is viking cruise lines in financial trouble?

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 Viking River Cruises In Financial Trouble The coronavirus pandemic has had a financial impact across the cruise sector to varying degrees. I have been considering taking a christmas markets cruise this winter. Viking Cruise line 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. Not sure if it was because the company was new or having problems but these insurance companies stay up on these issues. Viking Ocean Cruises was voted Best Large-Ship Ocean Cruise Line by Travel + Leisure readers in the 2016 Worlds Best Awards. We're going with Viking in October, and I have heard nothing concerning financial difficulties. WebFor Further Assistance. 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: Viking River Cruises Cancellation and Refund Policy 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. Can't afford to pay the full price of their competitor. 12. Could the end be near for your favorite cruise line? I was not happy with that, Street explained. Many of the cruise line policies only offer a future cruise credit on their line, with blackout dates, should you cancel. RewriteEngine On Heck - I think many of us were surprised when Peter Desilmann (sp?) Viking Cruise Ship But the lines have been canceling voyages in waves, about a month at a 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. 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. Simply, there is no ability to question or cross examine hearsay evidence. 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. November 23, 2022 , Cruise Industry. The normal ongoing credit risks include Viking's high leverage which Moody's forecasts could approximate 7.0x at the end of 2022 assuming negative EBITDA in 2020 and some recovery in 2021 and 2022. Even though it is a privately held company - information still leaks out. 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. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com. The company's credit profile is also constrained by its limited diversification both in terms of geography and customer base and the cyclicality, seasonality and capital intensity inherent in the cruise industry. Crystal Cruises is suspending operations for at least three months in the wake of a financial crisis at its parent company, Genting Hong Kong. The price action is already alarming to the downside, and Carnival especially is acting like it wants to test and breach its 2020 lows. they are not self insured as Viking may be. Viking Ship In Trouble Off the Coast of Norway, Passengers 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. One big cruise line, MSC Cruises, also is privately owned, as is Viking. Is Viking Cruises owned by Carnival? It is classified as operating in the Travel Half-year Financial Report, January 1 June 30, 2017. The company is offering the debt Viking cruise These companies have contracts with the airlines for a specified number of seats. Moody's expects that without a medical answer to the virus, people are likely to remain reluctant to fly internationally", added Trombetta. These ratings are solicited. A significant number of occupied cabins won't produce any new revenue. Of course, it also includes other coverages also. It also owns the Werften shipyards in Germany, where the first expedition ship for Crystal Cruises currently is under construction. 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. 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. According to them the cruise line lost their major financial backer. 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. 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. If this doesn't work, you may need to edit your .htaccess file directly. Carnival lost $10.2 billion last yearbut says it can survive 2021 How would you know they were talking absolute fact? 2020 Moody's Corporation, Moody's Investors Service, Inc., Moody's Analytics, Inc. and/or their licensors and affiliates (collectively, "MOODY'S"). Additional terms for Japan only: Moody's Japan K.K. For more cruise news, reviews and tips, sign up for TPG's new cruise newsletter. 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. Viking's historical willingness to bring in new equity partners provides credit support. Some also have waiting periods. Norwegian Cruise Probability Of Bankruptcy Related: How to book a cruise with points and miles. Click here to reload the page in order to enable certain features. 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? Many have coverage lists available on line. 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 At least one ESG consideration was material to the credit rating action(s) announced and described above. It is no rumor that Viking did search for an investor. Can't afford to pay the full price of their competitor. Some advice. During a conference call with Wall Street analysts in August, Royal Caribbean CFO Jason Liberty said the company was burning through about $250 to $290 million a month during the cruising shutdown but had liquidity of more than $4 billion. The insurance companies are quick to add to the list those companies in default. It promised 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. 