Elliott Investment Management L.P. (1977-founded activist investment firm) has disclosed a stake exceeding 10% in Norwegian Cruise Line Holdings Ltd (NCLH), prompting a campaign for structural and strategic changes.
The Miami-headquartered shipowner NCLH is the parent company of NCL-Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises.
In communications with the company’s board and in public filings, Elliott has characterised NCLH’s share price and competitive position as below its potential, arguing that leadership decisions, corporate strategy and execution have lagged behind peers such as Royal Caribbean and Carnival, which have demonstrated stronger recent performance.
In its proposal to shareholders and the board, Elliott has called for a comprehensive overhaul of the board of directors and the adoption of a revised business plan aimed at strengthening marketing, cost discipline, itinerary management and guest experience, areas it identifies as key to improving operational effectiveness and shareholder returns.
The firm has also reportedly engaged with a former senior executive from a competitor as a prospective board nominee, signalling its intent to influence governance at the company.
The announcement of Elliott’s stake follows recent executive changes at NCLH, including the appointment of a new President and CEO (John W. Chidsey) on Feb 12th, 2026. Company leadership has affirmed that it maintains regular dialogue with its shareholders on strategy and performance, restating its commitment to long-term value creation under the current management team and indicating that additional details will be shared in scheduled financial reporting.
The market reaction to the disclosure of Elliott’s position has been marked by an increase in NCLH’s share price, reflecting investor attention on the potential impact of activist involvement.
At the same time, some industry analysts and market commentators have noted that structural changes associated with large investor activism can evolve over multiple reporting cycles.
This development arrives as NCLH continues to advance its newbuild program with Fincantieri, having entered into agreements for three additional vessels scheduled for delivery in 2036-37 as part of its long-term fleet growth strategy.