Norwegian Shuffles Fleet Deployment to Optimize Profits; Shares Undervalued
Given the slow adoption of traditional cruising in China, we don’t find narrow-moat Norwegian’s redeployment of the Joy out of the market as worrisome. Furthermore, we don’t see a downsizing of ships in the China region as a lack of commitment to the market but rather an opportunity to grow capacity with market demand. In response to local market conditions, the firm plans to move the Joy (deployed initially in 2016) from Shanghai to Seattle in spring 2019 after investing $50 million to incorpor...
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