimbursed to the original form of payment, like a credit card.). So, while there's always a, you know, both sides of the coin, overall, the economics on going to those itineraries obviously favors the company, or we would not be doing that. https://www.ncl.com/about/cancellation-fee-schedule. If I booked a fly cruise does my Future Cruise Credit cover the cost of the flight? Reservations cancelled outside of final payment received a full refund back to the method of payment used to book. The original, full value FCC can be applied and used for the following: What is not included in the future cruise credit (FCC) are; Travel Protection. Thank you. Free expert cruise tips and news from Cruise Hive! Norwegian Cruise Lines Future Cruise Credit applied for cancelled sailings will have a value between 125% and 150% depending on the departure date and the sailing. The new booking must be made within one year of the cancellation date. Partial value transfers or transfers of remaining FCC balance are not permitted. If you have booked any shore excursions, beverage packages, or other pre-cruise purchases, you will receive a refund to the original form of payment. Sure, Jessica, happy to, and that's a great question. In either case, you can register your Future Cruise Credit online on our My Future Cruise Credit website, then browse all the sailing available and call an expert for the best personal planning and booking consultation. (A future cruise credit is nontransferable, so it cannot be applied to cover the cost of someone else's cruise.) This initiative is very much ongoing and will continue to be a top priority under my leadership. And then, you know, Mark, probably for you as well, if we go back to your initial guidance back in February, you noted that you turned the year, I think it was around 62% booked, which was in your historical range. Just on the second half net per diem, you know, it's implied a decent step-up in the second half. An email from the current FCC owner requesting the transfer to be made must be included when submitting the transfer request via https://www.ncl.com/case-submission Insurance FCCs and 10% bonus FCCs are not transferrable Once the transfer takes place, the receiving guest is now the owner and the previous owner cannot request a transfer back. Thank you. It's also on the back of bringing on some of our premium brand vessels. They either make their own air arrangements or they make air arrangements through us. Voyage Fare This does not mean, however, that we will not continue to invest in our product or service offering to enhance our guest experience. English Thank you, Frank. Please allow up to 7 business days for the transfer request to be completed. 2023 Norwegian Cruise Line Holdings Ltd. 11-Reasons to Cruise to Alaska this Summer | NCL Travel Blog, 14-Day Authentic Alaska - Northbound Cruisetour | Norwegian Cruise Line, 14-Day Authentic Alaska - Southbound Cruisetour | Deck Plans | Norwegian Cruise Line, 20-Day Transpacific from Tokyo (Yokohama) & Alaska | Norwegian Cruise Line, 11 Reasons to Cruise to Alaska this Summer | NCL Travel Blog. Can I convert my FCC into another currency? I hope you take up some golf now. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. How can I receive a Future Cruise Credit? How can I see my Future Cruise Credit balance. So, we are marching toward that. Our next question is from Brandt Montour with Barclays. I assure you it is exactly where we expect it to be. Steve Wieczynski -- Stifel Financial Corp. -- Analyst. Cruise lines have issued millions of future cruise credits to customers since the COVID-19 pandemic began in lieu of refunds for canceled sailings far more than at any other point in the history of cruising. Good morning. [Operator instructions] As a reminder to all participants, this conference is being recorded. Instead of getting the amount refunded to your credit card, you may be issued a certificate you can use towards your next Norwegian Cruise Line sailing. After all, the newsletter theyhave run for over a decade, Motley Fool Stock Advisor, has tripled the market.*. So, I won't give too much color on that, but other than we're exactly in the position we need -- where we need to be. This is Mark. Policies for bookings made through Tour Operators or Wholesalers may vary, so please contact your Travel Partner for full details. Our next question is from Steve Wieczynski with Stifel. Amenities POM FCCs must be redeemed by June 30, 2023, for sailings departing on or before June 30, 2023. Hindi If the amount of your credit exceeds the cost of the new cruise, then the balance will be reissued as a new FCC voucher (but likely the same expiration date). Norwegians Enhanced Peace of Mind Policy was available from December 30, 2021 through January 31, 2022. And whether or not we refinance that on a more