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Whats the difference between my Future Cruise Credit, a future cruise program and onboard credit? This will be incredibly convenient for guests who had a cruise booked in 2020 but have so far been unable or unwilling to use their future cruise credit as it was set to expire on January 31. So, we're very happy with that strategy? July 15, 2017. 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. See all the ways you can use your Savings Credits Credits below, then find out how many you're eligible for right away! During the first months of the pandemic in 2020, Norwegian Cruise Line issued thousands of FCCs to guests who saw their cruises canceled. Photo packages. Process for transferring Cruise Next Certificates I remember reading there was a form that my kids could fill out to transfer their cruise credits to me, does anyone have a link to that form? Before I turn the call over, I'd like to provide an update on our decarbonization efforts as part of our global sustainability program, Sail & Sustain, something that I am very passionate about and committed to advancing. Which sailings qualify under Norwegians Peace of Mind policy? Insurance FCCs can only be applied to a new reservation where Essentials, Booksafe Standard or Platinum Travel protection has been added. 4 reasons you shouldn't take a voucher if your cruise is canceled And as I said in my prepared remarks, the second half of 2023 is expected and we continue to expect very strong pricing and yield growth. The FAQ here explains how to transfer it.. You will be able to leave a comment after signing in, Copyright 19952023 The Independent Traveler, Inc. We've all experienced, whether it's traveling for business or consumers traveling, flight prices are elevated. In terms of this gap of 3%, does that reflect what we're going forward? Turning to liquidity, our overall liquidity position remains strong at approximately 1.9 billion as outlined on Slide 17. There is no opportunity for the export credit agencies to change those rates. All three of our brands are well poised to properly absorb this elevated capacity growth, given our relative size and under-penetration in many markets around the world. Thanks. The financing also covers older supplies associated with preparing certain newbuilds to enter service, as well as related financing premiums. Can you use your Future Cruise Credit to pay for more than one cruise in the future? What is not included in the future cruise credit (FCC) are; Travel Protection. No, guests will receive the full value of their winning bid within the FCC and can apply that towards the sailing and category of their choice. It's really around our promotions and advertising variable costs that would have any sort of influence. Can I make a new booking before I receive the future cruise credit for a cancelled booking? Absolutely. The FCC has been partially applied to an active and existing reservation. Effective from the 29th July 2020 the below values are rewarded in Future Cruise Credits: The full value of FCC will be credited back to the guest's Latitudes profile if cancellation is outside of standard penalties. Capacity growth in 2023 is expected to be just shy of 20% compared to 2019, as we add over 5,000 berths to our world-class fleet. Bookings cancelled inside final payment that are not paid in full will default to the standard refund process with penalties applied. 7/27/2022. Invest better with The Motley Fool. ET. Which guests on the bookings receive the Future Cruise Credit? Transfer cruise credits - Norwegian Cruise Line - Cruise Critic Community This initiative is very much ongoing and will continue to be a top priority under my leadership. For guests who are no longer able to travel as a result of an official announcement by a government or agency that takes place within 14 days of sailing (when Peace of Mind is no longer available), and the mandate states guests are NOT allowed to travel, then a refund would be available. We bought two Cruise Next certificates because we figured we would be returning to NCL for future cruises. You know, we've stated before that our goal is to be between 60% and 65% booked at year-end for the following 12 months. Cancellation penalties will be withdrawn from the FCC amount if applicable and remaining balance will be attached to guest's profile. Future Cruise Credit Expiration Dates: Do I Need to Worry? To find out more, please. As I said, those are fixed, so we have very efficient financing going forward. Norwegian's Future Cruise Credit (FCC) is credit that you can use for your next Norwegian cruise. This includes the previously communicated changes to the last four Prima class ships to make them up to 20% larger than the first-generation ships, as well as the addition of the methanol-ready configuration to the last two ships to increase optionality and help future-proof these long-life assets and reach our decarbonization goals. And the differential simply is that, as I said in my prepared remarks, we've now included certain