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. Vantage Travel, a well-known Boston-based international travel company for four decades, last week was apparently hacked. "We are a private, closely held company, which means we do not have to rush the decision to return to service," Viking chairman Torstein Hagen said in August in a letter to customers. 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. 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. Is Viking still cruising to Ukraine? 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. If the store fails to deliver or defaults, you can dispute it even though it is more than 120 days from date of purchase. ("MSFJ") is a wholly-owned credit rating agency subsidiary of MJKK. cruise ships in the last few months; here Even the cruise director on the ship I was on said when asked that she had heard this so I feel the talk was real, not just a rumor. 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). Any feedback from you CC folks would be appreciated. missbsmom, August 7, 2009 in River Cruising. Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating. 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. In all, Genting Hong Kong operates a fleet of 15 cruise ships, in addition to a hotel brand and a shipyard. The announcement came two days after the company missed a 3.7 million euro payment of fees related to the construction of certain ships. Norwegian Cruise Probability Of Bankruptcy Viking River Cruises: Reviews, Complaints, Customer 2) We bought the full-coverage trip insurance policy. On platforms that enforce case-sensitivity example and Example are not the same locations. In June 2009 Viking announced that the deal has fallen through. 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 Reviews Problems with Viking Air department Viking River Cruises Cancellation and Refund Policy Never,ever get trip insurance with the cruise line company/ Travel company. 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. This topic is now archived and is closed to further replies. Notice that the CaSe is important in this example. Related: Even cruise executives are surprised by how many people are booking cruises. Some advice. 18 MAY 2017. Heck - I think many of us were surprised when Peter Desilmann (sp?) I believe all of the other cruise companies include wine with dinner at no additional cost. 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? 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. On a combined basis, they own a 23% stake in the company. Just six months ago, it was one of the fastest growing and most profitable sectors of the worldwide travel market. 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. Carnival Corporation is the parent company of four North American cruise brands that cruising fans know well: Carnival, Princess, Holland America and Seabourn. In general, cruises missbsmom, August 7, 2009 in River Cruising. Redirects and rewriting URLs are two very common directives found in a .htaccess file, and many scripts such as WordPress, Drupal, Joomla and Magento add directives to the .htaccess so those scripts can function. Net cruise revenues were about $2.1 billion for the fiscal year 2019. they are not self insured as Viking may be. 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. 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. My Trip - Updates on Current Sailings - Viking Cruises Does Viking still go to Russia? Viking Cruises chairman: COVID is really behind us - Fortune Viking Ocean Cruises announced it is taking US$1.5 billion in financing on 4 ships. (Updated 1:37 p.m. EST) -- The omicron COVID-19 surge has caused several cruise lines, including Fred. 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. How would you know they were talking absolute fact? One big cruise line, MSC Cruises, also is privately owned, as is Viking. 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. Also, when pricing insurance policies, compare benefits. I'd recommend you "pretend" you're going to buy trip insurance and see which companies come up listed as not covered. Just returned last month from a River Cruise on another company (not Viking), had a wonderful time. 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. Related: Cruise executives say they're in no rush to return to service. 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. Copyright 19952023 The Independent Traveler, Inc. 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." MSFJ is not a Nationally Recognized Statistical Rating Organization ("NRSRO"). Stay current with special offers, news and destination-focused content. 479 people were evacuated off the vessel before it reached port, and have already started flying home through arrangements by the cruise line. It is no rumor that Viking did search for an investor. I took a look at some of their 2009 cruises and many are sold out. It is classified as operating in the Travel 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. Always get independent trip insurance to protect yourself. Viking Cruises in Financial Trouble: Exploring the Impact of COVID The insurance companies are quick to add to the list those companies in default. These companies have contracts with the airlines for a specified number of seats. 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. Improve earnings, maximize rewards and track progress toward dream trips. Is It Better To Lease Or Buy A Car In Summer 2022? cruise Viking Octantis first of 54 cruise ships visiting Toronto this year, a popular urban port of call in Great Lakes . 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. # End WordPress. 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. If not, correct the error or revert back to the previous version until your site works again. Factors that could lead to a downgrade include deterioration in the company's liquidity profile, updated expectations for a weaker recovery in 2021 or if there are indications that the company is not on a path to restoring leverage to a sustainable level. So far, two mainstream cruise lines, have declared bankruptcy due to the pandemic. 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. 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 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 here before booking an award fare. 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. Sept. 25, 2010. Viking operated a fleet of 72 river cruise vessels and six ocean cruise ships as of December 31, 2019. A significant number of occupied cabins won't produce any new revenue. It sounds impossible. Carnival Corporation's Costa Cruises is scheduled to resume limited operations in just a few days. Hes sailed on more than 150 ships. 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. 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. 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. Are Gratuities Included On Viking River Cruises 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. Viking Cruise WebAre Viking cruises in financial trouble? 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 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. He also explains the safety protocols the company has put in place. They don't publish their quarterly results. your location. 2023 CNBC LLC. The company did not disclose its current cash position. 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 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 You can contact me at shaun(at)cruisearabiaonline.com. Viking chairman on cruise demand: Bookings up 42% for 2022 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. Viking Ocean Cruises 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. Hagen said Viking is on track to outpace those figures in 2022, with an annual revenue growth forecast of 47% this year. The easiest way to edit a .htaccess file for most people is through the File Manager in cPanel. Cruise Passenger Assistance Many have coverage lists available on line. I'm hoping that's not the case," she said. Find the right card for you. 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. I'm hoping that's not the case," she said. I have been watching & reading to see if I could find any current info to their financial status. 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. 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. "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.