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Commentaryactivist investing

I’m partnering with Elliott to make sure Norwegian Cruise Lines’ best days are ahead

By
Adam Goldstein
Adam Goldstein
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By
Adam Goldstein
Adam Goldstein
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February 19, 2026, 7:20 AM ET
Adam Goldstein served in a number of executive roles at Royal Caribbean Cruises Ltd. from 1988 to 2020, including as President and CEO of Royal Caribbean International from 2007 to 2014.
goldstein
Adam Goldstein.courtesy of Adam Goldstein

As someone who spent more than three decades in the cruise industry, I still regularly get asked about the state of the business. And the question I hear most often lately – from travel agents, fellow industry veterans and loyal cruisers – is some version of: What is going on at Norwegian?

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It is a fair question – especially now. Last week, the company announced a sudden leadership change, prompting many to wonder what drove the timing and how the board of directors arrived at its decision. And on Tuesday, Elliott Investment Management, a significant investor in Norwegian, proposed changes to enhance the company’s performance.

Elliott is pushing for new directors to help restore Norwegian to its rightful place as an industry leader, and since I am working with them to that end, I would like to share my views on the opportunity at Norwegian and why I would be excited to be part of its next chapter.

The cruise industry is experiencing one of its strongest periods ever. Demand from both seasoned and new cruisers has never been higher. Guests are spending more on board, and they’re booking further in advance than at any point in recent memory. Norwegian Cruise Line Holdings – one of the largest cruise companies in the world, with three well-known brands that serve nearly three million guests per year – should be capitalizing on this moment.

Yet there are signs that Norwegian could be doing much better. Norwegian possesses industry-leading assets, leading the industry in investment-per-berth and featuring a premium cabin mix and compelling onboard amenities. But Norwegian’s financial performance has fallen behind that of its peers. If this mismatch persists, then Norwegian won’t be able to keep pace with the investments that its competitors are making in the delivery of upscale experiences.

Norwegian has always stood for freedom, flexibility and a more relaxed way to cruise. Those values helped build a distinctive and loyal following, and they still matter. Cruising is a business built on loyalty, repeat guests and word-of-mouth – and when the experience consistently meets expectations, it drives not just guest satisfaction but long-term performance.

Financial results follow the guest experience, not the other way around. When the product delivers clear value and distinctive experiences at sea and ashore, travel agents feel confident recommending the brand. And when that happens, loyalty deepens and superior performance follows.

While Elliott has put my name forward as a potential director, make no mistake: If appointed to the board, I would serve as a director for all of Norwegian’s shareholders, cruisers and travel agent partners – not any single investor.

As someone who chaired the Cruise Lines International Association, representing more than 95% of the world’s ocean cruise capacity, I care deeply about the cruise industry’s future, and I know that Norwegian can deliver even more for its guests, its travel agent partners and its shareholders.

From my experience leading a global cruise company, I have learned that durable improvement comes from disciplined execution – aligning decisions with what guests value most, investing where differentiation matters and holding the organization accountable for consistent delivery.

Norwegian has significant strengths: innovative ships, respected brands, talented employees and a large base of loyal cruisers. The opportunity now is to bring additional operational experience and sharper focus to the board, helping translate those strengths into higher guest satisfaction and stronger results. I believe I can contribute meaningfully to that effort, and I am grateful for the opportunity to do so.

None of this requires reinventing the company. Norwegian has the fleet, the people and the assets to fully seize the opportunity during this remarkable era of industry growth. When people ask me what is going on at Norwegian, I want to give them an even better answer: I want to tell them that Norwegian’s best days are still ahead.

The opinions expressed in Fortune.com commentary pieces are solely the views of their authors and do not necessarily reflect the opinions and beliefs of Fortune.

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