Lindblad Expeditions raises $85 million from prominent investors to enhance financial flexibility and support long-term growth

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Written by Teijo Niemelä Teijo Niemelä

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Published: 27 August 2020 27 August 2020

Lindblad Expeditions Holdings, Inc. today reported that it has entered into an agreement with a group of investors, including MSD Partners, L.P., Durable Capital L.P., Headlands Capital, Deep Field Asset Management LLC and Declaration Capital, for the private placement of $85 million of convertible preferred stock.

“Since the global COVID-19 pandemic began, we have taken a variety of proactive measures to ensure that Lindblad is sufficiently capitalized to withstand this downturn and emerge in a position of strength,” commented Sven-Olof Lindblad, President and Chief Executive Officer. “I am happy to report that we have secured $85 million of additional capital from this outstanding, diversified group of experienced long-term investors.”

Lindblad continued, “We know our guests are eager to travel again and this investment provides us with additional financial flexibility as we prepare to return to exploring the world’s most remarkable destinations.”

The Investors have agreed to make an investment of $85 million in newly-issued convertible preferred stock that carries a 6.0% dividend, which is payable in kind for 2 years and thereafter in cash or in-kind at the Company’s option. The preferred stock is convertible into shares of Lindblad common stock at a conversion price of $9.50 per share, representing a premium of 23% to Lindblad’s 30-trading day volume-weighted average price. On an as-converted basis, the preferred stock will represent approximately 15.5% of the pro forma common shares outstanding.

“We were overwhelmed by the enthusiastic response to this offering and are thrilled to add such a high- quality set of value-add investors supporting the company,” said Mark Ein, Lindblad’s Chairman of the Board. “We believe this capital will not only secure our return to operations but, along with support from our committed investor base, will also position us to be offensive in pursuing opportunities to accelerate the growth of our platform coming out of the pandemic.”

“Lindblad Expeditions is a world-class franchise with a unique offering of expedition travel experiences. We have admired the company and its team for many years and are excited to partner with them at this time,” said Dan Bitar, a representative of MSD.

The net proceeds from the investment will be used for general corporate purposes. On a pro forma basis, Lindblad’s liquidity position at June 30, 2020 would have been approximately $187 million when factoring in this $85 million investment from the Investors.

Lindblad was represented in the transaction by Citigroup Global Markets Inc., as placement agent, and Latham & Watkins LLP, as legal advisor.

Silver Spirit receives CIP-M certification from DNV-GL

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Written by Teijo Niemelä Teijo Niemelä

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Published: 25 August 2020 25 August 2020

Awarded on August 24th, Silversea’s ultra-luxury Silver Spirit has become the first ultra-luxury cruise ship to sail with a certification in infection prevention for maritime (CIP-M) from DNV GL, the world’s leading classification society. The certification of Silversea demonstrates the cruise line’s commitment to enhancing its onboard sanitation protocols to further protect the health, safety and wellbeing of its guests and crew.

The CIP-M programme is built on DNV GL Healthcare’s expertise in infection risk management. Using the experience from over 4,000 audits in more than 640 hospitals worldwide, experts from DNV GL Maritime’s Cruise Center in Miami and leading medical professionals, tailored the existing infection prevention programme for hospitals to meet the needs of shipowners and operators. The certification is built on a unique combination of technical maritime knowledge and infection prevention expertise and is the most comprehensive infection prevention certification available in the maritime industry.

“We are proud to become the first ultra-luxury cruise line to gain the certification in infection prevention for maritime, demonstrating our unwavering commitment to protecting the health, safety and wellbeing of our guests, crew and the destinations we visit,” says Roberto Martinoli, Silversea’s President and CEO. “Informed by the work of the Royal Caribbean Group’s Healthy Sail Panel, we are working hard to enhance our already exceptional sanitation procedures on board. Beginning with Silver Spirit, we will continue to work with DNV GL to gain certification across the rest of our fleet to provide the safest possible conditions for our healthy return to sailing, when the time is right to do so.”

Silver Spirit’s new three-year certification is tailored to the ship and has been awarded following a close audit of all aspects of operations. After an initial company audit that concluded on August 5th, a comprehensive onboard survey was completed on August 14th, 2020. Focus areas of the audits included:
• The cruise line’s COVID-19 outbreak prevention and response plan,
• infection prevention leadership and communication flow,
• medical equipment management,
• and infection risk management processes.

