Press Releases

Significant progress in cost control was achieved by the entire fleet, both U.S. and international. Net Cruise Costs per Capacity Day for the first quarter of 2007 decreased 1.9% compared to the first quarter of 2006. The decrease in these costs was primarily attributable to economies of scale achieved in marketing, general and administrative expenses from increased capacity, lower payroll and related costs and fuel costs partially offset by an increase in dry-docking expenses. Payroll and related costs in the first quarter of 2006 included start-up costs associated with the introduction of Pride of Hawai'i in May 2006. The absence of start-up costs in 2007, combined with a decrease in crew turnover on the U.S. fleet, resulted in lower recruiting and training costs, which were the primary drivers of the improvement in payroll and related costs per Capacity Day. Reductions in payroll and other controllable ship costs per Capacity Day were also achieved across the international fleet. During the quarter, average fuel prices, including the impact of fuel hedges, decreased 3.3% to $333 per metric ton from $345 per metric ton in the first quarter of 2006. Gross Cruise Costs per Capacity Day decreased 4.6%.

The Company continued to feel the impact of higher interest expense and the weakening of the U.S. dollar during the first quarter of 2007. As a result of an increase in the Company's average outstanding borrowings, interest expense increased 39.9% or $11.5 million. As of March 31, 2007, the Euro/U.S. Dollar exchange rate increased to 1.3354, resulting in the Company reporting non-cash foreign exchange translation losses of $9.2 million for the first quarter of 2007. During the first quarter of 2006, the Company reported non-cash foreign exchange translation losses of $5.1 million.

In response to the continuing unsatisfactory result in Hawaii, the Company recently announced the withdrawal of Pride of Hawai'i from that market effective early 2008. The ship will be re-flagged, renamed Norwegian Jade and deployed in Europe for the summer of 2008. The European market has shown strong growth resulting from a combination of an increase in the number of Europeans taking cruises and strong demand from U.S. passengers finding dollar-denominated cruising to be an economically attractive way to experience Europe with the weak dollar. The European deployment of Norwegian Jade along with her two sister ships, Norwegian Jewel and Norwegian Gem, should allow the Company to further capitalize on the growing demand for European cruises.

"We have previously announced several measures designed to improve the pricing of NCL America's product, further improve its product delivery and reduce crew turnover," said Colin Veitch, president and chief executive officer of NCL Corporation Ltd. "Our first quarter results reflect the challenges we have faced in Hawaii and that we will continue to face for the majority of the year. However, despite the challenging operating environment and the impact on pricing of sharply increased capacity in Hawaii, we remain committed to the Hawaiian market and believe that the various measures announced since the fourth quarter of last year will collectively result in a significant improvement by the same time next year."

The Company continues to experience a very competitive pricing environment, especially in Hawaii and the Caribbean. Demand for Alaska, though still relatively strong, has begun to show some signs of slowing. Pricing for the Company's European deployment remains strong.

The Company has scheduled a conference call at 8:30 a.m. Eastern Daylight Time today to discuss its results. This call can be listened to live or on a delayed basis on the Company's web site at www.ncl.com/investors.

Terminology and Non-GAAP Financial Measures

Capacity Days
Capacity Days represent double occupancy per cabin multiplied by the number of cruise days for the period.

Gross Cruise Costs
Gross Cruise Costs represent the sum of total cruise operating expenses and marketing, general and administrative expenses.

Gross Yields
Gross Yields represent total revenues per Capacity Day.

Net Yields
Net Yields represent total revenues less commissions, transportation and other expenses, and onboard and other expenses per Capacity Day. The Company utilizes Net Yields to manage its business on a day-to-day basis and believes that it is the most relevant measure of its pricing performance and is commonly used in the cruise industry to measure pricing performance. The Company has not provided a quantitative reconciliation of projected Gross Yields to projected Net Yields due to the significant uncertainty in projecting the costs deducted to arrive at this measure. Accordingly, the Company does not believe that reconciling information for such projected figures would be meaningful.

Net Cruise Costs
Net Cruise Costs represent Gross Cruise Costs excluding commissions, transportation and other expenses and onboard and other expenses. In measuring the Company's ability to control costs in a manner that positively impacts net income (loss), the Company believes changes in Net Cruise Costs and Net Cruise Costs Excluding Fuel to be the most relevant indicators of its performance and are commonly used in the cruise industry as measurements of costs.

