10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2013

OR

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from              to             

Commission File Number: 001-35784

NORWEGIAN CRUISE LINE HOLDINGS LTD.

(Exact name of registrant as specified in its charter)

Bermuda	98-0691007
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

7665 Corporate Center Drive, Miami, Florida 33126

(Address of principal executive offices) (zip code)

(305) 436-4000

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  x    No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company (See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act).

Large accelerated filer	¨	Accelerated filer	¨
Non-accelerated filer	x  (Do not check if a smaller reporting company)	Smaller reporting company	¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨    No  x

There were 205,083,076 ordinary shares outstanding as of October 25, 2013.

TABLE OF CONTENTS

	Page
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements		1
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		15
Item 3. Quantitative and Qualitative Disclosures About Market Risk		25
Item 4. Controls and Procedures		26
PART II. OTHER INFORMATION
Item 1. Legal Proceedings		27
Item 1A. Risk Factors		27
Item 5. Other Information		27
Item 6. Exhibits		27
SIGNATURES		28

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

Norwegian Cruise Line Holdings Ltd.

Consolidated Statements of Operations

(unaudited, in thousands, except share and per share data)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2013			2012			2013			2012
Revenue
Passenger ticket	$	583,923		$	490,322		$	1,400,470		$	1,257,871
Onboard and other		213,962			184,089			569,479			515,204
Total revenue		797,885			674,411			1,969,949			1,773,075
Cruise operating expense
Commissions, transportation and other		140,086			122,331			347,650			321,640
Onboard and other		61,744			53,641			153,431			136,851
Payroll and related		90,695			72,961			247,543			220,683
Fuel		77,035			69,602			225,115			206,743
Food		37,596			32,452			101,232			95,163
Other		48,946			43,084			164,899			152,759
Total cruise operating expense		456,102			394,071			1,239,870			1,133,839
Other operating expense
Marketing, general and administrative		77,606			57,779			236,923			190,748
Depreciation and amortization		56,097			48,423			158,699			140,900
Total other operating expense		133,703			106,202			395,622			331,648
Operating income		208,080			174,138			334,457			307,588
Non-operating income (expense)
Interest expense, net		(26,627	)		(47,196	)		(257,969	)		(142,271	)
Other income (expense)		(626	)		1,644			1,168			2,730
Total non-operating income (expense)		(27,253	)		(45,552	)		(256,801	)		(139,541	)
Net income before income taxes		180,827			128,586			77,656			168,047
Income tax expense		(7,933	)		(398	)		(11,177	)		(544	)
Net income		172,894			128,188			66,479			167,503
Net income attributable to non-controlling interest		2,036			—			857			—
Net income attributable to Norwegian Cruise Line Holdings Ltd.	$	170,858		$	128,188		$	65,622		$	167,503
Weighted-average shares outstanding
Basic		204,425,308			178,252,763			202,279,989			178,198,984
Diluted		210,703,244			179,050,050			208,673,608			178,986,504
Earnings per share
Basic	$	0.84		$	0.72		$	0.32		$	0.94
Diluted	$	0.82		$	0.72		$	0.32		$	0.94

The accompanying notes are an integral part of these consolidated financial statements.

1

Norwegian Cruise Line Holdings Ltd.

Consolidated Statements of Comprehensive Income

(unaudited, in thousands)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2013			2012			2013			2012
Net income	$	172,894		$	128,188		$	66,479		$	167,503
Other comprehensive income (loss):
Shipboard Retirement Plan		117			98			351			294
Cash flow hedges:
Net unrealized gain (loss)		16,798			40,860			(12,619	)		15,110
Amount realized and reclassified into earnings		(1,539	)		(2,707	)		(3,623	)		(19,309	)
Total other comprehensive income (loss)		15,376			38,251			(15,891	)		(3,905	)
Total comprehensive income		188,270			166,439			50,588			163,598
Comprehensive income attributable to non-controlling interest		2,233			—			445			—
Total comprehensive income attributable to Norwegian Cruise Line Holdings Ltd.	$	186,037		$	166,439		$	50,143		$	163,598

The accompanying notes are an integral part of these consolidated financial statements.

2

Norwegian Cruise Line Holdings Ltd.

Consolidated Balance Sheets

(unaudited, in thousands, except share data)

	September 30, 2013			December 31, 2012
Assets
Current assets:
Cash and cash equivalents	$	56,960		$	45,500
Accounts receivable, net		17,717			15,062
Inventories		45,901			39,681
Prepaid expenses and other assets		66,473			64,686
Total current assets		187,051			164,929
Property and equipment, net		5,622,574			4,960,142
Goodwill and tradenames		611,330			611,330
Other long-term assets		184,594			202,026
Total assets	$	6,605,549		$	5,938,427
Liabilities and shareholders’ equity
Current liabilities:
Current portion of long-term debt	$	282,564		$	221,233
Accounts payable		98,559			79,126
Accrued expenses and other liabilities		225,266			231,040
Due to Affiliate		36,815			59,897
Advance ticket sales		434,541			353,793
Total current liabilities		1,077,745			945,089
Long-term debt		2,830,477			2,764,120
Due to Affiliate		73,468			147,364
Other long-term liabilities		48,971			63,070
Total liabilities		4,030,661			3,919,643
Commitments and contingencies (Note 8)
Shareholders’ equity:
Ordinary shares, $.001 par value; 490,000,000 shares authorized; 205,083,076 shares issued and outstanding at September 30, 2013, and $.0012 par value; 40,000,000 shares authorized; 21,000,000 shares issued and outstanding at December 31, 2012		205			25
Additional paid-in capital		2,819,153			2,327,097
Accumulated other comprehensive income (loss)		(33,098	)		(17,619	)
Retained earnings (deficit)		(233,563	)		(299,185	)
Total shareholders’ equity controlling interest		2,552,697			2,010,318
Non-controlling interest		22,191			8,466
Total shareholders’ equity		2,574,888			2,018,784
Total liabilities and shareholders’ equity	$	6,605,549		$	5,938,427

The accompanying notes are an integral part of these consolidated financial statements.

3

Norwegian Cruise Line Holdings Ltd.

Consolidated Statements of Cash Flows

(unaudited, in thousands)

	Nine Months Ended September 30,
	2013			2012
Cash flows from operating activities
Net income	$	66,479		$	167,503
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense		180,143			160,781
Gain on derivatives		(195	)		(2,067	)
Deferred income taxes, net		11,026			—
Write-off of deferred financing fees		36,357			2,358
Share-based compensation expense		21,283			495
Premium on debt issuance		—			6,000
Changes in operating assets and liabilities:
Accounts receivable, net		(2,655	)		(4,649	)
Inventories		(6,220	)		(6,941	)
Prepaid expenses and other assets		(1,558	)		375
Accounts payable		19,433			(13,393	)
Accrued expenses and other liabilities		(5,480	)		27,312
Advance ticket sales		79,730			38,749
Net cash provided by operating activities		398,343			376,523
Cash flows from investing activities
Additions to property and equipment and other		(835,765	)		(229,855	)
Net cash used in investing activities		(835,765	)		(229,855	)
Cash flows from financing activities
Repayments of long-term debt		(2,229,821	)		(718,255	)
Repayments to Affiliate		(98,171	)		—
Proceeds from long-term debt		2,359,310			584,990
Proceeds from the issuance of ordinary shares, net		473,017			—
Proceeds from the exercise of stock options		1,268			—
Deferred financing fees and other		(56,721	)		(3,635	)
Net cash provided by (used in) financing activities		448,882			(136,900	)
Net increase in cash and cash equivalents		11,460			9,768
Cash and cash equivalents at beginning of period		45,500			58,926
Cash and cash equivalents at end of period	$	56,960		$	68,694

The accompanying notes are an integral part of these consolidated financial statements.

4

Norwegian Cruise Line Holdings Ltd.

Consolidated Statements of Changes in Shareholders’ Equity

(unaudited, in thousands)

	Ordinary Shares		Additional Paid-in Capital			Accumulated Other Comprehensive Income (Loss)			Retained Earnings (Deficit)			Non-controlling Interest			Total
Balance, December 31, 2011	$	25	$	2,324,167		$	(19,794	)	$	(467,741	)	$	7,806		$	1,844,463
Share-based compensation		—		—			—			—			495			495
Transactions with Affiliates, net		—		2,956			—			—			—			2,956
Other comprehensive loss		—		—			(3,905	)		—			—			(3,905	)
Net income		—		—			—			167,503			—			167,503
Balance, September 30, 2012	$	25	$	2,327,123		$	(23,699	)	$	(300,238	)	$	8,301		$	2,011,512
Balance, December 31, 2012	$	25	$	2,327,097		$	(17,619	)	$	(299,185	)	$	8,466		$	2,018,784
Share-based compensation		—		31,264			—			—			19			31,283
Transactions with Affiliates, net		—		(52	)		—			—			—			(52	)
Corporate Reorganization		—		(18,994	)		—			—			18,994			—
Proceeds from the issuance of ordinary shares, net		179		472,838			—			—			—			473,017
Proceeds from the exercise of stock options		1		1,267			—			—			—			1,268
Other comprehensive loss		—		—			(15,479	)		—			(412	)		(15,891	)
Net income		—		—			—			65,622			857			66,479
Vesting of Management NCL Corporation Units, net of exchanges		—		5,733			—			—			(5,733	)		—
Balance, September 30, 2013	$	205	$	2,819,153		$	(33,098	)	$	(233,563	)	$	22,191		$	2,574,888

The accompanying notes are an integral part of these consolidated financial statements.

5

Norwegian Cruise Line Holdings Ltd.

Notes to Consolidated Financial Statements

(unaudited)

Unless otherwise indicated or the context otherwise requires, references in this report to (i) the “Company,” “we,” “our,” “us” and “NCLH” refer to Norwegian Cruise Line Holdings Ltd., and/or its subsidiaries, (ii) “NCLC” refers to NCL Corporation Ltd. and/or its subsidiaries, (iii) “Norwegian Cruise Line” or “Norwegian” refers to the Norwegian Cruise Line brand and its predecessors, (iv) “Apollo” refers to Apollo Global Management, LLC and its subsidiaries and the “Apollo Funds” refers to one or more of AIF VI NCL (AIV), L.P., AIF VI NCL (AIV II), L.P., AIF VI NCL (AIV III), L.P., AIF VI NCL (AIV IV), L.P., AAA Guarantor-Co-Invest VI (B), L.P., Apollo Overseas Partners (Delaware) VI, L.P., Apollo Overseas Partners (Delaware 892) VI, L.P., Apollo Overseas Partners VI, L.P. and Apollo Overseas Partners (Germany) VI, L.P., (v) “TPG Global” refers to TPG Global, LLC, “TPG” refers to TPG Global and its affiliates and the “TPG Viking Funds” refers to one or more of TPG Viking, L.P., TPG Viking AIV I, L.P., TPG Viking AIV II, L.P., and TPG Viking AIV III, L.P. and/or certain other affiliated investment funds, each an affiliate of TPG, (vi) “Genting HK” refers to Genting Hong Kong Limited and/or its affiliates and (vii) “Affiliate(s)” or “Sponsor(s)” refers to Genting HK, the Apollo Funds and/or the TPG Viking Funds. References to “U.S.” are to the United States of America, “U.K.” are to the United Kingdom, “dollars” or “$” are to U.S. dollars and “euros” or “€” are to the official currency of the Eurozone.

1. Corporate Reorganization

In January 2013, NCLH completed the IPO of 27,058,824 ordinary shares, par value $.001 per share. In connection with the consummation of the IPO, NCLC’s ordinary shares were exchanged for the ordinary shares of NCLH, and NCLH became the owner of 100% of the ordinary shares (representing a 97.3% economic interest) and parent company of NCLC (the “Corporate Reorganization”). Accordingly, NCLH contributed $460.0 million to NCLC and the historical financial statements of NCLC became those of NCLH. As a result of the Corporate Reorganization, the Management NCL Corporation Units created a non-controlling interest within NCLH. The Corporate Reorganization was effected solely for the purpose of reorganizing our corporate structure. NCLH had not, prior to the completion of the Corporate Reorganization, conducted any activities other than those incidental to its formation and to preparations for the Corporate Reorganization and the IPO (we refer you to Note 5—“Related Party Disclosures” for more information on the Corporate Reorganization).

2. Summary of Significant Accounting Policies

Basis of Presentation

The accompanying consolidated financial statements are unaudited and, in our opinion, contain all normal recurring adjustments necessary for a fair statement of the results for the periods presented.

Our operations are seasonal and results for interim periods are not necessarily indicative of the results for the entire fiscal year. Historically, demand for cruises has been strongest during the summer months. The interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2012, which are included in our most recently filed Annual Report on Form 10-K.

Earnings Per Share

Basic earnings per share is computed by dividing net income attributable to Norwegian Cruise Line Holdings Ltd. by the weighted-average shares outstanding during each period. Diluted earnings per share incorporates the incremental shares issuable upon conversion of potentially dilutive shares and is computed by dividing net income by the diluted weighted-average shares outstanding during each period. A reconciliation between basic and diluted earnings per share was as follows (in thousands, except share and per share data):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2013		2012		2013		2012
Net income attributable to Norwegian Cruise Line Holdings Ltd.	$	170,858	$	128,188	$	65,622	$	167,503
Net income	$	172,894	$	128,188	$	66,479	$	167,503
Basic weighted-average shares outstanding		204,425,308		178,252,763		202,279,989		178,198,984
Dilutive effect of awards		6,277,936		797,287		6,393,619		787,520
Diluted weighted-average shares outstanding		210,703,244		179,050,050		208,673,608		178,986,504
Basic earnings per share	$	0.84	$	0.72	$	0.32	$	0.94
Diluted earnings per share	$	0.82	$	0.72	$	0.32	$	0.94

6

Revenue and Expense Recognition

Revenue and expense includes taxes assessed by governmental authorities that are directly imposed on a revenue-producing transaction between a seller and a customer. The amounts included in revenue and expense on a gross basis were $44.4 million and $37.4 million for the three months ended September 30, 2013 and 2012, respectively, and $111.9 million and $104.0 million for the nine months ended September 30, 2013 and 2012, respectively.

Recent Accounting Pronouncements

In February 2013, the Financial Accounting Standards Board issued Accounting Standards Update No. 2013-02, “Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income.” Significant amounts reclassified from each component of accumulated other comprehensive income and the income statement line items affected by the reclassification shall be disclosed in a note to the consolidated financial statements or presented parenthetically on the face of the financial statements (we refer you to Note 3— “Accumulated Other Comprehensive Income (Loss)”).

We have adopted the disclosure requirements as presented in the amendment to subtopic 210-20 “Disclosures about Offsetting Assets and Liabilities” which requires that we disclose separately for assets and liabilities the gross recognition and the offsetting amounts which are permitted by our master netting arrangements for our derivative contracts (we refer you to Note 7— “Fair Value Measurements and Derivatives”).

3. Accumulated Other Comprehensive Income (Loss)

Accumulated other comprehensive income (loss) for the nine months ended September 30, 2013 was as follows (in thousands):

	Accumulated Other Comprehensive Income (Loss)			Change Related to Cash Flow Hedges			Change Related to Shipboard Retirement Plan
Accumulated other comprehensive income (loss) at beginning of period	$	(17,619	)	$	(7,872	)	$	(9,747	)
Current period other comprehensive loss before reclassifications		(12,292	)		(12,292	)		—
Amounts reclassified		(3,187	)		(3,529	)(1)		342	(2)
Accumulated other comprehensive income (loss) at end of period	$	(33,098	)	$	(23,693	)(3)	$	(9,405	)

(1) We refer you to Note 7— “Fair Value Measurements and Derivatives” for the affected line items in the Consolidated Statements of Operations.

(2) Amortization of prior-service cost and actuarial loss reclassified to payroll and related expense.

(3) Of the existing amounts related to derivatives designated as cash flow hedges, $1.8 million of income is expected to be reclassified into earnings in the next 12 months.

4. Long-Term Debt

On June 21, 2013, NCLC and certain of its subsidiaries entered into supplemental deeds to the $334.1 million Norwegian Jewel loan, Breakaway/Getaway Term Loan Facilities, €258.0 million Pride of America loan, and €308.1 million Pride of Hawai’i loan. The supplemental deeds amended and restated those credit facilities, reducing the interest rate per annum to a rate equal to the sum of (a) an adjusted LIBOR rate, (b) an applicable margin of 0.95% and (c) certain customary mandatory costs to compensate lenders for the cost of compliance with various financial regulations. In connection with these amendments, we terminated the €40.0 million secured loan agreement, dated as of April 4, 2003, as amended and restated on June 1, 2012, by and among Pride of America Ship Holding, LLC, as borrower, and a syndicate of international banks, and related guarantee by NCLC which had an aggregate outstanding principal balance thereunder of $16.8 million.

On May 24, 2013, NCLC entered into a credit agreement which provides senior secured financing of $1.3 billion, consisting of (i) a $675 million term loan facility maturing on May 24, 2018 (the “Term Loan Facility”), all of which was borrowed for the purpose of

7

refinancing existing senior debt; and (ii) a $625 million revolving credit facility maturing on May 24, 2018 (the “Revolving Loan Facility” and together with the Term Loan Facility, the “new senior secured credit facilities”), $117.0 million of which was borrowed as of September 30, 2013.

Borrowings under the new senior secured credit facilities bear interest at a rate per annum equal to (a) an adjusted LIBOR rate or (b) a base rate determined by reference to the highest of (i) the federal funds rate plus 0.50%, (ii) the prime rate of Deutsche Bank and (iii) the adjusted LIBOR rate, in each case plus an applicable margin that is determined by reference to a total leverage ratio, with an applicable margin of between 2.25% and 1.50% with respect to Eurocurrency loans and between 1.25% and 0.50% with respect to base rate loans. The initial applicable margin for borrowings is 2.25% with respect to Eurocurrency borrowings and 1.25% with respect to base rate borrowings.

In addition to paying interest on outstanding principal under the new senior secured credit facilities, a commitment fee rate is determined by reference to a total leverage ratio, with a maximum commitment fee rate of 40% of the applicable margin for Eurocurrency loans.

The Term Loan Facility will be paid in quarterly installments which commenced in September 2013, in a principal amount equal to (a) in the case of installments payable on or prior to May 24, 2015, 1.25% of the loans outstanding immediately after the closing date under the Term Loan Facility and (b) in the case of installments payable after May 24, 2015, 2.50% of the loans outstanding immediately after the closing date under the Term Loan Facility, with the remaining unpaid principal amount of loans under the Term Loan Facility due and payable in full at maturity on May 24, 2018. Principal amounts outstanding under the Revolving Loan Facility are due and payable in full at maturity on May 24, 2018.

