- According to a Wall Street Journal report, citing people familiar with the matter, Elliott was currently one of Norwegian Cruise’s top investors.
- The report noted that Elliott’s focus was on simultaneously improving Norwegian’s financial performance and the guest experience.
- So far this year, NCLH stock fell nearly 4% while Carnival Corp gained 4.5% and Royal Caribbean jumped a whopping 15%.
Norwegian Cruise Line Holdings’ stock jumped nearly 5% in overnight trading on Tuesday after a report said activist hedge fund Elliott Investment Management built a 10% stake in the cruise operator. This would make Elliot a significant investor in the company, which is navigating a CEO transition while trailing its peers in stock performance.
According to a Wall Street Journal report, citing people familiar with the matter, Elliott was currently one of Norwegian Cruise’s top investors, and the activist investor was planning to engage with the company to address its underperformance
NCLH Vs RCL & CCL: Still Playing Catch-Up
Shares of Norwegian Cruise have underperformed Carnival Corp and Royal Caribbean. So far this year, NCLH stock fell nearly 4% while Carnival Corp gained 4.5% and Royal Caribbean jumped a whopping 15%.
Both Carnival Corp and Royal Caribbean have been able to drive significant demand from consumers looking to splurge on cruise vacations, as well as the new concept of spending time on a private island.
Private destinations are becoming a larger part of sailings for cruise operators, who recognize the need to offer varied experiences to consumers who have grown cautious amid tariffs, layoffs, and price increases.
NCLH stock fell 13.3% in 2025, while Carnival Corp shares and Royal Caribbean’s stock witnessed a 23% jump during the same period.
Elliott’s Stake In NCLH
The Wall Street Journal reported that Elliott could push Norwegian Cruise to make changes and compete more effectively with its rivals. The activist investor has been privately working with Adam Goldstein, former president and chief operating officer of Royal Caribbean, as a potential board nominee for Norwegian Cruise, the report added.
The report noted that Elliott’s focus was on simultaneously improving Norwegian’s financial performance and the guest experience.
Leadership Reset: New CEO Takes Charge At NCLH
Last week, Norwegian Cruise named a company director, John W. Chidsey, as its new CEO, immediately succeeding Harry Sommer, who was stepping down as President and Chief Executive Officer.
The cruise operator said that Chidsey served as CEO of Subway Restaurants for five years and was appointed to Norwegian Cruise’s board in February 2025, and previously served on the board from 2013 to 2022.
JPMorgan said last week that it was "excited" for Chidsey to assume the role of CEO and is confident he can enhance Norwegian Cruise's execution, strengthen its financial performance, and reduce leverage.
What Is Retail Thinking?
Retail sentiment on Norwegian Cruise jumped to ‘extremely bullish’ from ‘bearish’ a week ago, with message volumes at ‘extremely high’ levels, according to data from Stocktwits.
A user on Stocktwits said, “feeling hopeful on this thing for a change.”
Shares of Norwegian Cruise have fallen more than 18% in the last 12 months.
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