Norwegian Cruise Line Holdings new CEO John Chidsey and CFO Mark Kempa pointed to Caribbean capacity missteps and pricing pressure in Alaska among challenges they are facing in 2026.

Kempa pointed to execution missteps in the Caribbean and Bahamas, as well as itineraries out of the company’s new homeport of Philadelphia, as specific sources of pricing pressure.

At the Norwegian brand, he also said the European tailwinds the company had expected in the third quarter are not materializing as anticipated, calling it a product of internal missteps rather than market conditions.

In Alaska, the dynamics are different.

“We are seeing softness in Alaska,” Kempa said. “Alaska has seen mid-single-digit increases in capacity across the industry, and that is putting pressure on the broader industry.”

He said Alaska was an external issue driven by elevated competitive capacity levels.

On the Caribbean, the company made a dramatic capacity shift into the region without the right commercial infrastructure in place to support it.

Chidsey said it was siloed organization and the company did not have a cohesive plan for the capacity increase in the Caribbean.

“I think we got a little ahead of ourselves again, there wasn’t a great cohesive plan marketing was going in one direction and timing of the island (Great Stirrup Cay) was going in another direction.

“In the intermediate- to long-term we are very confident about the Caribbean. This is where we have to do a better job of running a very coordinated, well executed plan and we’ll be fine … it was a lot of short term misfires.”

place to be. We just have to do a better job of running a very well-coordinated, well-executed plan.”