things, financing for owner supply, and other related items that are required as part of the ship delivery. And with those tools, we think bundling actually provides us in this uncertain future environment a competitive advantage. Hotel purchased through Norwegian Cruise Line And have you seen any impact to export credit rates given the broader credit crunch? Japanese And then, on the shift to longer cruises and more immersive cruise, the 3-point gap in overall occupancy, is that basically reflective of that change in the second quarter? Norwegian Cruise Line ( NCLH 9.40%) Q1 2023 Earnings Call. Or is it spread out over a number of deliveries between now and then? So, my first question is on the cost side. W9 Form. At that time, the receiving guest will be able to apply the coupon to the desired reservation. How is My Future Cruise Credit Calculated? Unfortunately, at the time of cancellation, all promotional offers, amenities, and value add-ons are removed and will not carry-over to future reservations. I tried searching on the NCL site and cannot find it. Only one transfer or exchange of ownership will be allowed per FCC. And we simply executed some of those initiatives quicker than we had anticipated. And as I had communicated when we communicated on our last call, we were steadfastly going into a lot of our onboard -- our margin enhancement initiatives. One of the drivers of growth this year is going to be our robust newbuild platform with us taking delivery of three new, and I might be biased, but I'm going to add, absolutely magnificent ships this year, including the incredible Vista, which starts sailing tomorrow. 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. OK, great. A Future Cruise Credit (FCC) is essentially a voucher for future travel. Water and/or soda packages This includes improvements in areas such as supply chain initiatives, back office optimization, as well as crew costs and travel expenses. You may include multiple requests on one case so long as the request is complete and proper consent from current coupon owner is included (either in an attached email or by the current owner being the one to submit the case), Original Peace of Mind or Suspended Sailing reservation number that generated the FCC being transferred, Client ID and name of Current FCC Owner who is authorizing the transfer, Client ID and name of Guest Receiving the FCC. Mark, over the past year, you've given some longer-term net debt-to-EBITDA target ratios for various years. Our target consumer remains resilient with a persistent desire for travel and experiences. 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. 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. And then, the 1.4 billion of term loan and revolver. But as Mark just discussed, we believe, over time, this actually is going to be EBITDA and margin-accretive. The scope of these targets cover our direct emissions, as well as the full well-to-wake impact of our fuel consumption. Was there any noise in the quarter on the Free at Sea program? All future cruise credits must be redeemed within one year from issue date and can be used for sailings departing on or before December 31, 2022. 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. Below are instructions and frequently asked questions for redeeming and using your Future Cruise Credits. What is a Future Cruise Credit? So, you know, what am I missing there, Mark? Yeah, you know, Brandt, I think you've hit it right. Yeah, so, definitely, we are planning -- you know, we are funding all of our existing debt maturities this year from cash on hand and organic cash flow. Another strong indicator that our product continues to resonate with our guests is the performance of NCL's CruiseNext program, an onboard program in which we sell nonrefundable future cruise certificates. Thailand A reconciliation to the most directly comparable GAAP financial measure and other associated disclosures are contained in our earnings release and presentation. That said, we have not stopped, and we continue to look at opportunities to improve our cost structure. Norwegian's Future Cruise Credit (FCC) is credit that you can use for your next Norwegian cruise. Overall, we feel optimistic about the direction of our business, and we believe we are taking the right steps today create a more nimble and resilient organization for the future. 