holistic approach or we do another amend and extend, obviously, we'll look at what the markets are doing, what the environment looks like, but we'll do the most, obviously, the most economically feasible option out there. Is my Future Cruise Credit transferable and can I gift My Future Cruise Credit? For additional information, please visit www.ncl.com/travel-requirements-by-country. I just want to comment that when Frank goes on cruises in retirement, he doesn't pay, so he won't be contributing to that world cruise number you saw earlier. Unfortunately, at the time of cancellation, all promotional offers, amenities, and value add-ons are removed and will not carry-over to future reservations. Vince Ciepiel -- Cleveland Research Company -- Analyst. At that time, the receiving guest will be able to apply the coupon to the desired reservation. We're pleased with the results so far, but we're not stopping there. At Holland America, the credits must be used by Dec. 31, 2022. We are heading over to Europe this week where Vista will be christened in Malta by her godmother, Emmy Award-winning food personality, Giada de Laurentiis. Sorry, at this time their Future Cruise Credits are not stackable and can only be redeemed towards a single guests' cruise booking. So, there's always going to be some puts and takes until when you actually purchase the flight where you may have some variability in there. Beginning May 15, 2020, guests who have a voyage through December 31, 2020, may cancel up to 48 hours from embarkation and receive a 100% future cruise credit to be used for sailings that embark through 31st December 2022. Absolutely, however for Future Cruise Credits associated with these affected cruises, the Future Cruise Credit must be first generated and attached to your profile. This should result in a lower run rate cost level exiting 2023 than our full year reported results. Effective May 18, 2020, FCCs from either our 2020 Suspended Sailings or Peace of Mind FCC are transferable. What does My Future Cruise Credit not cover? The cruise line has extended this period again; FCCs are now valid through December 31, 2022. And did I get that correct? In terms of this gap of 3%, does that reflect what we're going forward? Norwegian's Future Cruise Credit (FCC) is credit that you can use for your next Norwegian cruise. And as we look out over the next five years, this increases to approximately 50% growth versus 2019. Hi, everyone. Hey, good morning, everyone. Good luck in retirement. Exclusions may apply, but are not limited to, one of the following: An FCC has been fully or partially transferred. Get expert advice, insider tips and more. Paul, I think we have time for one more question. In addition, adjusted EPS loss of $0.30 also beat our guidance. I'll take that one, too. The financing also covers older supplies associated with preparing certain newbuilds to enter service, as well as related financing premiums. We've demonstrated that in our full year updated guidance, and we will continue to push hard on that. Thank you. Yes. So, just kind of wondering if it was -- what it was in the yield management that approach that changed. Our next question is from Robin Farley with UBS. For guests to use their FCC, they will need to choose a cruise they like. So, I just want to point out that that's not necessarily a change from last quarter. I know I speak on behalf of the entire NCLH team when I say thank you, Frank, for your countless contributions, not only to our company, but also to the broader cruise industry. But, you know, Q1 finished up at 101.5. Some FCCs are combinable. That's $1,500 in extra value -- a 37.5% return on the original payment of $4,000 -- just for letting the cruise company hold onto the original payment for another year or two. Before I dive into the financial results and outlook, I want to also thank Frank for all that he has done to propel this company forward, as well as his outstanding leadership. Conor Cunningham -- Melius Research -- Analyst. Turning to our next catalyst, we continue to take strategic actions across our business to improve operating efficiencies and rightsize our cost base to rebuild and enhance margins. The FCC has been partially applied to an active and existing reservation. And I think that's why when you look at our capital commitments on our newbuilds for the next three years, it's actually decreased overall in terms of cash out of the system. I have to thank our partners at Fincantieri once again for bringing our vision to life and delivering a truly magnificent ship. What can I use the Future Cruise Credit towards in the future? Can I use My Future Cruise Credit to upgrade my cabin? [Operator instructions]. In addition, any of these items will also be added if booked through Norwegian Cruise Line; Flight arrangements, Hotel and Cruise Tour