is viking cruise lines in financial trouble?

1) We booked our cruise using a credit card. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. Viking Cruises Founder Loses 66% Of Wealth As Pandemic Hits Norway's Richest. The 2/27/23 financial reports cover 2022 so nothing that is happening in 2023 can possibly affect the 2/27 financial report . A planned funding deal this past spring to cover 1) We booked our cruise using a credit card. Copyright 19952023 The Independent Traveler, Inc. Is Viking cruises in financial trouble 2022? (2023) 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. 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. Related: Cruise executives say they're in no rush to return to service. 2) We bought the full-coverage trip insurance They don't publish their quarterly results. Vantage Travel abruptly cancels Netherlands trip Heck - I think many of us were surprised when Peter Desilmann (sp?) Viking Ocean Cruises - News I'm hoping that's not the case," she said. It also owns five overseas brands including the U.K.'s Cunard Line and Europe's Costa Cruises. Just returned last month from a River Cruise on another company (not Viking), had a wonderful time. Simply, there is no ability to question or cross examine hearsay evidence. 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. 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. ("MSFJ") is a wholly-owned credit rating agency subsidiary of MJKK. 4. Look for the .htaccess file in the list of files. Then Streets cruise line, Viking, offered her a partial refund. 1) We booked our cruise using a credit card. 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 Februar 2009 it was announced that they have found someone without naming it. CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. 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. 15 MAR 2017. RewriteCond %{REQUEST_FILENAME} !-d 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. Viking is a cruise line providing river, ocean, and expedition cruises. Announcing Our 2023 Cruisers' Choice Award Winners! RewriteRule . Cruise Ship Many of the cruise line policies only offer a future cruise credit on their line, with blackout dates, should you cancel. Also, Carnival Corporation has other levers to pull to raise even more money should there be a need, its executives have said. You can try renaming that file to .htaccess-backup and refreshing the site to see if that resolves the issue. they are not self insured as Viking may be. 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. 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. My Trip - Updates on Current Sailings For information about your specific voyage, please log onto MyVikingJourney.com. I realize that if I take out trip insurance ( don't know if I would buy there's under the circumstancs) and use my credit card to pay for the trip I would have some recourse, but I really want to go and would hate to be disappointed at sailing time. Many have coverage lists available on line. Terms apply to the offers listed on this page. 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. Got a confidential news tip? 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. 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 Can't afford to pay the full price of their competitor. At least one ESG consideration was material to the credit rating action(s) announced and described above. Just click. My Trip - Travel Information The company is offering the debt so once the premier seats are gone, you often get left with what's leftover. Check with your credit card company. Is Viking cruise line in financial trouble? Those who had purchased Renaissance's policy were out of luck - bankruptcy is bankruptcy! Is It Better To Lease Or Buy A Car In Summer 2022? 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. 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. Also with Viking be sure you compare prices with their 2 for 1 deals. 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. 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. Viking Cruises Founder Loses 66% Of Wealth As Pandemic Hits Norway's Richest. 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. 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. 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. It is also possible that you have inadvertently deleted your document root or the your account may need to be recreated. What you heard were rumors. Technically, no. If the store fails to deliver or defaults, you can dispute it even though it is more than 120 days from date of purchase. What could anyone tell you to make you believe Viking is or isn't in financial difficulty? Which one did you go with? Could the end be near for your favorite cruise line? Hi, Just returned last month from a River Cruise on another company (not Viking), had a wonderful time. Tagged as: coronavirus, Crystal Cruises, Dream Cruises, Genting Hong Kong, Star Cruises, Founder and editor of Cruise Arabia & Africa. It is classified as operating in the Travel Sign up to receive updates from This page contains the most up to date information on conditions that may affect your itinerary. What could anyone tell you to make you believe Viking is or isn't in financial difficulty? Edit the file on your computer and upload it to the server via FTP. Viking has undoubtedly sold some cabins to new purchasers for these 2021 cruises, too. There is no defense against the "Internet disease," the only defense is- insurance, as has been mentioned. 6. Federal Proposal Could Make It Easier for Cruise Passengers to WebAre Viking cruises in financial trouble? 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. 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. 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. Big cruise companies can survive , i.e. Never,ever get trip insurance with the cruise line company/ Travel company. What are the chances of falling overboard on a cruise? 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. If you go to your temporary url (http://ip/~username/) and get this error, there maybe a problem with the rule set stored in an .htaccess file. For example, some policies only cover $50,000 emergency medical transportation; others that are comparably priced cover $250,000. 12. decided to stop their river boat operations. I'd recommend you "pretend" you're going to buy trip insurance and see which companies come up listed as not covered. There are also no guarantees that the alternative cruise line you select will not develop financial difficulties. The combined credit effects of these developments are unprecedented. MOODY'S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY'S ANALYTICS, INC. The timing of a resumption of cruises is the big wildcard right now in analyzing the industry's financial outlook, Curtis suggested. 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. Viking Cruise line Only use the major cruise line offered insurance if they use an independent insurance provider, i.e. 2016. At least with the early booking you can get a better selection of cabins, especially the lower priced categories. There is no defense against the "Internet disease," the only defense is- insurance, as has been mentioned. I've been looking at the various travel insurance policies and find that most exclude financial default of a travel supplier. 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. 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. . 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). In June 2009 Viking announced that the deal has fallen through. 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. 