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29	29	== Annual Performance Highlights ==
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	31	+Due to the impact of COVID-19, travel restrictions and limited access to ports around the world, in March 2020, like the other cruising companies, Norwegian also implemented a voluntary suspension of all cruise voyages across their three brands. In the third quarter of 2021, the company began a phased relaunch of certain cruise voyages with ships initially operating at reduced occupancy levels. In early May 2022, NCLH completed the phased relaunch of their entire fleet with all ships now in operation with guests on board. Occupancy levels have sequentially increased in recent quarters, most recently averaging 87% in the fourth quarter 2022, with the Company expecting to return to historical Occupancy levels for the second quarter of 2023.
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42	42	Norwegian made headlines with the acquisition of the //France// in 1979, rebuilding the liner as a cruise ship and renaming her //Norway//. The conversion cost more than $100 million. At the time, the //Norway// was significantly larger than any existing cruise ship, and exploited the extra space available by adding a greater than usual variety of onboard entertainment. Her success paved the way for a new era of giant cruise ships.
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	45	+Norwegian has expanded to other parts of the world, including Alaska, Europe, Bermuda, and Hawaii. Between 1997 and 2001 the company also operated cruises out of Australia under the name Norwegian Capricorn Line. Its subsidiary Orient Lines, founded in 1991 to run the //Marco Polo//, was acquired in 1998. Norwegian itself was acquired by the Star Cruises, subsidiary of Malaysia-based Genting Group, in 2000. Norwegian acquired the rights to move two ships built entirely outside the U.S. to the U.S. flag, making it possible to start a U.S.-flagged operation under the brand name NCL America. In August 2007, Star Cruises sold 50 percent of Norwegian for $1 billion to U.S.-based Apollo Management (owners of Oceania Cruises). In January 2013, Norwegian Cruise Lines filed for an IPO and got listed on the NASDAQ. The company sold 27.1 million shares for a net proceed of approximately $477.64 million. In September 2014, Norwegian Cruise Line purchased Prestige Cruise Holdings, the parent company of both Oceania Cruises and Regent Seven Seas Cruises in a cash and stock transaction of $3.025 billion, including the assumption of debt.
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