Colin Veitch is done

[S4POPO]

http://www.ncl.com/nclweb/pressroom/pressRelease.html?storyCode=PR_110608

[sottovoce]

Uh-oh. Sheehan's a financial guy. They'll be counting the beans in the three-bean salads.

[Lyman713]

Not to hijack the thread, but I know that press releases are usually looked over by more than one set of eyes... interestinging...

 

"NCL is building two new Third Generation Freestyle Cruising ("F3") ships for delivery in 2010."

 

So, is that just a cut and paste carryover (although the past couple press releases didn't say "two" - you would have to go back several press releases to see that language), or possibly a look into what progress in the F3 negotiations?

[mbisson]

I've had a couple of occasions to contact Mr Veitch and found him considerate and responsive to reasonable questions/complaints

 

I'll miss him

[AFT_LOVER]

We asked the Cruise Consiltant when booking was to start for F3 & she just walked off with no answer. Sp I asked the Hotel Director & he stated that they are not being told anything on their requests for info since people are asking. But a year prior is usually when bookings will start for cruises.

 

Not to hijack the thread, but I know that press releases are usually looked over by more than one set of eyes... interestinging...

 

"NCL is building two new Third Generation Freestyle Cruising ("F3") ships for delivery in 2010."

 

So, is that just a cut and paste carryover (although the past couple press releases didn't say "two" - you would have to go back several press releases to see that language), or possibly a look into what progress in the F3 negotiations?

[JohnIreland]

Not to hijack the thread, but I know that press releases are usually looked over by more than one set of eyes... interestinging...

 

"NCL is building two new Third Generation Freestyle Cruising ("F3") ships for delivery in 2010."

 

So, is that just a cut and paste carryover (although the past couple press releases didn't say "two" - you would have to go back several press releases to see that language), or possibly a look into what progress in the F3 negotiations?

 

well spotted, all the recent press releases dropped the 2 bit ....

[ce2000]

This is very good news. I am no fan of Colin, perhaps the new man will provide some much needed leadership to NCL.

New leadership may be the best part of Freestyle 2.0.

[BikerAl]

I've had a couple of occasions to contact Mr Veitch and found him considerate and responsive to reasonable questions/complaints I'll miss him

 

I will too. I am one of those short sited individuals who said "never again, NCL", after our cruise on the Pearl was reduced from a 9 to 7 with a completely different itinerary. The Jewel prices, which until then was cheaper suddenly became considerably more. I wrote him, explained my concern, and was contacted with a comparable cruise at no net increase in cost. Of course, I felt like a fool for posting on these boards, without first doing my homework.

 

Thank you Mr Veitch, for your service to NCL, and your leadership, which has made it an outstanding cruise value, with something for everyone.

 

Al

[electricron]

You missed mentioning the very positive news about NCL's record profits in the third quarter.

 

Looks like the redeployment of two ships (actually three ships but let's not go there) from Hawaii to Europe and Miami has paid off. Not so much in increased revenues, but with significant decreased costs. ;)

 

Apparently, NCL will not be going broke soon, and this bit of news should change many opinions why NCL is having the contract dispute with Aker Yards.

[Checkmate1955]

Mr Veitch will be missed... He has always been professional and polite in our dealing with him and NCL...

 

Mr. Sheehan is the new CEO... Limited experience in the job and industry but still elected to run NCL... This seems to be the new American way to elected/appoint someone with very limited experience and let him learn on the job..

 

Experience, duty and loyalty to the company are no longer the way to go...

[14ersco]

Not to hijack the thread, but I know that press releases are usually looked over by more than one set of eyes... interestinging...

 

"NCL is building two new Third Generation Freestyle Cruising ("F3") ships for delivery in 2010."

 

So, is that just a cut and paste carryover (although the past couple press releases didn't say "two" - you would have to go back several press releases to see that language), or possibly a look into what progress in the F3 negotiations?

 

 

Though if you click the statement "Click here to view Financial Tables" at the bottom of the web page you get a PDF press release and this language about NCL:

 

"Norwegian Cruise Line (NCL) is the innovator in cruise travel with a 42-year history of breaking the boundaries of traditional cruising, most notably with the introduction of Freestyle Cruising which has revolutionized the industry by allowing guests more freedom and flexibility.

Today, NCL has the youngest fleet in the industry with 12 purpose-built Freestyle Cruising ships, providing guests the opportunity to enjoy a relaxed cruise vacation on the newest, most contemporary ships at sea.

NCL is presently building a new third generation Freestyle Cruising project known as F3, for delivery in 2010."

 

http://www.ncl.com/csimages/657/142/OrgAnnouncementandQ3ResultsRelease110608.pdf

[Fortypluscruiser]

I'm amazed that no one here has written about NCL's source of capital equity partner (Apollo) and how they've been decimated by the recent collapse of the financial markets. Apollo has already let Linen's and Things go to liquidation, apparently has no intention of ponying up the money for both F3 vessels and now are having to deal with the reality of selling cabins on NCL well below break even. Carnival Corp just suspended their dividend to conserve their cash reserves and NCL doesn't have any cash reserves. No one should be surprised if they don't survive the current environment.

[Paul_76]

Mr Veitch will be missed... He has always been professional and polite in our dealing with him and NCL...

 

Mr. Sheehan is the new CEO... Limited experience in the job and industry but still elected to run NCL... This seems to be the new American way to elected/appoint someone with very limited experience and let him learn on the job..