In connection with the entry into the new senior secured credit facilities, the $750.0 million Senior Secured Revolving Credit Facility and the €624.0 million Norwegian Pearl and Norwegian Gem Revolving Credit Facility were terminated. In addition, the $227.5 million remaining balance of our 9.50% senior unsecured notes, plus premium and accrued and unpaid interest, was redeemed in full on June 28, 2013.

In April 2013, we took delivery of Norwegian Breakaway. To finance the payment due upon delivery, we drew $528.0 million of our €529.8 million Breakaway One Loan which is due April 2025. Also, we drew an aggregate of $57.7 million of our €126.1 million Norwegian Jewel Term Loan and €126.1 million Norwegian Jade Term Loan which will come due April 2016. The loans bear interest at LIBOR plus 1.6%.

In February 2013, NCLC issued $300.0 million aggregate principal amount of senior unsecured notes bearing interest at a rate of 5% per annum and maturing on February 15, 2018 (the “Notes Offering”). Interest on the notes will be payable semiannually on February 15 and August 15 of each year, which commenced on August 15, 2013. The notes were issued at 99.451%.

We used the net proceeds that we received from the IPO and the Notes Offering, aggregating approximately $770.0 million, to pay down debt, including; (i) a prepayment of an aggregate $55.6 million that became payable upon the consummation of the IPO consisting of $21.3 million on our €624.0 million Norwegian Pearl and Norwegian Gem Revolving Credit Facility, $14.7 million on our €308.1 million Pride of Hawai’i loan, $8.0 million on our $334.1 million Norwegian Jewel loan, $10.1 million on our €258.0 million Pride of America loan and $1.5 million on our €40.0 million Pride of America commercial loan, (ii) a payment to Genting HK of $79.7 million in connection with the Norwegian Sky purchase agreement, (iii) a full redemption of our $450.0 million 11.75% senior secured notes due 2016 and (iv) a partial redemption of $122.5 million aggregate principal amount of our 9.50% senior unsecured notes. Expenses related to these debt prepayments were approximately $90.5 million and were recognized in interest expense.

5. Related Party Disclosures

Following the IPO, NCLH contributed $460.0 million to NCLC. The relative ownership percentages of NCLH’s ordinary shares following the IPO were as follows: Genting HK (43.4%), the Apollo Funds (32.5%), the TPG Viking Funds (10.8%) and public shareholders (13.3%). We also made payments of $98.2 million to Genting HK in connection with the Norwegian Sky purchase agreement.

In August 2013, we had our Secondary Offering by the Selling Shareholders. We did not receive any proceeds from this offering. As of September 30, 2013, the relative ownership percentages of NCLH’s ordinary shares were as follows: Genting HK (37.5%), the Apollo Funds (28.1%), the TPG Viking Funds (9.4%), and public shareholders (25.0%). As of September 30, 2013, NCLH had a (97.7%) economic interest in NCLC.

8

6. Income Tax Expense

NCLH is treated as a corporation for U.S. federal income tax purposes. For the three and nine months ended September 30, 2013, income tax expense was $7.9 million and $11.2 million, respectively. Income tax expense for the nine months includes a one-time expense of $4.2 million due to a change in U.S. tax status from a partnership to a corporation in connection with our IPO and a benefit of $2.6 million in connection with our prepayments of debt.

In September 2013, we commenced the implementation of a global tax platform. The implementation of this new platform is expected to be completed by December 31, 2013 and, accordingly, its effect has been included as a reduction of $6.6 million to income tax expense for the three and nine months ended September 30, 2013.

7. Fair Value Measurements and Derivatives

Fair value is defined as the price at which an orderly transaction to sell an asset or to transfer a liability would take place between market participants at the measurement date under current market conditions (that is, an exit price at the measurement date from the perspective of a market participant that holds the asset or owes the liability).

Fair Value Hierarchy

The following hierarchy for inputs used in measuring fair value should maximize the use of observable inputs and minimize the use of unobservable inputs by requiring that the most observable inputs be used when available:

Level 1	Quoted prices in active markets for identical assets or liabilities that are accessible at the measurement dates.
Level 2	Significant other observable inputs that are used by market participants in pricing the asset or liability based on market data obtained from independent sources.
Level 3	Significant unobservable inputs we believe market participants would use in pricing the asset or liability based on the best information available.

Derivatives

We are exposed to market risk attributable to changes in interest rates, foreign currency exchange rates and fuel prices. We attempt to minimize these risks through a combination of our normal operating and financing activities and through the use of derivatives. We assess whether derivatives used in hedging transactions are “highly effective” in offsetting changes in the cash flow of our hedged forecasted transactions. We use regression analysis for this hedge relationship and high effectiveness is achieved when a statistically valid relationship reflects a high degree of offset and correlation between the fair values of the derivative and the hedged forecasted transaction. Cash flows from the derivatives are classified in the same category as the cash flows from the underlying hedged transaction. The determination of ineffectiveness is based on the amount of dollar offset between the cumulative change in fair value of the derivative and the cumulative change in fair value of the hedged transaction at the end of the reporting period. If it is determined that a derivative is not highly effective as a hedge, or if the hedged forecasted transaction is no longer probable of occurring, then the amount recognized in accumulated other comprehensive income (loss) is released to earnings. In addition, the ineffective portion of our highly effective hedges is recognized in earnings immediately and reported in other income (expense) in our consolidated statements of operations. There are no amounts excluded from the assessment of hedge effectiveness and there are no credit-risk-related contingent features in our derivative agreements.

9

We monitor concentrations of credit risk associated with financial and other institutions with which we conduct significant business. Credit risk, including but not limited to counterparty non-performance under derivatives and our revolving credit facility, is not considered significant, as we primarily conduct business with large, well-established financial institutions that we have established relationships with and that have credit risks acceptable to us or the credit risk is spread out among a large number of creditors. We do not anticipate non-performance by any of our significant counterparties. The following table sets forth the fair value of our derivatives including the balance sheet location (in thousands):

		Asset				Liability
	Balance Sheet location	September 30, 2013		December 31, 2012		September 30, 2013		December 31, 2012
Fuel swaps designated as hedging instruments
	Prepaid expenses and other assets	$	4,421	$	5,955	$	484	$	876
	Other long-term assets		2,201		3,969		1,890		388
	Accrued expenses and other liabilities		669		188		938		204
	Other long-term liabilities		189		391		180		42
Fuel collars designated as hedging instruments
	Prepaid expenses and other assets		614		1,615		322		530
	Accrued expenses and other liabilities		—		51		—		69
	Other long-term liabilities		207		1,908		202		1,230
Fuel options not designated as hedging instruments
	Prepaid expenses and other assets		—		—		322		304
	Other long-term liabilities		—		—		202		1,231
Foreign currency options designated as hedging instruments
	Accrued expenses and other liabilities		—		—		18,756		20,267
	Other long-term liabilities		—		—		—		16,443
Foreign currency forward contracts designated as hedging instruments
	Prepaid expenses and other assets		—		11,685		—		—
Foreign currency collar designated as a hedging instrument
	Prepaid expenses and other assets		10,425		—		30		—
	Other long-term assets		—		9,765		—		1,613
Interest rate swaps designated as hedging instruments
	Accrued expenses and other liabilities		—		—		898		—
	Other long-term liabilities		—		—		2,233		—

10

The fair values of swap and forward contracts are determined based on inputs that are readily available in public markets or can be derived from information available in publicly quoted markets. The Company determines the value of options and collars utilizing an option pricing model based on inputs that are either readily available in public markets or can be derived from information available in publicly quoted markets. The option pricing model used by the Company is an industry standard model for valuing options and is used by the broker/dealer community. The inputs to this option pricing model are the option strike price, underlying price, risk-free rate of interest, time to expiration and volatility. The fair value of option and collar contracts considers both the intrinsic value and any remaining time value associated with those derivatives that have not yet settled. The Company also considers counterparty credit risk and its own credit risk in its determination of all estimated fair values. Our derivatives and financial instruments were categorized as Level 2 in the fair value hierarchy, and we had no derivatives or financial instruments categorized as Level 1 or Level 3.

Our derivative contracts include rights of offset with our counterparties. We have elected to net certain assets and liabilities within counterparties. We are not required to post cash collateral related to our derivative instruments. The following table discloses the amounts recognized within assets and liabilities (in thousands):

September 30, 2013	Gross Amounts		Gross Amounts Offset			Total Net Amounts		Gross Amounts Not Offset			Net Amounts
Assets	$	17,661	$	(3,048	)	$	14,613	$	—		$	14,613
Liabilities		23,409		(1,065	)		22,344		(21,887	)		457
December 31, 2012	Gross Amounts		Gross Amounts Offset			Total Net Amounts		Gross Amounts Not Offset			Net Amounts
Assets	$	32,989	$	(3,711	)	$	29,278	$	(11,685	)	$	17,593
Liabilities		39,486		(2,538	)		36,948		(36,710	)		238

Fuel Swaps

As of September 30, 2013, we had fuel swaps maturing through December 31, 2016 which are used to mitigate the financial impact of volatility in fuel prices pertaining to approximately 745,000 metric tons of our projected fuel purchases. The effects on the consolidated financial statements of the fuel swaps which were designated as cash flow hedges were as follows (in thousands):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2013			2012			2013			2012
Gain recognized in other comprehensive loss – effective portion	$	13,500		$	30,848		$	132		$	23,029
Gain (loss) recognized in other income (expense) – ineffective portion		(83	)		157			(182	)		(473	)
Amount reclassified from accumulated comprehensive income (loss) into fuel expense		(2,081	)		(1,600	)		(5,080	)		(13,932	)

Fuel Collars and Options

As of September 30, 2013, we had fuel collars and fuel options maturing through December 31, 2014 which are used to mitigate the financial impact of volatility in fuel prices pertaining to approximately 43,000 metric tons of our projected fuel purchases. The effects on the consolidated financial statements of the fuel collars which were designated as cash flow hedges were as follows (in thousands):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2013			2012			2013			2012
Gain (loss) recognized in other comprehensive loss – effective portion	$	427		$	5,060		$	(1,108	)	$	2,441
Gain (loss) recognized in other income (expense) – ineffective portion		(51	)		479			(29	)		142
Amount reclassified from other comprehensive income (loss) into fuel expense		332			(1,107	)		1,150			(5,377	)

11

The effects on the consolidated financial statements of the fuel options which were not designated as hedging instruments were as follows (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2013		2012		2013		2012
Gain recognized in other income (expense)	$	430	$	1,143	$	1,011	$	2,858

Foreign Currency Forward Contracts

We had foreign currency forward contracts which matured in April 2013. The effects on the consolidated financial statements of the foreign currency forward contracts which were designated as cash flow hedges were as follows (in thousands):

	Three Months Ended September 30,					Nine Months Ended September 30,
	2013			2012		2013			2012
Gain (loss) recognized in other comprehensive loss – effective portion	$	—		$	2,609	$	(7,886	)	$	4,332
Gain recognized in other income (expense) – ineffective portion		—			—		66			—
Amount reclassified from accumulated comprehensive income (loss) into depreciation and amortization expense		(32	)		—		(52	)		—

As of September 30, 2013, the effects on the consolidated financial statements of the foreign currency forward contracts which were not designated as hedging instruments were as follows (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2013		2012		2013		2012
Gain recognized in other income (expense)	$	—	$	—	$	20	$	—

Foreign Currency Options

As of September 30, 2013, we had foreign currency derivatives consisting of call options with deferred premiums which are used to mitigate the financial impact of volatility in foreign currency exchange rates related to our ship construction contracts denominated in euros. If the spot rate at the date the ships are delivered is less than the strike price under these option contracts, we would pay the deferred premium and not exercise the foreign currency options. The notional amount of our foreign currency options was €175.0 million, or $236.7 million based on the euro/U.S. dollar exchange rate as of September 30, 2013. The effects on the consolidated financial statements of the foreign currency options which were designated as cash flow hedges were as follows (in thousands):

	Three Months Ended September 30,					Nine Months Ended September 30,
	2013		2012			2013			2012
Gain (loss) recognized in other comprehensive loss – effective portion	$	1,179	$	(2,813	)	$	(3,174	)	$	(19,848	)
Gain (loss) recognized in other income (expense) – ineffective portion		13		(134	)		(307	)		(484	)
Amount reclassified from accumulated comprehensive income (loss) into depreciation and amortization expense		177		—			294			—

12

Foreign Currency Collar

As of September 30, 2013, we had a foreign currency collar used to mitigate the volatility of foreign currency exchange rates related to our ship construction contracts denominated in euros. The notional amount of our foreign currency collar was €100.0 million, or $135.3 million based on the euro/U.S. dollar exchange rate as of September 30, 2013. The effects on the consolidated financial statements of the foreign currency collar which was designated as a cash flow hedge was as follows (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2013		2012		2013		2012
Gain recognized in other comprehensive income – effective portion	$	4,518	$	5,156	$	2,243	$	5,156

Interest Rate Swaps

As of September 30, 2013, we had interest rate swap agreements to modify our exposure to interest rate movements and to manage our interest expense. The notional amount of outstanding debt associated with the interest rate swap agreements was $705.8 million. The effects on the consolidated financial statements of the interest rates swaps which were designated as cash flow hedges were as follows (in thousands):

	Three Months Ended September 30,					Nine Months Ended September 30,
	2013			2012		2013			2012
Loss recognized in other comprehensive loss – effective portion	$	(2,826	)	$	—	$	(2,826	)	$	—
Loss recognized in other income (expense) – ineffective portion		(334	)		—		(334	)		—
Amount reclassified from other comprehensive income (loss) into interest expense, net		65			—		65			—

Long-Term Debt

As of September 30, 2013 and December 31, 2012, the fair value of our long-term debt, including the current portion, was $3,105.0 million and $3,106.9 million, which was $8.0 million lower and $121.5 million higher, respectively, than the carrying values. The difference between the fair value and carrying value of our long-term debt is due to our fixed and variable rate debt obligations carrying interest rates that are above or below market rates at the measurement dates. The fair value of our long-term debt was calculated based on estimated rates for the same or similar instruments with similar terms and remaining maturities. The calculation of the fair value of our long-term debt is considered a Level 2 input.

Other

The carrying amounts reported in the consolidated balance sheets of all financial assets and liabilities other than our long-term debt approximate fair value.

8. Commitments and Contingencies

Ship Construction Contracts

Norwegian Getaway is under construction with Meyer Werft and is scheduled for delivery in January 2014. This ship will be approximately 144,000 Gross Tons with 4,000 Berths at an aggregate cost of approximately €627.7 million, or $849.1 million based on the euro/U.S. dollar exchange rate as of September 30, 2013. We have export credit financing in place that provides financing for 90% of its contract price.

We also have orders with Meyer Werft for two additional ships for delivery in the fourth quarter of 2015 and the first quarter of 2017. These ships, Norwegian Escape and Norwegian Bliss, will be the largest in our fleet at approximately 163,000 Gross Tons with 4,200 Berths each and will be similar in design and innovation to our Breakaway Class Ships. The combined contract cost of these two additional ships is approximately €1.4 billion, or $1.9 billion based on the euro/U.S. dollar exchange rate as of September 30, 2013. We have export credit financing in place that provides financing for 80% of their contract price.

In connection with the contracts to build the ships, we do not anticipate any contractual breaches or cancellation to occur. However, if any would occur, it could result in, among other things, the forfeiture of prior deposits or payments made by us and potential claims and impairment losses which may materially impact our business, financial condition and results of operations.

Litigation

In July 2009, a class action complaint was filed against NCL (Bahamas) Ltd. in the United States District Court, Southern District of Florida, on behalf of a purported class of crew members alleging inappropriate deductions of their wages pursuant to the Seaman’s Wage Act and wrongful termination resulting in a loss of retirement benefits. In December 2010, the Court denied the plaintiffs’ Motion for Class Certification. In February 2011, the plaintiffs filed a Motion for Reconsideration as to the Court’s Order on Class

13

Certification which was denied. The Court tried six individual plaintiffs’ claims, and in September 2012 awarded wages aggregating approximately $100,000 to such plaintiffs. In October 2013, the United States Court of Appeals for the Eleventh Circuit affirmed the Court’s rulings as to the denial of class certification and the trial verdict. We intend to continue to vigorously defend this action and are not able at this time to estimate the impact of these proceedings.

In May 2011, a class action complaint was filed against NCL (Bahamas) Ltd. in the United States District Court, Southern District of Florida, on behalf of a purported class of crew members alleging inappropriate deductions of their wages pursuant to the Seaman’s Wage Act and breach of contract. In July 2012, this action was stayed by the Court pending the outcome of the litigation commenced with the class action complaint filed in July 2009. We are vigorously defending this action and are not able at this time to estimate the impact of these proceedings.

In the normal course of our business, various other claims and lawsuits have been filed or are pending against us. Most of these claims and lawsuits are covered by insurance and, accordingly, the maximum amount of our liability is typically limited to our deductible amount. Nonetheless, the ultimate outcome of these claims and lawsuits that are not covered by insurance cannot be determined at this time. We have evaluated our overall exposure with respect to all of our threatened and pending litigation and, to the extent required, we have accrued amounts for all estimable probable losses associated with our deemed exposure. We are currently unable to estimate any other potential contingent losses beyond those accrued, as discovery is not complete nor is adequate information available to estimate such range of loss or potential recovery. We intend to vigorously defend our legal position on all claims and, to the extent necessary, seek recovery.