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. Net cruise revenues were about $2.1 billion for the fiscal year 2019. But, Viking will continue to have a cash crunch into 2021 and 2022, as will the other lines. Five relatively minor cruise brands -- two of them operating just one ship each -- have filed for the equivalent of bankruptcy or shut down completely in recent months. Cruise Ship Viking Ocean Cruises Ltd. -- Moody's downgrades Viking's CFR to 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. 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. 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. For example, some policies only cover $50,000 emergency medical transportation; others that are comparably priced cover $250,000. Anyway there are no rumors that Viking is in any kind of financial troubles. 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. WebIs Viking River Cruises in financial trouble? 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. Highlights, big interviews, and more from the Milken Institute Global Conference, UPDATE 1-US to end COVID vaccination requirements on May 11 for foreign travelers, federal workers, Barbie movie is 'a showcase for the quality of the movies we're looking to make,' Mattel CEO says, JPMorgan acquires First Republic, DeSantis-Disney feud escalates, Lordstown Motors' warning, We are probably heading for recession: Citi CEO. Carnival Corporation's Costa Cruises is scheduled to resume limited operations in just a few days. The cruise sector has been one of the sectors most significantly affected by the shock given its sensitivity to consumer demand and sentiment. 8. Who is the biggest cruise line company? cruise 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. There are also no guarantees that the alternative cruise line you select will not develop financial difficulties. Per Capital One, I can file a dispute within 120 days from when the service (in this case the cruise) was scheduled to be. In this example the file must be in public_html/example/Example/. What you heard were rumors. Its river cruises operate in over 30 countries largely in Continental Europe. Is Viking cruise line in financial trouble? The 4 export credit loan facilities are backed by the Italian export credit agency SACE (Servizi Assicurativi del Commercio Estero). Further information on the EU endorsement status and on the Moody's office that issued the credit rating is available on www.moodys.com. I called my credit card company (Capital One) to clarify what is my liability if there is a default by Viking. When buying the insurance make sure it covers financial default, not all do. Which one did you go with? But as the company's executives noted in July during a conference call with Wall Street analysts, Carnival Corporation had $7.6 billion in "liquidity" -- cash and cash equivalents -- as of May 31, when it closed the books on its second quarter. "The downgrade reflects Moody's expectation that Viking's metrics will remain weak over at least the next two years with debt/EBITDA of above 7.0x and EBITA/interest expense below 1.5x," stated Pete Trombetta, Moody's lodging and cruise analyst. It sounds impossible. Viking Cruises has an overall rating of 3.2 out of 5, based on over 619 reviews left anonymously by employees. 2 and 3 respectively. How would you know they were talking absolute fact? Viking Cruises 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. I vividly remember when Renaissance Cruise Lines folded in 2001. 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 Check with your credit card company. If the store fails to deliver or defaults, you can dispute it even though it is more than 120 days from date of purchase. Copyright 19952023 The Independent Traveler, Inc. 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. We are protected by our credit card company against default by the vendor. MSFJ is not a Nationally Recognized Statistical Rating Organization ("NRSRO"). 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. Free delivery for many products! Does Viking still go to Russia? I do not believe Cruise Critic permits posting the Web site name on any threads. Norwegian Cruise Line Holdings in August said it was burning through about $160 million a month but had liquidity of $2.8 billion. 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. If you have any questions or need further information please contact Reservations at 1-877-523-0579 or email customerrelations@vikingcruises.com, Monday When necessary, guests and their travel advisors will be notified directly and this page will be updated. Just click. See the Section on 404 errors after clicking a link in WordPress. MOODY'S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors. We just booked a Sept. 2010 Viking cruise and paid with a credit card so I feel protected for financial default by Viking. 479 people were evacuated off the vessel before it reached port, and have already started flying home through arrangements by the cruise line. The text appears: onwards 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. Vantage Travel, a well-known Boston-based international travel company for four decades, last week was apparently hacked. MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements. Of course, it also includes other coverages also. For addon domains, the file must be in public_html/addondomain.com/example/Example/ and the names are case-sensitive. How steeply can a cruise ship roll before it capsizes? Technically, no. Moody's SF Japan K.K. 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. Stay current with special offers, news and destination-focused content. Viking Cruise line--possible financial problems?? - Cruise Critic By Of course, if the cruising shutdown continues into late next year or beyond, all bets are off. 