is viking cruise lines in financial trouble?

But does it have to? Oceania Cruises to send Riviera and Marina for major refit and refurbishment, Cruise Lifestyle: Top 10 largest cruise ship suites, Seabourn Odyssey sold to Japanese cruise line as Seabourn looks to slim down fleet, Record 35 cruise ships scrapped since COVID-19 pandemic began, P&O Cruises to refurbish adults-only ships Arcadia and Aurora by 2025, Royal Caribbean reveals more details about Quantum of the Seas refit and refurbishment, Carnival reveals video of Mardi Gras rollercoaster in action, MSC put Royal Caribbean on notice with World Class ships, Royal Caribbean and Norwegian Cruise Line seek additional credit, Carnival Corp says it has enough cash for another year of no cruising, Holland America Line opens bookings for its 2021 Grand Africa voyage, At least 86% of cruise passengers say they plan to cruise again in 2021, Seabourn announces first-ever Grand Africa circumnavigation for 2024, Royal Caribbean debuts first-at-sea train-themed dining aboard Utopia of the Seas, Cruise Master Middle East appointed regional agent for Windstar Cruises, Underwater and seaside-themed zones announced for new Carnival Jubilee, MSC Euribia completes sea trials in the Atlantic ahead of European season. It is possible that you may need to edit the .htaccess file at some point, for various reasons.This section covers how to edit the file in cPanel, but not what may need to be changed. If you have any questions or need further information please contact Reservations at 1-877-523-0579 or email customerrelations@vikingcruises.com, Monday Friday, 6:00 AM 6:00 PM; Saturday and Sunday, 7:30 AM 4:00 PM, PT. RewriteEngine On The ship arrived there on her own engine power, accompanied by two offshore supply ships and assisted by a tugboat. WebA $500 deposit per person is required to secure a reservation on a Viking Ocean Cruise. Their financial positions are thus shielded from view. "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. I have a 90 year old mother, and while her health is generally good, at that age anything can happen, and we would then be in a position to have to cancel our trip. Given that most cruise companies haven't operated a single voyage in nearly six months, and it's unlikely that cruising will resume in a meaningful way anytime soon, it's perfectly reasonable for you to worry about such a thing. WebBased on the latest financial disclosure, Norwegian Cruise Line has a Probability Of Bankruptcy of 42.0%. Sept. 25, 2010. Related: How to book a cruise with points and miles. 2 and 3 respectively. What you heard were rumors. 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. 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. Pullmantur, part owned by Royal Caribbean, and Cruise & Maritime Voyages. When buying the insurance make sure it covers financial default, not all do. Of course, it also includes other coverages also. The possible investor was the Dutch company Waterland. If you have a booking on a cruise right now, chances are it's with one of the three big companies mentioned above. If not, correct the error or revert back to the previous version until your site works again. Viking River Cruises resolves 57% of negative reviews, earning a moderate customer service rating. Genting Hong Kong is the parent company of Crystal Cruises as well as two Asia-based cruise lines: Dream Cruises and Star Cruises. According to them the cruise line lost their major financial backer. We want to hear from you. This rating has decreased by -10% over the last 12 months. Governance risks, particularly financial strategy, specifically related to dividends, the absence of target leverage levels, and the lack of a committed revolver are also constraints. A planned funding deal this past spring to cover missbsmom, August 7, 2009 in River Cruising. I'd recommend you "pretend" you're going to buy trip insurance and see which companies come up listed as not covered. 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. I frequently use "insure my trip" and they always have competitive pricing. 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. But the current consensus in the cruise world is that many vessels will be able to resume cruising long before then. MOODY'S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. I have been using them for years. Some advice. Related: Cruise executives say they're in no rush to return to service. 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. Sometimes entire itineraries are having to be reworked on short notice due to unexpected changes to countrywide travel restrictions. 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. 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. However, MOODY'S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications. I called my credit card company (Capital One) to clarify what is my liability if there is a default by Viking. The companys outstanding financial indebtedness was US $3.37 billion as of July 31st, 2020. 