Norway To Rule On Star Bid
Norway's Industry Ministry is likely to make a ruling before Feb. 4 regarding a bid by NCL's board to deny votes to Malaysia's Star Cruises. NCL, the target of a bid war between Star and U.S. giant Carnival Corp., is accusing Star of skirting the law by failing to update Norwegian authorities of its NCL share buying. Star owns 47 percent of NCL. Under Norwegian law, any firm seeking to acquire parts of a business has to notify the ministry when its stake exceeds one-third, a half and two-thirds of the stock. NCL says Star passed one-third of the stock in the ministry will determine whether NCL's travel operations in Norway were directly related to its shipping business. If so, NCL would be exempted from the law and lose its case.
Star, Carnival Oust NCL Board, Appoint Lund
Star Cruises and Carnival Corp. tightened their grip on NCL Holding today (Feb. 4) by ousting the board and appointing Norwegian lawyer Ole Lund as the new chairman. Lund, who is also chairman of state oil firm Statoil, will head a new six-strong board for NCL. Star and Carnival now control about two thirds of NCL stock under a joint 35 crowns per share offer valuing NCL stock at about $1.1 billion. In addition, the two companies will assume NCL debts of about $800 million. NCL's outgoing board on Feb. 3 gave up efforts to encourage further bids and urged shareholders to accept the 35 crowns offer. It had rejected 35 crowns as too low when Star first launched its takeover bid in December.
Carnival, Star Team Up To Buy NCL
Carnival Corp. and Malaysia's Star Cruises surprisingly joined forces in a battle to buy Norwegian cruise firm NCL Holding. The two companies dropped a bidding war in favor of Star's lower $1.1 billion share offer for NCL. Star will stick with its 35 crowns per share bid for NCL, expiring on Feb. 10. Carnival will cancel a planned 40 crowns NCL offer and instead acquire a 40 percent stake in Arrasas Ltd., Star's unit set up to acquire NCL. Star would hold the remaining 60 percent. Star and Carnival are aiming to oust the current board and appoint lawyer Ole Lund, the former chairman of the Oslo bourse, as the new NCL chairman at a shareholders' meeting on Friday.
NCL Aims To Block Star Bid
NCL Holding plans to block a takeover bid from Star Cruises, accusing it of skirting the law and buying NCL shares. Officials of NCL, which is the target of a bid war between Star and Carnival Corp., said Star could not wield its 47 percent stake in NCL at a key shareholders' meeting because the company failed to update Norwegian authorities about its share buying. Under Norwegian law, any firm seeking to acquire parts of a Norwegian business has to notify the Industry Ministry when its stake exceeds one-third, a half and two-thirds of the stock. NCL said Star passed one-third of the stock in December without informing the ministry. Star argues that NCL is a shipping company and so is exempted from the notification requirement.
Take That! Carnival Keeps NCL War Alive
Carnival Corp. revived a war for control of Norway's NCL Holding last Thursday with plans for a $1.3 billion offer, topping a bid by Malaysia's Star Cruises. "Carnival Corp has informed the board of NCL that Carnival is prepared to pay 40 crowns per share for NCL Holding," NCL said in a statement. Star has offered 35 crowns per share. Carnival's planned offer would value NCL shares at about 10.6 billion crowns ($1.3 billion). Bidders will also have to assume NCL debts of about $800 million. NCL, the world's fourth biggest cruise firm, said. Carnival's planned bid was "conditional on approval by the U.S. The planned bid is an about-face for Carnival, the world's largest cruise operator.
NCL Turns Down Carnival's $1.7B Takeover Bid
NCL Holding ASA flatly rejected a 30 crown ($3.72) per share takeover offer from Carnival Corp, saying it undervalued the group's potential. NCL Chairman Kristian Siem, who controls 14.9 percent of the Miami-based cruise company, said it would be a "waste of time" to even meet Carnival given the offered price. "To meet based on a price level of 30 crowns is a waste of time," Siem said. "It's very pleasant that Carnival values NCL, and this confirms that the company is fully able to survive on its own," he said. "The offer also represents a significant discount in relation to the pricing of other companies in the cruise industry," the board said.
NCL In Talks With Singapore's Star Cruises
One week after spurning an offer from industry leader Carnival Cruise Lines, Norwegian cruise ships operator NCL Holding ASA is in talks with Singapore's Star Cruises Plc. Miami-based Norwegian Cruise Line, the world's fourth-largest cruise operator, had rejected Carnival's 30 Norwegian crowns-a-share offer ($3.77) as too low and hinted rival takeover bids might surface. But NCL said it was not clear whether Star, the leading Asia-Pacific cruise line, would prove its savior. "Further information will be given if NCL receives a concrete bid from Star Cruises," NCL said. Carnival immediately challenged Star to come up with a better offer than its own made last week, which valued NCL at $884 million, or $1.7 billion with assumption of debt.