5. Budget Travel | River Cruises: Watch out for bankruptcies Vantage Travel, a well-known Boston-based international travel company for four decades, last week was apparently hacked. But does it have to? Carnival Corporation's Costa Cruises is scheduled to resume limited operations in just a few days. But all the companies have raised huge sums of money in the financial markets in recent months through stock and bond sales, and loans. 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. Copyright 19952023 The Independent Traveler, Inc. Amazing, Funny & Totally Awesome Cruise Photos. These companies have contracts with the airlines for a specified number of seats. 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. 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. 9. Who is the CEO of Viking? 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. 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. 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 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. Norwegian Cruise Probability Of Bankruptcy Media Center - Press Releases - Viking Cruises Copyright 19952023 The Independent Traveler, Inc. Amazing, Funny & Totally Awesome Cruise Photos. Right click on the X and choose Properties. 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. 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? Vantage Travel cancels trips, blames data security incident We are protected by our credit card company against default by the vendor. This rating has decreased by -10% over the last 12 months. Further information on the EU endorsement status and on the Moody's office that issued the credit rating is available on www.moodys.com. Viking Cruises 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. 19952023, The Independent Traveler, Inc. Viking Cruise line--possible financial problems?? How much is the owner of Viking Cruises worth? Change the settings back to the previous configuration (before you selected Default). , i.e. Additional terms for Japan only: Moody's Japan K.K. Even though it is a privately held company - information still leaks out. Is Viking River Cruises In Financial Trouble The coronavirus pandemic has had a financial impact across the cruise sector to varying degrees. The text appears: #1 on the rivers. Some advice. 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. Its existing unsecured notes due 2025 traded last week at 68.5 cents on the dollar for a yield Royal Caribbean Group is the parent company of Royal Caribbean, Celebrity Cruises, Azamara and Silversea. 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. Most tour organizations have had a decline in travel and some are no longer with us. 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." The massive liquidity positions of the three publicly traded cruise companies weren't always in place. Also, when pricing insurance policies, compare benefits. Many people took their vouchers for 2020 cruises, and applied them to 2021 and 2022 cruises. 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. I specifically picked a trip insurance policy without default coverage and saved about $150. 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 I called my credit card company (Capital One) to clarify what is my liability if there is a default by Viking. It is no rumor that Viking did search for an investor. However, if negotiations with creditors do not produce results amicable to all parties, bankruptcy may be the only option left to the company. 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. I'd recommend you "pretend" you're going to buy trip insurance and see which companies come up listed as not covered. cruise If you see Viking there, then that's a red flag! At least with the early booking you can get a better selection of cabins, especially the lower priced categories. 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. 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 of the cruise line policies only offer a future cruise credit on their line, with blackout dates, should you cancel. 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. But when the COVID-19 pandemic hit, cruises stopped. 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. 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. At least with the early booking you can get a better selection of cabins, especially the lower priced categories. While the company primarily drew British passengers, The Points Guy has heard from several U.S.-based cruisers who had given the line thousands of dollars for upcoming sailings and fear they may never get the money back. This requirement applies to cruise lines that embark from a U.S. port and have at least 50 berth accommodations. How to find the correct spelling and folder, 404 Errors After Clicking WordPress Links, From the left-hand navigation menu in WordPress, click. So I guess you have to ask yourself, if you booked would you be able to sleep at night! 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. And, unfortunately, the financial position of some of them is less clear. 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. Improve earnings, maximize rewards and track progress toward dream trips. A dialogue box may appear asking you about encoding. Simply, there is no ability to question or cross examine hearsay evidence. 2023 CNBC LLC. All rights reserved. We want to hear from you. Its river cruises operate in over 30 countries largely in Continental Europe. At least with the early booking you can get a better selection of cabins, especially the lower priced categories. Net cruise revenues were about $2.1 billion for the fiscal year 2019. A few lines, such as Viking, have canceled trips through the end of June. According to them the cruise line lost their major financial backer. Also with Viking be sure you compare prices with their 2 for 1 deals. If the store fails to deliver or defaults, you can dispute it even though it is more than 120 days from date of purchase. 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. Please refer to Moody's Policy for Designating and Assigning Unsolicited Credit Ratings available on its website www.moodys.com. In all, Genting Hong Kong operates a fleet of 15 cruise ships, in addition to a hotel brand and a shipyard. The insurance companies are quick to add to the list those companies in default. Never,ever get trip insurance with the cruise line company/ Travel company. A few need to be bought within a certain time frame of your initial deposit. 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. Many have coverage lists available on line. 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. Viking has just over $3.3 billion in total debt. I use "insure my trip",which is usually much cheaper too. 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. Viking River Cruises's annual revenues are $100-$500 million (see exact revenue data) and has 500-1,000 employees. 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). they are not self insured as Viking may be. We just booked a Sept. 2010 Viking cruise and paid with a credit card so I feel protected for financial default by Viking. Viking Ocean Cruises Ltd. -- Moody's downgrades Viking's CFR to Also, make sure that the insurance you are going with covers your cruise company. 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 We may receive compensation when you click on links to those products. Europe River Cruising - Viking vs. Uniworld Related: How to book a cruise with points and miles. One or two of those go on an Internet forum and start posting. One or two of those go on an Internet forum and start posting. 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