Analyzing the Impact of Foreign Exchange and Drydocks on NCLH’s Q1 Results
Norwegian Cruise Line Holdings (NCLH) experienced a loss of $40.3 million in the first quarter of 2025, with revenues at $2.1 billion. This contrasts with a net income of $17.4 million and revenues of $2.2 billion during the same period last year.
The significant losses were primarily attributed to foreign exchange losses totaling $23 million this year, compared to foreign exchange gains of $13 million in the previous year. Additionally, marketing, general, and administrative expenses surged by $29 million year-over-year.
A decline in total revenue and passenger cruise days was reported, partially due to reduced available capacity days caused by drydocking. Nevertheless, ticket and onboard revenue per passenger day increased to $367.63, compared to $358.48 during the same timeframe last year. NCLH also highlighted notable cost reductions in payroll, fuel, and food as positive indicators despite the overall loss.
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Editorial Team
At CruiseShip.net, our editorial team is made up of passionate travelers, seasoned cruisers, and maritime industry enthusiasts who live and breathe life at sea. From the latest ship launches and destination spotlights to detailed reviews and onboard tips, we are dedicated to helping readers discover the joy of cruising. Our mission is to make every article both inspiring and useful, whether you are planning your first voyage or your fiftieth. We research, fact-check, and collaborate with cruise insiders around the world to bring you accurate, up-to-date, and exciting coverage of the global cruise industry. Join us as we chart new horizons, exploring one port, one ship, and one unforgettable experience at a time.
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