We are protected by our credit card company against default by the vendor. 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. 19952023, The Independent Traveler, Inc. Viking Cruise line--possible financial problems?? This topic is now archived and is closed to further replies. The announcement came two days after the company missed a 3.7 million euro payment of fees related to the construction of certain ships. 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. There is no defense against the "Internet disease," the only defense is- insurance, as has been mentioned. WebBased on the latest financial disclosure, Norwegian Cruise Line has a Probability Of Bankruptcy of 42.0%. "The downgrade also reflects our assumption that Viking's demand trends could remain weak in the first half of 2021 as the company is more reliant on passengers from North America that fly to Europe to cruise. Free delivery for many products! I have been using them for years. Moody's Rating Symbols and Definitions can be found at: https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_79004. The possible investor was the Dutch company Waterland. 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. Does Viking still go to Russia? The text appears: #1 on the rivers. Moody's SF Japan K.K. A planned funding deal this past spring to cover 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. Announcing Our 2023 Cruisers' Choice Award Winners! They don't publish their quarterly results. 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. The combined credit effects of these developments are unprecedented. 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. 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. 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. Contact your Sales Agent or our Customer Service Norwegian Cruise Line Holdings in August said it was burning through about $160 million a month but had liquidity of $2.8 billion. A Division of NBCUniversal. 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.". If the store fails to deliver or defaults, you can dispute it even though it is more than 120 days from date of purchase. After spending more than $18,000 on her trip, Ileene hopes the company isn't in financial trouble. Heck - I think many of us were surprised when Peter Desilmann (sp?) WebA Viking River ship sails in Budapest. 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. Edit the file on your computer and upload it to the server via FTP. Many of the cruise line policies only offer a future cruise credit on their line, with blackout dates, should you cancel. In June 2009 Viking announced that the deal has fallen through. Related: Some travel insurance companies limit coverage for Crystal. If you have a booking on a cruise right now, chances are it's with one of the three big companies mentioned above. This makes sense since in a merchandise purchase, after you pay for something and then the merchant fails to make delivery, you can then submit a dispute to your credit card bank. A dialogue box may appear asking you about encoding. decided to stop their river boat operations. This document is intended to be provided only to "wholesale clients" within the meaning of section 761G of the Corporations Act 2001. 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. If you have already uploaded the file then the name may be misspelled or it is in a different folder. Sept. 25, 2010. Of course, it also includes other coverages also. See the Section on 404 errors after clicking a link in WordPress. 9. Who is the CEO of Viking? Is Viking still cruising to Ukraine? Three ships operated by Viking Cruises, the company that headed the Donahues cruise, are restricted and remain under investigation for COVID-19 outbreaks, according to the CDC. SEE MOODY'S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY'S INVESTORS SERVICE CREDIT RATINGS. How would you know they were talking absolute fact? I have been considering taking a christmas markets cruise this winter. 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. WebFor Further Assistance. 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. Is It Better To Lease Or Buy A Car In Summer 2022? CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. Genting Hong Kong is the parent company of Crystal Cruises as well as two Asia-based cruise lines: Dream Cruises and Star Cruises. Someone with a burr under their saddle with a cruise, perhaps some complaint that was not resolved, takes on a few too many cocktails and starts telling people the cruise line is in trouble. Additional resources for cruisers during the coronavirus outbreak: The credit card offers that appear on the website are from credit card companies from which ThePointsGuy.com receives compensation. When buying the insurance make sure it covers financial default, not all do. It promised Depending on your billing cycle, that gives at most 120 days of coverage. I frequently use "insure my trip" and they always have competitive pricing. For addon domains, the file must be in public_html/addondomain.com/example/Example/ and the names are case-sensitive. 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. 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. He also explains the safety protocols the company has put in place. I try to create the best news and information specifically for cruise passengers taking cruises to and from Dubai (where I live) and South Africa (where I was born). 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 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. "We had a lot of good experiences. 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. Free delivery for many products! Just six months ago, it was one of the fastest growing and most profitable sectors of the worldwide travel market. In this example the image file must be in public_html/cgi-sys/images/. 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. 2) We bought the full-coverage trip insurance policy. Is Viking Cruises owned by Carnival? 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. Let's construct an example. These companies have contracts with the airlines for a specified number of seats. Heck - I think many of us were surprised when Peter Desilmann (sp?) 