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.". missbsmom, August 7, 2009 in River Cruising. According to them the cruise line lost their major financial backer. The negative outlook reflects Viking's high leverage and the uncertainty around the pace and level of recovery in demand that will enable the company to de-lever to around 6.5x. Our group of 12 friends went on Uniworld's River Beatrice from Passau to Budapest (with a 3-day Prague pre-cruise stay), and I could not find fault. The principal methodology used in these ratings was Business and Consumer Service Industry published in October 2016 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1037985. A few need to be bought within a certain time frame of your initial deposit. Viking is a cruise line providing river, ocean, and expedition cruises. All rights reserved. At least with the early booking you can get a better selection of cabins, especially the lower priced categories. What could anyone tell you to make you believe Viking is or isn't in financial difficulty? 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. Never,ever get trip insurance with the cruise line company/ Travel company. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. In some cases, cruise ships are missing ports due to COVID-19-related issues, such as a passenger testing positive for the illness while on board. You can contact me at shaun(at)cruisearabiaonline.com. The 4 export credit loan facilities are backed by the Italian export credit agency SACE (Servizi Assicurativi del Commercio Estero). I use "insure my trip",which is usually much cheaper too. Use down arrow key to expand the menu and up arrow key to collapse the menu and hit enter to select the link, Do Not Sell or Share My Personal Information. Look for the .htaccess file in the list of files. Free delivery for many products! 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. Is Viking River Cruises In Financial Trouble The coronavirus pandemic has had a financial impact across the cruise sector to varying degrees. MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements. Hes sailed on more than 150 ships. I don't consider fellow passengers or a cruise director on a competitor's boat as authorities on the financial well being of a cruise line. Viking has approximately a 50% market share of the North American sourced river cruise passengers for Europe, Russian and China. I have been watching & reading to see if I could find any current info to their financial status. 12. Please refer to Moody's Policy for Designating and Assigning Unsolicited Credit Ratings available on its website www.moodys.com. Notice that the CaSe is important in this example. 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. He also explains the safety protocols the company has put in place. Viking has just over $3.3 billion in total debt. "Additional cash conservation efforts, combined with future liquidity measures, will enable us to sustain ourselves beyond 12 months into late next year, even in a zero-revenue scenario," Carnival Corporation president and CEO Arnold Donald said during the conference call. What could anyone tell you to make you believe Viking is or isn't in financial difficulty? Moody's Rating Symbols and Definitions can be found at: https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_79004. We may receive compensation when you click on links to those products. The insurance companies are quick to add to the list those companies in default. If your blog is showing the wrong domain name in links, redirecting to another site, or is missing images and style, these are all usually related to the same problem: you have the wrong domain name configured in your WordPress blog. More cancellations are expected. Viking Cruises has an overall rating of 3.2 out of 5, based on over 619 reviews left anonymously by employees. We are protected by our credit card company against default by the vendor. About 86% of its total river and ocean customers are sourced from North America. CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. Announcing Our 2023 Cruisers' Choice Award Winners! Notice that the CaSe is important in this example. The ratings have been disclosed to the rated entity or its designated agent(s) and issued with no amendment resulting from that disclosure. We're talking about such lines as AmaWaterways, American Cruise Lines, UnCruise Adventures and Uniworld Boutique River Cruise Collection. Which one did you go with? The biggest of the three, Carnival Corporation, currently is burning through around $650 million per month without any ships sailing -- a staggering sum. I have a 90 year old mother, and while her health is generally good, at that age anything can happen, and we would then be in a position to have to cancel our trip. 