NEW YORK, March 12, 2026, 19:14 EDT
- Norwegian Cruise Line Holdings shares slipped 4.8% to $19.46 late in New York. Carnival dropped 7.9%, and Royal Caribbean finished down 7.0%.
- Brent crude hit $100 a barrel following Iranian attacks on two oil tankers, which fueled a broader selloff across Wall Street. 1
- Earlier this month, Norwegian projected adjusted earnings per share of $2.38 for 2026. The company also noted that a 10% change in fuel prices could impact full-year EPS by around 7 cents. 2
Shares of Norwegian Cruise Line Holdings (NCLH) slipped almost 5% Thursday, pressured by a jump in oil prices and renewed concerns about the company’s 2026 fuel expenses. Trading at $19.46 late in New York—just off the session’s bottom—NCLH moved lower alongside Carnival and Royal Caribbean as investors pulled back from cruise stocks.
This drop comes after Norwegian slashed its near-term outlook earlier this month. Back on March 2, the company projected 2026 adjusted earnings at $2.38 per share—missing the $2.55 analysts had penciled in. It also flagged that annual net yield, which tracks revenue per passenger after certain costs, would stay flat. 3
Norwegian told investors it’s working off an average fuel cost of roughly $670 per metric ton for the year, after hedges. The company also noted in its release that if fuel prices swing 10%, that would nudge full-year adjusted earnings by around 7 cents per share. 2
The stock took a hit as crude surged. Brent briefly reached $100 a barrel on Thursday, following Iranian strikes on two oil tankers—sparking renewed supply worries. The Dow, S&P 500, and Nasdaq each slid over 1.5%. Carson Group strategist Ryan Detrick described the mood as “sell first, ask questions later.” 1
Company-specific headwinds linger. Norwegian expects first-quarter net yield to drop roughly 1.6%, facing not just a 40% surge in Caribbean capacity but also delays to the full rollout of amenities at Great Stirrup Cay. CEO John Chidsey didn’t mince words: “execution and cross-functional alignment have fallen short.” 2
On March 2, the company said it wasn’t running ships in the affected Middle East regions, so no changes to its itineraries for now. Even so, executives flagged that the longer-term impact on fuel costs is anyone’s guess. That’s a tougher environment for Norwegian compared to rivals Royal Caribbean and Carnival. Elliott—when it kicked off its campaign last month—pointed to those two as stronger players. 3
Activist heat is on. Elliott Management disclosed in February that it had amassed over 10% of Norwegian, calling for shake-ups on both the board and in management. The hedge fund is pushing for tighter cost controls, sharper marketing, and improved itineraries—Norwegian’s strategy, Elliott argues, just isn’t cutting it. 4
Oil’s just part of the story. On Wednesday, S&P Global Ratings pulled its outlook for NCL Corp. Ltd. back to stable from positive, citing slower-than-expected deleveraging. Norwegian’s own March 2 filing pointed to $14.4 billion in net debt and net leverage sitting at 5.3 times. CFO Mark Kempa has said the 2026 game plan centers on “improving financial performance” and cutting down that leverage. 5
If crude prices ease up, or if there’s clearer proof that Caribbean deployment is on the mend, some relief could follow. Right now, though, investors are looking at a cheaper stock but a company still struggling on the execution front under its new CEO, while Elliott keeps up its push for reform. 4
