Elliott Management recently disclosed a 10% stake in Norwegian Cruise Lines (NCLH) in what will likely be a campaign by the activist investor to effect changes in the company’s board and reverse years of mismanagement.

Today, activist hedge fund Elliott Management disclosed a large 10% stake in Norwegian, and also published a presentation and letter to the Board of Directors in conjunction with the disclosure. The firm sees material upside in the stock, and it appears investors are cheering the activist's involvement.

With this agreement, NCLH now has 17 new ships on order. Norwegian Cruise Line will get eight new ships by 2037, Oceania Cruises will receive five and Regent Seven Seas will get four by 2036. According to the company, these new ships are expected to help increase growth by about 4% each year from 2026 to 2037.

Adam Goldstein, former president and CEO of Royal Caribbean International, confirmed he is working with Elliott Investment Management on its campaign to change Norwegian Cruise Line Holdings' board of directors.

Norwegian Cruise Line says the passengers traveled on board the 'Norwegian Encore' in December 2025

By Anuja Bharat Mistry Feb 17 (Reuters) - Elliott Management on Tuesday disclosed it has built a more than 10% stake in Norwegian Cruise Line Holdings, as the activist investor pushes for changes to the company's board and management to help turn around the cruise operator.

Like other major cruise lines, Norwegian Cruise Line offers a wide variety of dining options on its ships from the buffet to main dining rooms, casual diner and pub-style venues, and specialty dining restaurants serving all types of cuisines.