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. Vantage Travel, a well-known Boston-based international travel company for four decades, last week was apparently hacked. Click here to reload the page in order to enable certain features. Under normal conditions, Viking's credit profile is also enhanced by its good forward booking visibility and short lead time to build new river vessels which allows Viking to adjust river cruise capacity to demand trends. For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. This varies by browser, if you do not see a box on your page with a red X try right clicking on the page, then select View Page Info, and goto the Media Tab. In addition, its a joint venture partner in Resorts World Manila in the Philippines. Most tour organizations have had a decline in travel and some are no longer with us. 10. has written about cruising for more than 25 years and for many years oversaw USA Todays award-winning cruise site. WebViking RIVER CRUISES. There are also no guarantees that the alternative cruise line you select will not develop financial difficulties. We read all those emails you send us. On a combined basis, they own a 23% stake in the company. Does Viking still go to Russia? Viking Ocean Cruises was voted Best Large-Ship Ocean Cruise Line by Travel + Leisure readers in the 2016 Worlds Best Awards. 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. In all, Genting Hong Kong operates a fleet of 15 cruise ships, in addition to a hotel brand and a shipyard. We regard the coronavirus outbreak as a social risk under our ESG framework, given the substantial implications for public health and safety. With a cruise, since the "delivery date" (the cruise sailing date) is not scheduled until Sept. 2010 you can't be expected to file a dispute within 120 days of making the payment. they are not self insured as Viking may be. Right click on the X and choose Properties. 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. I believe all of the other cruise companies include wine with dinner at no additional cost. WebFor Further Assistance. Free delivery for many products! Has MSC Cruises cracked the code for a safe return to cruising? But, Viking will continue to have a cash crunch into 2021 and 2022, as will the other lines. Click here to reload the page in order to enable certain features. Carnival Corporation's Costa Cruises is scheduled to resume limited operations in just a few days. Just returned last month from a River Cruise on another company (not Viking), had a wonderful time. In the early days of the cruising shutdown, the companies only had enough cash on hand to survive a few months. This topic is now archived and is closed to further replies. Hi, Just returned last month from a River Cruise on another company (not Viking), had a wonderful time. 2020 Moody's Corporation, Moody's Investors Service, Inc., Moody's Analytics, Inc. and/or their licensors and affiliates (collectively, "MOODY'S"). Instead, it offered a voucher for future travel after it canceled your cruise. We are all individually responsible for thinking these things through and being provident; no one's going to do it for us. Got a confidential news tip? Many have coverage lists available on line. I vividly remember when Renaissance Cruise Lines folded in 2001. The possible investor was the Dutch company Waterland. I'm hoping that's not the case," she said. Viking River Cruises Of the lines that have so far made changes, Vikings have been the most extensive, canceling its entire season of Kyiv, Black Sea & Bucharest itinerary. AND/OR ITS AFFILIATES. Copyright 19952023 The Independent Traveler, Inc. Amazing, Funny & Totally Awesome Cruise Photos. 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. A Division of NBCUniversal. Additional terms for Japan only: Moody's Japan K.K. After spending more than $18,000 on her trip, Ileene hopes the company isn't in financial trouble. (Updated 1:37 p.m. EST) -- The omicron COVID-19 surge has caused several cruise lines, including Fred. 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. Related: Has MSC Cruises cracked the code for a safe return to cruising? In this example the image file must be in public_html/cgi-sys/images/. A significant number of occupied cabins won't produce any new revenue. One big cruise line, MSC Cruises, also is privately owned, as is Viking. But it's true. A dialogue box may appear asking you about encoding. 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. Viking's historical willingness to bring in new equity partners provides credit support. 479 people were evacuated off the vessel before it reached port, and have already started flying home through arrangements by the cruise line. The worlds largest cruise company lost another $2.2 billion in the fourth quarter of 2020, bringing its total net losses from the pandemic to $10.2 billion so far. It is also possible that you have inadvertently deleted your document root or the your account may need to be recreated. Viking will send you a number of notifications via email as your departure date nears, including your booking confirmation, payment receipts and, if you purchased your air travel from Viking, logistical information about your air travel and transfers. 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. If you have any questions or need further information please contact Reservations at 1-877-523-0579 or email customerrelations@vikingcruises.com, Monday Friday, 6:00 AM 6:00 PM; Saturday and Sunday, 7:30 AM 4:00 PM, PT. 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. Some advice. Only use the major cruise line offered insurance if they use an independent insurance provider, i.e. 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. 