In late 2019, cruise ship operator Norwegian Cruise Line Holdings Ltd. (NCLH) establishedits hedge book for shipfuel at an average price ofUS$500per metric ton, covering 72% of its projected consumptionfor 2020 and 2021. No hedges beyond that are currently in place. Typical annual consumption is around 4million metric tons. In January2020, prices rose to $690per ton before crashing to $290per ton in April 2020 in the wake of the global pandemic. Throughoutall of July 2020, prices for spot and all future delivery dates were hovering around $350.