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Giấy phép số 4978/GP-TTĐT do Sở Thông tin và Truyền thông Hà Nội cấp ngày 14 tháng 10 năm 2019 / Giấy phép SĐ, BS GP ICP số 2107/GP-TTĐT do Sở TTTT Hà Nội cấp ngày 13/7/2022.
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Norwegian holds $14.6 billion in total debt compared with $2.2 billion in book value. In 2025, it was the only publicly traded cruise line to pay more in interest than in 2024.
Norwegian refinanced about $2 billion of its debt and extended maturities on some obligations due in 2027, which reduced the amount of debt due in the near term. The company also earned a profit in 2025 despite these challenges, suggesting that strong cruise demand has helped support performance.
Even with improving financial conditions, Norwegian’s debt has continued to rise. This contrasts with Carnival Corp. and Royal Caribbean, the two larger peers, which have paid down some of the debt they accumulated during and just after the pandemic period.
The article suggests Norwegian has not paid off more debt partly because it has 17 ships on order between 2026 and 2037, including Norwegian Luna, which it launched in March. If the company can successfully deploy and fill those ships, the investment could support future results.
Investors should likely avoid Norwegian stock unless the company improves its debt situation. While other cruise lines also face debt pressures, its peers have reduced their debt burdens over time.
The article also notes that if a crisis—such as an economic downturn or persistently high fuel costs—hits Norwegian, it may struggle to fill the ships it plans to build over the next few years. Without stronger balance sheet stability, the company could face an uncertain future if another serious crisis occurs.

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