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. You can contact me at shaun(at)cruisearabiaonline.com. Cruises My Trip - Travel Information Per Capital One, I can file a dispute within 120 days from when the service (in this case the cruise) was scheduled to be. Hi, Just returned last month from a River Cruise on another company (not Viking), had a wonderful time. missbsmom, August 7, 2009 in River Cruising. 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. It also owns five overseas brands including the U.K.'s Cunard Line and Europe's Costa Cruises. This topic is now archived and is closed to further replies. However, if negotiations with creditors do not produce results amicable to all parties, bankruptcy may be the only option left to the company. Viking 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. 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. Reason for Complaint: Failure to deliver product, deceptive business practices We have undergone multiple bookings (3) and cancellations (3) with Viking due 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. decided to stop their river boat operations. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. Also, when pricing insurance policies, compare benefits. I use "insure my trip",which is usually much cheaper too. This page contains the most up to date information on conditions that may affect your itinerary. Financial reports - Viking Line A Viking Ocean ship sails in Croatia. Compare the cost in points or miles to cash, and see which option is best. Viking Cruises chairman: COVID is really behind us - Fortune The companys outstanding financial indebtedness was US $3.37 billion as of July 31st, 2020. Also, Carnival Corporation has other levers to pull to raise even more money should there be a need, its executives have said. This rating has decreased by -10% over the last 12 months. Just six months ago, it was one of the fastest growing and most profitable sectors of the worldwide travel market. My Trip - Updates on Current Sailings How to find the correct spelling and folder, 404 Errors After Clicking WordPress Links, From the left-hand navigation menu in WordPress, click. Cruise Passenger Assistance 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. 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. I took a look at some of their 2009 cruises and many are sold out. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER. 19952023, The Independent Traveler, Inc. Viking Cruise line--possible financial problems?? Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided "AS IS" without warranty of any kind. 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. One other cruise company that has experienced financial difficulties of late is Hong Kong-based Genting Hong Kong, the parent company of Crystal Cruises. 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. 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. Viking is a cruise line providing river, ocean, and expedition cruises. But there are other cruise lines out there, of course. The development underscores the unprecedented nature of the situation in which the global cruise industry finds itself. We'll run a soft credit check to find special offers, but it wont affect your credit score. A Viking Expedition ship sails in Antarctica. Data is a real-time snapshot *Data is delayed at least 15 minutes. I'd recommend you "pretend" you're going to buy trip insurance and see which companies come up listed as not covered. Viking Octantis first of 54 cruise ships visiting Toronto this year, a popular urban port of call in Great Lakes . 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. In this example the image file must be in public_html/cgi-sys/images/. The ratings have been disclosed to the rated entity or its designated agent(s) and issued with no amendment resulting from that disclosure. 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. Their financial positions are thus shielded from view. The combined credit effects of these developments are unprecedented. All Rights Reserved. One or two of those go on an Internet forum and start posting. 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. 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. 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. Viking Ocean Cruises announced it is taking US$1.5 billion in financing on 4 ships. I use "insure my trip",which is usually much cheaper too. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. I specifically picked a trip insurance policy without default coverage and saved about $150. I can only make a claim if Viking fails to deliver, not if I decide not to go on it. Viking operated a fleet of 72 river cruise vessels and six ocean cruise ships as of December 31, 2019. In the early days of the cruising shutdown, the companies only had enough cash on hand to survive a few months. Which one did you go with? 2016. 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. The date of your final payment is dependent on your itinerary and will be noted on your invoice. Viking Cruises Your post is an excellent example of why hearsay evidence is not admissible in US courts. Test your website to make sure your changes were successfully saved. And, we do know you're worrying.
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is viking cruise lines in financial trouble? 2023