is viking cruise lines in financial trouble?

For addon domains, the file must be in public_html/addondomain.com/example/Example/ and the names are case-sensitive. 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. I have been considering taking a christmas markets cruise this winter. But there are other cruise lines out there, of course. I use "insure my trip",which is usually much cheaper too. has written about cruising for more than 25 years and for many years oversaw USA Todays award-winning cruise site. ("MJKK") is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody's Overseas Holdings Inc., a wholly-owned subsidiary of MCO. 2) We bought the full-coverage trip insurance And, unfortunately, the financial position of some of them is less clear. 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. Related: Even cruise executives are surprised by how many people are booking cruises. At least with the early booking you can get a better selection of cabins, especially the lower priced categories. 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 Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity. Sept. 25, 2010. Sign up to receive updates from Pullmantur, part owned by Royal Caribbean, and Cruise & Maritime Voyages. These ratings are solicited. Anyway there are no rumors that Viking is in any kind of financial troubles. 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. We may receive compensation when you click on links to those products. 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. Heck - I think many of us were surprised when Peter Desilmann (sp?) It added another $2.6 billion in liquidity in June through a senior secured loan. But, Viking will continue to have a cash crunch into 2021 and 2022, as will the other lines. Anyway there are no rumors that Viking is in any kind of financial troubles. As How would you know they were talking absolute fact? 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. After spending more than $18,000 on her trip, Ileene hopes the company isn't in financial trouble. I do not believe Cruise Critic permits posting the Web site name on any threads. 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.". 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. A few need to be bought within a certain time frame of your initial deposit. Viking Cruises Founder Loses 66% Of Wealth As Pandemic Hits Norway's Richest. missbsmom, August 7, 2009 in River Cruising. What could anyone tell you to make you believe Viking is or isn't in financial difficulty? Alternatively, please see the Rating Methodologies page on www.moodys.com for a copy of this methodology. Either way, please contact your web host immediately. According to them the cruise line lost their major financial backer. Four of the five small lines that have shut down were Europe based. The combined credit effects of these developments are unprecedented. Only use the major cruise line offered insurance if they use an independent insurance provider, i.e. Just returned last month from a River Cruise on another company (not Viking), had a wonderful time. It promised 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. 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. Many have coverage lists available on line. I believe all of the other cruise companies include wine with dinner at no additional cost. 1) We booked our cruise using a credit card. 19952023, The Independent Traveler, Inc. Viking Cruise line--possible financial problems?? Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review. One big cruise line, MSC Cruises, also is privately owned, as is Viking. I've been looking at the various travel insurance policies and find that most exclude financial default of a travel supplier. If you have a booking on a cruise right now, chances are it's with one of the three big companies mentioned above. In 2016 when Viking needed to boost liquidity, TPG Capital and Canada Pension Plan Investment Board (each with one board member) contributed capital. 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. We read all those emails you send us. Some advice. 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. 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. When you encounter a 404 error in WordPress, you have two options for correcting it. You can try renaming that file to .htaccess-backup and refreshing the site to see if that resolves the issue. For an explanation of our Advertising Policy, visit. Some advice. I can only make a claim if Viking fails to deliver, not if I decide not to go on it. Many of the cruise line policies only offer a future cruise credit on their line, with blackout dates, should you cancel. What airlines does Viking River Cruises use? 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. 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. Stay current with special offers, news and destination-focused content. . 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). You may need to scroll to find it. When buying the insurance make sure it covers financial default, not all do. 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. Viking's historical willingness to bring in new equity partners provides credit support. The companys outstanding financial indebtedness was US $3.37 billion as of July 31st, 2020. 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. Free delivery for many products! Add the following snippet of code to the top of your .htaccess file: # BEGIN WordPress FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS. The company has suspended all payments to financial creditors and in a statement said that the remaining available cash will be used to maintain critical services for its operations, while negotiating a restructuring. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. Just six months ago, it was one of the fastest growing and most profitable sectors of the worldwide travel market. In this example the file must be in public_html/example/Example/. Viking Cruises Ltd. on Monday launched a bid to raise money to help it sustain its business through the coronavirus pandemic. 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. 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. 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. Can't afford to pay the full price of their competitor. 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. missbsmom, August 7, 2009 in River Cruising. At least one ESG consideration was material to the credit rating action(s) announced and described above. Click here to reload the page in order to enable certain features. Check this out--http://current.newsweek.com/budgettravel/2009/07/river_cruises_why_travel_insur.html. Free delivery for many products! 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. One other cruise company that has experienced financial difficulties of late is Hong Kong-based Genting Hong Kong, the parent company of Crystal Cruises. Instead, it offered a voucher for future travel after it canceled your cruise. As a division of Viking Cruises, Viking River Cruises has an estimated European river market share of ~49%. But the lines have been canceling voyages in waves, about a month at a time. General information will be listed below, with details of any affected departures. 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. Also, make sure that the insurance you are going with covers your cruise company. Please refer to Moody's Policy for Designating and Assigning Unsolicited Credit Ratings available on its website www.moodys.com. RewriteBase / Any feedback from you CC folks would be appreciated. The price action is already alarming to the downside, and Carnival especially is acting like it wants to test and breach its 2020 lows. 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. Terms apply to the offers listed on this page. Your post is an excellent example of why hearsay evidence is not admissible in US courts. 9. Who is the CEO of Viking? We are all individually responsible for thinking these things through and being provident; no one's going to do it for us. 