 

Experience, duty and loyalty to the company are no longer the way to go...

 

Seems like sour grapes masquerading as NCL commentary. :rolleyes:

[bob brown]

What I'd like to know is what effect (if any) this change will have in NCL's ownership of the SS United States?

[Seanote]

Carnival Corp just suspended their dividend to conserve their cash reserves and NCL doesn't have any cash reserves. No one should be surprised if they don't survive the current environment.

 

Not exactly. NCL's balance sheet indicates the company has $170MM in cash at Q/E 9/30/08. How much do you believe they should have? Furthermore, the press release indicates that the company has $525MM in liquidity. This statement itself is not exactly true either. Their 9/30/08 balance sheet indicates the company has an illiquid position with a current ratio of 0.29 and a deficit working capital of ($705MM). One can only assume that they have access to an untapped line of credit, but this information is not disclosed. I guess press releases do not have to conform to GAAP.

[coaster]

I'm amazed that no one here has written about NCL's source of capital equity partner (Apollo) and how they've been decimated by the recent collapse of the financial markets. Apollo has already let Linen's and Things go to liquidation, apparently has no intention of ponying up the money for both F3 vessels and now are having to deal with the reality of selling cabins on NCL well below break even. Carnival Corp just suspended their dividend to conserve their cash reserves and NCL doesn't have any cash reserves. No one should be surprised if they don't survive the current environment.

 

 

The prices right now seem to be artificially low among all the cruise lines right now. The fuel surcharges have to be added into the equation though. The Linen's-n-Things struggles and it's current final demise has also been brought up here in several threads including mine. Nothing new here.

[Fortypluscruiser]

Not exactly. NCL's balance sheet indicates the company has $170MM in cash at Q/E 9/30/08. How much do you believe they should have? One can only assume that they have access to an untapped line of credit

 

It depends on how much they are bleeding. It was reported from a European source writing about the F3 situation that they might be as much as $10 million short per week. As for an untapped line, credit is the hot button issue these last two months. Even my bank has asked my business for additional financials in order for us to hold onto our line.

[coaster]

I have to agree that F3 ships were a mistake. Even before the downturn in the economy right now. How many 'hip' young people are out there who are capable of supporting 2 ships on a year-round basis with extra fee night clubs to enter? Not to mention that the drinks that will be more expensive than land based vacation options.

[Seanote]

It depends on how much they are bleeding. It was reported from a European source writing about the F3 situation that they might be as much as $10 million short per week. As for an untapped line, credit is the hot button issue these last two months. Even my bank has asked my business for additional financials in order for us to hold onto our line.

 

I am not arguing financial condition, but operating performance is spectacular. It is their first operating profit in--i dunno 4, 8, 12 quarters--too lazy to look back on EDGAR. I know that there was alot of good timing with lower fuel prices and devaluation of the Euro, but the current 3rd quarter numbers do not show any bleeding. I understand what you are going through but NCL's financing arrangements, assuming current performance and abundace of collateral, do not reasonably compare to a small business in the current US banking market.

[fin]

Let me add my thanks to those of Mbisson and checkmate. Mr Veich has been personally responsible for my loyalty to NCL and my huge enjoyment of several NCL cruises. Thank you Sir, for your kindness and humor. Whatever the future holds, I wish you and your loved ones only the very best!

[coka]

If you are reading, Thank you Mr. Veitch for some of the best times of my life on NCL cruise ships! My best wishes to you in your next adventure. You are a true gentleman and you will be missed.

 

Coka

[mbisson]

If you are reading, Thank you Mr. Veitch for some of the best times of my life on NCL cruise ships! My best wishes to you in your next adventure. You are a true gentleman and you will be missed.

 

Coka

 

Wow-that's cool Coka.

Hey Mr V, just imagine what she would've said if she had won ;)

[Jana]

Wow-that's cool Coka.

Hey Mr V, just imagine what she would've said if she had won ;)

 

She had the opportunity to say it, privately, to Mr. Veitch. And she did, with her typical grace and elegance --and a beautiful handmade (by her sister's talented hand) mermaid for all to adore.

 

In our eyes, Coka is the winner after all, right?

 

Thanks for everything, Mr. Veitch, and Godspeed.

 

Jana

[Fortypluscruiser]

the current 3rd quarter numbers do not show any bleeding.

 

We can all wish for a return to 3rd quarter prosperity. RCCL had a record 3rd quarter but are telling the financial community that they will weather the "dramatic" drop in 4th quarter with their book of future business and cash reserves. My TA is advising anyone booking NCL to take out supplier default insurance or check with their credit card issuer to make sure they will be covered if the worst happens. The only reason NCL is still around today is because of Apollo and Apollo's abilities to prop up a troubled business is not what it was last year. Regardless of anyone's opinion of the financial prospects of NCL, this would seem to be sound advice.

[AFT_LOVER]

As I waited for you to psot the respect you have for Colin.

 

Very impressed with him at Caesars with the F3 presentation with the ice bar & other clubs. He was very good mentioning that the cover charge included your first 2 drinks PP.

 

I take the announement a plus for him working with the Directors (Apollo & Star) and gettng a break from al the little things. Officers respect him as do the cruisers that know him.

 

 

If you are reading, Thank you Mr. Veitch for some of the best times of my life on NCL cruise ships! My best wishes to you in your next adventure. You are a true gentleman and you will be missed.

 

Coka