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50	50	The brands of the company offer itineraries to worldwide destinations including Europe, Asia, Australia, New Zealand, South America, Africa, Canada, Bermuda, Caribbean, Alaska and Hawaii. Due to COVID-19, the company temporarily suspended all global cruise voyages from March 2020 until July 2021, when it resumed cruise
51	51	voyages on a limited basis. In early May 2022, NCLH completed the phased relaunch of their entire fleet with all ships now in operation with guests on board.
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	53	+Business of the company is seasonal - typically the summer months in the norther hemisphere represents higher demand. Primary competition of the company is from operators such as Carnival and Royal Caribbean, as well as other cruise lines such as MSC Cruises, Viking Ocean Cruises and Virgin Voyages. The largest capital expenditures of the company are for ship construction and acquisition. Largest operating expenditures of the company are for payroll, fuel, airfare, food and beverage, advertising and marketing and travel advisor services.
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	55	+== Revenue Model ==
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	57	+Primary source of revenue for the company is passenger ticket revenue. The cruise ticket prices generally include cruise fare and a wide variety of onboard activities and amenities, meals, entertainment and port fees and taxes. In some instances, cruise ticket prices include round-trip airfare to and from the port of embarkation, complimentary beverages, unlimited shore excursions, internet, valet laundry services, pre-cruise hotel packages, and on some of the exotic itineraries pre or post land packages. Prices vary depending on the particular cruise itinerary, stateroom category selected and the time of year that the voyage takes place. All three brands generate onboard and other revenue for additional products and services which are not included in the cruise fare, including casino operations, certain food and beverage, shore excursions, gift shop purchases, spa services, Wi-Fi services and other similar items. Food and beverage, casino operations and shore excursions are generally managed directly by the company while retail shops, spa services, art auctions and internet services may be managed through contracts with third-party concessionaires. These contracts generally entitle the company to a percentage of the gross sales derived from these concessions.
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53	53	**Norwegian Cruise Line (NCL)**
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55	55	NCL has 18 ships in its fleet with total berths equivalent to 46,520. This line has 42 departure ports, covers 300+ destinations across 7 continents and welcomes approximately 2.2 million guests each year. Fifteen ships of the fleet are divided among six different classes, including the Sun, Dawn, Jewel, Breakaway, Breakaway Plus Class, and Prima Class. Norwegian Epic, Pride of America and Norwegian Spirit are in their own classes, adding to the brand’s variety of vessels.
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71	71	**Regent Seven Seas Cruises**
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73		-It is a luxury cruise line delivering an Unrivaled Experience®. The Regent Seven Seas Cruises was established 25 years ago. The ships of this line carry no more than 750 guests and explores more than 450 destinations globally. The ships are - Seven Seas Explorer^^®^^, Seven Seas Mariner^^®^^, Seven Seas Navigator^^®^^, Seven Seas Splendor^^®^^ and Seven Seas Voyager^^®^^.
	82	+It is a luxury cruise line delivering an Unrivaled Experience®. The Regent Seven Seas Cruises was established in 1992. The ships of this line carry no more than 750 guests and explores more than 450 destinations globally. The ships are - Seven Seas Explorer^^®^^, Seven Seas Mariner^^®^^, Seven Seas Navigator^^®^^, Seven Seas Splendor^^®^^ and Seven Seas Voyager^^®^^. This line has 5 ships, approximately 3,390 berths, and covers 450+ destinations.
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