Speaking on an earnings call on Monday (2 March), Chidsey, who has only been in the role for a fortnight, predicted it could take up to five months to identify where the three-brand company had "gotten a little bloated" and a year or more before NCLH could outline "what we want to do".

Chief financial officer Mark A. Kempa confirmed "missteps" in particular had been made in Europe and there was "a softness" in Alaska bookings but he later said: "We are in the process of working on that and correcting that."

The US cruising giant has been under the spotlight in recent weeks after Elliot Investment Management, one of the biggest shareholders in Norwegian Cruise Line Holdings, criticised the direction the company was taking in a letter to the board of directors.

In a scathing letter, published after the appointment of Chidsey who replaced Harry Sommer in the role, Elliot said it believed NCLH's financial position has "atrophied" in the last decade.

Credit: NCLH

Chidsey explained why he chose to succeed Sommer in his opening remarks. "This is a special company. It founded the modern cruise industry. We have iconic brands, an extremely loyal guest base, and a dedicated team. At the same time, Norwegian Cruise Line Holdings Ltd has clearly not been performing to its full potential," he said.

Chidsey said "missteps" had been made and there was a "lack of cohesion" with the company's mass market-brand, Norwegian Cruise Line, adding: "That is where you are seeing it pull the overall Norwegian Cruise Line Holdings Ltd. down.

"I am actually encouraged by the fact that we are executing well with two out of three [brands]."

Reflecting on his first few weeks in charge, he said: "I find a culture that really has no sense — not no sense, but it needs a much greater sense of urgency and accountability. I think both of those were missing."

He argued there were "definite opportunities" on the shore side to "optimise the company" having stressed there was a "big opportunity on the revenue side" with NCLH's Norwegian Cruise Line brand.

The parent of Norwegian Cruise Line, Regent Seven Seas and Oceania Cruises grew its total revenue 3.7% to $9.8 billion and delivered adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) of $2.73 billion in 2025.

However, NCLH expects net yield to decline around 1.6% versus 2025 in the first quarter of 2026 "primary due to the challenges of absorbing the company's 40% year-over-year increase in capacity in the Caribbean as a result of a misalignment with the company’s commercial strategy at the Norwegian brand and the timing of the opening of the full slate of amenities at [private island] Great Stirrup Cay."

It added: "The company enters 2026 against a pressured backdrop as it is slightly below the optimal booking range following certain execution missteps in aligning our commercial strategy with our deployment."