Net Income (Loss) Excluding Non-Cash Foreign Exchange Translation
Net Income (Loss) Excluding Non-Cash Foreign Exchange Translation represents net income (loss) before the effect of non-cash foreign exchange translation gains and losses. The Company believes that this financial measure is useful because it excludes non-cash foreign exchange translation gains and losses related to the translation of balance sheet amounts which the Company believes are not relevant to understanding the trends of the Company's operational performance or its prospects for future operational performance. Management uses this measure to establish operational goals and believes that it may assist in analyzing the underlying trends of the Company's operational performance over time.

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

Occupancy Percentage
Occupancy Percentage, in accordance with cruise industry practice, represents the ratio of Passenger Cruise Days to Capacity Days. A percentage in excess of 100% indicates that three or more passengers occupied some cabins.

NCL Corporation Ltd. is an innovative cruise company headquartered in Miami, Florida, with a fleet of 14 ships in service and under construction. The corporation oversees the operations of Norwegian Cruise Line, NCL America, and Orient Lines. The company recently took delivery of its newest ship, Norwegian Pearl, and is currently building Norwegian Gem for delivery in October of 2007. In addition, NCL plans to build up to three new third generation Freestyle Cruising ships for delivery between 2009 and 2011.

NCL is on target to have the youngest fleet in the industry by the end of 2007 with the introduction of Norwegian Gem, providing guests the opportunity to enjoy the flexibility of Freestyle Cruising on the newest, most contemporary ships at sea.

For high resolution, downloadable images, please log onto NCL's website at www.ncl.com/pressroom. For further information on NCL Corporation, contact a travel agent or NCL in the U.S. and Canada at (800) 327-7030.

This release may contain statements, estimates or projections that constitute "forward-looking statements" as defined under U.S. federal securities laws. Generally, the words "expect," "anticipate," "goal," "project," "plan," "believe," "seek," "will," "may," "forecast," "estimate," "intend," and "future," and similar expressions are intended to identify forward-looking statements, which are not historical in nature. Forward-looking statements involve risks and uncertainties that could cause actual results, performance or achievements to differ significantly from NCL's historical results or those implied in forward-looking statements. These risks include, but are not limited to, changes in cruise capacity, as well as capacity changes in the overall vacation industry; introduction of competing itineraries and other products by other companies; changes in general economic, business and geo-political conditions; reduced consumer demand for cruises as a result of any number of reasons, including armed conflict, terrorist attacks, geo-political and economic uncertainties or the unavailability of air service, and the resulting concerns over the safety and security aspects of traveling; lack of acceptance of new itineraries, products or services by the Company's targeted customers; the Company's ability to implement brand strategies and its shipbuilding programs, and to continue to expand its business worldwide; costs of new initiatives, including those involving the Company's inter-island Hawaii cruise operations; changes in interest rates, fuel costs or foreign currency rates; delivery schedules of new ships; risks associated with operating internationally; the impact of spread of contagious diseases; accidents and other incidents affecting the health, safety, security and vacation satisfaction of passengers and causing damage to ships, which could cause the modification of itineraries or cancellation of a cruise or series of cruises; the Company's ability to attract and retain qualified shipboard crew and maintain good relations with employee unions; changes in other operating costs such as crew, insurance and security costs; continued availability of attractive port destinations; the impact of pending or threatened litigation; the ability to obtain financing on terms that are favorable or consistent with the Company's expectations; changes involving the tax, environmental, health, safety, security and other regulatory regimes in which the Company operates; emergency ship repairs; disruptions to our software and other information technology systems; the implementation of regulations in the United States requiring United States citizens to obtain passports for travel to additional foreign destinations; weather and natural disasters; and other risks discussed in NCL's filings with the Securities and Exchange Commission. You should not place undue reliance on forward-looking statements as a prediction of actual results. NCL expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in expectations or events, conditions or circumstances on which any such statements are based. In addition, certain financial measures in this release constitute non-GAAP financial measures as defined by Regulation G. A reconciliation of these items can be found attached hereto and on the Company's web site at www.ncl.com/investors.

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