Subsidiaries of Norwegian Cruise Line Holdings entered into separate credit agreements for the fifth and sixth Project Leonardo ships for Norwegian Cruise Line and for the newly announced Allura-class ships for Oceania Cruises.

With a price per berth of around $546,000, the Allura-class ships for Oceania Cruises cost about 30% more than the brand's last newbuilds, according to UBS.

UBS expects continued reductions in North American cruise capacity as the IMO's January 2020 requirement for low sulfur fuels approaches.

UBS raised its Carnival earnings estimate, driven mainly by the cruise operator's slightly lower depreciation and amortization and favorable fuel costs. The brokerage continues to anticipate higher yields (up 2.4%) than Carnival's guidance of up 1%, based on distribution channel checks.

Day visitors to Venice, including cruise passengers, will be charged up to €10 under a new measure aimed at defraying the costs of mass tourism.

Norwegian Cruise Line Holdings completed the refinancing of its senior secured credit facility.

This story first appeared in Cruise Europe's December newsletter. It is reproduced here with permission from Cruise Europe.

The increase in numbers of cruise passengers and ships visiting Bergen has led to increased criticism of cruise tourism from the residents of Bergen, politicians and the media. This year the Norwegian port received 342 calls, up 31 on 2017.

Carnival Corp. shares tumbled more than 9% Thursday as the company delivered a better than expected fourth quarter on a third consecutive record year but gave disappointing earnings guidance.

Carnival Corp. & plc posted fourth quarter adjusted net income of 70 cents per share, hitting Wall Street's expectation and capping a year of record profit when revenues reached $18.9bn. But the company expects flat net yields in the first quarter of 2019 when currency and fuel will also eat into earnings, resulting in guidance just below the consensus forecast.

TUI Group reported 2018 cruise segment earnings of €324m before interest, taxation, depreciation and amortization, a nearly 27% increase from 2017, on turnover of €901.9m, a 10.7% increase.

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