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. Even though it is a privately held company - information still leaks out. 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. 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. We are protected by our credit card company against default by the vendor. I've been looking at the various travel insurance policies and find that most exclude financial default of a travel supplier. But we have some good news for those of you with thousands of dollars tied up in bookings for future sailings: The three big, publicly traded companies that operate most of the biggest lines, including Royal Caribbean, Carnival Cruise Line, Norwegian Cruise Line and Princess Cruises, aren't in imminent danger of sliding into bankruptcy -- let alone collapsing completely. 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 We are all individually responsible for thinking these things through and being provident; no one's going to do it for us. 7. According to them the cruise line lost their major financial backer. For example, some policies only cover $50,000 emergency medical transportation; others that are comparably priced cover $250,000. 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. 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. Even cruise executives are surprised by how many people are booking cruises, How to book a cruise with points and miles. What could anyone tell you to make you believe Viking is or isn't in financial difficulty? Any feedback from you CC folks would be appreciated. Always get independent trip insurance to protect yourself. Factors that could lead to the outlook being revised to stable include signs of good demand trends for 2021, leading to an expectation that the company's finances will stabilize in the near term and that debt/EBITDA will improve to below 6.5x over the medium term. 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. Notice that the CaSe is important in this example. Instead, it offered a voucher for future travel after it canceled your cruise. So far, two mainstream cruise lines, have declared bankruptcy due to the pandemic. 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. MSFJ is not a Nationally Recognized Statistical Rating Organization ("NRSRO"). Related: Even cruise executives are surprised by how many people are booking cruises. 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. Moody's expects that without a medical answer to the virus, people are likely to remain reluctant to fly internationally", added Trombetta. Get this delivered to your inbox, and more info about our products and services. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com. For more cruise news, reviews and tips, sign up for TPG's new cruise newsletter. It's all about the financial trouble NCLH is in . This makes sense since in a merchandise purchase, after you pay for something and then the merchant fails to make delivery, you can then submit a dispute to your credit card bank. Carnival Corporation is the parent company of four North American cruise brands that cruising fans know well: Carnival, Princess, Holland America and Seabourn. 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. Additional terms for Japan only: Moody's Japan K.K. Carnival Corporation's Costa Cruises is scheduled to resume limited operations in just a few days. Check with your credit card company. It also owns the Werften shipyards in Germany, where the first expedition ship for Crystal Cruises currently is under construction. Our first Viking Cruise is March 1 (northern lights) and we used credit from a canceled trip in March 2020 to book our flight to London (before the credit expired). Powered by Invision Community. I was not happy with that, Street explained. The company in August disclosed that it had stopped making payments to creditors amidst a sharp loss of revenue due to the coronavirus crisis. Carnival Corporation has secured more than $10 billion in new capital since March. If not, correct the error or revert back to the previous version until your site works again. Which one did you go with? Four of the five small lines that have shut down were Europe based. 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. Anyway there are no rumors that Viking is in any kind of financial troubles. Moody's general principles for assessing environmental, social and governance (ESG) risks in our credit analysis can be found at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1133569. Check this out--http://current.newsweek.com/budgettravel/2009/07/river_cruises_why_travel_insur.html. 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. This will reset the permalinks and fix the issue in many cases. We're talking about such lines as AmaWaterways, American Cruise Lines, UnCruise Adventures and Uniworld Boutique River Cruise Collection. Related: Has MSC Cruises cracked the code for a safe return to cruising? 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. Already, several lines have restarted limited sailings in some parts of the world. This requirement applies to cruise lines that embark from a U.S. port and have at least 50 berth accommodations. I have been considering taking a christmas markets cruise this winter. 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. However, if negotiations with creditors do not produce results amicable to all parties, bankruptcy may be the only option left to the company. But there are other cruise lines out there, of course. Fundstrat's Mark Newton expects the VIX to bottom out by Fed's meeting this week, Large caps in the S&P have good Q2 earnings support, says Ritholtz's Josh Brown, FDIC releases outlines for deposit insurance reform, Borrowers with low credit may benefit from a new mortgage fee structure, says Guy Cecala, Mattel CEO Ynon Kreiz on the state of the toy industry and health of U.S. consumer. , i.e. "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. All this does for the 2/27 report is give NCL the ability to say 'Look at everything we're doing to improve our results in the future."
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