Norwegian Cruise Line Holdings ( NCLH-N ) forecast fourth-quarter profit below expectations on cost pressures and subdued appetite for sea-based vacations as travelers curb spending, sending its shares down about 15% on Tuesday.

Persistent inflation, tariff-driven uncertainty, and the fallout of the prolonged U.S. government shutdown on port activity have clouded demand heading into the crucial holiday season.

Volatile fuel prices due to geopolitical tensions, and expenses related to drydocks, ship deliveries and maintenance are also pressuring cruise operators.

Norwegian expects current-quarter adjusted profit per share of 27 cents, below estimates of 30 cents, according to data compiled by LSEG.

“We’re strengthening our brand positioning and marketing to reach the broader family ma

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