14

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Cautionary Statement Concerning Forward-Looking Statements

Certain statements in this report constitute forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts in this report, including, without limitation, those regarding our business strategy, financial position, results of operations, plans, prospects and objectives of management for future operations (including development plans and objectives relating to our activities), are forward-looking statements. Many, but not all of these statements can be found by looking for words like “expect,” “anticipate,” “goal,” “project,” “plan,” “believe,” “seek,” “will,” “may,” “forecast,” “estimate,” “intend” and “future” and for similar words. Forward-looking statements do not guarantee future performance and may involve risks, uncertainties and other factors which could cause our actual results, performance or achievements to differ materially from the future results, performance or achievements expressed or implied in those forward-looking statements. Examples of these risks, uncertainties and other factors include, but are not limited to:

• the adverse impact of the worldwide economic downturn and related factors such as high levels of unemployment and underemployment, declines in the securities and real estate markets, and perceptions of these conditions that decrease the level of disposable income of consumers or consumer confidence;

• changes in cruise capacity, as well as capacity changes in the overall vacation industry;

• intense competition from other cruise companies as well as non-cruise vacation alternatives which may affect our ability to compete effectively;

• our substantial leverage, including the inability to generate the necessary amount of cash to service our existing debt, repay our credit facilities if payment is accelerated and incur substantial indebtedness in the future;

• changes in fuel prices or other cruise operating costs;

• the risks associated with operating internationally, including changes in interest rates and/or foreign currency rates;

• the continued borrowing availability under our credit facilities and compliance with our financial covenants;

• our ability to incur significantly more debt despite our substantial existing indebtedness;

• the impact of volatility and disruptions in the global credit and financial markets which may adversely affect our ability to borrow and could increase our counterparty credit risks, including those under our credit facilities, derivatives, contingent obligations, insurance contracts and new ship progress payment guarantees;

• adverse events impacting the security of travel that may affect consumer demand for cruises such as terrorist acts, acts of piracy, armed conflict and other international events;

• the impact of any future changes relating to how travel agents sell and market our cruises;

• the impact of any future increases in the price of, or major changes or reduction in, commercial airline services;

• the impact of delays, costs and other factors resulting from emergency ship repairs as well as scheduled repairs, maintenance and refurbishment of our ships;

• the delivery schedules and estimated costs of new ships on terms that are favorable or consistent with our expectations;

• the impact of problems encountered at shipyards, as well as, any potential claim, impairment loss, cancellation or breach of contract in connection with our contracts with shipyards;

• the impact of the spread of contagious diseases;

• accidents and other incidents affecting the health, safety, security and vacation satisfaction of guests or causing damage to ships, which could cause the modification of itineraries or cancellation of a cruise or series of cruises;

• our ability to obtain insurance coverage on terms that are favorable or consistent with our expectations;

• the impact of any breaches in data security or other disturbances to our information technology and other networks;

• the continued availability of attractive port destinations;

• the impact of weather and natural disasters;

• our ability to attract and retain key personnel and qualified shipboard crew, maintain good relations with employee unions, maintain or renegotiate our collective bargaining agreements on favorable terms and prevent any disruptions in work;

• the control of our Company by our Sponsors whose interests may not continue to be aligned with ours;

15

• changes involving the tax, environmental, health, safety, security and other regulatory regimes in which we operate;

• increases in our future fuel expenses related to implementing IMO regulations, which require the use of higher priced low sulfur fuels in certain cruising areas;

• the implementation of regulations in the U.S. requiring U.S. citizens to obtain passports for travel to additional foreign destinations;

• the impact of pending or threatened litigation and investigations; and

• other factors set forth under “Risk Factors.”

The above examples are not exhaustive and new risks emerge from time to time. Except as required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Such forward-looking statements are based on our current beliefs, assumptions, expectations, estimates and projections regarding our present and future business strategies and the environment in which we will operate in the future. These forward-looking statements speak only as of the date of this report. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement contained herein to reflect any change in our expectations with regard thereto or any change of events, conditions or circumstances on which any such statement was based.

The interim consolidated financial statements should be read in conjunction with our audited consolidated financial statements for the year ended December 31, 2012, which are included in our most recently filed Annual Report on Form 10-K.

Terminology

For a reconciliation of our non-GAAP financial measures we refer you to “Results of Operations.” Unless otherwise indicated in this report, the following terms have the meanings set forth below:

• $750.0 million Senior Secured Revolving Credit Facility. $750.0 million credit agreement, dated October 28, 2009, as amended, by and among NCL Corporation Ltd., as borrower, various lenders and Nordea Bank Norge ASA, and related guarantee by Norwegian Dawn Limited, Norwegian Sun Limited, Norwegian Spirit, Ltd. and Norwegian Star Limited, which was terminated in connection with our entry into the new senior secured credit facilities.

• $334.1 million Norwegian Jewel loan. $334.1 million secured loan agreement, dated as of April 20, 2004, as amended and restated on June 21, 2013, by and among Norwegian Jewel Limited, as borrower, and a syndicate of international banks, and related guarantee by NCLC.

• €126.1 million Norwegian Jade Term Loan. €126.1 million Pride of Hawai’i Credit Agreement, dated November 18, 2010, as amended and restated on June 21, 2013, by and among Pride of Hawaii LLC and a syndicate of international banks and a related guarantee by NCL Corporation Ltd.

• €126.1 million Norwegian Jewel Term Loan. €126.1 million Norwegian Jewel Credit Agreement, dated November 18, 2010, as amended and restated on June 21, 2013, by and among Norwegian Jewel Limited and a syndicate of international banks and a related guarantee by NCL Corporation Ltd.

• €258.0 million Pride of America loan. Euro 258.0 million secured loan agreement, dated as of April 4, 2003, as amended and restated on June 21, 2013, by and among Pride of America Ship Holding, LLC, as borrower, and a syndicate of international banks, and related guarantee by NCL Corporation Ltd.

• €308.1 million Pride of Hawai’i loan. Euro 308.1 million Pride of Hawai’i loan, dated as of April 20, 2004, as amended and restated on June 21, 2013, by and among Pride of Hawaii, LLC, as borrower, and a syndicate of international banks, and related guarantee by NCL Corporation Ltd.

• €529.8 million Breakaway One Loan. €529.8 million Breakaway One credit agreement, dated November 18, 2010, as amended, by and among Breakaway One, Ltd., as borrower, and a syndicate of international banks and a related guarantee by NCL Corporation Ltd.

• €624.0 million Norwegian Pearl and Norwegian Gem Revolving Credit Facility. Euro 624.0 million revolving loan facility agreement, dated October 7, 2005, as amended and restated on June 1, 2012, by and among NCL Corporation Ltd., as borrower, and a syndicate of international banks, and related guarantee by Norwegian Pearl, Ltd. and Norwegian Gem, Ltd., which was terminated in connection with our entry into the new senior secured credit facilities.

• Adjusted EBITDA. EBITDA adjusted for other income (expense) and other supplemental adjustments.

• Adjusted EPS. Diluted earnings (loss) per share adjusted for supplemental adjustments.

• Adjusted Net Cruise Cost Excluding Fuel. Net Cruise Cost less fuel expense adjusted for supplemental adjustments.

16

• Adjusted Net Income. Net income adjusted for supplemental adjustments.

• Berths. Double occupancy capacity per cabin (single occupancy per studio cabin) even though many cabins can accommodate three or more passengers.

• Breakaway Class Ships. Norwegian Breakaway delivered in April 2013 and Norwegian Getaway scheduled for delivery in January 2014.

• Breakaway/Getaway Term Loan Facilities. €126.1 million Pride of Hawai’i Credit Agreement, dated November 18, 2010, as amended and restated on June 21, 2013, by and among Pride of Hawaii LLC and a syndicate of international banks and a related guarantee by NCL Corporation Ltd. and €126.1 million Norwegian Jewel Credit Agreement, dated November 18, 2010, as amended and restated on June 21, 2013, by and among Norwegian Jewel Limited and a syndicate of international banks and a related guarantee by NCL Corporation Ltd.

• Business Enhancement Capital Expenditures. Capital expenditures other than those related to new ship construction.

• Capacity Days. Available Berths multiplied by the number of cruise days for the period.

• Charter. The hire of a ship for a specified period of time.

• Constant Currency. A calculation whereby foreign currency-denominated revenue and expenses in a period are converted at the U.S. dollar exchange rate of a comparable period in order to eliminate the effects of the foreign exchange fluctuations.

• Dry-dock. A process whereby a ship is positioned in a large basin where all of the fresh/sea water is pumped out in order to carry out cleaning and repairs of those parts of a ship which are below the water line.

• EBITDA. Earnings before interest, taxes, depreciation and amortization.

• GAAP. Generally accepted accounting principles in the U.S.

• Gross Cruise Cost. The sum of total cruise operating expense and marketing, general and administrative expense.

• Gross Tons. A unit of enclosed passenger space on a cruise ship, such that one gross ton = 100 cubic feet or 2.831 cubic meters.

• Gross Yield. Total revenue per Capacity Day.

• IMO. International Maritime Organization, a United Nations agency that sets international standards for shipping.

• IPO. The initial public offering of 27,058,824 ordinary shares, par value $.001 per share, of NCLH, which was consummated on January 24, 2013.

• Management NCL Corporation Units. NCLC’s previously outstanding profits interests issued to management (or former management) of NCLC which have been converted into units in NCLC in connection with the Corporate Reorganization.

• Net Cruise Cost. Gross Cruise Cost less commissions, transportation and other expense and onboard and other expense.

• Net Cruise Cost Excluding Fuel. Net Cruise Cost less fuel expense.

• Net Revenue. Total revenue less commissions, transportation and other expense and onboard and other expense.

• Net Yield. Net Revenue per Capacity Day.

• Occupancy Percentage. The ratio of Passenger Cruise Days to Capacity Days. A percentage in excess of 100% indicates that three or more passengers occupied some cabins.

• Passenger Cruise Days. The number of passengers carried for the period, multiplied by the number of days in their respective cruises.

• ROI Capital Expenditures. Comprised of project-based capital expenditures which have a quantified return on investment.

• Secondary Offering. Public offering in August 2013 resulting in the sale of 23,000,000 ordinary shares by the Selling Shareholders.

• Selling Shareholders. The Apollo Funds, the TPG Viking Funds and Star NCLC Holdings Ltd. (“Star NCLC”). Genting HK owns NCLH’s ordinary shares indirectly through Star NCLC, its wholly-owned subsidiary.

• Shipboard Retirement Plan. An unfunded defined benefit pension plan for certain crew members which computes benefits based on years of service, subject to certain requirements.

17

Non-GAAP Financial Measures

We use certain non-GAAP financial measures, such as Net Revenue, Net Yield, Net Cruise Cost, Adjusted Net Cruise Cost Excluding Fuel and Adjusted EBITDA to enable us to analyze our performance. We utilize Net Revenue and Net Yield to manage our business on a day-to-day basis and believe that they are the most relevant measures of our revenue performance because they reflect the revenue earned by us net of significant variable costs. In measuring our ability to control costs in a manner that positively impacts net income, we believe changes in Net Cruise Cost and Adjusted Net Cruise Cost Excluding Fuel to be the most relevant indicators of our performance.

As our business includes the sourcing of passengers and deployment of vessels outside of North America, a portion of our revenue and expenses are denominated in foreign currencies, particularly euro and British Pound sterling, which are subject to fluctuations in currency exchange rates versus our reporting currency, the U.S. dollar. In order to monitor results excluding these fluctuations, we calculate certain non-GAAP measures on a Constant Currency basis whereby current period revenue and expenses denominated in foreign currencies are converted to U.S. dollars using currency exchange rates of the comparable period. We believe that presenting these non-GAAP measures on both a reported and Constant Currency basis is useful in providing a more comprehensive view of trends in our business.

We believe that Adjusted EBITDA is appropriate as a supplemental financial measure as it is used by management to assess operating performance, is a factor in the evaluation of the performance of management and is the primary metric used in determining the Company’s performance incentive bonus paid to its employees. We believe that Adjusted EBITDA is a useful measure in determining the Company’s performance as it reflects certain operating drivers of the Company’s business, such as sales growth, operating costs, marketing, general and administrative expense and other operating income and expense. Adjusted EBITDA is not a defined term under GAAP. Adjusted EBITDA is not intended to be a measure of liquidity or cash flows from operations or measures comparable to net income as it does not take into account certain requirements such as capital expenditures and related depreciation, principal and interest payments and tax payments and it includes other supplemental adjustments.

In addition, Adjusted Net Income and Adjusted EPS are supplemental financial measures used to demonstrate GAAP net income and EPS excluding certain charges. We use Adjusted Net Income and Adjusted EPS as key performance measures of our earnings performance, and we believe that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting, and analyzing future periods. These non-GAAP financial measures also facilitate management’s internal comparison to our historical performance. These charges vary from period to period; thus, our presentation of Adjusted Net Income and Adjusted EPS may not be indicative of future adjustments or results.

You are encouraged to evaluate each adjustment used in calculating our non-GAAP financial measures and the reasons we consider our non-GAAP financial measures appropriate for supplemental analysis. In evaluating our non-GAAP financial measures, you should be aware that in the future we may incur expenses similar to the adjustments in our presentation. Our non-GAAP financial measures have limitations as analytical tools, and you should not consider these measures in isolation or as a substitute for analysis of our results as reported under GAAP. Our presentation of our non-GAAP financial measures should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. Our non-GAAP financial measures may not be comparable to other companies. Please see a historical reconciliation of these measures to items in our consolidated financial statements below in the “Results of Operations” section.

Financial Presentation

Revenue from our cruise and cruise-related activities are categorized by us as “passenger ticket revenue” and “onboard and other revenue.” Passenger ticket revenue and onboard and other revenue vary according to the size of the ship in operation, the length of cruises operated and the markets in which the ship operates. Our revenue is seasonal based on demand for cruises, which has historically been strongest during the summer months.

Passenger ticket revenue primarily consists of revenue for accommodations, meals in certain restaurants on the ship, certain onboard entertainment, and includes revenue for service charges and air and land transportation to and from the ship to the extent passengers purchase these items from us.

Onboard and other revenue primarily consists of revenue from gaming, beverage sales, specialty dining, shore excursions, retail sales and spa services. We record onboard revenue from onboard activities we perform directly or that are performed by independent concessionaires, from which we receive a share of their revenue.

Our cruise operating expense is classified as follows:

• Commissions, transportation and other primarily consists of direct costs associated with passenger ticket revenue. These costs include travel agent commissions, air and land transportation expenses, related credit card fees, costs associated with service charges and certain port expenses.

18

• Onboard and other primarily consists of direct costs that are incurred in connection with onboard and other revenue. These include costs incurred in connection with shore excursions, beverage sales and gaming.

• Payroll and related consists of the cost of wages and benefits for shipboard employees.

• Fuel includes fuel costs, the impact of certain fuel hedges and fuel delivery costs.

• Food consists of food costs for passengers and crew.

• Other consists of repairs and maintenance (including Dry-dock costs), ship insurance, Charter costs and other ship expenses.

Executive Quarterly Overview

In August 2013, we had our Secondary Offering by the Selling Shareholders. We did not receive any proceeds from this offering.

In July 2013, we confirmed an order with Meyer Werft for the construction of Norwegian Bliss which is scheduled to be delivered in the first quarter of 2017. Together with Norwegian Escape, which is to be delivered in the fourth quarter of 2015, these new ships will be the largest in our fleet at approximately 163,000 Gross Tons with 4,200 Berths each and will be similar in design and innovation to our Breakaway Class Ships. The combined contract cost of these two ships is approximately €1.4 billion, or $1.9 billion based on the euro/U.S. dollar exchange rate as of September 30, 2013. We have export credit financing in place for these two ships that provides financing for 80% of their contract price.

For the third quarter of 2013, we reported Adjusted Net Income of $182.2 million and Adjusted EPS of $0.86, which excludes $4.1 million of expenses related to non-cash compensation and $5.2 million of expenses incurred from a change in corporate entity structure and our Secondary Offering. On a GAAP basis, net income attributable to Norwegian Cruise Line Holdings Ltd. and diluted earnings per share were $170.9 million and $0.82, respectively.

Three months ended September 30, 2013 (“2013”) compared to the three months ended September 30, 2012 (“2012”)

Total revenue increased 18.3% to $797.9 million in 2013 compared to $674.4 million in 2012. Net Revenue in 2013 increased 19.6% to $596.1 million from $498.4 million in 2012 due to an increase in Capacity Days of 14.9% primarily due to the delivery of Norwegian Breakaway in April 2013 and an increase in Net Yield of 4.1%.

Operating income in 2013 was $208.1 million compared to $174.1 million in 2012 and Adjusted EBITDA (we refer you to our “Results of Operations” below for a calculation of Adjusted EBITDA) improved 21.2% for the same period.