NCL Retains Financial Advisers
NCL Holding ASA appointed Orkla Finans and Morgan Stanley as financial advisers following a takeover bid from Carnival Corp. Carnival, the world's largest cruise operator, has offered 30 Norwegian crowns per share for NCL, the fourth biggest operator. Miami-based NCL has rejected the bid as too low and has hinted that rival bids might be in the pipeline.
CCL: Would Seek Oslo Listing With Successful NCL Bid
Carnival Corp. would seek an additional listing on the Oslo stock exchange if it succeeded in its bid to take over Norwegian cruise firm NCL Holding ASA. Carnival last week offered 30 crowns per share for NCL in a hostile takeover bid which valued NCL at 7.15 billion crowns ($884 million).
NCL Expects $5.9 M In Losses After Grounding
NCL Holding ASA reportedly expects losses from the grounding of its Norwegian Sky vessel off Canada last week to total $5.9 million, including $2.5 million from NCL's part in insurance payments and loss of on-board income not covered by insurance plus $3.4 million for cost cuts on future cruises. However, NCL is still reporting solid liquidity. Cash holdings as of September 30 totaled $115 million.
NCL To Buy New Cruise Ship
Norwegian cruise operator NCL Holding has finalized financing for the construction of a new 2,012 passenger cruise liner similar to the recently delivered Norwegian Sky. NCL announced in May an agreement of intent with Lloyd Werft to build the vessel for $351 million, with options for another vessel worth $334 million. The agreement was conditional in financing. NCL said the new ship was to be delivered on Aug. 31, 2001.
Carnival To Allow NCL Bid To Expire
Carnival Corp. plans to allow its tender to buy Norwegian line NCL Holding to expire on the December 22 deadline without making any adjustments. Carnival had bid 30 crowns per share for NCL, which had consistently rejected the bid as too low. Earlier on Thursday, Star Cruises Plc said that it had bought 39.3 percent of NCL, just below the 40 percent limit before a formal takeover bid would have to be launched under Norwegian law.
Star Surprises NCL With Takeover Bid
Singapore-listed Star Cruises Plc launched a surprise takeover bid for Norway's NCL Holding ASA on Dec. 17, after U.S. giant Carnival Corp. bowed out of a battle for control. Star offered 35 Norwegian crowns ($4.38) a share for NCL, valuing it at about 8.73 billion Norwegian crowns ($1.10 billion). Star will also assume NCL debts of about six billion crowns. The bid was inevitable after Star lifted its shareholding in NCL above 40 percent late on Dec. 16, the threshold above which a formal takeover has to be launched under Norwegian law. NCL officials said they were surprised by the bid after Star had assured them only a day earlier that it had no such plans.
NCL Acquires S/S United States
Furthering its commitment to its U.S.-flag cruise ship initiative, Norwegian Cruise Line (NCL) has purchased the S/S United States, one of the country's most venerable ships built in the glory days of trans-Atlantic sea travel. NCL will convert the vessel to a state-of-the art, modern cruise ship and add it to NCL's planned U.S. flagged fleet. Widely considered to be the greatest superliner ever built in this country, the S/S United States was engineered to be faster, safer and more technologically advanced than anything else afloat when it was christened. To this day, its Atlantic crossing record has never been matched and it remains the holder of the fabled Blue Riband. Knowing that S/S United States faced an uncertain future, NCL moved swiftly to purchase the vessel.
NCL chooses MAPS Crew Manning
Norwegian Cruise Line (NCL) will utilize Manpower Software’s MAPS Crew Manning suite. The integrated software will couple crew scheduling, travel and crew certification data. NCL will use MAPS Crew Manning software to plan the allocation, travel and certification of crew across all its vessels. It will allow NCL to optimize the use of its existing crew, reduce overheads for scheduling, crew travel and administration and also manage future expansion of its fleet. MAPS Crew Manning will replace existing crew planning systems at NCL, where MAPS will be used alongside other industry-leading software for NCL’s HQ and fleet. MAPS Crew Manning…
Melania Trump Christens NCL's Norwegian Jewel
At an official ceremony at the Port of Miami, Melania Trump christened NCL's Norwegian Jewel. lounges, three swimming pools and a state-of-the-art spa. Godmother Melania Trump. Isles. restaurants, three swimming pools, a contemporary spa and more. passengers to enjoy. Miami through April 2006.