packages, Shore Excursions booked and pre-paid, Prepaid service charges, Beverage or Dining gratuities (if part of FAS Promotion selection), Essentials, Booksafe Standard or Platinum Travel Protection. *Terms & Conditions Package not available on sailings less than 5 days or charter sailings. Guests can then participate in a new bid once invited to bid for the newly selected sailing. ABTA numbers Y1932 and L6366. If the amount of the credit falls short of the new cruise fare, you'll pay the difference out of pocket. Effective May 18, 2020, FCCs from either our 2020 Suspended Sailings or Peace of Mind FCC are transferable. Your Future Cruise Credit may be used towards the base cruise fare of a future cruise booked within its expiration date. Any ancillary items sold by Norwegian Cruise Line will be refunded to the cardholder who made the original purchase (refunded to the original form of payment) and will not be included in the Future Cruise Credit. We covered our leadership transition already, which could not have gone smoother, so I will skip ahead to what continues to be a healthy demand environment. And congratulations to Frank and Harry, to both of you, with the changes. The only exception is if the current owner is requesting to transfer back to the original owner that the FCC was issued to. So, we were very happy with the way wave turned out, and our book position both on a basis of itself and compared to 2019 is doing very well. Jessica John -- Vice President, Investor Relations, ESG, and Corporate Communications. What happens if the cruise I want to use my Future Cruise Credit against is cheaper than the value of my Future Cruise Credit? In order to transfer an FCC, and in an effort for us to best assist you quickly, please follow the instructions below: POM or Suspended Sailing reservation number that generated the FCC being transferred: At time of cancellation, all promotional offers, amenities, and value adds will be removed from the booking and will not carry-over to future reservations. Fourth quarter is also expected to benefit from our strategic shift to premium deployments with extended Alaska and European seasons this year, as well as a mixed shift with more capacity operating for our Regent and Oceania brands. Booksafe Travel Protection will be issued as a separate additional Future Cruise Credit worth the value of the travel protection plan paid. Whether you're looking to sail the Magical Mediterranean, or are ready for a new tropical adventure, we've got you covered with special deals, extensive choice, expert advice, and an extra credit bonus, to use to save on hotels, tours, holiday packages & so much more! Effective today, all FCCs with a current effective to date of January 31, 2022, will be updated to reflect a new effective to date of December 31, 2022, and a sail-by date of December 31, 2022.. We have had a future cruise credit with Norwegian cruise line for some time when the cruise line cancelled out cruise at the beginning of the pandemic.Now we want to go on a cruise in september and use it, but the cruise line won't apply it, saying they will only apply it if we go before . I know the 1.2 billion are for those ships that are a couple of years out, is the additional 500 million euros, is that for 2023 specifically? Can a guest make a new booking before they receive the FCC for their cancelled booking? If a Future Cruise Credit was leveraged to pay for a reservation now impacted by the global sailing suspension, we are making it easy by combining all funds into one voucher. A future cruise credit is typically delivered via email within a few weeks' time, depending on how long it takes the cruise line to process it. Theyjust revealed what they believe are thetenbest stocksfor investors to buy right now and Norwegian Cruise Linewasn't one of them! Copyright 19952023 The Independent Traveler, Inc. Amazing, Funny & Totally Awesome Cruise Photos. And just any color on how you're expecting on board trends in the second half would be helpful. which gives us confidence that we can achieve this sequential improvement in year over-year-growth. Frank del Rio -- President and Chief Executive Officer, Norwegian Cruise Line Holdings. And before I get started, I have to say that I am honored and grateful to be given the opportunity to lead this iconic company. In addition to using your Future Cruise Credit, you will have access to Cruise Line Promotions as well as savings on future travel when you book. Given our robust book position for the second half of 2023, which is ahead of 2019, we have good visibility into the balance of the year. and related brands, logos and marks are registered trademarks and/or service marks in the United States and internationally. Or is it spread out over a number of deliveries between now and then? And then, maybe also kind of