19

Results of Operations

The following table sets forth operating data as a percentage of total revenue:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2013			2012			2013			2012
Revenue
Passenger ticket		73.2	%		72.7	%		71.1	%		70.9	%
Onboard and other		26.8	%		27.3	%		28.9	%		29.1	%
Total revenue		100.0	%		100.0	%		100.0	%		100.0	%
Cruise operating expense
Commissions, transportation and other		17.6	%		18.1	%		17.6	%		18.1	%
Onboard and other		7.7	%		8.0	%		7.8	%		7.7	%
Payroll and related		11.4	%		10.8	%		12.6	%		12.4	%
Fuel		9.7	%		10.3	%		11.4	%		11.7	%
Food		4.7	%		4.8	%		5.1	%		5.4	%
Other		6.1	%		6.4	%		8.4	%		8.7	%
Total cruise operating expense		57.2	%		58.4	%		62.9	%		64.0	%
Other operating expense
Marketing, general and administrative		9.7	%		8.6	%		12.0	%		10.8	%
Depreciation and amortization		7.0	%		7.2	%		8.1	%		7.9	%
Total other operating expense		16.7	%		15.8	%		20.1	%		18.7	%
Operating income		26.1	%		25.8	%		17.0	%		17.3	%
Non-operating income (expense)
Interest expense, net		(3.3	)%		(7.0	)%		(13.1	)%		(8.0	)%
Other income (expense)		(0.1	)%		0.2	%		—	%		0.1	%
Total non-operating income (expense)		(3.4	)%		(6.8	)%		(13.1	)%		(7.9	)%
Net income before income taxes		22.7	%		19.0	%		3.9	%		9.4	%
Income tax expense		(1.0	)%		—	%		(0.6	)%		—	%
Net income		21.7	%		19.0	%		3.3	%		9.4	%
Net income attributable to non-controlling interest		0.3	%		—	%		—	%		—	%
Net income attributable to Norwegian Cruise Line Holdings Ltd.		21.4	%		19.0	%		3.3	%		9.4	%

The following table sets forth selected statistical information:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2013			2012			2013			2012
Passengers carried		449,615			402,231			1,223,271			1,160,241
Passenger Cruise Days		3,170,169			2,727,697			8,461,719			7,865,959
Capacity Days		2,779,658			2,418,832			7,700,482			7,192,091
Occupancy Percentage		114.0	%		112.8	%		109.9	%		109.4	%

20

Net Revenue, Gross Yield and Net Yield were calculated as follows (in thousands, except Capacity Days and Yield data):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2013		2013 Constant Currency		2012		2013		2013 Constant Currency		2012
Passenger ticket revenue	$	583,923	$	582,316	$	490,322	$	1,400,470	$	1,399,622	$	1,257,871
Onboard and other revenue		213,962		213,962		184,089		569,479		569,479		515,204
Total revenue		797,885		796,278		674,411		1,969,949		1,969,101		1,773,075
Less:
Commissions, transportation and other expense		140,086		139,575		122,331		347,650		347,326		321,640
Onboard and other expense		61,744		61,744		53,641		153,431		153,431		136,851
Net Revenue	$	596,055	$	594,959	$	498,439	$	1,468,868	$	1,468,344	$	1,314,584
Capacity Days		2,779,658		2,779,658		2,418,832		7,700,482		7,700,482		7,192,091
Gross Yield	$	287.04	$	286.47	$	278.82	$	255.82	$	255.71	$	246.53
Net Yield	$	214.43	$	214.04	$	206.07	$	190.75	$	190.68	$	182.78

Gross Cruise Cost, Net Cruise Cost, Net Cruise Cost Excluding Fuel and Adjusted Net Cruise Cost Excluding Fuel were calculated as follows (in thousands, except Capacity Days and per Capacity Day data):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2013		2013 Constant Currency		2012		2013		2013 Constant Currency		2012
Total cruise operating expense	$	456,102	$	454,986	$	394,071	$	1,239,870	$	1,239,171	$	1,133,839
Marketing, general and administrative expense		77,606		77,477		57,779		236,923		236,724		190,748
Gross Cruise Cost		533,708		532,463		451,850		1,476,793		1,475,895		1,324,587
Less:
Commissions, transportation and other expense		140,086		139,575		122,331		347,650		347,326		321,640
Onboard and other expense		61,744		61,744		53,641		153,431		153,431		136,851
Net Cruise Cost		331,878		331,144		275,878		975,712		975,138		866,096
Less: Fuel expense		77,035		77,035		69,602		225,115		225,115		206,743
Net Cruise Cost Excluding Fuel		254,843		254,109		206,276		750,597		750,023		659,353
Less: Other (1)		6,857		6,857		—		27,307		27,307		—
Adjusted Net Cruise Cost Excluding Fuel	$	247,986	$	247,252	$	206,276	$	723,290	$	722,716	$	659,353
Capacity Days		2,779,658		2,779,658		2,418,832		7,700,482		7,700,482		7,192,091
Gross Cruise Cost per Capacity Day	$	192.00	$	191.56	$	186.81	$	191.78	$	191.66	$	184.17
Net Cruise Cost per Capacity Day	$	119.40	$	119.13	$	114.05	$	126.71	$	126.63	$	120.42
Net Cruise Cost Excluding Fuel per Capacity Day	$	91.68	$	91.42	$	85.28	$	97.47	$	97.40	$	91.68
Adjusted Net Cruise Cost Excluding Fuel per Capacity Day	$	89.21	$	88.95	$	85.28	$	93.93	$	93.85	$	91.68

(1) Consists of non-cash share-based compensation related to the IPO and other supplemental adjustments.

21

Adjusted Net Income and Adjusted EPS was calculated as follows (in thousands, except share and per share data):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2013		2012		2013		2012
Net income attributable to Norwegian Cruise Line Holdings Ltd.	$	170,858	$	128,188	$	65,622	$	167,503
Net income attributable to non-controlling interest		2,036		—		857		—
Net income		172,894		128,188		66,479		167,503
Non-cash compensation		4,057		—		4,566		—
Non-cash share-based compensation related to IPO		—		—		18,527		—
Expenses related to debt prepayments (1)		—		—		160,573		—
Other (2)		5,241		—		5,171		—
Adjusted Net Income	$	182,192	$	128,188	$	255,316	$	167,503
Diluted weighted–average shares outstanding		210,703,244		179,050,050		208,673,608		178,986,504
Diluted earnings per share (3)	$	0.82	$	0.72	$	0.32	$	0.94
Adjusted EPS	$	0.86	$	0.72	$	1.22	$	0.94

(1) Consists of premiums, write-offs of deferred fees and other expenses related to prepayments of debt.

(2) Expenses incurred from changes in corporate entity structure and our Secondary Offering in the third quarter of 2013.

(3) Diluted earnings per share is computed by dividing net income by diluted weighted-average shares outstanding.

Adjusted EBITDA was calculated as follows (in thousands):

	Three Months Ended September 30,					Nine Months Ended September 30,
	2013		2012			2013			2012
Net income attributable to Norwegian Cruise Line Holdings Ltd.	$	170,858	$	128,188		$	65,622		$	167,503
Interest expense, net		26,627		47,196			257,969			142,271
Income tax expense		7,933		398			11,177			544
Depreciation and amortization expense		56,097		48,423			158,699			140,900
EBITDA		261,515		224,205			493,467			451,218
Net income attributable to non-controlling interest		2,036		—			857			—
Other (income) expense		626		(1,644	)		(1,168	)		(2,730	)
Non-cash compensation and other (1)		6,857		1,014			11,446			3,686
Non-cash share-based compensation related to IPO		—		—			18,527			—
Adjusted EBITDA	$	271,034	$	223,575		$	523,129		$	452,174

(1) Consists of non-cash compensation, expenses incurred from changes in corporate entity structure and our Secondary Offering in the third quarter of 2013 and other supplemental adjustments.

Three months ended September 30, 2013 (“2013”) compared to three months ended September 30, 2012 (“2012”)

Revenue

Total revenue increased 18.3% to $797.9 million in 2013 compared to $674.4 million in 2012. Net Revenue increased 19.6% in 2013, due to an increase in Capacity Days of 14.9% primarily due to the delivery of Norwegian Breakaway in April 2013 and an increase in Net Yield of 4.1%. The increase in Net Yield was due to an increase in passenger ticket pricing and higher onboard and other revenue, partially due to the introduction of Norwegian Breakaway to the fleet. On a Constant Currency basis, Net Yield increased 3.9% in 2013 compared to 2012.

Expense

Total cruise operating expense increased 15.7% in 2013 compared to 2012 primarily due to the increase in Capacity Days discussed above. Total other operating expense increased 25.9% in 2013 compared to 2012 primarily due to the timing of certain expenses,

22

depreciation expense related to the addition of Norwegian Breakaway and expenses incurred from a change in corporate entity structure and our Secondary Offering. On a Capacity Day basis, Net Cruise Cost increased 4.7% and 4.5% on an as reported and Constant Currency basis, respectively, due to the increase in Capacity Days and expenses discussed above. Adjusted Net Cruise Cost Excluding Fuel per Capacity Day increased 4.6% and 4.3% on an as reported and Constant Currency basis, respectively, mainly due to the timing of certain expenses.

Interest expense, net decreased to $26.6 million in 2013 from $47.2 million in 2012 primarily due to lower interest rates resulting from the benefits from the redemption of higher rate debt and refinancing transactions.

Income tax expense increased to $7.9 million in 2013 from $0.4 million in 2012 primarily due to the change in our U.S. tax status from a partnership to a corporation in connection with our IPO.

Nine months ended September 30, 2013 (“2013”) compared to nine months ended September 30, 2012 (“2012”)

Revenue

Total revenue increased 11.1% to $2.0 billion in 2013 compared to $1.8 billion in 2012. Net Revenue increased 11.7% in 2013, due to an increase in Capacity Days of 7.1% related to the delivery of Norwegian Breakaway in April 2013 and an increase in Net Yield of 4.4%. The increase in Net Yield was due to an increase in passenger ticket pricing and higher onboard and other revenue, partially due to the introduction of Norwegian Breakaway to the fleet. On a Constant Currency basis, Net Yield increased 4.3% in 2013 compared to 2012.

Expense

Total cruise operating expense increased 9.4% in 2013 compared to 2012 primarily due to an increase in Capacity Days, fuel expense and expenses related to planned Dry-docks, partially offset by the timing of certain expenses. The increase in fuel expense was primarily the result of a 4.9% increase in the average fuel price to $685 per metric ton in 2013 from $653 per metric ton in 2012. Total other operating expense increased 19.3% in 2013 compared to 2012 primarily due to non-cash expenses related to share-based compensation recognized upon the realization of the IPO, the timing of certain expenses and the depreciation expense related to the addition of Norwegian Breakaway. On a Capacity Day basis, Net Cruise Cost increased 5.2% on both an as reported and Constant Currency basis due to the expenses discussed above. Adjusted Net Cruise Cost Excluding Fuel per Capacity Day increased 2.5% and 2.4% on an as reported and Constant Currency basis, respectively, mainly due to the timing of certain expenses.

Interest expense, net increased to $258.0 million in 2013 from $142.3 million in 2012 primarily due to $160.6 million of expenses associated with debt prepayments partially offset by lower interest rates resulting from the benefits from the redemption of higher rate debt and refinancing transactions.

Income tax expense increased to $11.2 million in 2013 from $0.5 million in 2012 primarily due to the change in our U.S. tax status from a partnership to a corporation in connection with our IPO.

Liquidity and Capital Resources

General

As of September 30, 2013, our liquidity was $565.0 million consisting of $57.0 million in cash and cash equivalents and $508.0 million available under our Revolving Loan Facility. Our primary ongoing liquidity requirements are to finance working capital, capital expenditures and debt service.

As of September 30, 2013, we had a working capital deficit of $890.7 million. This deficit included $434.5 million of advance ticket sales, which represents the passenger revenues we collect in advance of sailing dates and accordingly are substantially more like deferred revenue balances rather than actual current cash liabilities. Our business model, along with our Revolving Loan Facility, allows us to operate with a working capital deficit and still meet our operating, investing and financing needs.

Sources and Uses of Cash

In this section, references to “2013” refer to the nine months ended September 30, 2013 and references to “2012” refer to the nine months ended September 30, 2012.

Net cash provided by operating activities was $398.3 million in 2013 as compared to $376.5 million in 2012. The change in net cash provided by operating activities reflects the net income in 2013 of $66.5 million which included fees of $124.2 million related to prepayment of debt compared to net income in 2012 of $167.5 million, as well as timing differences in cash receipts and payments relating to operating assets and liabilities. The 2012 balance included $6.0 million related to the premium received from the issuance of $100.0 million of senior unsecured notes.

Net cash used in investing activities was $835.8 million in 2013, primarily related to the payments for construction and delivery of Norwegian Breakaway and construction of Norwegian Getaway, as well as other ship improvements and shoreside projects. Net cash used in investing activities was $229.9 million in 2012, primarily related to the payments for construction of Norwegian Breakaway and Norwegian Getaway, the purchase of Norwegian Sky, and other ship improvements and shoreside projects.

23

Net cash provided by financing activities was $448.9 million in 2013, primarily due to the issuance of our $300.0 million 5% senior notes due 2018 as well as borrowings under other credit facilities and the proceeds from the issuance of ordinary shares partially offset by repayments of our $450.0 million 11.75% senior secured notes due 2016 and revolving credit facilities and a payment related to Norwegian Sky purchase agreement. Net cash used in financing activities was $136.9 million in 2012, primarily due to repayments of our revolving credit facilities and other borrowings which were partially offset by the issuance of $100.0 million of senior unsecured notes.

Future Capital Commitments

Future capital commitments consist of contracted commitments, including future expected capital expenditures for business enhancements and ship construction contracts. As of September 30, 2013, anticipated capital expenditures together with amounts for ship construction and related export credit financing were as follows (in thousands, based on the euro/U.S. dollar exchange rate as of September 30, 2013):

	Fourth Quarter 2013		Full Year
			2014			2015			2016
Ship construction	$	37,143	$	787,591		$	940,321		$	114,041
Ship financing		—		(696,213	)		(749,290	)		(45,345	)
Ship construction net of financing	$	37,143	$	91,378		$	191,031		$	68,696
Business Enhancement Capital Expenditures (1)	$	22,147	$	110,000		$	90,000		$	85,000

(1) For the fourth quarter and full year 2013, Business Enhancement Capital Expenditures include $7.0 million and $40.0 million for ROI Capital Expenditures, respectively.

Norwegian Getaway is under construction with Meyer Werft and is scheduled for delivery in January 2014. This ship will be approximately 144,000 Gross Tons with 4,000 Berths at an aggregate cost of approximately €627.7 million, or $849.1 million based on the euro/U.S. dollar exchange rate as of September 30, 2013. We have export credit financing in place that provides financing for 90% of its contract price.

We also have orders with Meyer Werft for two additional ships for delivery in the fourth quarter of 2015 and the first quarter of 2017. These ships, Norwegian Escape and Norwegian Bliss, will be the largest in our fleet at approximately 163,000 Gross Tons with 4,200 Berths each and will be similar in design and innovation to our Breakaway Class Ships. The combined contract cost of these two additional ships is approximately €1.4 billion, or $1.9 billion based on the euro/U.S. dollar exchange rate as of September 30, 2013. We have export credit financing in place that provides financing for 80% of their contract price.

In connection with the contracts to build these ships, we do not anticipate any contractual breaches or cancellation to occur. However, if any would occur, it could result in, among other things, the forfeiture of prior deposits or payments made by us, subject to certain refund guarantees, and potential claims and impairment losses which may materially impact our business, financial condition and results of operations.

Capitalized interest for the three months ended September 30, 2013 and 2012 was $5.9 million and $5.7 million, respectively, and for the nine months ended September 30, 2013 and 2012 was $19.0 million and $15.7 million, respectively, associated with the construction of Norwegian Breakaway and Norwegian Getaway.

Off-Balance Sheet Transactions

None.

24

Contractual Obligations

As of September 30, 2013, our contractual obligations, with initial or remaining terms in excess of one year, including interest payments on long-term debt obligations, were as follows (in thousands):

	Total		Less than 1 year		1-3 years		3-5 years		More than 5 years
Long-term debt (1)	$	3,113,041	$	282,564	$	632,791	$	1,355,449	$	842,237
Due to Affiliate (2)		110,283		36,815		73,468		—		—
Operating leases (3)		36,577		6,389		11,135		10,391		8,662
Ship construction contracts (4)		2,537,654		739,441		1,042,465		755,748		—
Port facilities (5)		183,705		27,704		52,780		46,736		56,485
Interest (6)		395,613		75,103		141,546		106,127		72,837
Other (7)		58,793		35,735		20,686		1,747		625
Total	$	6,435,666	$	1,203,751	$	1,974,871	$	2,276,198	$	980,846

(1) Net of unamortized original issue discount of $1.5 million. Also includes capital leases.

(2) Primarily related to the purchase of Norwegian Sky.

(3) Primarily for offices, motor vehicles and office equipment.

(4) For Norwegian Getaway, Norwegian Escape and Norwegian Bliss based on the euro/U.S. dollar exchange rate as of September 30, 2013. Export credit financing is in place from a syndicate of banks.

(5) Primarily for our usage of certain port facilities.

(6) Includes fixed and variable rates with LIBOR held constant as of September 30, 2013.

(7) Future commitments for service and maintenance contracts.

Other

Certain of our service providers may require collateral in the normal course of our business. The amount of collateral may change based on certain terms and conditions.

As a routine part of our business, depending on market conditions, exchange rates, pricing and our strategy for growth, we regularly consider opportunities to enter into contracts for the building of additional ships. We may also consider the sale of ships, potential acquisitions and strategic alliances. If any of these were to occur, they may be financed through the incurrence of additional permitted indebtedness, through cash flows from operations, or through the issuance of debt, equity or equity-related securities.

Funding Sources

Our debt agreements contain covenants that, among other things, require us to maintain a minimum level of liquidity, as well as limit our net funded debt-to-capital ratio, maintain certain other ratios and restrict our ability to pay dividends. Our ships and substantially all other property and equipment are pledged as collateral for our debt. We believe we were in compliance with these covenants as of September 30, 2013.

The impact of changes in world economies and especially the global credit markets has created a challenging environment and may reduce future consumer demand for cruises and adversely affect our counterparty credit risks. In the event this environment deteriorates, our business, financial condition and results of operations could be adversely impacted.

We believe our cash on hand, expected future operating cash inflows, additional available borrowings under our existing credit facility and our ability to issue debt securities or raise additional equity, will be sufficient to fund operations, debt payment requirements, capital expenditures and maintain compliance with covenants under our debt agreements over the next twelve-month period. As a result of the equity infusion from the IPO and the related use of proceeds, our leverage was improved and our balance sheet was strengthened. There is no assurance that cash flows from operations and additional financings will be available in the future to fund our future obligations.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

General

We are exposed to market risk attributable to changes in interest rates, foreign currency exchange rates and fuel prices. We attempt to minimize these risks through a combination of our normal operating and financing activities and through the use of derivatives. The financial impacts of these derivative instruments are primarily offset by corresponding changes in the underlying exposures being hedged. We achieve this by closely matching the amount, term and conditions of the derivatives with the underlying risk being hedged. We do not hold or issue derivatives for trading or other speculative purposes. Derivative positions are monitored using techniques including market valuations and sensitivity analyses.

25

Interest Rate Risk

From time to time, we consider entering into interest rate swap agreements to modify our exposure to interest rate movements and to manage our interest expense. As of September 30, 2013, 39% of our debt was fixed and 61% was variable which includes the effects of the interest rate swap. The notional amount of outstanding debt associated with the interest rate swap agreements as of September 30, 2013 was $705.8 million. Based on our September 30, 2013 outstanding variable rate debt balance, a one percentage point increase in annual LIBOR interest rates would increase our annual interest expense by approximately $18.9 million excluding the effects of capitalization of interest.

Foreign Currency Exchange Rate Risk

As of September 30, 2013, we had foreign currency options, including call options with deferred premiums and a collar, to hedge the exposure to volatility in foreign currency exchange rates related to our ship construction contracts denominated in euros. These derivatives hedge the foreign currency exchange rate risk on a portion of the final payments on our ship construction contracts. For the call option contracts, if the spot rate at the date the ships are delivered is less than the strike price we would pay the deferred premiums and not exercise the options. For the collar, if the spot rate at the date the ships are delivered is more than the put option strike price and less than the call option strike price, neither the put or call option will be exercised. As of September 30, 2013, the remaining payments not hedged aggregate €1,601.0 million, or $2,165.7 million based on the euro/U.S. dollar exchange rate as of September 30, 2013. We estimate that a 10% change in the euro as of September 30, 2013 would result in a $216.6 million change in the U.S. dollar value of the foreign currency denominated remaining payments.