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. Also, make sure that the insurance you are going with covers your cruise company. Moody's expects that without a medical answer to the virus, people are likely to remain reluctant to fly internationally", added Trombetta. When buying the insurance make sure it covers financial default, not all do. We are protected by our credit card company against default by the vendor. If you see Viking there, then that's a red flag! RewriteRule . Many have coverage lists available on line. This site does not include all credit card companies or all available credit card offers. The company has begun negotiations with its creditors to restructure its debt, which stood at nearly $3.4 billion at the end of July. I agree the 2-for-1 offer may not be all that it seems, but they do provide nice pricing on the air fare and the free wine with dinner does have some value. so once the premier seats are gone, you often get left with what's leftover. 2) We bought the full-coverage trip insurance policy. WebAre Viking cruises in financial trouble? 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. Check this out--http://current.newsweek.com/budgettravel/2009/07/river_cruises_why_travel_insur.html. Many of the cruise line policies only offer a future cruise credit on their line, with blackout dates, should you cancel. You may need to scroll to find it. I believe all of the other cruise companies include wine with dinner at no additional cost. Data is a real-time snapshot *Data is delayed at least 15 minutes. If the store fails to deliver or defaults, you can dispute it even though it is more than 120 days from date of purchase. 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. your location. By Stay current with special offers, news and destination-focused content. Viking is a privately held company so it is improbable that any information concerning their financial status would be available to outsiders. 19952023, The Independent Traveler, Inc. Viking Cruise line--possible financial problems?? 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. See what a point or mile is worth with our appraisals of a loyalty programs currency, based on redemption values. And, we do know you're worrying. Just click. 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. 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. It also owns five overseas brands including the U.K.'s Cunard Line and Europe's Costa Cruises. Could the end be near for your favorite cruise line? Reason for Complaint: Failure to deliver product, deceptive business practices We have undergone multiple bookings (3) and cancellations (3) with Viking due If one has ever worked at a company that has had financial problems, the employee often knows even with out being the one that looks at the books. Those who had purchased Renaissance's policy were out of luck - bankruptcy is bankruptcy! I have been using them for years. None of these lines have indicated they are in financial trouble, and some of them have suggested that they, too, can withstand a cruising shutdown lasting many more months. When you encounter a 404 error in WordPress, you have two options for correcting it. 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. Those who had purchased Renaissance's policy were out of luck - bankruptcy is bankruptcy! 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. ("MSFJ") is a wholly-owned credit rating agency subsidiary of MJKK. You can try renaming that file to .htaccess-backup and refreshing the site to see if that resolves the issue. Either way, please contact your web host immediately. In June 2009 Viking announced that the deal has fallen through. 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. I don't consider fellow passengers or a cruise director on a competitor's boat as authorities on the financial well being of a cruise line. Viking is a privately held company so it is improbable that any information concerning their financial status would be available to outsiders. CREDIT RATINGS, NON-CREDIT ASSESSMENTS ("ASSESSMENTS"), AND OTHER OPINIONS INCLUDED IN MOODY'S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. I also from time-to-time use the major cruise line insurance since for extended cruise durations, pre or post cruise stays and/or extensive air travel, their insurance will at times be competitive. This topic is now archived and is closed to further replies. 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 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. Some also have waiting periods. How would you know they were talking absolute fact? 47% of employees would recommend working at Viking Cruises to a friend and 47% have a positive outlook for the business. Related: Some travel insurance companies limit coverage for Crystal. 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. , i.e. decided to stop their river boat operations. Net cruise revenues were about $2.1 billion for the fiscal year 2019. 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. Best Debt Consolidation Loans for Bad Credit, Personal Loans for 580 Credit Score or Lower, Personal Loans for 670 Credit Score or Lower.

Webster Central School District Superintendent, Mario Banchero Height, Articles I