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.
- 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.
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.
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.
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.” Reuters
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.” Cloudfront
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.
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.
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. S&P Global
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.
