It’s been three years since lines cut calls in Russia’s second city from their Baltic itineraries following Russia’s full-scale invasion of Ukraine.
However, speaking during a full-year earnings call on Thursday (27 February), NCLH president and chief executive Harry Sommer raised the prospect of its three brands – Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises – returning to Russia in 2026 or 2027.
He praised the now Donald Trump-led US administration, saying NCLH is “very pro” the work it is doing to find resolutions to the conflicts in both Ukraine and the Middle East.
"I think this push for sustained peace in the Middle East and potentially between Ukraine and Russia can be a significant tailwind for us in 2026,” said Sommer.
"I’ll take Russia as an example. You know, in our summer 2026 deployment, we have one-third of our fleet – 11 ships – that are going to be based in northern Europe, and that’s all without Saint Petersburg being available.”
Sommer said NCLH could “disproportionately benefit from positive things [happening] in that region” as the company would have these vessels operating nearby.
’Here for the long-term’
He also highlighted efforts to resolve the conflicts in the Middle East and Ukraine as “some of the positive things” being carried out by the Trump administration.
"I hope for peace for purely humanitarian reasons,” he said, adding: “But as a cruise operator, we think this can provide us a unique opportunity for the summer of 2026, or if not for the summer of 2026, for the summer of 2027.
“You know, we’re here for the long-term, and we are very pro the work the administration is doing in trying to bring peace to those two regions.”
Sommer said NCLH was “particularly happy” with the performance of its Europe and Alaska market. “They have really outperformed for us for the summer for this year,” he noted.
He explained how he believes Europe’s positive showing was down to “great product, good marketing, good acceptance for the experiences that we offer”.
Strong demand for NCLH’s European sailings have been consistent since last summer, although he dismissed suggestions strong booking levels were due to the strengthening US dollar.
"It’s just reflective of the great product offering that we have and he good marketing messaging that we get out to our guests,” he said.
The company achieved record full-year revenue of $9.5 billion last year – up by 11% compared with 2023 – while adjusted earnings before interest, taxes, depreciation and amortisation (ebitda) grew by 32% to a record $2.45 billion. This compares with $1.86 billion in 2023.
NCLH is forecasting another 11% jump in adjusted ebitda this year to $2.72 billion.