Fuel Price Risk

Our exposure to market risk for changes in fuel prices relates to the forecasted purchases of fuel on our ships. Fuel expense, as a percentage of our total cruise operating expense, was 16.9% and 17.7% for the three months ended September 30, 2013 and 2012 and 18.2% for each of the nine months ended September 30, 2013 and 2012, respectively. From time to time, we use fuel derivative agreements to mitigate the financial impact of fluctuations in fuel prices. As of September 30, 2013, we had hedged approximately 93%, 64%, 51% and 15% of our 2013, 2014, 2015 and 2016 projected metric tons of fuel purchases, respectively. We estimate that a 10% increase in our weighted-average fuel price would increase our anticipated 2013 fuel expense by $7.5 million. This increase would be partially offset by an increase in the fair value of our fuel swap agreements and fuel collars and options of $6.4 million. Fair value of our derivative contracts is derived using valuation models that utilize the income valuation approach. These valuation models take into account the contract terms such as maturity, as well as other inputs such as fuel types, fuel curves, creditworthiness of the counterparty and the Company, as well as other data points.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Our management has evaluated, with the participation of our Chief Executive Officer and Chief Financial Officer, the effectiveness of our disclosure controls and procedures as of September 30, 2013. There are inherent limitations to the effectiveness of any system of disclosure controls and procedures, including the possibility of human error and the circumvention or overriding of the controls and procedures. Accordingly, even effective disclosure controls and procedures can only provide reasonable assurance of achieving their control objectives. Based upon our management’s evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective to provide reasonable assurance that the information required to be disclosed by us in the reports we file or submit under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the time periods specified in the applicable rules and forms, and that it is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

Changes in Internal Control Over Financial Reporting

There have been no changes in our internal control over financial reporting during the quarter ended September 30, 2013 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Limitations on the Effectiveness of Controls

It should be noted that any system of controls, however well designed and operated, can provide only reasonable, and not absolute, assurance that the objectives of the system will be met. In addition, the design of any control system is based in part upon certain assumptions about the likelihood of future events. Because of these and other inherent limitations of control systems, there is only the reasonable assurance that our controls will succeed in achieving their goals under all potential future conditions.

26

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

In July 2009, a class action complaint was filed against NCL (Bahamas) Ltd. in the United States District Court, Southern District of Florida, on behalf of a purported class of crew members alleging inappropriate deductions of their wages pursuant to the Seaman’s Wage Act and wrongful termination resulting in a loss of retirement benefits. In December 2010, the Court denied the plaintiffs’ Motion for Class Certification. In February 2011, the plaintiffs filed a Motion for Reconsideration as to the Court’s Order on Class Certification which was denied. The Court tried six individual plaintiffs’ claims, and in September 2012 awarded wages aggregating approximately $100,000 to such plaintiffs. In October 2013, the United States Court of Appeals for the Eleventh Circuit affirmed the Court’s rulings as to the denial of class certification and the trial verdict. We intend to continue to vigorously defend this action and are not able at this time to estimate the impact of these proceedings.

In May 2011, a class action complaint was filed against NCL (Bahamas) Ltd. in the United States District Court, Southern District of Florida, on behalf of a purported class of crew members alleging inappropriate deductions of their wages pursuant to the Seaman’s Wage Act and breach of contract. In July 2012, this action was stayed by the Court pending the outcome of the litigation commenced with the class action complaint filed in July 2009. We are vigorously defending this action and are not able at this time to estimate the impact of these proceedings.

In the normal course of our business, various other claims and lawsuits have been filed or are pending against us. Most of these claims and lawsuits are covered by insurance and, accordingly, the maximum amount of our liability is typically limited to our deductible amount. Nonetheless, the ultimate outcome of these claims and lawsuits that are not covered by insurance cannot be determined at this time. We have evaluated our overall exposure with respect to all of our threatened and pending litigation and, to the extent required, we have accrued amounts for all estimable probable losses associated with our deemed exposure. We are currently unable to estimate any other potential contingent losses beyond those accrued, as discovery is not complete nor is adequate information available to estimate such range of loss or potential recovery. We intend to vigorously defend our legal position on all claims and, to the extent necessary, seek recovery.

Item 1A. Risk Factors

We refer you to our 2012 Annual Report on Form 10-K for a discussion of the risk factors that affect our business and financial results. There have been no material changes to those risk factors.

Item 5. Other Information

Shareholder Proposals

We intend to hold our first Annual Meeting of Shareholders (the “Annual Meeting”) on April 24, 2014, at a time and location to be determined and specified in our proxy statement related to the Annual Meeting.

Under the Securities and Exchange Commission’s proxy rules, we have set the deadline for submission of proposals to be included in our proxy materials for the Annual Meeting as the close of business on December 31, 2013. Accordingly, in order for a shareholder proposal to be considered for inclusion in our proxy materials for the Annual Meeting, the proposal must be received by our Assistant Corporate Secretary, Norwegian Cruise Line Holdings Ltd., 7665 Corporate Center Drive, Miami, Florida 33126, on or before the close of business on December 31, 2013, and must comply with the procedures and requirements set forth in Rule 14a-8 under the Securities Exchange Act of 1934, as amended.

In accordance with the advance notice requirements contained in our amended and restated bylaws, for director nominations or other business to be brought before the Annual Meeting by a shareholder, other than Rule 14a-8 proposals described above, written notice must be delivered no earlier than on December 25, 2013, and no later than the close of business on January 24, 2014, to our Assistant Corporate Secretary, Norwegian Cruise Line Holdings Ltd., 7665 Corporate Center Drive, Miami, Florida 33126. These shareholder notices also must comply with the requirements of our amended and restated bylaws and will not be effective otherwise.

Disclosure Pursuant to Section 219 of the Iran Threat Reduction and Syria Human Rights Act

Apollo Global Management, LLC (“Apollo”) has provided notice to us that, as of October 24, 2013, certain investment funds managed by affiliates of Apollo beneficially owned approximately 22% of the limited liability company interests of CEVA Holdings, LLC (“CEVA”). Under the limited liability company agreement governing CEVA, certain investment funds managed by affiliates of Apollo hold a majority of the voting power of CEVA and have the right to elect a majority of the board of CEVA. CEVA may be deemed to be under common control with us, but this statement is not meant to be an admission that common control exists. As a result, it appears that we are required to provide disclosures as set forth below pursuant to Section 219 of the Iran Threat Reduction and Syria Human Rights Act of 2012 (“ITRA”) and Section 13(r) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

Apollo has informed us that CEVA has provided it with the information below relevant to Section 13(r) of the Exchange Act. The disclosure below does not relate to any activities conducted by us and does not involve us or our management. The disclosure relates solely to activities conducted by CEVA and its consolidated subsidiaries. We have not independently verified or participated in the preparation of the disclosure below.

“Through an internal review of its global operations, CEVA has identified the following transactions in an Initial Notice of Voluntary Self-Disclosure that CEVA filed with the U.S. Treasury Department Office of Foreign Assets Control (“OFAC”) on October 28, 2013. CEVA’s review is ongoing. CEVA will file a further report with OFAC after completing its review.

The internal review indicates that, in December 2012, CEVA Freight Italy Srl (“CEVA Italy”) provided customs brokerage and freight forwarding services for the export to Iran of two measurement instruments to the Iranian Offshore Engineering Construction Company, a joint venture between two entities that are identified on OFAC’s list of Specially Designated Nationals (“SDN”). The revenues and net profits for these services were approximately $1,260.64 USD and $151.30 USD, respectively. In February 2013, CEVA Freight Holdings (Malaysia) SDN BHD (“CEVA Malaysia”) provided customs brokerage for export and local haulage services for a shipment of polyethylene resin to Iran shipped on a vessel owned and/or operated by HDS Lines, also an SDN. The revenues and net profits for these services were approximately $779.54 USD and $311.13 USD, respectively. In September 2013, CEVA Malaysia provided customs brokerage services for the import into Malaysia of fruit juice from Alifard Co. in Iran via HDS Lines. The revenues and net profits for these services were approximately $227.41 USD and $89.29 USD, respectively.

These transactions violate the terms of internal CEVA compliance policies, which prohibit transactions involving Iran. Upon discovering these transactions, CEVA promptly launched an internal investigation, and is taking action to block and prevent such transactions in the future. CEVA intends to cooperate with OFAC in its review of this matter.”

Item 6. Exhibits

31.1	Certification of the President and Chief Executive Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934*
31.2	Certification of the Executive Vice President and Chief Financial Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934*
32.1	Certifications of the President and Chief Executive Officer and the Executive Vice President and Chief Financial Officer pursuant to Rule 13a-14(b) of the Securities Exchange Act of 1934 and Section 1350 of Chapter 63 of Title 18 of the United States Code**

* Filed herewith

** Furnished herewith

Interactive Data File

101 The following unaudited financial statements are from Norwegian Cruise Line Holdings Ltd.’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2013, as filed with the SEC on October 31, 2013, formatted in XBRL, as follows:

(i) the Consolidated Statements of Operations for the three and nine months ended September 30, 2013 and 2012;

(ii) the Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2013 and 2012;

(iii) the Consolidated Balance Sheets as of September 30, 2013 and December 31, 2012;

(iv) the Consolidated Statements of Cash Flows for the nine months ended September 30, 2013 and 2012;

(v) the Consolidated Statements of Changes in Shareholder’s Equity; and

(vi) the Notes to the Consolidated Financial Statements, tagged in summary and detail.

27

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

NORWEGIAN CRUISE LINE HOLDINGS LTD. (Registrant)
By:	/s/ KEVIN M. SHEEHAN
Name:	Kevin M. Sheehan
Title:	President and Chief Executive Officer
By:	/s/ WENDY A. BECK
Name:	Wendy A. Beck
Title:	Executive Vice President and Chief Financial Officer

Dated: October 31, 2013

28

EX-31.1

Exhibit 31.1

CERTIFICATION

I, Kevin M. Sheehan, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Norwegian Cruise Line Holdings Ltd.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

	/s/ Kevin M. Sheehan
Dated: October 31, 2013	Name: Kevin M. Sheehan
	Title: President and Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATION

I, Wendy A. Beck, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Norwegian Cruise Line Holdings Ltd.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

	/s/ Wendy A. Beck
Dated: October 31, 2013	Name: Wendy A. Beck
	Title: Executive Vice President and Chief Financial Officer

EX-32.1

Exhibit 32.1

CERTIFICATIONS OF CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL

OFFICER PURSUANT TO 18 U.S.C. SECTION 1350 AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of Kevin M. Sheehan, the President and Chief Executive Officer, and Wendy A. Beck, the Executive Vice President and Chief Financial Officer, of Norwegian Cruise Line Holdings Ltd. (the “Company”), does hereby certify, that, to such officer’s knowledge:

The Quarterly Report on Form 10-Q of the Company, for the quarter ended September 30, 2013 (the “Form 10-Q”), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: October 31, 2013

By:	/s/ Kevin M. Sheehan
Name:	Kevin M. Sheehan
Title:	President and Chief Executive Officer
By:	/s/ Wendy A. Beck
Name:	Wendy A. Beck
Title:	Executive Vice President and Chief Financial Officer

XML

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2013

Reconciliation between Basic and Diluted Earnings Per Share

A reconciliation between basic and diluted earnings per share was as follows (in thousands, except share and per share data):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2013		2012		2013		2012
Net income attributable to Norwegian Cruise Line Holdings Ltd.	$	170,858	$	128,188	$	65,622	$	167,503
Net income	$	172,894	$	128,188	$	66,479	$	167,503
Basic weighted-average shares outstanding		204,425,308		178,252,763		202,279,989		178,198,984
Dilutive effect of awards		6,277,936		797,287		6,393,619		787,520
Diluted weighted-average shares outstanding		210,703,244		179,050,050		208,673,608		178,986,504
Basic earnings per share	$	0.84	$	0.72	$	0.32	$	0.94
Diluted earnings per share	$	0.82	$	0.72	$	0.32	$	0.94

XML

Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
Current assets:
Cash and cash equivalents	$ 56,960	$ 45,500
Accounts receivable, net	17,717	15,062
Inventories	45,901	39,681
Prepaid expenses and other assets	66,473	64,686
Total current assets	187,051	164,929
Property and equipment, net	5,622,574	4,960,142
Goodwill and tradenames	611,330	611,330
Other long-term assets	184,594	202,026
Total assets	6,605,549	5,938,427
Current liabilities:
Current portion of long-term debt	282,564	221,233
Accounts payable	98,559	79,126
Accrued expenses and other liabilities	225,266	231,040
Due to Affiliate	36,815	59,897
Advance ticket sales	434,541	353,793
Total current liabilities	1,077,745	945,089
Long-term debt	2,830,477	2,764,120
Due to Affiliate	73,468	147,364
Other long-term liabilities	48,971	63,070
Total liabilities	4,030,661	3,919,643
Commitments and contingencies (Note 8)
Shareholders' equity:
Ordinary shares, $.001 par value; 490,000,000 shares authorized; 205,083,076 shares issued and outstanding at September 30, 2013, and $.0012 par value; 40,000,000 shares authorized; 21,000,000 shares issued and outstanding at December 31, 2012	205	25
Additional paid-in capital	2,819,153	2,327,097
Accumulated other comprehensive income (loss)	(33,098)	(17,619)
Retained earnings (deficit)	(233,563)	(299,185)
Total shareholders' equity controlling interest	2,552,697	2,010,318
Non-controlling interest	22,191	8,466
Total shareholders' equity	2,574,888	2,018,784
Total liabilities and shareholders' equity	$ 6,605,549	$ 5,938,427

XML

Accumulated Other Comprehensive Income (Loss)

9 Months Ended

Sep. 30, 2013

Accumulated Other Comprehensive Income (Loss)

3. Accumulated Other Comprehensive Income (Loss)

Accumulated other comprehensive income (loss) for the nine months ended September 30, 2013 was as follows (in thousands):

	Accumulated Other Comprehensive Income (Loss)			Change Related to Cash Flow Hedges			Change Related to Shipboard Retirement Plan
Accumulated other comprehensive income (loss) at beginning of period	$	(17,619	)	$	(7,872	)	$	(9,747	)
Current period other comprehensive loss before reclassifications		(12,292	)		(12,292	)		—
Amounts reclassified		(3,187	)		(3,529	)(1)		342	(2)
Accumulated other comprehensive income (loss) at end of period	$	(33,098	)	$	(23,693	)(3)	$	(9,405	)

(1) We refer you to Note 7— “Fair Value Measurements and Derivatives” for the affected line items in the Consolidated Statements of Operations.

(2) Amortization of prior-service cost and actuarial loss reclassified to payroll and related expense.

(3) Of the existing amounts related to derivatives designated as cash flow hedges, $1.8 million of income is expected to be reclassified into earnings in the next 12 months.

XML

Accumulated Other Comprehensive Income (Loss) (Parenthetical) (Detail) (Change Related to Cash Flow Hedges, USD $) In Millions, unless otherwise specified	9 Months Ended
	Sep. 30, 2013
Change Related to Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss) [Line Items]
Amount expected to be reclassified into earnings	$ 1.8

XML

Accumulated Other Comprehensive Income (Loss) (Tables)

9 Months Ended

Sep. 30, 2013

Accumulated Other Comprehensive Income (Loss)

Accumulated other comprehensive income (loss) for the nine months ended September 30, 2013 was as follows (in thousands):

	Accumulated Other Comprehensive Income (Loss)			Change Related to Cash Flow Hedges			Change Related to Shipboard Retirement Plan
Accumulated other comprehensive income (loss) at beginning of period	$	(17,619	)	$	(7,872	)	$	(9,747	)
Current period other comprehensive loss before reclassifications		(12,292	)		(12,292	)		—
Amounts reclassified		(3,187	)		(3,529	)(1)		342	(2)
Accumulated other comprehensive income (loss) at end of period	$	(33,098	)	$	(23,693	)(3)	$	(9,405	)

(1) We refer you to Note 7— “Fair Value Measurements and Derivatives” for the affected line items in the Consolidated Statements of Operations.

(2) Amortization of prior-service cost and actuarial loss reclassified to payroll and related expense.

(3) Of the existing amounts related to derivatives designated as cash flow hedges, $1.8 million of income is expected to be reclassified into earnings in the next 12 months.