give us a look at '24. And there's always going to be some variable variability in there, but nothing that overly concerns us. Any existing 10% Future Cruise Discounts will remain active and available for use on future bookings. Indonesia Instructions and guidelines on Norwegian Cruise Line's safety and security policies. Second, we are already starting to see the benefits of our margin enhancement efforts and will continue to take strategic measures to best position the company for its next chapter while ensuring that we keep the secret sauce that makes our brand so special fully intact. And I think -- I'm very confident, I think quite a bit of -- we're nervous last quarter, whether or not we could achieve our cost savings. Listen, in Q2 and in all future quarters, our focus now is on having our cabins as close to 100% full as possible. Is SoFi Stock a Buy Now? I think that, you know, there was kind of the wave of pent up demand following some change in COVID restrictions at the mid to late part of last year. The full value of FCC will be credited back to the guest's Latitudes profile if cancellation is outside of standard penalties. Should your credits be applied to an active reservation, the refund amount will be subject to Norwegian's cancellation fee policy communicated to our guests at the time of booking and may be found on our website, An active and existing FCC is attached to a profile of a guest who has passed away. With this significant achievement, we have also nearly closed the occupancy gap versus 2019 levels. How long will it take to receive the refunded portion (if any) of the cancelled booking? Vietnamese And with those tools, we think bundling actually provides us in this uncertain future environment a competitive advantage. Include the following information in the comments field: Completed FCC transfer request information as listed below. We are implementing solutions for efficiency today; innovating for future solutions, including with our investment to modify two of our future newbuilds to create methanol-ready configurations; and are committed to collaborating with our stakeholders and partners along the way. Hi, Patrick. Once the transfer takes place, the receiving guest is now the owner and the previous owner cannot request a transfer back. I had a question if we could circle back just for a moment to the occupancy. Given their very efficient financing structures made possible to the unique nature of the industry's interconnected financing ecosystem, new ships are able to contribute immediately and are expected to be meaningful drivers of the company's future earnings growth and margin expansion. Norwegian Cruise Line sends out a letter about its Future Cruise Credits being extended to December 31, 2022, to provide a further chance to rebook. Thank you. First question, on the second quarter, the yields, I mean, I think they were a little bit -- a little bit lower than we were expecting. TAANZ No: 9838. Read Also: Norwegian Cruise Line Holdings Is First to Opt-In to Voluntary CDC Guidelines. And I think it's somewhere in the neighborhood of -- we have 3% more deployment in Q4 of Alaska and I believe 7% deployment -- more deployment in Europe for Q4. A FCC may be used towards the deposit and/or base cruise fare of any future cruise. Use your FCCs as payment first. What Are Carnival's Early Saver Cruise Deals? The first ship to return to service will be Norwegian Pearl, sailing from the stunning new cruise terminal in PortMiami, from February 7. My commentary today will focus on our first quarter 2023 financial results, 2023 guidance, and the progress on our financial recovery. We've all experienced, whether it's traveling for business or consumers traveling, flight prices are elevated. Hotel purchased through Norwegian Cruise Line Harry, congrats on the new role and look forward to getting to know you better. Norwegian Cruise Line ; Transfer cruise credits Please . Thank you for joining us. I won a bid on the Norwegian Upgrade Advantage. This consists of approximately 700 million of cash and cash equivalents, nearly 600 million of availability under our revolver, and our 650 million undrawn commitment. Thank you. Europe: I.C.E Europe Ltd. Company Number: 03793955. In order to transfer an FCC, and in an effort for us to best assist you quickly, please follow the instructions below: POM or Suspended Sailing reservation number that generated the FCC being transferred: This website uses cookies. Which sailings qualify under Norwegians Peace of Mind policy? And then, secondly, I think the other piece to look at is when you do the comparison versus a very strong second quarter 2019, we're comping over some difficult comps with Cuba that we had back in 2019, as well as the full benefit of Baltic itineraries.
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