“We are pleased to award Silversea our Certification in Infection Prevention (CIP-M) for Maritime, which was developed as a holistic solution to the protracted pressures facing the maritime and cruise industries,” says Knut Ørbeck-Nilssen, CEO of DNV GL – Maritime. “As the COVID-19 pandemic continues to create a high level of public concern about the maintenance of health and safety on board cruise ships, we hope that our new certification will serve the dual purpose of helping to build passenger and crew confidence while also enhancing the cruise industry’s HSE standards.”

Through annual surveys on board and company audits ashore, DNV GL verifies that a company maintains a detailed operational plan in compliance with the CIP-M requirements. Integrating maritime specific standards, such as the US CDC Vessel Sanitation Program (VSP), DNV GL’s teams of healthcare experts perform the certification surveys in combination with experienced maritime auditors, resulting in an unrivalled depth of expertise.

MSC Cruises and Fincantieri celebrate float out of MSC Seashore

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Written by Teijo Niemelä Teijo Niemelä

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Published: 20 August 2020 20 August 2020

The float out of MSC Seashore took place today at the Fincantieri shipyard in Monfalcone, Italy. This is a major milestone in ship building as it is the first time a new vessel touches water and sees the ship enter the next phase of construction. MSC Seashore, which will be the Company’s longest ship at 1,112 ft. and the largest and most innovative ever built in Italy, has now been moved to a wet dock until her delivery in July 2021 to allow for work on her interior.

MSC Seashore will become the third of a total of four vessels in MSC Cruises innovative and ground-breaking Seaside class of ships, following MSC Seaside and MSC Seaview, which launched in 2017 and 2018 respectively, and the first of two enriched Seaside Evo ships with newly designed public spaces, more staterooms and the highest ratio of outdoor space per guest of any ship in the Company’s fleet. More than 65 percent of the ship has been enhanced to make MSC Seashore a significant evolution of her sister ships.

Giuseppe Bono, CEO, Fincantieri, commented: “The float out has always been one of the most satisfying moments for those involved in the construction of a ship. It is also the occasion to further strengthen everyone’s commitment, because when the ship touches the sea, a lot of work has already been done, but much more still lies ahead. This applies even more to “MSC Seashore,” which will become the new flagship of MSC Cruises: a record-breaking ship, that focuses on innovation, technology and design, and emphasizing the Fincantieri leadership.” Bono concluded, “The uncertain situation that we are experiencing worldwide adds even more important value to this day, which bodes well not only for MSC Cruises and for our company, but for the entire cruise industry.”

Pierfrancesco Vago, Executive Chairman, MSC Cruises added: “We are committed to our new builds program, which with each new class of ships sees us innovating and setting new standards in the industry. MSC Seashore will in fact be the largest and most innovative cruise vessel ever built in Italy, featuring the latest and most advanced environmental technology currently available. She will also be one of two new ships for which we will receive delivery in 2021, thus underlying our belief in the long-term growth prospects of the sector — as also demonstrated by the return to service of our first ship earlier this week as well as the investments made in our new health and safety operating protocol which is already setting a new standard for the industry.”

Very latest environmental technology

The 169,500 GT ship with a maximum capacity of 5,877 guests (4,540 double occupancy), will be equipped with the latest technologies to minimize her environmental footprint.

MSC Seashore will be fitted with a state-of-the-art selective catalytic reduction (SCR) system to reduce nitrogen oxide by 90 percent and a next-generation advanced wastewater treatment system (AWTS) to treat wastewater to a very high quality where the end product is of a better standard than most land-based municipal waste standards around the world.

These features will add to other effective environmental technologies deployed on MSC Seashore, and across the Company’s fleet, to minimize and continuously reduce environmental impact, and ensure even cleaner air emissions, including cutting-edge hybrid exhaust gas cleaning systems (EGCS) that removes 98 percent of sulphur oxide from ship emissions; advanced waste management systems; ballast water treatment systems approved by the United States Coast Guard; latest-technology systems for the prevention of oil discharges from machinery spaces and various effective energy-efficiency improvements — from heat recovery systems to LED lighting. Additionally, MSC Cruises currently has on order three LNG-powered vessels, one of which is currently under construction.