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. And, of course, with our bundling strategy that we've embarked on, you know, over the last few years, and that's really taking full throttle in 2023, that does have some headwinds to our overall net yield. We are focused on better leveraging our scale as we embark on this period of transformational growth and translating this capacity growth into outside benefits to both the top and bottom line. For guests to use their FCC, they will need to choose a cruise they like. I have worked with Harry in various capacities over the course of three decades, and I can assure you that he is a strategic and innovative leader, who has the right talent, skill set, and energy to lead the company at this pivotal time in its history. Policies for Sixthman full-ship charters may differ. This average is slightly below 2019 levels as a result of our strategic shift to longer, more immersive itineraries at the Norwegian Cruise Line brand, naturally resulting in less thirds and fourths, which is what historically pushes passenger occupancy above the 100% mark, all while enhancing margin over time. Future cruise credit (FCC) is a bit like store credit from a cruise line. Any existing 10% Future Cruise Discounts will remain active and available for use on future bookings. Only new government or agency mandates would be considered. Thanks Mark. 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. My name is Paul, and I will be your operator. 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. This will either cover the cost of the fare or be issued in the form of an open certificate similar to the Future Cruise Credit. Norwegian Cruise Line | Future Cruise Credit - CruisesOnly Thank you. And I'm just trying to reconcile that with the seasonality that we used to see in your business with the 3Q costs usually being pretty elevated given, you know, more exotic itineraries. If outside final payment and an FCC was used as payment, the original FCC was added back to the guest's profile. Thank you. Cruise Credits vs. India: ICE Vacation Center India (ICE). That being said, we were very pleasantly surprised with flows in demand for Caribbean in Q1. 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). Savings Credits have real monetary value, so you can use them to save up to 60% off market rates on hotel and resort stays, tours, cruises, ski, spa, golf and so much more! Get in touch at the below options: Copyright 2020 International Cruise & Excursion Gallery, Inc. My Future Cruise Credit, I.C.E. And any, you know, color just on the cadence of bookings that you've seen year to date, maybe relative to pre-COVID levels. And congratulations to Frank and Harry, to both of you, with the changes. Thank you for joining us for our first quarter 2023 earnings and business update call. Frank, thank you for your service. Effective May 18, 2020, FCCs from either our 2020 Suspended Sailings or Peace of Mind FCC are transferable. Therefore, we focus on total net per diem and net yield as a better holistic representation of our pricing power. 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. My FCC is equal to or greater than the sailing I want to book, so why do I still owe money? The Motley Fool has no position in any of the stocks mentioned. When is the best time to go on an Alaska cruise? Hey, good morning, everyone. So in terms of 2024, I'll take the second part of your question first. However, for FCCs associated with the Peace of Mind policy, the FCC must be first generated and attached to the guest profile before it can be added to a reservation. Tailor-made packages to help you build the dream holiday you need. Reports, policies and documents related to our sustainability program, Sail & Sustain. Can I get a refund on the add ons booked with my cruise such as spa treatments shore excursions included with my original cruise? Yes, with Norwegian Cruise Line, you can use your Future Crusie Credit to pay for more than one cruise in the future. At Holland America, the credits must be used by Dec. 31, 2022. Okay, gotcha. Future Cruise Credits are issued by the Cruise Lines for various reasons. Both the conference call and presentation will be available for replay for 30 days following today's call. The new policy applies to both individual and group bookings*. Photo packages. And you're talking today about some of the, you know, the shoulder period itineraries are being expanded. Registered Seller of Travel. Princess Cruise Line's Future Cruise Credit (FCC) is credit that you can use for your next Princess cruise. I'll -- it's Harry. Norwegian's Future Cruise Credit (FCC) is credit that you can use for your next Norwegian cruise. Our next question is from Steve Wieczynski with Stifel. I also want to express my sincere appreciation to our loyal guests, valued travel partners, lenders, shipyards, investors, analysts, and all of our stakeholders for your continued support and partnership over the years. You know, we're expecting roughly 11% or 12%, if I recall correctly. Hi, Patrick. Better Buy in 2023: Norwegian Cruise Line vs. Carnival Stock When will I receive My Future Cruise Credit? The Motley Fool has a disclosure policy. Special Promotional Onboard Credits (OBC). But things are looking very, very healthy from our perspective in terms of the overall consumer demand for cruise. So, we said last quarter that we wanted to be prudent in terms of our guidance. And now that you've kind of moved through wave and have more of Alaska and Europe for this summer filled out, can you talk about how you're feeling about pricing for the summer? Our record book position also gives us high visibility into the back half of the year and beyond. Future reservations are