XML

Effects of Interest Rates Swaps Designated as Cash Flow Hedges (Detail) (Cash Flow Hedging, Interest Rate Swap, USD $) In Thousands, unless otherwise specified	3 Months Ended	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2013
Cash Flow Hedging | Interest Rate Swap
Derivative Instruments, Gain (Loss) [Line Items]
Loss recognized in other comprehensive loss - effective portion	$ (2,826)	$ (2,826)
Loss recognized in other income (expense) - ineffective portion	(334)	(334)
Amount reclassified from other comprehensive income (loss) into interest expense, net	$ 65	$ 65

XML

Income Tax Expense - Additional Information (Detail) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Income Taxes [Line Items]
Income tax expense	$ 7,933,000	$ 398,000	$ 11,177,000	$ 544,000
Reduction of income tax expense due to implementation of a global tax platform	(6,600,000)		(6,600,000)
Expense due to change in U.S. tax status
Income Taxes [Line Items]
Income tax expense			4,200,000
Debt prepayments
Income Taxes [Line Items]
Income tax expense			$ 2,600,000

XML

Related Party Disclosures - Additional Information (Detail) (USD $) In Millions, unless otherwise specified	1 Months Ended	9 Months Ended
	Jan. 31, 2013	Sep. 30, 2013
Related Party Transaction [Line Items]
Contribution to NCLC	$ 460.0	$ 460.0
Norwegian Cruise Line Holdings Ltd.
Related Party Transaction [Line Items]
Percentage of economic interest	97.30%	97.70%
Genting Hk
Related Party Transaction [Line Items]
Percentage of ownership	43.40%	37.50%
Repayment in connection with the Norwegian Sky purchase agreement	$ 98.2
Apollo Funds
Related Party Transaction [Line Items]
Percentage of ownership	32.50%	28.10%
TPG Viking Funds
Related Party Transaction [Line Items]
Percentage of ownership	10.80%	9.40%
Public Placement
Related Party Transaction [Line Items]
Percentage of ownership	13.30%	25.00%

XML

Effects of Foreign Currency Forward Contracts Designated as Cash Flow Hedges (Detail) (Cash Flow Hedging, Foreign Exchange Forward, USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Cash Flow Hedging | Foreign Exchange Forward
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in other comprehensive loss - effective portion		$ 2,609	$ (7,886)	$ 4,332
Gain recognized in other income (expense) - ineffective portion			66
Amount reclassified from accumulated comprehensive income (loss) into depreciation and amortization expense	$ (32)		$ (52)

XML

Effects of Derivatives Designated as Cash Flow Hedges (Detail) (Cash Flow Hedge, Fuel Swaps, USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Cash Flow Hedge | Fuel Swaps
Derivative Instruments, Gain (Loss) [Line Items]
Gain recognized in other comprehensive loss - effective portion	$ 13,500	$ 30,848	$ 132	$ 23,029
Gain (loss) recognized in other income (expense) - ineffective portion	(83)	157	(182)	(473)
Amount reclassified from accumulated comprehensive income (loss) into fuel expense	$ (2,081)	$ (1,600)	$ (5,080)	$ (13,932)

XML

Long-Term Debt - Additional Information (Detail)	1 Months Ended			9 Months Ended			1 Months Ended		9 Months Ended							1 Months Ended				1 Months Ended		9 Months Ended	1 Months Ended		1 Months Ended		1 Months Ended		1 Months Ended							1 Months Ended	9 Months Ended		1 Months Ended
	Jun. 21, 2013	Feb. 28, 2013 USD ($)	Jan. 31, 2013 USD ($)	Sep. 30, 2013 USD ($)	Sep. 30, 2012 USD ($)	May 24, 2013 USD ($)	Feb. 28, 2013 First Semi-annual Period	Feb. 28, 2013 Second Semi-annual Period	Sep. 30, 2013 Federal Funds Rate	Sep. 30, 2013 Eurocurrency Loans Maximum	Sep. 30, 2013 Eurocurrency Loans Minimum	Sep. 30, 2013 Base Rate Loan Maximum	Sep. 30, 2013 Base Rate Loan Minimum	Apr. 30, 2013 Breakaway One Loan USD ($)	Apr. 30, 2013 Breakaway One Loan EUR (€)	Jan. 31, 2013 Norwegian Jewel Term Loan USD ($)	Apr. 30, 2013 Norwegian Jewel Term Loan USD ($)	Apr. 30, 2013 Norwegian Jewel Term Loan EUR (€)	Apr. 30, 2013 Norwegian Jade Term Loan EUR (€)	Apr. 30, 2013 Norwegian Jade Term Loan London Interbank Offered Rate (LIBOR)	Jan. 31, 2013 Norwegian Pearl and Norwegian Gem Revolving Credit Facility USD ($)	Sep. 30, 2013 Norwegian Pearl and Norwegian Gem Revolving Credit Facility EUR (€)	Jan. 31, 2013 Pride of Hawai'i Loan USD ($)	Sep. 30, 2013 Pride of Hawai'i Loan EUR (€)	Jan. 31, 2013 Pride Of America Hermes Loan USD ($)	Sep. 30, 2013 Pride Of America Hermes Loan EUR (€)	Jan. 31, 2013 Pride of America Commercial Loan USD ($)	Sep. 30, 2013 Pride of America Commercial Loan EUR (€)	Jan. 31, 2013 Norwegian Sky USD ($)	Jan. 31, 2013 11.75% Senior Secured Notes due 2016 USD ($)	Jan. 31, 2013 9.50% Senior Unsecured Notes USD ($)	May 24, 2013 Term Loan Facility USD ($)	Sep. 30, 2013 Term Loan Facility	Sep. 30, 2013 Term Loan Facility Payable on or prior to May 24, 2015	Sep. 30, 2013 Term Loan Facility Payable after May 24, 2015	May 24, 2013 Revolving Loan Facility USD ($)	Sep. 30, 2013 Senior Secured Revolving Credit Facility USD ($)	Sep. 30, 2013 Unsecured Revolving Credit Facility USD ($)	Jun. 21, 2013 Secured loan EUR (€)	Sep. 30, 2013 Secured loan USD ($)
Debt Instrument [Line Items]
Applicable margin rate	0.95%								0.50%	2.25%	1.50%	1.25%	0.50%							1.60%
Prepayments of long term debt			$ 55,600,000	$ 2,229,821,000	$ 718,255,000											$ 8,000,000					$ 21,300,000	€ 624,000,000	$ 14,700,000		$ 10,100,000		$ 1,500,000										$ 750,000,000	$ 227,500,000	€ 40,000,000
Senior notes, borrowed amount				117,000,000																																				16,800,000
Senior secured financing						1,300,000,000																										675,000,000				625,000,000
Senior notes, maturity date		Feb. 15, 2018																														May 24, 2018				May 24, 2018
Debt instrument, description				The initial applicable margin for borrowings is 2.25% with respect to Eurocurrency borrowings and 1.25% with respect to base rate borrowings.
Commitment fee rate				40.00%
Quarterly installments first payment date																																	2013-09
Principal payment, percentage of outstanding amount																																		1.25%	2.50%
Debt instrument, interest rate		5.00%																												11.75%	9.50%							9.50%
Amount borrowed														528,000,000			57,700,000
Long term debt, principal amount															529,800,000	334,100,000		126,100,000	126,100,000			624,000,000		308,100,000		258,000,000		40,000,000
Term loan, maturity date														2025-04	2025-04				2016-04
Senior notes, principal amount		300,000,000
Semi annual payments of interest on notes payable							Payable semiannually on February 15	Payable semiannually on August 15
First interest payment debt on notes payable		Aug. 15, 2013
Discount rate on notes payable		99.451%
Net proceeds from the IPO and Notes Offering			770,000,000
Payments to Genting HK																													79,700,000
Redemption of senior secured notes																														450,000,000	122,500,000
Debt instrument, maturity year																														2016
Expenses related to debt prepayments			$ 90,500,000	$ 56,721,000	$ 3,635,000

XML

Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Cash flows from operating activities
Net income	$ 66,479	$ 167,503
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	180,143	160,781
Gain on derivatives	(195)	(2,067)
Deferred income taxes, net	11,026
Write-off of deferred financing fees	36,357	2,358
Share-based compensation expense	21,283	495
Premium on debt issuance		6,000
Changes in operating assets and liabilities:
Accounts receivable, net	(2,655)	(4,649)
Inventories	(6,220)	(6,941)
Prepaid expenses and other assets	(1,558)	375
Accounts payable	19,433	(13,393)
Accrued expenses and other liabilities	(5,480)	27,312
Advance ticket sales	79,730	38,749
Net cash provided by operating activities	398,343	376,523
Cash flows from investing activities
Additions to property and equipment and other	(835,765)	(229,855)
Net cash used in investing activities	(835,765)	(229,855)
Cash flows from financing activities
Repayments of long-term debt	(2,229,821)	(718,255)
Repayments to Affiliate	(98,171)
Proceeds from long-term debt	2,359,310	584,990
Proceeds from the issuance of ordinary shares, net	473,017
Proceeds from the exercise of stock options	1,268
Deferred financing fees and other	(56,721)	(3,635)
Net cash provided by (used in) financing activities	448,882	(136,900)
Net increase in cash and cash equivalents	11,460	9,768
Cash and cash equivalents at beginning of period	45,500	58,926
Cash and cash equivalents at end of period	$ 56,960	$ 68,694

XML

Corporate Reorganization

9 Months Ended

Sep. 30, 2013

Corporate Reorganization

1. Corporate Reorganization

In January 2013, NCLH completed the IPO of 27,058,824 ordinary shares, par value $.001 per share. In connection with the consummation of the IPO, NCLC’s ordinary shares were exchanged for the ordinary shares of NCLH, and NCLH became the owner of 100% of the ordinary shares (representing a 97.3% economic interest) and parent company of NCLC (the “Corporate Reorganization”). Accordingly, NCLH contributed $460.0 million to NCLC and the historical financial statements of NCLC became those of NCLH. As a result of the Corporate Reorganization, the Management NCL Corporation Units created a non-controlling interest within NCLH. The Corporate Reorganization was effected solely for the purpose of reorganizing our corporate structure. NCLH had not, prior to the completion of the Corporate Reorganization, conducted any activities other than those incidental to its formation and to preparations for the Corporate Reorganization and the IPO (we refer you to Note 5—“Related Party Disclosures” for more information on the Corporate Reorganization).

XML

Long-Term Debt

9 Months Ended

Sep. 30, 2013

Long-Term Debt

4. Long-Term Debt

On June 21, 2013, NCLC and certain of its subsidiaries entered into supplemental deeds to the $334.1 million Norwegian Jewel loan, Breakaway/Getaway Term Loan Facilities, €258.0 million Pride of America loan, and €308.1 million Pride of Hawai’i loan. The supplemental deeds amended and restated those credit facilities, reducing the interest rate per annum to a rate equal to the sum of (a) an adjusted LIBOR rate, (b) an applicable margin of 0.95% and (c) certain customary mandatory costs to compensate lenders for the cost of compliance with various financial regulations. In connection with these amendments, we terminated the €40.0 million secured loan agreement, dated as of April 4, 2003, as amended and restated on June 1, 2012, by and among Pride of America Ship Holding, LLC, as borrower, and a syndicate of international banks, and related guarantee by NCLC which had an aggregate outstanding principal balance thereunder of $16.8 million.

On May 24, 2013, NCLC entered into a credit agreement which provides senior secured financing of $1.3 billion, consisting of (i) a $675 million term loan facility maturing on May 24, 2018 (the “Term Loan Facility”), all of which was borrowed for the purpose of refinancing existing senior debt; and (ii) a $625 million revolving credit facility maturing on May 24, 2018 (the “Revolving Loan Facility” and together with the Term Loan Facility, the “new senior secured credit facilities”), $117.0 million of which was borrowed as of September 30, 2013.

Borrowings under the new senior secured credit facilities bear interest at a rate per annum equal to (a) an adjusted LIBOR rate or (b) a base rate determined by reference to the highest of (i) the federal funds rate plus 0.50%, (ii) the prime rate of Deutsche Bank and (iii) the adjusted LIBOR rate, in each case plus an applicable margin that is determined by reference to a total leverage ratio, with an applicable margin of between 2.25% and 1.50% with respect to Eurocurrency loans and between 1.25% and 0.50% with respect to base rate loans. The initial applicable margin for borrowings is 2.25% with respect to Eurocurrency borrowings and 1.25% with respect to base rate borrowings.

In addition to paying interest on outstanding principal under the new senior secured credit facilities, a commitment fee rate is determined by reference to a total leverage ratio, with a maximum commitment fee rate of 40% of the applicable margin for Eurocurrency loans.

The Term Loan Facility will be paid in quarterly installments which commenced in September 2013, in a principal amount equal to (a) in the case of installments payable on or prior to May 24, 2015, 1.25% of the loans outstanding immediately after the closing date under the Term Loan Facility and (b) in the case of installments payable after May 24, 2015, 2.50% of the loans outstanding immediately after the closing date under the Term Loan Facility, with the remaining unpaid principal amount of loans under the Term Loan Facility due and payable in full at maturity on May 24, 2018. Principal amounts outstanding under the Revolving Loan Facility are due and payable in full at maturity on May 24, 2018.

In connection with the entry into the new senior secured credit facilities, the $750.0 million Senior Secured Revolving Credit Facility and the €624.0 million Norwegian Pearl and Norwegian Gem Revolving Credit Facility were terminated. In addition, the $227.5 million remaining balance of our 9.50% senior unsecured notes, plus premium and accrued and unpaid interest, was redeemed in full on June 28, 2013.

In April 2013, we took delivery of Norwegian Breakaway. To finance the payment due upon delivery, we drew $528.0 million of our €529.8 million Breakaway One Loan which is due April 2025. Also, we drew an aggregate of $57.7 million of our €126.1 million Norwegian Jewel Term Loan and €126.1 million Norwegian Jade Term Loan which will come due April 2016. The loans bear interest at LIBOR plus 1.6%.

In February 2013, NCLC issued $300.0 million aggregate principal amount of senior unsecured notes bearing interest at a rate of 5% per annum and maturing on February 15, 2018 (the “Notes Offering”). Interest on the notes will be payable semiannually on February 15 and August 15 of each year, which commenced on August 15, 2013. The notes were issued at 99.451%.

We used the net proceeds that we received from the IPO and the Notes Offering, aggregating approximately $770.0 million, to pay down debt, including; (i) a prepayment of an aggregate $55.6 million that became payable upon the consummation of the IPO consisting of $21.3 million on our €624.0 million Norwegian Pearl and Norwegian Gem Revolving Credit Facility, $14.7 million on our €308.1 million Pride of Hawai’i loan, $8.0 million on our $334.1 million Norwegian Jewel loan, $10.1 million on our €258.0 million Pride of America loan and $1.5 million on our €40.0 million Pride of America commercial loan, (ii) a payment to Genting HK of $79.7 million in connection with the Norwegian Sky purchase agreement, (iii) a full redemption of our $450.0 million 11.75% senior secured notes due 2016 and (iv) a partial redemption of $122.5 million aggregate principal amount of our 9.50% senior unsecured notes. Expenses related to these debt prepayments were approximately $90.5 million and were recognized in interest expense.

XML

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2013

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of Presentation

The accompanying consolidated financial statements are unaudited and, in our opinion, contain all normal recurring adjustments necessary for a fair statement of the results for the periods presented.

Our operations are seasonal and results for interim periods are not necessarily indicative of the results for the entire fiscal year. Historically, demand for cruises has been strongest during the summer months. The interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2012, which are included in our most recently filed Annual Report on Form 10-K.

Earnings Per Share

Basic earnings per share is computed by dividing net income attributable to Norwegian Cruise Line Holdings Ltd. by the weighted-average shares outstanding during each period. Diluted earnings per share incorporates the incremental shares issuable upon conversion of potentially dilutive shares and is computed by dividing net income by the diluted weighted-average shares outstanding during each period. A reconciliation between basic and diluted earnings per share was as follows (in thousands, except share and per share data):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2013		2012		2013		2012
Net income attributable to Norwegian Cruise Line Holdings Ltd.	$	170,858	$	128,188	$	65,622	$	167,503
Net income	$	172,894	$	128,188	$	66,479	$	167,503
Basic weighted-average shares outstanding		204,425,308		178,252,763		202,279,989		178,198,984
Dilutive effect of awards		6,277,936		797,287		6,393,619		787,520
Diluted weighted-average shares outstanding		210,703,244		179,050,050		208,673,608		178,986,504
Basic earnings per share	$	0.84	$	0.72	$	0.32	$	0.94
Diluted earnings per share	$	0.82	$	0.72	$	0.32	$	0.94

Revenue and Expense Recognition

Revenue and expense includes taxes assessed by governmental authorities that are directly imposed on a revenue-producing transaction between a seller and a customer. The amounts included in revenue and expense on a gross basis were $44.4 million and $37.4 million for the three months ended September 30, 2013 and 2012, respectively, and $111.9 million and $104.0 million for the nine months ended September 30, 2013 and 2012, respectively.

Recent Accounting Pronouncements

In February 2013, the Financial Accounting Standards Board issued Accounting Standards Update No. 2013-02, “Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income.” Significant amounts reclassified from each component of accumulated other comprehensive income and the income statement line items affected by the reclassification shall be disclosed in a note to the consolidated financial statements or presented parenthetically on the face of the financial statements (we refer you to Note 3— “Accumulated Other Comprehensive Income (Loss)”).

We have adopted the disclosure requirements as presented in the amendment to subtopic 210-20 “Disclosures about Offsetting Assets and Liabilities” which requires that we disclose separately for assets and liabilities the gross recognition and the offsetting amounts which are permitted by our master netting arrangements for our derivative contracts (we refer you to Note 7— “Fair Value Measurements and Derivatives”).

XML

Derivatives Measured at Fair Value and Disclosed by Balance Sheet Location (Detail) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
Derivatives, Fair Value [Line Items]
Derivative assets, fair value	$ 17,661	$ 32,989
Derivative liabilities, fair value	23,409	39,486
Designated as Hedging Instrument | Fuel Swaps | Prepaid Expenses and Other Assets
Derivatives, Fair Value [Line Items]
Derivative assets, fair value	4,421	5,955
Derivative liabilities, fair value	484	876
Designated as Hedging Instrument | Fuel Swaps | Other Long-term Assets
Derivatives, Fair Value [Line Items]
Derivative assets, fair value	2,201	3,969
Derivative liabilities, fair value	1,890	388
Designated as Hedging Instrument | Fuel Swaps | Accrued expenses and other liabilities
Derivatives, Fair Value [Line Items]
Derivative assets, fair value	669	188
Derivative liabilities, fair value	938	204
Designated as Hedging Instrument | Fuel Swaps | Other Long-term Liabilities
Derivatives, Fair Value [Line Items]
Derivative assets, fair value	189	391
Derivative liabilities, fair value	180	42
Designated as Hedging Instrument | Fuel Collars | Prepaid Expenses and Other Assets
Derivatives, Fair Value [Line Items]
Derivative assets, fair value	614	1,615
Derivative liabilities, fair value	322	530
Designated as Hedging Instrument | Fuel Collars | Accrued expenses and other liabilities
Derivatives, Fair Value [Line Items]
Derivative assets, fair value		51
Derivative liabilities, fair value		69
Designated as Hedging Instrument | Fuel Collars | Other Long-term Liabilities
Derivatives, Fair Value [Line Items]
Derivative assets, fair value	207	1,908
Derivative liabilities, fair value	202	1,230
Designated as Hedging Instrument | Foreign Currency Option Contracts | Accrued expenses and other liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities, fair value	18,756	20,267
Designated as Hedging Instrument | Foreign Currency Option Contracts | Other Long-term Liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities, fair value		16,443
Designated as Hedging Instrument | Foreign Currency Forward Contract | Prepaid Expenses and Other Assets
Derivatives, Fair Value [Line Items]
Derivative assets, fair value		11,685
Designated as Hedging Instrument | Foreign Currency Collar | Prepaid Expenses and Other Assets
Derivatives, Fair Value [Line Items]
Derivative assets, fair value	10,425
Derivative liabilities, fair value	30
Designated as Hedging Instrument | Foreign Currency Collar | Other Long-term Assets
Derivatives, Fair Value [Line Items]
Derivative assets, fair value		9,765
Derivative liabilities, fair value		1,613
Designated as Hedging Instrument | Interest Rate Swap | Accrued expenses and other liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities, fair value	898
Designated as Hedging Instrument | Interest Rate Swap | Other Long-term Liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities, fair value	2,233
Not Designated as Hedging Instrument | Fuel Options | Prepaid Expenses and Other Assets
Derivatives, Fair Value [Line Items]
Derivative liabilities, fair value	322	304
Not Designated as Hedging Instrument | Fuel Options | Other Long-term Liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities, fair value	$ 202	$ 1,231

XML

Effects of Fuel Collars Designated as Cash flow Hedges (Detail) (Cash Flow Hedging, Fuel Collars, USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Cash Flow Hedging | Fuel Collars
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in other comprehensive loss - effective portion	$ 427	$ 5,060	$ (1,108)	$ 2,441
Gain (loss) recognized in other income (expense) - ineffective portion	(51)	479	(29)	142
Amount reclassified from other comprehensive income (loss) into fuel expense	$ 332	$ (1,107)	$ 1,150	$ (5,377)

XML

Effects of Foreign Currency Collar Designated as Cash Flow Hedges (Detail) (Cash Flow Hedging, Foreign Currency Collar, USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Cash Flow Hedging | Foreign Currency Collar
Derivative Instruments, Gain (Loss) [Line Items]
Gain recognized in other comprehensive income - effective portion	$ 4,518	$ 5,156	$ 2,243	$ 5,156

XML

Consolidated Statements of Comprehensive Income (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Net income	$ 172,894	$ 128,188	$ 66,479	$ 167,503
Other comprehensive income (loss):
Shipboard Retirement Plan	117	98	351	294
Cash flow hedges:
Net unrealized gain (loss)	16,798	40,860	(12,619)	15,110
Amount realized and reclassified into earnings	(1,539)	(2,707)	(3,623)	(19,309)
Total other comprehensive income (loss)	15,376	38,251	(15,891)	(3,905)
Total comprehensive income	188,270	166,439	50,588	163,598
Comprehensive income attributable to non-controlling interest	2,233		445
Total comprehensive income attributable to Norwegian Cruise Line Holdings Ltd.	$ 186,037	$ 166,439	$ 50,143	$ 163,598

XML

Fair Value Measurements and Derivatives (Fuel Options)

9 Months Ended

Sep. 30, 2013

Fuel Options

Fair Value Measurements and Derivatives

7. Fair Value Measurements and Derivatives

Fair value is defined as the price at which an orderly transaction to sell an asset or to transfer a liability would take place between market participants at the measurement date under current market conditions (that is, an exit price at the measurement date from the perspective of a market participant that holds the asset or owes the liability).

