Also, Carnival Corporation has other levers to pull to raise even more money should there be a need, its executives have said. The .htaccess file contains directives (instructions) that tell the server how to behave in certain scenarios and directly affect how your website functions. So far, two mainstream cruise lines, have declared bankruptcy due to the pandemic. For example, some policies only cover $50,000 emergency medical transportation; others that are comparably priced cover $250,000. MOODY'S CREDIT RATINGS,ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK. The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody's affiliates outside the EU and is endorsed by Moody's Deutschland GmbH, An der Welle 5, Frankfurt am Main 60322, Germany, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT. WebFind many great new & used options and get the best deals for P & O Ferries Viking Voyager Commerative 25 Anniversary Cruise May 1989 Signed at the best online prices at eBay! All Rights Reserved. Viking Cruises is facing financial difficulties due to the global COVID-19 pandemic. It promised More specifically, Viking's credit profile, which includes its exposure to increased travel restrictions for US citizens which represents a majority of the company's revenue and earnings have left it vulnerable to shifts in market sentiment in these unprecedented operating conditions and the company remains vulnerable to the outbreak continuing to spread. FMC requires cruise lines to have a bond or other financial surety available to refund passenger deposits in the event of nonperformance or for death or injury on a voyage. Second Cancellation If you see Viking there, then that's a red flag! The insurance companies are quick to add to the list those companies in default. For further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions in the disclosure form. Overall, the major cruise lines all have Current Ratios under 1 into a tightening monetary environment. MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements. Related: Even cruise executives are surprised by how many people are booking cruises. Not that I believe those rumors, but why do you feel protected by using a credit card to pay for a cruise over a year away? 7. This rating has decreased by -10% over the last 12 months. Data is a real-time snapshot *Data is delayed at least 15 minutes. In a statement, the company said COVID-19 has had and continues to have a material impact on its financial position and results, suggesting the global shutdown of the cruise industry since March is the primary source of its financial difficulties. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. 19952023, The Independent Traveler, Inc. Viking Cruise line--possible financial problems?? WebAre Viking cruises in financial trouble? In a subsequent financial disclosure, the company said it had $397.5 million in cash and cash equivalents as of June 30 and had net operating cash outflows of $252.4 during the first six months of the year. Your post is an excellent example of why hearsay evidence is not admissible in US courts. The remaining ownership is indirectly held under a trust in which Torstein Hagen has a life interest. Pretty soon, this has multiplied, and all manner of people who have booked, are booked, or are thinking of booking with that line are anxiously inquiring into their financial status. According to them the cruise line lost their major financial backer. Cruisetour itineraries range from 7 to 23 days and include as regions the European rivers Rhine, Main, Danube, Saone, Rhone, Seine, Elbe and Douro, also Ukraine's Dnieper, Russia's Volga, China's Yangtze, Burma's Vantage Travel abruptly cancels Netherlands trip Is Viking cruise line in financial trouble? They are well known for hiking up the prices of their cruises and than offering 2 for 1 deals.Usually with the 2 for 1 deal the price comes out to be the same as the regular price of other companies. Viking Octantis first of 54 cruise ships visiting Toronto this year, a popular urban port of call in Great Lakes . Some also have waiting periods. But as the company's executives noted in July during a conference call with Wall Street analysts, Carnival Corporation had $7.6 billion in "liquidity" -- cash and cash equivalents -- as of May 31, when it closed the books on its second quarter. Also with Viking be sure you compare prices with their 2 for 1 deals. VIKING RIVER CRUISES Revenue, Growth & Competitor Send me an email (click on the ".." on my signature) and I'll send you the name of a Web based service that provides quotes from several insurance companies. Special Event: Q&A with Rudi Schreiner, President, Co-Founder & Co-Owner - AmaWaterways River Cruises, Q&A with Avoya Travel: Learn How to Turn Your Passion into Success by Becoming an Independent Travel Advisor. CDC scrutinizes 68 cruise ships over COVID-19 outbreaks Ratings could be upgraded should operating performance recover to levels that would support debt/EBITDA sustained at or below 5.5x while maintaining at least adequate liquidity. For an explanation of our Advertising Policy, visit. Always get independent trip insurance to protect yourself. Some also have waiting periods. WebFor Further Assistance. I use "insure my trip",which is usually much cheaper too. Why your favorite cruise line probably isn't going out of business When working with WordPress, 404 Page Not Found errors can often occur when a new theme has been activated or when the rewrite rules in the .htaccess file have been altered. Viking Ocean Cruises 10. Genting Hong Kong is the parent company of Crystal Cruises as well as two Asia-based cruise lines: Dream Cruises and Star Cruises. Really. Sign up to receive updates from This topic is now archived and is closed to further replies. The 4 export credit loan facilities are backed by the Italian export credit agency SACE (Servizi Assicurativi del Commercio Estero). Currently they are offering 2 for 1 rates (the line I was on isn't at this time for the dates I need) but I am a little concerned using them considering this information. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody's Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading "Investor Relations Corporate Governance Director and Shareholder Affiliation Policy.". All information contained herein is obtained by MOODY'S from sources believed by it to be accurate and reliable. Genting Hong Kong is the parent company of three cruise lines, the luxury line Crystal Cruises, the Asian cruise line Star Cruises and the cruise line Dream Cruises, which is a Asia-focused mashup of Norwegian and Royal Caribbean. After spending more than $18,000 on her trip, Ileene hopes the company isn't in financial trouble. The normal ongoing credit risks include Viking's high leverage which Moody's forecasts could approximate 7.0x at the end of 2022 assuming negative EBITDA in 2020 and some recovery in 2021 and 2022. A few years ago when I went on Amadeus, I only found 1 company that would cover them for financial default so I went with them. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. One or two of those go on an Internet forum and start posting. View all posts by Shaun Ebelthite, Click to share on Twitter (Opens in new window), Click to share on Facebook (Opens in new window), Marella Cruises (formerly Thomson Cruises), Norwegian Joy cruises cancelled as ship heads for 2024 refit and refurbishment. Let's construct an example. Check this out--http://current.newsweek.com/budgettravel/2009/07/river_cruises_why_travel_insur.html. I'd recommend you "pretend" you're going to buy trip insurance and see which companies come up listed as not covered. The properties will tell you the path and file name that cannot be found. Have to agree that when booking thru tour companies or cruise lines, the flights they include for free or at a reduced price will likely not be the most convenient or with the fewest legs. Viking Cruise line--possible financial problems?? - Cruise Critic Cruise lines have clashed with the CDC several times since the pandemic began due to the various virus mitigation efforts that the agency has enforced. Of course, it also includes other coverages also. Viking's liquidity is good with our estimate of cash balances of about $1 billion, providing it sufficient runway to get through this period of unprecedented earnings Speaking of independents, that only leaves those lines that may be owned by a larger corporation but are not affiliated with any other cruise brands. We're going with Viking in October, and I have heard nothing concerning financial difficulties. Several Cruise Lines 2) We bought the full-coverage trip insurance policy. 2020 Moody's Corporation, Moody's Investors Service, Inc., Moody's Analytics, Inc. and/or their licensors and affiliates (collectively, "MOODY'S"). My comment here would relate to the "Internet phenomenon," which on some forums I've visited (check a Disney forum, for example) approaches the level of an epidemic disease. Test your website to make sure your changes were successfully saved. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. Viking is a cruise line providing river, ocean, and expedition cruises.