Beautiful Virgin Islands

Thursday, Oct 30, 2025

Norwegian says it may go out of business! BVI in danger of losing millions in recurrent revenue

Norwegian says it may go out of business! BVI in danger of losing millions in recurrent revenue

The British Virgin Islands is in danger of losing millions in revenue from one of the territory’s leading cruise companies, the Norwegian Cruise Line, who recently said they might be going out of business due to the COVID-19 pandemic.

International media reports are that Norwegian Cruise Line Holdings submitted a filing to the US Securities and Exchange Commission stating that its accounting firm has substantial doubt about the company’s ability to continue after the pandemic.

A media release from Norwegian also said that the company is making significant cost cuts.

It is granting leave to 20 percent of its estimated 4,000 on-shore staff and reducing the hours and salaries of the remaining employees - which includes almost 32,000 cruise ship staff - by 20 percent.


Massive potential loss for BVI

The cruise line is responsible for shuttling at least 4,000 or more passengers to the territory on each call. Michele Paige, the President of the Florida Caribbean Cruise Association (FCCA) of which Norwegian is a member, said more than half-million-dollars is up for grabs whenever major ships like Norwegian calls into the territory.

According to cruise ship data from the BVI Port Authority, Norwegian made about 37 scheduled calls to the territory last year. By the FCCA’s logic, that could mean the BVI received at least $18 million from Norwegian Cruise Line alone last year.


Plans to raise over $2 billion

Norwegian, in the meantime, announced plans to raise more than $2 billion in additional cash reserves to sustain the company should operations be suspended for more than a year.

It arranged to raise almost $1.35 billion in a private placement of notes due in 2024 and up to $400 million more notes through the sale of additional shares of stock. Norwegian also arranged to borrow $400 million from investment firm L Catterton through notes due in 2026.

“This strengthens the company’s financial position and ensures it is well positioned to withstand well over 12 months of voyage suspensions,” Norwegian said in a statement.

It continued: “While this is not the company’s base case expectation, the company has taken a proactive approach to protect its future given the significant uncertainty and unknown duration of the Covid-19 global pandemic.”

Norwegian, the world’s third-largest cruise operator, operates the Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises, which together have a fleet of 28 ships with nearly 60,000 berths among them.

The company suspended sailings of all its fleets on March 14 following an industrywide shutdown that has now been extended to June 30.

Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
UK and Vietnam Sign Landmark Migration Deal to Fast-Track Returns of Irregular Arrivals
UK Drug-Pricing Overhaul Essential for Life-Sciences Ambition, Says GSK Chief
Princesses Beatrice and Eugenie Temporarily Leave the UK Amid Their Parents’ Royal Fallout
UK Weighs Early End to Oil and Gas Windfall Tax as Reeves Seeks Investment Commitments
UK Retail Inflation Slows as Shop Prices Fall for First Time Since Spring
Next Raises Full-Year Profit Guidance After Strong Third-Quarter Performance
Reform UK’s Lee Anderson Admits to 'Gaming' Benefits System While Advocating Crackdown
United States and South Korea Conclude Major Trade Accord Worth $350 Billion
Hurricane Melissa Strikes Cuba After Devastating Jamaica With Record Winds
Vice President Vance to Headline Turning Point USA Campus Event at Ole Miss
U.S. Targets Maritime Narco-Routes While Border Pressure to Mexico Remains Limited
Bill Gates at 70: “I Have a Real Fear of Artificial Intelligence – and Also Regret”
Elon Musk Unveils Grokipedia: An AI-Driven Alternative to Wikipedia
Saudi Arabia Unveils Vision for First-Ever "Sky Stadium" Suspended Over Desert Floor
Amazon Announces 14 000 Corporate Job Cuts as AI Investment Accelerates
UK Shop Prices Fall for First Time Since March, Food Leads the Decline
London Stock Exchange Group ADR (LNSTY) Earns Zacks Rank #1 Upgrade on Rising Earnings Outlook
Soap legend Tony Adams, long-time star of Crossroads, dies at 84
Rachel Reeves Signals Tax Increases Ahead of November Budget Amid £20-50 Billion Fiscal Gap
NatWest Past Gains of 314% Spotlight Opportunity — But Some Key Risks Remain
UK Launches ‘Golden Age’ of Nuclear with £38 Billion Sizewell C Approval
UK Announces £1.08 Billion Budget for Offshore Wind Auction to Boost 2030 Capacity
UK Seeks Steel Alliance with EU and US to Counter China’s Over-Capacity
UK Struggles to Balance China as Both Strategic Threat and Valued Trading Partner
Argentina’s Markets Surge as Milei’s Party Secures Major Win
British Journalist Sami Hamdi Detained by U.S. Authorities After Visa Revocation Amid Israel-Gaza Commentary
King Charles Unveils UK’s First LGBT+ Armed Forces Memorial at National Memorial Arboretum
At ninety-two and re-elected: Paul Biya secures eighth term in Cameroon amid unrest
Racist Incidents Against UK Nurses Surge by 55%
UK Chancellor Rachel Reeves Cites Shared Concerns With Trump Administration as Foundation for Early US-UK Trade Deal
Essentra plc: A Closer Look at a UK ‘Penny Stock’ Opportunity Amid Market Weakness
U.S. and China Near Deal to Avert Rare-Earth Export Controls Ahead of Trump-Xi Summit
Justin time: Justin Herbert Shields Madison Beer with Impressive Reflex at Lakers Game
Russia’s President Putin Declares Burevestnik Nuclear Cruise Missile Ready for Deployment
Giuffre’s Memoir Alleges Maxwell Claimed Sexual Act with Clooney
House Republicans Move to Strip NYC Mayoral Front-Runner Zohran Mamdani of U.S. Citizenship
Record-High Spoiled Ballots Signal Voter Discontent in Ireland’s 2025 Presidential Election
Philippines’ Taal Volcano Erupts Overnight with 2.4 km Ash Plume
Albania’s Virtual AI 'Minister' Diella Set to 'Birth' Eighty-Three Digital Assistants for MPs
Tesla Unveils Vision for Optimus V3 as ‘Biggest Product of All Time’, Including Surgical Capabilities
Francis Ford Coppola Auctions Luxury Watches After Self-Financed Film Flop
Convicted Sex Offender Mistakenly Freed by UK Prison Service Arrested in London
United States and China Begin Constructive Trade Negotiations Ahead of Trump–Xi Summit
U.S. Treasury Sanctions Colombia’s President Gustavo Petro over Drug-Trafficking Allegations
Miss USA Crowns Nebraska’s Audrey Eckert Amid Leadership Overhaul
‘I Am Not Done’: Kamala Harris Signals Possible 2028 White House Run
NBA Faces Integrity Crisis After Mass Arrests in Gambling Scandal
Swift Heist at the Louvre Sees Eight French Crown Jewels Stolen in Under Seven Minutes
U.S. Halts Trade Talks with Canada After Ontario Ad Using Reagan Voice Triggers Diplomatic Fallout
Microsoft AI CEO: ‘We’re making an AI that you can trust your kids to use’ — but can Microsoft rebuild its own trust before fixing the industry’s?
×