I took a look at some of their 2009 cruises and many are sold out. Carnival Corporation is the parent company of four North American cruise brands that cruising fans know well: Carnival, Princess, Holland America and Seabourn. 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. It also owns five overseas brands including the U.K.'s Cunard Line and Europe's Costa Cruises. Already, several lines have restarted limited sailings in some parts of the world. It is no rumor that Viking did search for an investor. Related: Some travel insurance companies limit coverage for Crystal. MCO and Moody's investors Service also maintain policies and procedures to address the independence of Moody's Investors Service credit ratings and credit rating processes. 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. When you have a missing image on your site you may see a box on your page with with a red X where the image is missing. "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 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. Viking Cruises Founder Loses 66% Of Wealth As Pandemic Hits Norway's Richest. Torstein Hagen, Viking chairman and founder, joins 'Squawk on the Street' to share his thoughts on the legal battle playing out between cruise lines and Florida. Only one U.S.-based cruise brand, tiny Blount Small Ships Adventures, has shut down since the coronavirus crisis began. 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. Edit the file on your computer and upload it to the server via FTP. I have no clue if the rumors are true or not but one way to often tell is if 3rd party insurance companies will cover them for financial default. In all, Genting Hong Kong operates a fleet of 15 cruise ships, in addition to a hotel brand and a shipyard. Heck - I think many of us were surprised when Peter Desilmann (sp?) 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. The timing of a resumption of cruises is the big wildcard right now in analyzing the industry's financial outlook, Curtis suggested. Media Center - Press Releases - Viking Cruises It sounds impossible. 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. Additional terms for Japan only: Moody's Japan K.K. It added another $2.6 billion in liquidity in June through a senior secured loan. This requirement applies to cruise lines that embark from a U.S. port and have at least 50 berth accommodations. Also, make sure that the insurance you are going with covers your cruise company. Sept. 25, 2010. How steeply can a cruise ship roll before it capsizes? Viking has just over $3.3 billion in total debt. Cruise Ship 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. A few lines, such as Viking, have canceled trips through the end of June. 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. 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. In the short run, Viking's credit profile will be dominated by the length of time that cruise operations continue to be highly disrupted and the resulting impacts on the company's cash consumption and its liquidity profile. As In June 2009 Viking announced that the deal has fallen through. Not sure if it was because the company was new or having problems but these insurance companies stay up on these issues. Anyway there are no rumors that Viking is in any kind of financial troubles. You can contact me at shaun(at)cruisearabiaonline.com. 479 people were evacuated off the vessel before it reached port, and have already started flying home through arrangements by the cruise line. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com. ("MSFJ") is a wholly-owned credit rating agency subsidiary of MJKK. 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. 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! Data is a real-time snapshot *Data is delayed at least 15 minutes. Viking is a privately held company so it is improbable that any information concerning their financial status would be available to outsiders. If the store fails to deliver or defaults, you can dispute it even though it is more than 120 days from date of purchase. The companys outstanding financial indebtedness was US $3.37 billion as of July 31st, 2020. Is Viking Cruises owned by Carnival? Genting Hong Kong is the parent company of Crystal Cruises as well as two Asia-based cruise lines: Dream Cruises and Star Cruises. 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. Some also have waiting periods. At least with the early booking you can get a better selection of cabins, especially the lower priced categories. In this example the image file must be in public_html/cgi-sys/images/. At least with the early booking you can get a better selection of cabins, especially the lower priced categories. I took a look at some of their 2009 cruises and many are sold out. 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. Announcing Our 2023 Cruisers' Choice Award Winners! MSFJ is not a Nationally Recognized Statistical Rating Organization ("NRSRO"). The text appears: onwards Notice that the CaSe is important in this example. The .htaccess file contains directives (instructions) that tell the server how to behave in certain scenarios and directly affect how your website functions. Moody's Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody's Corporation ("MCO"), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody's Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody's Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. Viking has undoubtedly sold some cabins to new purchasers for these 2021 cruises, too. Genting Hong Kong, which operates the Dream Cruises and Crystal Cruises brands, has asked its creditors to negotiate a debt restructuring as it seeks to prevent bankruptcy amid the worldwide cruise industry shutdown. Four of the five small lines that have shut down were Europe based. WebIn 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 $252.4 during the The massive liquidity positions of the three publicly traded cruise companies weren't always in place. FMC requires cruise lines to have a bond or other financial surety available to refund passenger deposits in the event of nonperformance or for death or injury on a voyage. MOODY'S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY'S ANALYTICS, INC. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity. The company launched a fundraising effort earlier this year, but says it will require more time to assess possible additional funding. RewriteRule ^index.php$ - [L] Viking chairman on cruise demand: Bookings up 42% for 2022 So I guess you have to ask yourself, if you booked would you be able to sleep at night! New York, August 24, 2020 -- Moody's Investors Service, ("Moody's") downgraded the ratings of Viking Cruises Ltd (together with Viking Ocean Cruises Ltd., "Viking") including its Corporate Family Rating to B3 from B2, Probability of Default Rating to B3-PD from B2-PD, senior secured rating to B2 from B1 and senior unsecured rating to Caa2 from Caa1. Hagen drew a line between Viking and comparable cruise ship operators, underscoring the purpose as to why people travel. they are not self insured as Viking may be. 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. Anyone who buys a non-refundable package tour and doesn't buy insurance is either ignorant, crazy, or has deep pockets such that they can self-insure. 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. It is classified as operating in the Travel But does it have to? One big cruise line, MSC Cruises, also is privately owned, as is Viking. Viking Cruises We're going with Viking in October, and I have heard nothing concerning financial difficulties. Check with your credit card company. 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. /index.php [L] Click here to reload the page in order to enable certain features. Related: How to book a cruise with points and miles. We're talking about such lines as AmaWaterways, American Cruise Lines, UnCruise Adventures and Uniworld Boutique River Cruise Collection. I have been using them for years. RewriteBase / Your post is an excellent example of why hearsay evidence is not admissible in US courts. Get this delivered to your inbox, and more info about our products and services. Compare the cost in points or miles to cash, and see which option is best. 1) We booked our cruise using a credit card. Moody's SF Japan K.K. A Viking Ocean ship sails in Croatia. According to them the cruise line lost their major financial backer. How would you know they were talking absolute fact? This topic is now archived and is closed to further replies. Recent updates have been made to cancellation schedules and refund guidelines for various cruise lines. So far, two mainstream cruise lines, have declared bankruptcy due to the pandemic. Of course, if the cruising shutdown continues into late next year or beyond, all bets are off. On platforms that enforce case-sensitivity PNG and png are not the same locations. A debt restructuring is a more cost-effective means than declaring insolvency of dealing with unmanageable debt, and does not necessarily imply that the company is in extreme financial distress. 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. Hes sailed on more than 150 ships. The 4 export credit loan facilities are backed by the Italian export credit agency SACE (Servizi Assicurativi del Commercio Estero). Pullmantur, part owned by Royal Caribbean, and Cruise & Maritime Voyages. A Viking Expedition ship sails in Antarctica. 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. A line-by-line guide, Why you shouldn't expect bargain-basement cruise deals anytime soon, How to cancel or postpone a cruise due to coronavirus, Everything you need to know about a future cruise credit, Stream these 13 movies, television shows to get your cruise ship fix, Do Not Sell or Share My Personal Information. The easiest way to edit a .htaccess file for most people is through the File Manager in cPanel. I'm hoping that's not the case," she said. When buying the insurance make sure it covers financial default, not all do. Also, make sure that the insurance you are going with covers your cruise company. Viking has approximately a 50% market share of the North American sourced river cruise passengers for Europe, Russian and China. Put the custom structure back if you had one. Royal Caribbean Group is the parent company of Royal Caribbean, Celebrity Cruises, Azamara and Silversea. Overall, the major cruise lines all have Current Ratios under 1 into a tightening monetary environment. 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. Your post is an excellent example of why hearsay evidence is not admissible in US courts. 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. 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 1) We booked our cruise using a credit card. AND/OR ITS CREDIT RATINGS AFFILIATES ARE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY'S (COLLECTIVELY, "PUBLICATIONS") MAY INCLUDE SUCH CURRENT OPINIONS. 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. 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. 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. I believe all of the other cruise companies include wine with dinner at no additional cost. Further information on the EU endorsement status and on the Moody's office that issued the credit rating is available on www.moodys.com. Quite a few of the smaller cruise lines marketing to North Americans, including most river lines aimed at North Americans, are privately owned. One other cruise company that has experienced financial difficulties of late is Hong Kong-based Genting Hong Kong, the parent company of Crystal Cruises. Then, at the prompt, dial 866-330-MDYS (866-330-6397). Indeed, all three of the companies -- Carnival Corporation, Royal Caribbean Group and Norwegian Cruise Line Holdings -- currently have enough cash on hand to muddle along for well over a year without a single dollar of revenue. If this doesn't work, you may need to edit your .htaccess file directly. Viking Cruises has announced that its river and ocean operations will remain on hold through May 31, 2021, which means cruises wont resume until June at the very On platforms that enforce case-sensitivity example and Example are not the same locations. "We had a lot of good experiences. so once the premier seats are gone, you often get left with what's leftover. Has MSC Cruises cracked the code for a safe return to cruising? Notice that the CaSe is important in this example. 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. Even though it is a privately held company - information still leaks out. 2) We bought the full-coverage trip insurance IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER. Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating. Viking Cruise line . Probability of Default Rating, Downgraded to B3-PD from B2-PD, . Corporate Family Rating, Downgraded to B3 from B2, .Senior Secured Regular Bond/Debenture, Downgraded to B2 (LGD3) from B1 (LGD3), .Senior Unsecured Regular Bond/Debenture, Downgraded to Caa2 (LGD5) from Caa1 (LGD5).