Fair Value Hierarchy

The following hierarchy for inputs used in measuring fair value should maximize the use of observable inputs and minimize the use of unobservable inputs by requiring that the most observable inputs be used when available:

Level 1	Quoted prices in active markets for identical assets or liabilities that are accessible at the measurement dates.
Level 2	Significant other observable inputs that are used by market participants in pricing the asset or liability based on market data obtained from independent sources.
Level 3	Significant unobservable inputs we believe market participants would use in pricing the asset or liability based on the best information available.

Derivatives

We are exposed to market risk attributable to changes in interest rates, foreign currency exchange rates and fuel prices. We attempt to minimize these risks through a combination of our normal operating and financing activities and through the use of derivatives. We assess whether derivatives used in hedging transactions are “highly effective” in offsetting changes in the cash flow of our hedged forecasted transactions. We use regression analysis for this hedge relationship and high effectiveness is achieved when a statistically valid relationship reflects a high degree of offset and correlation between the fair values of the derivative and the hedged forecasted transaction. Cash flows from the derivatives are classified in the same category as the cash flows from the underlying hedged transaction. The determination of ineffectiveness is based on the amount of dollar offset between the cumulative change in fair value of the derivative and the cumulative change in fair value of the hedged transaction at the end of the reporting period. If it is determined that a derivative is not highly effective as a hedge, or if the hedged forecasted transaction is no longer probable of occurring, then the amount recognized in accumulated other comprehensive income (loss) is released to earnings. In addition, the ineffective portion of our highly effective hedges is recognized in earnings immediately and reported in other income (expense) in our consolidated statements of operations. There are no amounts excluded from the assessment of hedge effectiveness and there are no credit-risk-related contingent features in our derivative agreements.

We monitor concentrations of credit risk associated with financial and other institutions with which we conduct significant business. Credit risk, including but not limited to counterparty non-performance under derivatives and our revolving credit facility, is not considered significant, as we primarily conduct business with large, well-established financial institutions that we have established relationships with and that have credit risks acceptable to us or the credit risk is spread out among a large number of creditors. We do not anticipate non-performance by any of our significant counterparties. The following table sets forth the fair value of our derivatives including the balance sheet location (in thousands):

		Asset				Liability
	Balance Sheet location	September 30, 2013		December 31, 2012		September 30, 2013		December 31, 2012
Fuel swaps designated as hedging instruments
	Prepaid expenses and other assets	$	4,421	$	5,955	$	484	$	876
	Other long-term assets		2,201		3,969		1,890		388
	Accrued expenses and other liabilities		669		188		938		204
	Other long-term liabilities		189		391		180		42
Fuel collars designated as hedging instruments
	Prepaid expenses and other assets		614		1,615		322		530
	Accrued expenses and other liabilities		—		51		—		69
	Other long-term liabilities		207		1,908		202		1,230
Fuel options not designated as hedging instruments
	Prepaid expenses and other assets		—		—		322		304
	Other long-term liabilities		—		—		202		1,231
Foreign currency options designated as hedging instruments
	Accrued expenses and other liabilities		—		—		18,756		20,267
	Other long-term liabilities		—		—		—		16,443
Foreign currency forward contracts designated as hedging instruments
	Prepaid expenses and other assets		—		11,685		—		—
Foreign currency collar designated as a hedging instrument
	Prepaid expenses and other assets		10,425		—		30		—
	Other long-term assets		—		9,765		—		1,613
Interest rate swaps designated as hedging instruments
	Accrued expenses and other liabilities		—		—		898		—
	Other long-term liabilities		—		—		2,233		—

The fair values of swap and forward contracts are determined based on inputs that are readily available in public markets or can be derived from information available in publicly quoted markets. The Company determines the value of options and collars utilizing an option pricing model based on inputs that are either readily available in public markets or can be derived from information available in publicly quoted markets. The option pricing model used by the Company is an industry standard model for valuing options and is used by the broker/dealer community. The inputs to this option pricing model are the option strike price, underlying price, risk-free rate of interest, time to expiration and volatility. The fair value of option and collar contracts considers both the intrinsic value and any remaining time value associated with those derivatives that have not yet settled. The Company also considers counterparty credit risk and its own credit risk in its determination of all estimated fair values. Our derivatives and financial instruments were categorized as Level 2 in the fair value hierarchy, and we had no derivatives or financial instruments categorized as Level 1 or Level 3.

Our derivative contracts include rights of offset with our counterparties. We have elected to net certain assets and liabilities within counterparties. We are not required to post cash collateral related to our derivative instruments. The following table discloses the amounts recognized within assets and liabilities (in thousands):

September 30, 2013	Gross Amounts		Gross Amounts Offset			Total Net Amounts		Gross Amounts Not Offset			Net Amounts
Assets	$	17,661	$	(3,048	)	$	14,613	$	—		$	14,613
Liabilities		23,409		(1,065	)		22,344		(21,887	)		457
December 31, 2012	Gross Amounts		Gross Amounts Offset			Total Net Amounts		Gross Amounts Not Offset			Net Amounts
Assets	$	32,989	$	(3,711	)	$	29,278	$	(11,685	)	$	17,593
Liabilities		39,486		(2,538	)		36,948		(36,710	)		238

Fuel Swaps

As of September 30, 2013, we had fuel swaps maturing through December 31, 2016 which are used to mitigate the financial impact of volatility in fuel prices pertaining to approximately 745,000 metric tons of our projected fuel purchases. The effects on the consolidated financial statements of the fuel swaps which were designated as cash flow hedges were as follows (in thousands):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2013			2012			2013			2012
Gain recognized in other comprehensive loss – effective portion	$	13,500		$	30,848		$	132		$	23,029
Gain (loss) recognized in other income (expense) – ineffective portion		(83	)		157			(182	)		(473	)
Amount reclassified from accumulated comprehensive income (loss) into fuel expense		(2,081	)		(1,600	)		(5,080	)		(13,932	)

Fuel Collars and Options

As of September 30, 2013, we had fuel collars and fuel options maturing through December 31, 2014 which are used to mitigate the financial impact of volatility in fuel prices pertaining to approximately 43,000 metric tons of our projected fuel purchases. The effects on the consolidated financial statements of the fuel collars which were designated as cash flow hedges were as follows (in thousands):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2013			2012			2013			2012
Gain (loss) recognized in other comprehensive loss – effective portion	$	427		$	5,060		$	(1,108	)	$	2,441
Gain (loss) recognized in other income (expense) – ineffective portion		(51	)		479			(29	)		142
Amount reclassified from other comprehensive income (loss) into fuel expense		332			(1,107	)		1,150			(5,377	)

The effects on the consolidated financial statements of the fuel options which were not designated as hedging instruments were as follows (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2013		2012		2013		2012
Gain recognized in other income (expense)	$	430	$	1,143	$	1,011	$	2,858

Foreign Currency Forward Contracts

We had foreign currency forward contracts which matured in April 2013. The effects on the consolidated financial statements of the foreign currency forward contracts which were designated as cash flow hedges were as follows (in thousands):

	Three Months Ended September 30,					Nine Months Ended September 30,
	2013			2012		2013			2012
Gain (loss) recognized in other comprehensive loss – effective portion	$	—		$	2,609	$	(7,886	)	$	4,332
Gain recognized in other income (expense) – ineffective portion		—			—		66			—
Amount reclassified from accumulated comprehensive income (loss) into depreciation and amortization expense		(32	)		—		(52	)		—

As of September 30, 2013, the effects on the consolidated financial statements of the foreign currency forward contracts which were not designated as hedging instruments were as follows (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2013		2012		2013		2012
Gain recognized in other income (expense)	$	—	$	—	$	20	$	—

Foreign Currency Options

As of September 30, 2013, we had foreign currency derivatives consisting of call options with deferred premiums which are used to mitigate the financial impact of volatility in foreign currency exchange rates related to our ship construction contracts denominated in euros. If the spot rate at the date the ships are delivered is less than the strike price under these option contracts, we would pay the deferred premium and not exercise the foreign currency options. The notional amount of our foreign currency options was €175.0 million, or $236.7 million based on the euro/U.S. dollar exchange rate as of September 30, 2013. The effects on the consolidated financial statements of the foreign currency options which were designated as cash flow hedges were as follows (in thousands):

	Three Months Ended September 30,					Nine Months Ended September 30,
	2013		2012			2013			2012
Gain (loss) recognized in other comprehensive loss – effective portion	$	1,179	$	(2,813	)	$	(3,174	)	$	(19,848	)
Gain (loss) recognized in other income (expense) – ineffective portion		13		(134	)		(307	)		(484	)
Amount reclassified from accumulated comprehensive income (loss) into depreciation and amortization expense		177		—			294			—

Foreign Currency Collar

As of September 30, 2013, we had a foreign currency collar used to mitigate the volatility of foreign currency exchange rates related to our ship construction contracts denominated in euros. The notional amount of our foreign currency collar was €100.0 million, or $135.3 million based on the euro/U.S. dollar exchange rate as of September 30, 2013. The effects on the consolidated financial statements of the foreign currency collar which was designated as a cash flow hedge was as follows (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2013		2012		2013		2012
Gain recognized in other comprehensive income – effective portion	$	4,518	$	5,156	$	2,243	$	5,156

Interest Rate Swaps

As of September 30, 2013, we had interest rate swap agreements to modify our exposure to interest rate movements and to manage our interest expense. The notional amount of outstanding debt associated with the interest rate swap agreements was $705.8 million. The effects on the consolidated financial statements of the interest rates swaps which were designated as cash flow hedges were as follows (in thousands):

	Three Months Ended September 30,					Nine Months Ended September 30,
	2013			2012		2013			2012
Loss recognized in other comprehensive loss – effective portion	$	(2,826	)	$	—	$	(2,826	)	$	—
Loss recognized in other income (expense) – ineffective portion		(334	)		—		(334	)		—
Amount reclassified from other comprehensive income (loss) into interest expense, net		65			—		65			—

Long-Term Debt

As of September 30, 2013 and December 31, 2012, the fair value of our long-term debt, including the current portion, was $3,105.0 million and $3,106.9 million, which was $8.0 million lower and $121.5 million higher, respectively, than the carrying values. The difference between the fair value and carrying value of our long-term debt is due to our fixed and variable rate debt obligations carrying interest rates that are above or below market rates at the measurement dates. The fair value of our long-term debt was calculated based on estimated rates for the same or similar instruments with similar terms and remaining maturities. The calculation of the fair value of our long-term debt is considered a Level 2 input.

Other

The carrying amounts reported in the consolidated balance sheets of all financial assets and liabilities other than our long-term debt approximate fair value.

XML

Consolidated Balance Sheets (Parenthetical) (USD $)	Sep. 30, 2013	Dec. 31, 2012
Ordinary shares, par value	$ 0.0010	$ 0.0012
Ordinary shares, authorized	490,000,000	40,000,000
Ordinary shares, issued	205,083,076	21,000,000
Ordinary shares, outstanding	205,083,076	21,000,000

XML

Consolidated Statements of Operations (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Revenue
Passenger ticket	$ 583,923	$ 490,322	$ 1,400,470	$ 1,257,871
Onboard and other	213,962	184,089	569,479	515,204
Total revenue	797,885	674,411	1,969,949	1,773,075
Cruise operating expense
Commissions, transportation and other	140,086	122,331	347,650	321,640
Onboard and other	61,744	53,641	153,431	136,851
Payroll and related	90,695	72,961	247,543	220,683
Fuel	77,035	69,602	225,115	206,743
Food	37,596	32,452	101,232	95,163
Other	48,946	43,084	164,899	152,759
Total cruise operating expense	456,102	394,071	1,239,870	1,133,839
Other operating expense
Marketing, general and administrative	77,606	57,779	236,923	190,748
Depreciation and amortization	56,097	48,423	158,699	140,900
Total other operating expense	133,703	106,202	395,622	331,648
Operating income	208,080	174,138	334,457	307,588
Non-operating income (expense)
Interest expense, net	(26,627)	(47,196)	(257,969)	(142,271)
Other income (expense)	(626)	1,644	1,168	2,730
Total non-operating income (expense)	(27,253)	(45,552)	(256,801)	(139,541)
Net income before income taxes	180,827	128,586	77,656	168,047
Income tax expense	(7,933)	(398)	(11,177)	(544)
Net income	172,894	128,188	66,479	167,503
Net income attributable to non-controlling interest	2,036		857
Net income attributable to Norwegian Cruise Line Holdings Ltd.	$ 170,858	$ 128,188	$ 65,622	$ 167,503
Weighted-average shares outstanding
Basic	204,425,308	178,252,763	202,279,989	178,198,984
Diluted	210,703,244	179,050,050	208,673,608	178,986,504
Earnings per share
Basic	$ 0.84	$ 0.72	$ 0.32	$ 0.94
Diluted	$ 0.82	$ 0.72	$ 0.32	$ 0.94

XML

Amounts Recognized Within Assets and Liabilities Based on Right of Offset (Detail) (USD $) In Thousands, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
Derivative [Line Items]
Gross Amounts	$ 17,661	$ 32,989
Gross Amounts Offset	(3,048)	(3,711)
Total Net Amounts	14,613	29,278
Gross Amounts Not Offset		(11,685)
Net Amounts	14,613	17,593
Gross Amounts	23,409	39,486
Gross Amounts Offset	(1,065)	(2,538)
Total Net Amounts	22,344	36,948
Gross Amounts Not Offset	(21,887)	(36,710)
Net Amounts	$ 457	$ 238

XML

Accumulated Other Comprehensive Income (Loss) (Detail) (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Sep. 30, 2013
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	$ (17,619)
Current period other comprehensive loss before reclassifications	(12,292)
Amounts reclassified	(3,187)
Ending Balance	(33,098)
Change Related to Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(7,872)
Current period other comprehensive loss before reclassifications	(12,292)
Amounts reclassified	(3,529)	[1]
Ending Balance	(23,693)	[2]
Change Related to Shipboard Retirement Plan
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(9,747)
Amounts reclassified	342	[3]
Ending Balance	$ (9,405)

[1] We refer you to Note 7- "Fair Value Measurements and Derivatives" for the affected line items in the Consolidated Statements of Operations.

[2] Of the existing amounts related to derivatives designated as cash flow hedges, $1.8 million of income is expected to be reclassified into earnings in the next 12 months.

[3] Amortization of prior-service cost and actuarial loss reclassified to payroll and related expense.

XML

Commitments and Contingencies - Additional Information (Detail)	1 Months Ended		9 Months Ended
	Sep. 30, 2012 USD ($)	Feb. 28, 2011 LegalMatter	Sep. 30, 2013 Contractual Agreement One USD ($) T Seat	Sep. 30, 2013 Contractual Agreement One EUR (€)	Sep. 30, 2013 Contractual Agreement Two USD ($) Vessel Seat T	Sep. 30, 2013 Contractual Agreement Two EUR (€)
Commitments and Contingencies Disclosure [Line Items]
Scheduled delivery date of ships under construction			January 2014	January 2014	Fourth quarter of 2015 and the first quarter of 2017	Fourth quarter of 2015 and the first quarter of 2017
Capacity of ship, tons			144,000	144,000	163,000	163,000
Capacity of ship, berths			4,000	4,000	4,200	4,200
Aggregate contract price of new ships			$ 849,100,000	€ 627,700,000	$ 1,900,000,000	€ 1,400,000,000
Export credit facility financing as percentage of contract price			90.00%	90.00%	80.00%	80.00%
Cruising ships to be built					2	2
Number of individual plaintiff's claims		6
Awarded wages to plaintiffs	$ 100,000

XML

Effects of Foreign Currency Forward Which Were Not Designated as Hedging Instruments (Detail) (Not Designated as Hedging Instrument, Foreign Exchange Forward, USD $) In Thousands, unless otherwise specified	9 Months Ended
	Sep. 30, 2013
Not Designated as Hedging Instrument | Foreign Exchange Forward
Derivative Instruments, Gain (Loss) [Line Items]
Gain recognized in other income (expense)	$ 20

XML

Effects of Foreign Currency Options Designated as Cash Flow Hedges (Detail) (Cash Flow Hedging, Foreign Exchange Option, USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Cash Flow Hedging | Foreign Exchange Option
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in other comprehensive loss - effective portion	$ 1,179	$ (2,813)	$ (3,174)	$ (19,848)
Gain (loss) recognized in other income (expense) - ineffective portion	13	(134)	(307)	(484)
Amount reclassified from accumulated comprehensive income (loss) into depreciation and amortization expense	$ 177		$ 294

XML

Income Tax Expense

9 Months Ended

Sep. 30, 2013

Income Tax Expense

6. Income Tax Expense

NCLH is treated as a corporation for U.S. federal income tax purposes. For the three and nine months ended September 30, 2013, income tax expense was $7.9 million and $11.2 million, respectively. Income tax expense for the nine months includes a one-time expense of $4.2 million due to a change in U.S. tax status from a partnership to a corporation in connection with our IPO and a benefit of $2.6 million in connection with our prepayments of debt.

