is viking cruise lines in financial trouble?

Global Business and Financial News, Stock Quotes, and Market Data and Analysis. What you heard were rumors. Among the lines that have begun tiptoeing back into operation with a few sailings is Germany's Tui Cruises, which Royal Caribbean partly owns through a joint venture. I have been considering taking a christmas markets cruise this winter. Viking Cruises Federal Proposal Could Make It Easier for Cruise Passengers to AND/OR ITS AFFILIATES. Viking Cruises Test your website to make sure your changes were successfully saved. In June 2009 Viking announced that the deal has fallen through. Norwegian Cruise Line Holdings in August said it was burning through about $160 million a month but had liquidity of $2.8 billion. Viking WebTravel + Leisure: The Newest Viking Ship Was Named by an Aquanaut and Just Set Sail on a 138-day World Cruise January 10, 2023 In a naming ceremony over the weekend, Viking officially welcomed its newest ship, Viking Neptune, into its ever-growing fleet.The 930-passenger vessel, a sibling to seven other ocean ships soon to be eight, with the Who Owns and Operates What in the Cruise Industry Carnival Corporation has secured more than $10 billion in new capital since March. Check this out--http://current.newsweek.com/budgettravel/2009/07/river_cruises_why_travel_insur.html. Many have coverage lists available on line. A few need to be bought within a certain time frame of your initial deposit. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS. Related: Some travel insurance companies limit coverage for Crystal. On a combined basis, they own a 23% stake in the company. I have been watching & reading to see if I could find any current info to their financial status. Norwegian Cruise Probability Of Bankruptcy 1) We booked our cruise using a credit card. 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. I can only make a claim if Viking fails to deliver, not if I decide not to go on it. To the extent permitted by law, MOODY'S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY'S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information. There have been articles out this year on Viking looking for investors, and they have had at least one deal fall through, the investment firm claimed the pulled out first and Viking claimed they did so who knows what really happened, but here are links to a couple of articles that I could find just by doing a search. The company has three divisions, Viking River Cruises, Viking Ocean Cruises, and Viking Expeditions Address 5700 Canoga Avenue Suite 200 Woodland Hills, CA 91367 https://www.vikingcruises.com/ Phone Contacts Main: (818) 227-1234 Customer Service: In other words, the two companies had enough cash and cash equivalents on the books in August to survive nearly 14 and 18 months, respectively, with no cruising. Moody's expects that without a medical answer to the virus, people are likely to remain reluctant to fly internationally", added Trombetta. This rating has decreased by -10% over the last 12 months. 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. And, we do know you're worrying. Hagen said Viking is on track to outpace those figures in 2022, with an annual revenue growth forecast of 47% this year. It also owns the Werften shipyards in Germany, where the first expedition ship for Crystal Cruises currently is under construction. Just six months ago, it was one of the fastest growing and most profitable sectors of the worldwide travel market. MOODY'S INVESTORS SERVICE DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. VIKING RIVER CRUISES Revenue, Growth & Competitor I called my credit card company (Capital One) to clarify what is my liability if there is a default by Viking. The text appears: #1 on the oceans. But there are other cruise lines out there, of course. Those who had purchased Renaissance's policy were out of luck - bankruptcy is bankruptcy! We're talking about such lines as AmaWaterways, American Cruise Lines, UnCruise Adventures and Uniworld Boutique River Cruise Collection. Moody's also expects that Viking's available US capacity will be modest in the first half of 2021 as the industry puts in place acceptable guidelines that satisfy the requirements for the Centers for Disease Control and Prevention (CDC) to lift its no sail order put in place in March. Viking chairman on cruise demand: Bookings up 42% for 2022 Viking is a cruise line providing river, ocean, and expedition cruises. Viking River Cruises Cancellation and Refund Policy How would you know they were talking absolute fact? The company is offering the debt they are not self insured as Viking may be. We just booked a Sept. 2010 Viking cruise and paid with a credit card so I feel protected for financial default by Viking. November 23, 2022 , Cruise Industry. I would strongly advise that you purchase a 3rd party insurance policy that covers financial default AND reimburses you the cost of the cruise should you have to cancel for a covered reason. Of course, it also includes other coverages also. Problems with Viking Air department 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.". 