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. 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. Is Viking cruise line in financial trouble? There are also no guarantees that the alternative cruise line you select will not develop financial difficulties. 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. A planned funding deal this past spring to cover 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. 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. Technically, no. The insurance companies are quick to add to the list those companies in default. Viking River Cruises Of the lines that have so far made changes, Vikings have been the most extensive, canceling its entire season of Kyiv, Black Sea & Bucharest itinerary. We're going with Viking in October, and I have heard nothing concerning financial difficulties. Tagged as: coronavirus, Crystal Cruises, Dream Cruises, Genting Hong Kong, Star Cruises, Founder and editor of Cruise Arabia & Africa. Never,ever get trip insurance with the cruise line company/ Travel company. 18 MAY 2017. I have been using them for years. In June 2009 Viking announced that the deal has fallen through. Check with your credit card company. Not sure if it was because the company was new or having problems but these insurance companies stay up on these issues. Its river cruises operate in over 30 countries largely in Continental Europe. If you have any questions or need further information please contact Reservations at 1-877-523-0579 or email [email protected], Monday This topic is now archived and is closed to further replies. The possible investor was the Dutch company Waterland. Only one U.S.-based cruise brand, tiny Blount Small Ships Adventures, has shut down since the coronavirus crisis began. It is no rumor that Viking did search for an investor. Viking River Cruises's annual revenues are $100-$500 million (see exact revenue data) and has 500-1,000 employees. Put the custom structure back if you had one. Please view our advertising policy page for more information. Genting Hong Kong this week sold its discotheque division, Zouk Group, for about $10 million as it sheds non-core assets in a bid to maintain liquidity. WebBased on the latest financial disclosure, Norwegian Cruise Line has a Probability Of Bankruptcy of 42.0%. 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. 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. 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. It is classified as operating in the Travel 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. 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. 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. Powered by Invision Community. (Video) Viking Ocean Cruises Is NOT All I Thought It Was (Tips For Travellers) How financially secure is Viking Cruises? 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. your location. About 86% of its total river and ocean customers are sourced from North America. 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. One or two of those go on an Internet forum and start posting. On platforms that enforce case-sensitivity example and Example are not the same locations. If the store fails to deliver or defaults, you can dispute it even though it is more than 120 days from date of purchase. WebAre Viking cruises in financial trouble? Depending on your billing cycle, that gives at most 120 days of coverage. Copyright 19952023 The Independent Traveler, Inc. Amazing, Funny & Totally Awesome Cruise Photos. 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. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY250,000,000. We just booked a Sept. 2010 Viking cruise and paid with a credit card so I feel protected for financial default by Viking. they are not self insured as Viking may be. Additional terms for Japan only: Moody's Japan K.K. For example, some policies only cover $50,000 emergency medical transportation; others that are comparably priced cover $250,000. Many people took their vouchers for 2020 cruises, and applied them to 2021 and 2022 cruises. Viking Ocean Cruises announced it is taking US$1.5 billion in financing on 4 ships. How would you know they were talking absolute fact? Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY'S affiliate, Moody's Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody's Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). RewriteCond %{REQUEST_FILENAME} !-f I have been watching & reading to see if I could find any current info to their financial status. WebViking RIVER CRUISES. 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. Copyright 19952023 The Independent Traveler, Inc. In all, Genting Hong Kong operates a fleet of 15 cruise ships, in addition to a hotel brand and a shipyard. But does it have to? Even though it is a privately held company - information still leaks out. 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. A Viking Ocean ship sails in Croatia. 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. The insurance companies are quick to add to the list those companies in default. The massive liquidity positions of the three publicly traded cruise companies weren't always in place. 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. Norwegian Cruise Line Holdings in August said it was burning through about $160 million a month but had liquidity of $2.8 billion. 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. 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. 4. Which one did you go with? What you heard were rumors. Genting owns Dream Cruises, which is building the 208,000-gross ton Global Dream cruise ship, RELATED:Carnival reveals video of Mardi Gras rollercoaster in action, RELATED:MSC put Royal Caribbean on notice with World Class ships. All rights reserved. , i.e. The rapid spread of the coronavirus outbreak, deteriorating global economic outlook, and asset price declines are creating a severe and extensive credit shock across many sectors, regions and markets. 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. 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. Of course, it also includes other coverages also. What you heard were rumors. While on the cruise a number of passengers ( many who had cruised on Viking before & were very happy with them) were talking about Viking Cruise line and the fact they they were in some financial difficulties. The easiest way to edit a .htaccess file for most people is through the File Manager in cPanel. Is Viking still cruising to Ukraine? Crystal Cruises is suspending operations for at least three months in the wake of a financial crisis at its parent company, Genting Hong Kong. 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. Get this delivered to your inbox, and more info about our products and services. 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. they are not self insured as Viking may be. We are protected by our credit card company against default by the vendor. 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. 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. 1) We booked our cruise using a credit card. 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. RewriteRule . Which one did you go with? We are protected by our credit card company against default by the vendor. 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. Data is a real-time snapshot *Data is delayed at least 15 minutes. Further information on the EU endorsement status and on the Moody's office that issued the credit rating is available on www.moodys.com. 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. 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. See the Section on 404 errors after clicking a link in WordPress. Any feedback from you CC folks would be appreciated. In the early days of the cruising shutdown, the companies only had enough cash on hand to survive a few months. Also with Viking be sure you compare prices with their 2 for 1 deals. The possible investor was the Dutch company Waterland.

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