MSC Seashore will also be fitted with shore-to-ship power which connects a docked cruise ship to a port’s local power grid to further reduce air emissions. This feature is broadly available across MSC Cruises’ entire fleet and has been standard across all of the Company’s new ships since 2017.

Enhanced and enriched design

MSC Seashore, as with the other iconic Seaside generation ships, offers a range of breath-taking and stand-out design features to enable guests to connect with the sea, such as the spectacular Bridge of Sighs, stunning panoramic aft elevators and stylish glass-floor catwalks.

Some of the new enhancements include an additional 52 ft. of extended length of the ship, 107,639 sq. ft. of additional deck space for an even greater and more spacious onboard experience, a larger MSC Yacht Club — the all-inclusive ‘ship within a ship’ premium concept — and an enhanced guest flow, with two central meeting points positioned at the middle and forward part of the ship.

MSC Seashore will offer a wider range of accommodation with more suites including 28 additional terraced suites, two suites with private whirlpools and, in the MSC Yacht Club, two new stateroom categories offering 41 Deluxe Grand Suites and two Owner’s Suites with whirlpools.

Families will be able to benefit from modular connected staterooms that can connect to accommodate between six and 10 people, plus bigger and more spacious staterooms for guests needing greater accessibility, with 75 in total available.

Two brand new restaurants will be introduced and five specialty restaurants will be newly located to allow for waterfront seating on the ship’s stunning boardwalk to give guests a greater sea view as they dine al fresco.

MSC Seashore will also have a new double-decker aft lounge, a larger casino and 20 distinct specialty bars, cafes and lounges. The ship will feature a new aft pool design, an enlarged indoor pool and a new interactive waterpark, which will provide thrills and spills for guests of all ages. Clubs for young children and teenagers have been separated from a larger kids’ zone.

The ship will feature the latest customer-centric technology with MSC for Me available across multiple digital channels, offering guests a stress-free way to plan and book the things that matter to them. Guests can access information across a range of digital touchpoints including a useful app, interactive in-stateroom TV, interactive screens around the ship as well as ZOE, the virtual personal cruise assistant, available in every stateroom.

In summer 2021, all three Seaside class ships will be deployed together in the Western Mediterranean. These ships have been designed for the warmer weather making them perfect for the summer season for guests who want to enjoy the sunshine and stunning ocean views in this popular cruise region.

MSC Seashore will offer the popular ‘Six Pearls’ itinerary calling the Italian cities of Genoa, Pompeii, Naples, and Messina; Valletta, Malta; Barcelona, Spain; and Marseille, France. MSC Seaside and MSC Seaview will also operate high-demand 7-night cruises in the West Mediterranean homeporting in Genoa.

Following her an inaugural season in the Mediterranean, MSC Seashore will then head to the U.S. and arrive in Miami in November 2021, sailing 7-night Caribbean itineraries, including stops at MSC Cruises’ private island in the Bahamas, Ocean Cay MSC Marine Reserve.

Unnamed Carnival brand target of ransomware attack

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Written by Kari Reinikainen Kari Reinikainen

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Published: 18 August 2020 18 August 2020

An undisclosed brand of the Carnival Corporation & plc group has become a target of a ransonware attack, the company said in a statement.

The attack was detected on 15 August and it that accessed and encrypted a portion of one brand’s information technology systems. “The unauthorized access also included the download of certain of our data files,” Carnival said.

“Promptly upon its detection of the security event, the Company launched an investigation and notified law enforcement, and engaged legal counsel and other incident response professionals. While the investigation of the incident is ongoing, the Company has implemented a series of containment and remediation measures to address this situation and reinforce the security of its information technology systems,” the company said.

Carnival is working with industry-leading cyber security firms to immediately respond to the threat, defend its information technology systems, and conduct remediation.

“Based on its preliminary assessment and on the information currently known (in particular, that the incident occurred in a portion of a brand’s information technology systems), the Company does not believe the incident will have a material impact on its business, operations or financial results. Nonetheless, we expect that the security event included unauthorized access to personal data of guests and employees, which may result in potential claims from guests, employees, shareholders, or regulatory agencies,” Carnival said.