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 pressure. The 2-1 are good through Sept 30 so why not keep an eye on bookings for that cruise via their web and see if some news comes out in the next 2 months. (You may need to consult other articles and resources for that information.). The company has begun negotiations with its creditors to restructure its debt, which stood at nearly $3.4 billion at the end of July. Viking Cruises Why your favorite cruise line probably isn't going out of business I frequently use "insure my trip" and they always have competitive pricing. I do not believe Cruise Critic permits posting the Web site name on any threads. Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review. RewriteCond %{REQUEST_FILENAME} !-f Best Debt Consolidation Loans for Bad Credit, Personal Loans for 580 Credit Score or Lower, Personal Loans for 670 Credit Score or Lower. See what a point or mile is worth with our appraisals of a loyalty programs currency, based on redemption values. cruise line For example, some policies only cover $50,000 emergency medical transportation; others that are comparably priced cover $250,000. If you go to your temporary url (http://ip/~username/) and get this error, there maybe a problem with the rule set stored in an .htaccess file. Now people start not booking because of this snowballing rumor, and before you know it, the cruise line IS in financial difficulty..strictly because of rumor. While on the cruise a number of passengers ( many who had cruised on Viking before & were very happy with them) were talking about Viking Cruise line and the fact they they were in some financial difficulties. He also explains the safety protocols the company has put in place. 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. 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. Has MSC Cruises cracked the code for a safe return to cruising? I'd recommend you "pretend" you're going to buy trip insurance and see which companies come up listed as not covered. Only use the major cruise line offered insurance if they use an independent insurance provider, i.e. Pullmantur, part owned by Royal Caribbean, and Cruise & Maritime Voyages. Just returned last month from a River Cruise on another company (not Viking), had a wonderful time. Always get independent trip insurance to protect yourself. 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. Free delivery for many products! Sometimes entire itineraries are having to be reworked on short notice due to unexpected changes to countrywide travel restrictions. MSFJ is not a Nationally Recognized Statistical Rating Organization ("NRSRO"). RewriteBase / Simply, there is no ability to question or cross examine hearsay evidence. In 2000, we had to cancel a Celebrity Cruise due to Shelly's father's hospitalization and their insurance provider refunded our full fare after we sent them the required hospitalization documentation. This would hold true for example if you ordered furniture and were given an expected delivery date of 5 months from the date of purchase. These companies have contracts with the airlines for a specified number of seats. Is It Better To Lease Or Buy A Car In Summer 2022? So I guess you have to ask yourself, if you booked would you be able to sleep at night! Recent updates have been made to cancellation schedules and refund guidelines for various cruise lines. The cruise sector has been one of the sectors most significantly affected by the shock given its sensitivity to consumer demand and sentiment. Following the "-if there's smoke-" principle, people who were completely unconcerned before suddenly start thinking that if there are that many people asking questions, there has GOT to be something to it, so they join the Greek Chorus. Since entering the ocean cruising market with its first ship in 2015, Viking has grown that segment such that it accounts for about 40% of Viking's revenue. Viking Cruises Ltd. on Monday launched a bid to raise money to help it sustain its business through the coronavirus pandemic. Cruise Ship Opinions expressed here are the authors alone, not those of any bank, credit card issuer, airline or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities. You can contact me at shaun(at)cruisearabiaonline.com. Improve earnings, maximize rewards and track progress toward dream trips. All information contained herein is obtained by MOODY'S from sources believed by it to be accurate and reliable. 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. This requirement applies to cruise lines that embark from a U.S. port and have at least 50 berth accommodations. This would hold true for example if you ordered furniture and were given an expected delivery date of 5 months from the date of purchase. 19952023, The Independent Traveler, Inc. Viking Cruise line--possible financial problems?? Announcing Our 2023 Cruisers' Choice Award Winners! Viking Octantis first of 54 cruise ships visiting Toronto this year, a popular urban port of call in Great Lakes . 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 RewriteCond %{REQUEST_FILENAME} !