NCL Corporation Sells Norwegian Crown
NCL Corporation announced last week that its parent company, Star Cruises, has agreed to sell Norwegian Crown to Fred. Olsen Cruise Lines Pte. Ltd., Singapore effective August 2006. Star Cruises will concurrently charter the vessel back from Fred. Olsen and NCL will continue her announced deployment through to November 2007. Norwegian Crown is presently owned by Star Cruises along with four other mid-sized vessels also operated by NCL and Orient Lines. These vessels are on inter-company charter between Star and NCL. Last week, NCL announced that Norwegian Wind will be transferred in late April 2007 to Star Cruises to become SuperStar Aquarius, based in Hong Kong.
NCL Announces Temporary Withdrawal of Pride of Hawai`i
NCL Corporation announced the temporary withdrawal of Pride of Hawai`i from the Hawai`i market effective February 2008. The ship will be deployed to Europe for the summer of 2008 as part of the Norwegian Cruise Line fleet. NCL's substantial 2006 losses, reported in February of this year, have been caused by downward pricing pressure in the Hawai`i market following the addition of Pride of Hawai`i to the fleet last summer, and the steep increase in the amount of foreign flag competition entering the Hawai`i market from the west coast. According to Colin Veitch, NCL Corporation's president and CEO, NCL America has grown very quickly over three years, and its competitors have also surged, starting in 2006, offering almost 80 percent additional capacity days on top of NCL America's in 2007.
NCL Turns Down Carnival's $1.7B Takeover Bid
NCL Holding ASA flatly rejected a 30 crown ($3.72) per share takeover offer from Carnival Corp, saying it undervalued the group's potential. NCL officials said it would be a waste of time to even meet Carnival given the offered price. Carnival, the world's largest cruise operator, whose lines include Cunard and Holland America, launched the surprise bid for NCL, the fourth largest operator, on Dec. 1. The bid values NCL at $884 million. Carnival would also assume NCL debts, raising the value of the transaction to $1.7 billion.
NCL Shares Fall As Star Cruises Buys Stake
Shares in Norwegian cruise operator NCL Holding ASA fell six percent early last Wednesday after Singapore's Star Cruises bought a 20.6 percent stake but said it did not plan to bid for the entire company. NCL, which is currently the target of a hostile takeover from U.S. cruise giant Carnival Corp., said it had asked to meet Star to discuss possible options. "NCL has asked for a meeting with Star to map out what options the acquisition holds, compared with other possibilities the company is working on," NCL said. Star and related companies have now bought 51.4 million NCL shares, corresponding to 20.6 percent of the share capital. Star said that it had no intention at present to make any offer for NCL to counter the hostile bid from Carnival Corp.
NCL Pays Fine for Cruise Pollution
As a result of its voluntary reporting of irregularities, Norwegian Cruise Line Limited (NCL) has reached an agreement with the U.S. Attorney's Office for the Southern District of Florida and the US Department of Justice to plead guilty to a single count of violation of Title 33, U.S.C., Section 1908, for the knowing failure to maintain an accurate Oil Record Book aboard the S.S. Norway prior to May 2000. Under the plea agreement, NCL has agreed to pay a fine of $1 million, be placed on probation, and maintain a comprehensive environmental compliance plan. NCL discovered reporting irregularities and improper use of on board oil/water…
Star Cruises Unit Sells $1b Stake to Apollo
Star Cruises Ltd unit NCL Corporation Ltd (NCL) is selling a 50 percent stake to a global private equity group, Apollo Management LP, for $1b. Star Cruises said the proceeds of the Apollo investment would be used to refinance existing NCL indebtedness, greatly increasing the liquidity available to fund a continuation of the dramatic new shipbuilding program. Under the agreement, Star Cruises and the New York-based Apollo — which manages more than $33b in funds — would each hold 50 percent of NCL. The transaction is expected to be completed early in the fourth quarter of 2007 and is subject to regulatory approval, Star Cruises’ shareholder approval, and Star Cruises and NCL lender consent. (Source:http://www.theedgedaily.com/)
NCL’s Veitch Named Maritime Person of the Year
the Year at the organization’s 80th Annual International Convention in Norfolk, Virginia. furthering and promoting the maritime industry. large passenger cruise ship industry, operating the only three large U.S.flagged cruise ships in the world. the United States generating hundreds of millions of dollars and creating thousands of American jobs. The individuals employed by NCL America help sustain a pool of qualified seafarers who can be called upon to assist the U.S. military in times of need or national emergency. In July 2004, NCL America christened Pride of Aloha, the first new U.S.flagged cruise ship in nearly 50 years. largest U. S.flagged passenger ship ever built. NCL America again made U.S.