The Securities & Exchange Commission reports that Norwegian Cruise Line (NCL) Executive Vice President Andrew Stuart sold 67,701 shares of NCL stock in a transaction last week at an average price of $40.35, for a total value of $2,731,735.35.

You can read more information about the stock sale at Ticker Report.

Mr. Stuart reportedly now owns 180,099 shares of the cruise line stock, valued at approximately $7,266,995.

So, including just his NCL cruise stock and cash from his recent NCL stock sale, Mr. Stuart is worth at least NCL's Andrew Stuart$10,000,000.

Cruise executives make fantastic money. We all know that Carnival executive Micky Arison is worth somewhere between $5,000,000,000 and $6,000,000,000 (billion). Royal Caribbean executives Richard Fain and Adam Goldstein have raked in over $100,000,000 between them. And even a vice president, like Mr. Stuart, can make $10,000,000.          

At the same time, the tax-free cruise industry is incredibly cheap when it come to paying crew members a decent salary. Cleaners routinely work well over 300 hours a month for as little as $550. Crew members receive virtually no benefits.

Mr. Stuart’s company, in particular, routinely refuses to permit cruise passengers who have just lost a family member, or children diagnosed with cancer, to reschedule their vacations.  

All those nickels & dimes NCL is saving off of its hard-working crew members and unfortunate customers are lining the pockets of the cruise executives. 

 

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2 Responses to Andy Stuart – No Wonder He’s Smiling

This is absolutely disgusting. Amazing how the NCL executives can accumulate this much wealth and have the guts to see that the crew who make their company are paid so little!!!!!

Jim, one aspect of the cruise line executives compensation that you don’t mention often enough, is their tight fisted pressure on watching operational expenses. The greater amount of money they can save (or steal) from vendors or contractors or onboard crew operations, the more can be held as “profit”. In turn these profits generate more “income” to executives as they are granted bonuses for their efforts to save money. The officers and crews onboard are always encouraged to conduct their business in a way that saves money for the company. Agents that work ashore representing the cruise line, are pressure to do the same. As a pilot, I’m always taken aback when we request a tug in a port for safety reasons and the agent (representing the ship’s financial interests) insists the ‘costs’ are too high, it isn’t in their budget, it isn’t necessary in their opinion, or the best one yet…”We can’t afford these added costs, it’s too much.” I’ve heard this all before for years from all lines. And my retort is simply, “Yes you can, but your choice is to not WANT to pay for it.” They have exerted pressure on all shore side vendors to minimize or eliminate all together, any added costs for services that detract from the cruise ship owner’s bottom line. It’s disgusting, it’s well known throughout the industry everywhere, and sadly…it’s accepted. Port authorities the world over are so enamored by the cruise industry’s promises of huge revenue streams, they will do anything to get, keep, save the cruise lines for the use of their harbors. It’s a tragedy. They have NEVER been short on cash. They have ALWAYS enjoyed ample profits. They will ALWAYS continue to keep for themselves what they do not want to share with anyone else. The continued design and construction of ever bigger ships to minimize their per person costs are stunning examples of the greed these guys have at the expense of everyone that serves them. With a shift to China and Asian markets (including new builds), there is NO END IN SIGHT for further profits.

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