-d I don't think callling the cruise line and asking would help because I am sure they have told their agents what to say and I'm sure the answner would be "polished" if you know what I mean. The company says it has undertaken a number of cost reduction and cash conservation measures to mitigate the effect of the loss of revenues from its operations, but that its financial position has continued to deteriorate. MOODY'S CREDIT RATINGS,ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. WebA Viking River ship sails in Budapest. Carnival Corporation is the parent company of four North American cruise brands that cruising fans know well: Carnival, Princess, Holland America and Seabourn. While it doesn't guarantee they are in financial trouble, it would give me pause. http://www.professionaltravelguide.com/Travel-News/Cruise/Viking-investment-deal-is-off-p2150895, http://www.telegraph.co.uk/finance/newsbysector/transport/5225290/Viking-River-Cruises-in-buy-out-deal.html. Find the right card for you. See the Section on 404 errors after clicking a link in WordPress. TPG Capital and Canada Pension Plan Investment Board own a minority interest (about 23% on a combined basis) in Viking Holdings Ltd, parent company of Viking Cruises. By continuing to access this document from within Australia, you represent to MOODY'S that you are, or are accessing the document as a representative of, a "wholesale client" and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to "retail clients" within the meaning of section 761G of the Corporations Act 2001. 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? 10. WebIs Viking River Cruises in financial trouble? How steeply can a cruise ship roll before it capsizes? Viking's credit profile is supported by its well-recognized brand name in both the premium segment of the river cruising and ocean cruising markets. Click here to reload the page in order to enable certain features. The 4 export credit loan facilities are backed by the Italian export credit agency SACE (Servizi Assicurativi del Commercio Estero). One big cruise line, MSC Cruises, also is privately owned, as is Viking. We are protected by our credit card company against default by the vendor. Let's construct an example. Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating. You may get a 404 error for images because you have Hot Link Protection turned on and the domain is not on the list of authorized domains. Many have coverage lists available on line. The properties will tell you the path and file name that cannot be found. We're going with Viking in October, and I have heard nothing concerning financial difficulties. They don't publish their quarterly results. Star Cruises is Gentings more budget oriented cruise line, RELATED:Royal Caribbean and Norwegian Cruise Line seek additional credit, RELATED:Carnival Corp says it has enough cash for another year of no cruising. You can try renaming that file to .htaccess-backup and refreshing the site to see if that resolves the issue. Dream Cruises is currently building the 208,000-gross ton Global-class cruise ship Global Dream, which will feature the worlds longest roller coaster on a cruise ship. I have been considering taking a christmas markets cruise this winter. Viking cruises in financial trouble Addressing half of complaints leaves room for dissatisfaction MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. Viking Cruise line Financial reports - Viking Line 12. They don't publish their quarterly results. My Trip - Updates on Current Sailings - Viking Cruises The company launched a fundraising effort earlier this year, but says it will require more time to assess possible additional funding. Change the settings back to the previous configuration (before you selected Default). Viking Cruises has an overall rating of 3.2 out of 5, based on over 619 reviews left anonymously by employees. Carnival Corporation's Costa Cruises is scheduled to resume limited operations in just a few days. Depending on your billing cycle, that gives at most 120 days of coverage. Royal Caribbean Group is the parent company of Royal Caribbean, Celebrity Cruises, Azamara and Silversea. Check with your credit card company. Viking Cruises Founder Loses 66% Of Wealth As Pandemic Hits Norway's Richest. It is no rumor that Viking did search for an investor. 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. This indicator is about the same for the Hotels, Restaurants & Leisure average (which is currently at 41.39) sector and significantly higher than that of the Consumer Discretionary industry. Your post is an excellent example of why hearsay evidence is not admissible in US courts. 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. There are also no guarantees that the alternative cruise line you select will not develop financial difficulties. Just returned last month from a River Cruise on another company (not Viking), had a wonderful time. Right click on the X and choose Properties. Copyright 19952023 The Independent Traveler, Inc. Amazing, Funny & Totally Awesome Cruise Photos. 5. Never,ever get trip insurance with the cruise line company/ Travel company. This topic is now archived and is closed to further replies. I realize that if I take out trip insurance ( don't know if I would buy there's under the circumstancs) and use my credit card to pay for the trip I would have some recourse, but I really want to go and would hate to be disappointed at sailing time. When you get a 404 error be sure to check the URL that you are attempting to use in your browser.This tells the server what resource it should attempt to request. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). But the current consensus in the cruise world is that many vessels will be able to resume cruising long before then. The rapid spread of the coronavirus outbreak, deteriorating global economic outlook, and asset price declines are creating a severe and extensive credit shock across many sectors, regions and markets. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com. Half-year Financial Report, January 1 June 30, 2017. Viking's historical willingness to bring in new equity partners provides credit support. Hes sailed on more than 150 ships. A Viking Ocean ship sails in Croatia. Powered by Invision Community. How much is the owner of Viking Cruises worth? Further information on the EU endorsement status and on the Moody's office that issued the credit rating is available on www.moodys.com. Cruise Passenger Assistance Which one did you go with? For ratings issued on a program, series, category/class of debt or security this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series, category/class of debt, security or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. 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. Look for the .htaccess file in the list of files. 479 people were evacuated off the vessel before it reached port, and have already started flying home through arrangements by the cruise line. 2023 CNBC LLC. In Februar 2009 it was announced that they have found someone without naming it. In June 2009 Viking announced that the deal has fallen through. Viking Cruises in Financial Trouble: Exploring the Impact of COVID A federal judge ruled that Norwegian Cruise Line can ask passengers for proof of vaccination before sailing, putting a hold on Florida's vaccine passport ban. There are also no guarantees that the alternative cruise line you select will not develop financial difficulties. A Division of NBCUniversal. Still, without a peek at the books of such companies, it's impossible for The Points Guy or any other outside entity to offer enlightened commentary on their financial viability. In a statement, Viking Cruises said that 20 people suffered injuries onboard, I believe all of the other cruise companies include wine with dinner at no additional cost. The insurance companies are quick to add to the list those companies in default. I also booked a July 2010 Viking cruise, paid for it by credit card, but I bought travel insurance (not from Viking) that covers default by the cruise line. Additional terms for Japan only: Moody's Japan K.K. Big cruise companies can survive All Rights Reserved. Notice that the CaSe is important in this example. We are protected by our credit card company against default by the vendor. We are protected by our credit card company against default by the vendor. The massive liquidity positions of the three publicly traded cruise companies weren't always in place. 2020 Moody's Corporation, Moody's Investors Service, Inc., Moody's Analytics, Inc. and/or their licensors and affiliates (collectively, "MOODY'S"). The Fair Credit Billing Act (also known as the FCBA) sets a limit of 60 days from the date the statement was MAILED that contains the disputed charge. Norwegian Cruise Line Holdings is the parent company of Norwegian Cruise Line, Regent Seven Seas Cruises and Oceania Cruises. The insurance companies are quick to add to the list those companies in default. What you heard were rumors. Sept. 25, 2010. WebDial the AT&T Direct Dial Access code for. But does it have to? Click here to reload the page in order to enable certain features. Is Viking Cruises owned by Carnival? Following the "-if there's smoke-" principle, people who were completely unconcerned before suddenly start thinking that if there are that many people asking questions, there has GOT to be something to it, so they join the Greek Chorus. 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. There is no defense against the "Internet disease," the only defense is- insurance, as has been mentioned. Also, when pricing insurance policies, compare benefits. The biggest of the lines to shut down was Cruise & Maritime Voyages, a six-ship company that was the second-largest cruise brand in the U.K. I use "insure my trip",which is usually much cheaper too. Sept. 25, 2010. , i.e. As Viking cruise While on the cruise a number of passengers ( many who had cruised on Viking before & were very happy with them) were talking about Viking Cruise line and the fact they they were in some financial difficulties. The Fair Credit Billing Act (also known as the FCBA) sets a limit of 60 days from the date the statement was MAILED that contains the disputed charge. Viking Cruises Ltd By "The strength of our balance sheet, our assets and our brands has been evident during this pandemic as we raised approximately $6.5 billion in new liquidity since we announced the suspension of our global cruise operations," Royal Caribbean's Liberty noted during the company's August conference call with analysts. Even though it is a privately held company - information still leaks out. Viking

Jean Lafitte Treasure Found In Texas, Breaking News In Prosper, Tx, Bidet Towel Holder And Hamper, Articles I

is viking cruise lines in financial trouble?