In September 2013, we commenced the implementation of a global tax platform. The implementation of this new platform is expected to be completed by December 31, 2013 and, accordingly, its effect has been included as a reduction of $6.6 million to income tax expense for the three and nine months ended September 30, 2013.

XML

Fair Value Measurements and Derivatives - Additional Information (Detail) In Millions, unless otherwise specified				9 Months Ended		9 Months Ended
	Sep. 30, 2013 USD ($)	Dec. 31, 2012 USD ($)	Sep. 30, 2013 Fuel Swaps Mg	Sep. 30, 2013 Fuel Swaps Maximum	Sep. 30, 2013 Fuel Collars and Fuel Options Mg	Sep. 30, 2013 Fuel Collars and Fuel Options Maximum	Sep. 30, 2013 Foreign Exchange Option USD ($)	Sep. 30, 2013 Foreign Exchange Option EUR (€)	Sep. 30, 2013 Foreign Currency Collar USD ($)	Sep. 30, 2013 Foreign Currency Collar EUR (€)	Sep. 30, 2013 Interest Rate Swap USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative maturing date				Dec. 31, 2016		Dec. 31, 2014
Projected fuel purchases			745,000		43,000
Notional amount of derivatives							$ 236.7	€ 175.0	$ 135.3	€ 100.0	$ 705.8
Fair value of long-term debt	3,105.0	3,106.9
Fair value of long-term debt in excess of carrying value	$ 8.0	$ 121.5

XML

Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2013

Basis of Presentation

Basis of Presentation

The accompanying consolidated financial statements are unaudited and, in our opinion, contain all normal recurring adjustments necessary for a fair statement of the results for the periods presented.

Our operations are seasonal and results for interim periods are not necessarily indicative of the results for the entire fiscal year. Historically, demand for cruises has been strongest during the summer months. The interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2012, which are included in our most recently filed Annual Report on Form 10-K.

Earnings Per Share

Earnings Per Share

Basic earnings per share is computed by dividing net income attributable to Norwegian Cruise Line Holdings Ltd. by the weighted-average shares outstanding during each period. Diluted earnings per share incorporates the incremental shares issuable upon conversion of potentially dilutive shares and is computed by dividing net income by the diluted weighted-average shares outstanding during each period. A reconciliation between basic and diluted earnings per share was as follows (in thousands, except share and per share data):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2013		2012		2013		2012
Net income attributable to Norwegian Cruise Line Holdings Ltd.	$	170,858	$	128,188	$	65,622	$	167,503
Net income	$	172,894	$	128,188	$	66,479	$	167,503
Basic weighted-average shares outstanding		204,425,308		178,252,763		202,279,989		178,198,984
Dilutive effect of awards		6,277,936		797,287		6,393,619		787,520
Diluted weighted-average shares outstanding		210,703,244		179,050,050		208,673,608		178,986,504
Basic earnings per share	$	0.84	$	0.72	$	0.32	$	0.94
Diluted earnings per share	$	0.82	$	0.72	$	0.32	$	0.94

Revenue and Expense Recognition

Revenue and Expense Recognition

Revenue and expense includes taxes assessed by governmental authorities that are directly imposed on a revenue-producing transaction between a seller and a customer. The amounts included in revenue and expense on a gross basis were $44.4 million and $37.4 million for the three months ended September 30, 2013 and 2012, respectively, and $111.9 million and $104.0 million for the nine months ended September 30, 2013 and 2012, respectively.

Recent Accounting Pronouncements

Recent Accounting Pronouncements

In February 2013, the Financial Accounting Standards Board issued Accounting Standards Update No. 2013-02, “Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income.” Significant amounts reclassified from each component of accumulated other comprehensive income and the income statement line items affected by the reclassification shall be disclosed in a note to the consolidated financial statements or presented parenthetically on the face of the financial statements (we refer you to Note 3— “Accumulated Other Comprehensive Income (Loss)”).

We have adopted the disclosure requirements as presented in the amendment to subtopic 210-20 “Disclosures about Offsetting Assets and Liabilities” which requires that we disclose separately for assets and liabilities the gross recognition and the offsetting amounts which are permitted by our master netting arrangements for our derivative contracts (we refer you to Note 7— “Fair Value Measurements and Derivatives”).

XML

Related Party Disclosures

9 Months Ended

Sep. 30, 2013

Related Party Disclosures

5. Related Party Disclosures

Following the IPO, NCLH contributed $460.0 million to NCLC. The relative ownership percentages of NCLH’s ordinary shares following the IPO were as follows: Genting HK (43.4%), the Apollo Funds (32.5%), the TPG Viking Funds (10.8%) and public shareholders (13.3%). We also made payments of $98.2 million to Genting HK in connection with the Norwegian Sky purchase agreement.

In August 2013, we had our Secondary Offering by the Selling Shareholders. We did not receive any proceeds from this offering. As of September 30, 2013, the relative ownership percentages of NCLH’s ordinary shares were as follows: Genting HK (37.5%), the Apollo Funds (28.1%), the TPG Viking Funds (9.4%), and public shareholders (25.0%). As of September 30, 2013, NCLH had a (97.7%) economic interest in NCLC.

XML

Consolidated Statements of Changes in Shareholders' Equity (USD $) In Thousands	Total	Ordinary Shares	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings (Deficit)	Non-controlling Interest
Beginning balance at Dec. 31, 2011	$ 1,844,463	$ 25	$ 2,324,167	$ (19,794)	$ (467,741)	$ 7,806
Share-based compensation	495					495
Transactions with Affiliates, net	2,956		2,956
Other comprehensive loss	(3,905)			(3,905)
Net income	167,503				167,503
Ending Balance at Sep. 30, 2012	2,011,512	25	2,327,123	(23,699)	(300,238)	8,301
Beginning balance at Dec. 31, 2012	2,018,784	25	2,327,097	(17,619)	(299,185)	8,466
Share-based compensation	31,283		31,264			19
Transactions with Affiliates, net	(52)		(52)
Corporate Reorganization			(18,994)			18,994
Proceeds from the issuance of ordinary shares, net	473,017	179	472,838
Proceeds from the exercise of stock options	1,268	1	1,267
Other comprehensive loss	(15,891)			(15,479)		(412)
Net income	66,479				65,622	857
Vesting of Management NCL Corporation Units, net of exchanges			5,733			(5,733)
Ending Balance at Sep. 30, 2013	$ 2,574,888	$ 205	$ 2,819,153	$ (33,098)	$ (233,563)	$ 22,191

XML

Effects of Fuel Options Which Were Not Designated as Hedging Instruments (Detail) (Not Designated as Hedging Instrument, Fuel Options, USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Not Designated as Hedging Instrument | Fuel Options
Derivative Instruments, Gain (Loss) [Line Items]
Gain recognized in other income (expense)	$ 430	$ 1,143	$ 1,011	$ 2,858

XML

Fair Value Measurements and Derivatives (Tables)

9 Months Ended

Sep. 30, 2013

Derivatives Measured at Fair Value and Disclosed by Balance Sheet Location

The following table sets forth the fair value of our derivatives including the balance sheet location (in thousands):

		Asset				Liability
	Balance Sheet location	September 30, 2013		December 31, 2012		September 30, 2013		December 31, 2012
Fuel swaps designated as hedging instruments
	Prepaid expenses and other assets	$	4,421	$	5,955	$	484	$	876
	Other long-term assets		2,201		3,969		1,890		388
	Accrued expenses and other liabilities		669		188		938		204
	Other long-term liabilities		189		391		180		42
Fuel collars designated as hedging instruments
	Prepaid expenses and other assets		614		1,615		322		530
	Accrued expenses and other liabilities		—		51		—		69
	Other long-term liabilities		207		1,908		202		1,230
Fuel options not designated as hedging instruments
	Prepaid expenses and other assets		—		—		322		304
	Other long-term liabilities		—		—		202		1,231
Foreign currency options designated as hedging instruments
	Accrued expenses and other liabilities		—		—		18,756		20,267
	Other long-term liabilities		—		—		—		16,443
Foreign currency forward contracts designated as hedging instruments
	Prepaid expenses and other assets		—		11,685		—		—
Foreign currency collar designated as a hedging instrument
	Prepaid expenses and other assets		10,425		—		30		—
	Other long-term assets		—		9,765		—		1,613
Interest rate swaps designated as hedging instruments
	Accrued expenses and other liabilities		—		—		898		—
	Other long-term liabilities		—		—		2,233		—

Amounts Recognized Within Assets and Liabilities

The following table discloses the amounts recognized within assets and liabilities (in thousands):

September 30, 2013	Gross Amounts		Gross Amounts Offset			Total Net Amounts		Gross Amounts Not Offset			Net Amounts
Assets	$	17,661	$	(3,048	)	$	14,613	$	—		$	14,613
Liabilities		23,409		(1,065	)		22,344		(21,887	)		457
December 31, 2012	Gross Amounts		Gross Amounts Offset			Total Net Amounts		Gross Amounts Not Offset			Net Amounts
Assets	$	32,989	$	(3,711	)	$	29,278	$	(11,685	)	$	17,593
Liabilities		39,486		(2,538	)		36,948		(36,710	)		238

Fuel Swaps

Effects of Derivatives Designated as Cash Flow Hedges

The effects on the consolidated financial statements of the fuel swaps which were designated as cash flow hedges were as follows (in thousands):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2013			2012			2013			2012
Gain recognized in other comprehensive loss – effective portion	$	13,500		$	30,848		$	132		$	23,029
Gain (loss) recognized in other income (expense) – ineffective portion		(83	)		157			(182	)		(473	)
Amount reclassified from accumulated comprehensive income (loss) into fuel expense		(2,081	)		(1,600	)		(5,080	)		(13,932	)

Fuel Options

Effects of Derivatives Not Designated as Cash flow Hedges

The effects on the consolidated financial statements of the fuel options which were not designated as hedging instruments were as follows (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2013		2012		2013		2012
Gain recognized in other income (expense)	$	430	$	1,143	$	1,011	$	2,858

Fuel Collars

Effects of Derivatives Designated as Cash Flow Hedges

The effects on the consolidated financial statements of the fuel collars which were designated as cash flow hedges were as follows (in thousands):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2013			2012			2013			2012
Gain (loss) recognized in other comprehensive loss – effective portion	$	427		$	5,060		$	(1,108	)	$	2,441
Gain (loss) recognized in other income (expense) – ineffective portion		(51	)		479			(29	)		142
Amount reclassified from other comprehensive income (loss) into fuel expense		332			(1,107	)		1,150			(5,377	)

Foreign Exchange Option

Effects of Derivatives Designated as Cash Flow Hedges

The effects on the consolidated financial statements of the foreign currency options which were designated as cash flow hedges were as follows (in thousands):

	Three Months Ended September 30,					Nine Months Ended September 30,
	2013		2012			2013			2012
Gain (loss) recognized in other comprehensive loss – effective portion	$	1,179	$	(2,813	)	$	(3,174	)	$	(19,848	)
Gain (loss) recognized in other income (expense) – ineffective portion		13		(134	)		(307	)		(484	)
Amount reclassified from accumulated comprehensive income (loss) into depreciation and amortization expense		177		—			294			—

Foreign Exchange Forward

Effects of Derivatives Designated as Cash Flow Hedges

The effects on the consolidated financial statements of the foreign currency forward contracts which were designated as cash flow hedges were as follows (in thousands):

	Three Months Ended September 30,					Nine Months Ended September 30,
	2013			2012		2013			2012
Gain (loss) recognized in other comprehensive loss – effective portion	$	—		$	2,609	$	(7,886	)	$	4,332
Gain recognized in other income (expense) – ineffective portion		—			—		66			—
Amount reclassified from accumulated comprehensive income (loss) into depreciation and amortization expense		(32	)		—		(52	)		—

Effects of Derivatives Not Designated as Cash flow Hedges

As of September 30, 2013, the effects on the consolidated financial statements of the foreign currency forward contracts which were not designated as hedging instruments were as follows (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2013		2012		2013		2012
Gain recognized in other income (expense)	$	—	$	—	$	20	$	—

Foreign Currency Collar

Effects of Derivatives Designated as Cash Flow Hedges

The effects on the consolidated financial statements of the foreign currency collar which was designated as a cash flow hedge was as follows (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2013		2012		2013		2012
Gain recognized in other comprehensive income – effective portion	$	4,518	$	5,156	$	2,243	$	5,156

Interest Rate Swap

Effects of Derivatives Designated as Cash Flow Hedges

The effects on the consolidated financial statements of the interest rates swaps which were designated as cash flow hedges were as follows (in thousands):

	Three Months Ended September 30,					Nine Months Ended September 30,
	2013			2012		2013			2012
Loss recognized in other comprehensive loss – effective portion	$	(2,826	)	$	—	$	(2,826	)	$	—
Loss recognized in other income (expense) – ineffective portion		(334	)		—		(334	)		—
Amount reclassified from other comprehensive income (loss) into interest expense, net		65			—		65			—

XML

Commitments and Contingencies

9 Months Ended

Sep. 30, 2013

Commitments and Contingencies

8. Commitments and Contingencies

Ship Construction Contracts

Norwegian Getaway is under construction with Meyer Werft and is scheduled for delivery in January 2014. This ship will be approximately 144,000 Gross Tons with 4,000 Berths at an aggregate cost of approximately €627.7 million, or $849.1 million based on the euro/U.S. dollar exchange rate as of September 30, 2013. We have export credit financing in place that provides financing for 90% of its contract price.

We also have orders with Meyer Werft for two additional ships for delivery in the fourth quarter of 2015 and the first quarter of 2017. These ships, Norwegian Escape and Norwegian Bliss, will be the largest in our fleet at approximately 163,000 Gross Tons with 4,200 Berths each and will be similar in design and innovation to our Breakaway Class Ships. The combined contract cost of these two additional ships is approximately €1.4 billion, or $1.9 billion based on the euro/U.S. dollar exchange rate as of September 30, 2013. We have export credit financing in place that provides financing for 80% of their contract price.

In connection with the contracts to build the ships, we do not anticipate any contractual breaches or cancellation to occur. However, if any would occur, it could result in, among other things, the forfeiture of prior deposits or payments made by us and potential claims and impairment losses which may materially impact our business, financial condition and results of operations.

Litigation

In July 2009, a class action complaint was filed against NCL (Bahamas) Ltd. in the United States District Court, Southern District of Florida, on behalf of a purported class of crew members alleging inappropriate deductions of their wages pursuant to the Seaman’s Wage Act and wrongful termination resulting in a loss of retirement benefits. In December 2010, the Court denied the plaintiffs’ Motion for Class Certification. In February 2011, the plaintiffs filed a Motion for Reconsideration as to the Court’s Order on Class Certification which was denied. The Court tried six individual plaintiffs’ claims, and in September 2012 awarded wages aggregating approximately $100,000 to such plaintiffs. In October 2013, the United States Court of Appeals for the Eleventh Circuit affirmed the Court’s rulings as to the denial of class certification and the trial verdict. We intend to continue to vigorously defend this action and are not able at this time to estimate the impact of these proceedings.

In May 2011, a class action complaint was filed against NCL (Bahamas) Ltd. in the United States District Court, Southern District of Florida, on behalf of a purported class of crew members alleging inappropriate deductions of their wages pursuant to the Seaman’s Wage Act and breach of contract. In July 2012, this action was stayed by the Court pending the outcome of the litigation commenced with the class action complaint filed in July 2009. We are vigorously defending this action and are not able at this time to estimate the impact of these proceedings.

In the normal course of our business, various other claims and lawsuits have been filed or are pending against us. Most of these claims and lawsuits are covered by insurance and, accordingly, the maximum amount of our liability is typically limited to our deductible amount. Nonetheless, the ultimate outcome of these claims and lawsuits that are not covered by insurance cannot be determined at this time. We have evaluated our overall exposure with respect to all of our threatened and pending litigation and, to the extent required, we have accrued amounts for all estimable probable losses associated with our deemed exposure. We are currently unable to estimate any other potential contingent losses beyond those accrued, as discovery is not complete nor is adequate information available to estimate such range of loss or potential recovery. We intend to vigorously defend our legal position on all claims and, to the extent necessary, seek recovery.

XML

Summary of Significant Policies - Additional Information (Detail) (USD $) In Millions, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Schedule Of Significant Accounting Policies [Line Items]
Amounts of tax included on a gross basis	$ 44.4	$ 37.4	$ 111.9	$ 104.0

XML

Corporate Reorganization - Additional Information (Detail) (USD $) In Millions, except Share data, unless otherwise specified	1 Months Ended	9 Months Ended
	Jan. 31, 2013	Sep. 30, 2013	Dec. 31, 2012
Restructuring Cost and Reserve [Line Items]
Ordinary shares issued in IPO	27,058,824
Ordinary shares, per share	$ 0.001	$ 0.0010	$ 0.0012
Contribution to NCLC	$ 460.0	$ 460.0
Norwegian Cruise Line Holdings Ltd.
Restructuring Cost and Reserve [Line Items]
Ownership percentage	100.00%
Percentage of economic interest	97.30%	97.70%

XML

Document and Entity Information	9 Months Ended
	Sep. 30, 2013	Oct. 25, 2013
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2013
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	Q3
Trading Symbol	NCLH
Entity Registrant Name	NORWEGIAN CRUISE LINE HOLDINGS LTD.
Entity Central Index Key	0001513761
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		205,083,076

XML

Reconciliation between Basic and Diluted Earnings Per Share (Detail) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Earnings Per Share [Line Items]
Net income attributable to Norwegian Cruise Line Holdings Ltd.	$ 170,858	$ 128,188	$ 65,622	$ 167,503
Net income	$ 172,894	$ 128,188	$ 66,479	$ 167,503
Basic weighted-average shares outstanding	204,425,308	178,252,763	202,279,989	178,198,984
Dilutive effect of awards	6,277,936	797,287	6,393,619	787,520
Diluted weighted-average shares outstanding	210,703,244	179,050,050	208,673,608	178,986,504
Basic earnings per share	$ 0.84	$ 0.72	$ 0.32	$ 0.94
Diluted earnings per share	$ 0.82	$ 0.72	$ 0.32	$ 0.94