Jefferies Cuts Norwegian Price Target

Jefferies Cuts Norwegian Price Target

Jefferies cut its price target on Norwegian Cruise Line Holdings to $17 from $18 following the company’s second quarter results.

Analyst David Katz reiterated a Hold rating, with the shares near $21 implying roughly 19% downside to his new target.

Katz described Norwegian’s new revenue management strategy as “a LT (long term) positive but a ST (short term) headwind,” with second half 2026 and 2027 yields likely under pressure before improving in 2028.

He detailed the company’s shift to a base-loading strategy, lowering early-curve pricing to build occupancy and drive stronger close-in pricing over time, alongside heavier marketing and top-of-funnel demand generation.

BNP Paribas’ Xian Siew said that the yield reset was driven largely by occupancy, which the company now expects at about 102.3%, roughly 300 basis points lower than before, partly offset by stronger per diems.

That mix, Siew said, reflected management preferring to have some empty berths rather than promote even further.”

Siew, who characterized the risk/reward as wide and balanced, noted that many bulls had already written off 2026 and shifted their focus to 2027.

Carnival Firenze to Offer Third Casino on Selected Sailings

Carnival Firenze to Offer Third Casino on Selected Sailings

The Carnival Firenze will offer a third casino during selected sailings later this year, according to an update shared by the Carnival Players Club.

An additional non-smoking casino will be added to the ship for its SEA cruises, which sail between October and November 2026.

Carnival said that the third gambling venue will create even more opportunities for guests to enjoy their favorite games at sea.

The new venue will include additional slot machines and table games, the company added, giving passengers more ways to play during the adults-only sailings.

Members of the Carnival Players Club who reach the Elite tier will enjoy preferred access to the new gaming experience.

Originally built for Costa Cruises, the Vista-class ship currently offers two gambling areas, including a smokers-friendly main casino and a smaller, smoke-free casino.

As previously reported by Cruise Industry News, Carnival cancelled a series of sailings onboard the Carnival Firenze earlier this year to make room for the new SEA cruises.

The adults-only sailings will take place between October and November 2026, sailing to the West Coast and the Mexican Riviera.

Sailing from Long Beach, the seven- to 12-night itineraries will visit a wide range of destinations, including Manzanillo, Acapulco, Puerto Vallarta, Mazatlán, Cabo San Lucas and Ensenada.

As part of the company’s casino program, the sailings will cater to gamblers, with a series of gaming-focused activities and initiatives.

Following its SEA schedule, the Carnival Firenze is scheduled to offer additional sailings from California before repositioning to the East Coast in early 2027.

As part of the Carnival Fun Italian Style product, the 4,232-passenger ship offers Italian-themed spaces and venues.

Highlights include the Amari Italian-Style Bar, which serves traditional herbal liquors and bitters, in addition to favorites from the company’s signature Alchemy Bar.

A Look at the Future of Oceania Cruises’ R-Class Ships

A Look at the Future of Oceania Cruises’ R-Class Ships

Oceania Cruises is set to undergo significant changes over the next few years with the debut of newbuilds and the retirement of its older vessels.

Having been fully repositioned into the luxury market, the Norwegian Cruise Line Holdings’ (NCLH) brand is moving on from its older R-class ships, which are being sold off, repurposed or chartered.

Cruise Industry News looks at the company’s plans for the four ships, which originally debuted between 1998 and 2001.

Sirena
Capacity: 684
Tonnage: 30,200
Year Built: 2000
Fate: Sold to undisclosed buyer
Farewell Cruise: March 24, 2028

Norwegian Cruise Line Holdings announced the sale of the Sirena in late July. While a buyer was not named, the ship is expected to be delivered to its new owners after its spring 2028 deployment.

Originally launched as the R4 in 2000, the 684-passenger ship was acquired by Oceania in 2016, after spending over a decade sailing for Princess Cruises.

Nautica
Capacity: 684
Tonnage: 30,200
Year Built: 2000
Fate: To become Oceania Aurelia
Farewell Cruise: October 15, 2027

The Nautica will remain in service for Oceania Cruises after undergoing a significant refurbishment in late 2027.

According to the company, the 2000-built ship will be reimagined as the “ultimate world explorer,” embarking on longer cruises and the brand’s 180-day Around the World Voyages. Renamed Oceania Aurelia, the vessel will offer larger suites and capacity will be trimmed from 684 to under 400.

Regatta
Capacity: 684
Tonnage: 30,200
Year Built: 1998
Fate: Chartered to My Cruises
Farewell Cruise: August 17, 2026

The Regatta will leave Oceania Cruises’ fleet this year having been chartered to My Cruises’ Explorations by Norwegian brand.

The Australian tour operator will operate world cruises onboard the 30,200-ton vessel, currently holding a two-year charter agreement with Norwegian Cruise Line Holdings.

“At the conclusion of the initial term, the charter may be extended for multiple years or, alternatively, the vessel may be sold to a third-party cruise operator,” NCLH stated in its 2026 second quarter earnings presentation.

Insignia
Capacity: 684
Tonnage: 30,200
Year Built: 1999
Fate: To remain in fleet for the time being
Farewell Cruise: TBD

The Insignia is staying in the company’s fleet for the time being. The 30,200-ton ship was previously slated to be withdrawn in 2027 to become a residential cruise ship for Crescent Seas but the plan later fell through.

While no new long-term plans have been announced, Oceania’s published deployment includes departures onboard the 30,200-ton ship through November 2027.