subject to prevailing fares and offer in-market at the time of booking. Our Peace of Mind policy applied to all sailings through and including May 31, 2022, guests were free to cancel up to and including January 31, 2022. The two ships that will signal the moment when the entire Norwegian Cruise Line fleet is operational again are Norwegian Sun and Norwegian Spirit. Do you see yourself still on track to hit those targets? Operator? Please proceed with your question. Include the following information in the comments field: Completed FCC transfer request information as listed below. How to Transfer Cruise Ship Credits | USA Today To offer our guests even more flexibility for future vacation planning, some who hold outstanding previously issued Future Cruise Credits (FCC) may now submit a request to convert their FCC to a monetary refund. Got it. Partial value transfers or transfers of remaining FCC balance are not permitted. Yes. To find out more, please. I wanted to dig a little bit more into the regional setup. Norwegian Star will sail from Barcelona, Spain, and Pride of America from her traditional homeport of Honolulu, Hawaii. In addition, comparisons to 2019 includes certain premium price Baltic and Cuba voyages in that year, which we did not operate in 2023. If you have any questions, our friendly team of Future Cruise Credit Experts are equipped and ready to help with your Future Cruise Credit. A Future Cruise Credit (FCC) is essentially a voucher for future travel automatically being issued by Norwegian Cruise Line for guests on cancelled voyages. Transfers We are committed to identifying and evaluating incremental opportunities across every area of the business to help accelerate our margin recovery. Is there anything the Peace of Mind FCC cannot be used for? Can I use My Future Cruise Credit towards the deposit of a cruise? You know, I think that range applies to the end of wave as well that we like to be between 60% to 65% booked for the following 12 months at the end of wave. This makes for an attractive entry point for investors as the newbuild pipeline adds significant potential future earnings power compared to today's levels. 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? Harry, congrats on the new role. (Those are often reimbursed to the original form of payment, like a credit card.). Your Future Cruise Credit may be used towards the base cruise fare of a future cruise booked within its expiration date. 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. Shore excursions booked whilst onboard And just any color on how you're expecting on board trends in the second half would be helpful. If the new mandate is a significant inconvenience to the guest, i.e. Essentials, Booksafe Standard or Platinum Travel Protection insurance (if purchased on the original suspended reservation), The Future Cruise Credit cannot be applied or used for the following: I hope you take up some golf now. It's easy to confuse future cruise credit with a future cruise program; the latter is a benefit, like onboard credit, offered for booking another cruise while you're onboard a current cruise. The new booking must be made within one year of the cancellation date. This represents a 15% decrease as compared to the average of $187 in the second half of 2022. There will need to be new deposit money paid towards the booking to satisfy the amount of the deposit and then the Future Cruise Credit will be applied towards the balance of the cruise fare costs. What is even more exciting is that this is just the first of three newbuilds that we have in the pipeline this year, with Norwegian Viva and Regent Seven Seas' Grandeur joining the fleet later this year. We're pleased with the results so far, but we're not stopping there. Norwegian's Future Cruise Credit (FCC) is credit that you can use for your next Norwegian cruise. Yes. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. Growing up to immigrant working class parents in the Bronx, I could never have dreamed to be at the helm of such a storied brand. Thanks for that. And then, just a related follow-up question. Never EVER Book an NCL Norwegian Cruise Until you check ALL These Theyjust revealed what they believe are thetenbest stocksfor investors to buy right now and Norwegian Cruise Linewasn't one of them! This should result in a lower run rate cost level exiting 2023 than our full year reported results. You can redeem any FCC by calling us! And we'll continue to leave no stone unturned. But rather, that we will be even more strategic and data-driven when making these decisions to ensure we are investing where we see the highest returns and most impact. Yes, a good way to be sure to redeem the full amount is to consider a cabin upgrade, book an ocean view instead of an inside cabin or treat yourself to a balcony instead of an ocean view stateroom. Thank you, Mark. But if we do it right, we can turn it to our benefit. Harry? By And we had to sell those voyages close in for, you know, very efficient pricing.

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