is viking cruise lines in financial trouble?

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. RewriteCond %{REQUEST_FILENAME} !-f Net cruise revenues were about $2.1 billion for the fiscal year 2019. Reason for Complaint: Failure to deliver product, deceptive business practices We have undergone multiple bookings (3) and cancellations (3) with Viking due 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. 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. MOODY'S INVESTORS SERVICE DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. I was not happy with that, Street explained. 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. Any feedback from you CC folks would be appreciated. This rating has decreased by -10% over the last 12 months. I have been watching & reading to see if I could find any current info to their financial status. 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. Viking Ocean Cruises was voted Best Large-Ship Ocean Cruise Line by Travel + Leisure readers in the 2016 Worlds Best Awards. 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. Second Cancellation 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. CREDIT RATINGS, NON-CREDIT ASSESSMENTS ("ASSESSMENTS"), AND OTHER OPINIONS INCLUDED IN MOODY'S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. 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 also owns five overseas brands including the U.K.'s Cunard Line and Europe's Costa Cruises. 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: A significant number of occupied cabins won't produce any new revenue. MSFJ is not a Nationally Recognized Statistical Rating Organization ("NRSRO"). Viking River Cruises's annual revenues are $100-$500 million (see exact revenue data) and has 500-1,000 employees. Crystal Cruises is Gentings luxury line operating two cruise ships. 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 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. 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. 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. I do not believe Cruise Critic permits posting the Web site name on any threads. Even though it is a privately held company - information still leaks out. Heck - I think many of us were surprised when Peter Desilmann (sp?) Is Viking Cruises owned by Carnival? How much is the owner of Viking Cruises worth? The remaining ownership is indirectly held under a trust in which Torstein Hagen has a life interest. 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. Viking Cruises Ltd 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. 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. The two other big, publicly traded cruise companies are in a similar position. 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). The massive liquidity positions of the three publicly traded cruise companies weren't always in place. 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. Change the settings back to the previous configuration (before you selected Default). But does it have to? Per Capital One, I can file a dispute within 120 days from when the service (in this case the cruise) was scheduled to be. Norwegian Cruise Line Holdings in August said it was burning through about $160 million a month but had liquidity of $2.8 billion. 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. Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating. Please refer to Moody's Policy for Designating and Assigning Unsolicited Credit Ratings available on its website www.moodys.com. 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? 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. 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. Carnival Corporation has secured more than $10 billion in new capital since March. 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. Big cruise companies can survive 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. We regard the coronavirus outbreak as a social risk under our ESG framework, given the substantial implications for public health and safety. The announcement came two days after the company missed a 3.7 million euro payment of fees related to the construction of certain ships. Further information on the EU endorsement status and on the Moody's office that issued the credit rating is available on www.moodys.com. As a division of Viking Cruises, Viking River Cruises has an estimated European river market share of ~49%. 2023 CNBC LLC. 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. WebA Viking River ship sails in Budapest. Free delivery for many products! Does Viking still go to Russia? Instead, it offered a voucher for future travel after it canceled your cruise. 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. 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. When buying the insurance make sure it covers financial default, not all do. Viking Cruises Founder Loses 66% Of Wealth As Pandemic Hits Norway's Richest. Vantage Travel abruptly cancels Netherlands trip In June 2009 Viking announced that the deal has fallen through. The 2/27/23 financial reports cover 2022 so nothing that is happening in 2023 can possibly affect the 2/27 financial report . 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. 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. You may need to scroll to find it. All rights reserved. Who Owns and Operates What in the Cruise Industry Just six months ago, it was one of the fastest growing and most profitable sectors of the worldwide travel market. Which one did you go with? , i.e. decided to stop their river boat operations. It is classified as operating in the Travel 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. so once the premier seats are gone, you often get left with what's leftover. Either way, please contact your web host immediately. CDC scrutinizes 68 cruise ships over COVID-19 outbreaks In all, Genting Hong Kong operates a fleet of 15 cruise ships, in addition to a hotel brand and a shipyard. Moody's Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody's Corporation ("MCO"), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody's Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody's Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. Viking suspends operations but wont refund $10,000 for 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. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER. Viking River Cruises: Reviews, Complaints, Customer 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. The company operated three small vessels on U.S. rivers and coastal waterways. Also, when pricing insurance policies, compare benefits. Always get independent trip insurance to protect yourself. Is Viking cruises in financial trouble 2022? (2023) After spending more than $18,000 on her trip, Ileene hopes the company isn't in financial trouble. Royal Caribbean Group is the parent company of Royal Caribbean, Celebrity Cruises, Azamara and Silversea. It added another $2.6 billion in liquidity in June through a senior secured loan. missbsmom, August 7, 2009 in River Cruising. 404 means the file is not found. 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. Many have coverage lists available on line. It is also possible that you have inadvertently deleted your document root or the your account may need to be recreated. cruise NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING, ASSESSMENT, OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY'S IN ANY FORM OR MANNER WHATSOEVER. Can't afford to pay the full price of their competitor. WebAre Viking cruises in financial trouble? 5. Only use the major cruise line offered insurance if they use an independent insurance provider, i.e. The 4 export credit loan facilities are backed by the Italian export credit agency SACE (Servizi Assicurativi del Commercio Estero). 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. Viking River Cruises Cancellation and Refund Policy Those who had purchased Renaissance's policy were out of luck - bankruptcy is bankruptcy! 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. Norwegian Cruise Line Holdings is the parent company of Norwegian Cruise Line, Regent Seven Seas Cruises and Oceania Cruises. 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. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS. Your post is an excellent example of why hearsay evidence is not admissible in US courts. 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 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. Is Viking cruise lines in financial trouble? But the current consensus in the cruise world is that many vessels will be able to resume cruising long before then. The date of your final payment is dependent on your itinerary and will be noted on your invoice. 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. 9. Who is the CEO of Viking? Viking Ocean Cruises Before you do anything, it is suggested that you backup your website so that you can revert back to a previous version if something goes wrong. Viking Cruise line If the store fails to deliver or defaults, you can dispute it even though it is more than 120 days from date of purchase. About 86% of its total river and ocean customers are sourced from North America. What you heard were rumors. We are protected by our credit card company against default by the vendor. They don't publish their quarterly results. And, unfortunately, the financial position of some of them is less clear. Pullmantur, part owned by Royal Caribbean, and Cruise & Maritime Voyages. 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. 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. 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. I have been considering taking a christmas markets cruise this winter. I can only make a claim if Viking fails to deliver, not if I decide not to go on it. 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. Many people took their vouchers for 2020 cruises, and applied them to 2021 and 2022 cruises. Depending on your billing cycle, that gives at most 120 days of coverage. Vantage Travel, a well-known Boston-based international travel company for four decades, last week was apparently hacked. . 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). For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com. We want to hear from you. Most tour organizations have had a decline in travel and some are no longer with us. 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. So I guess you have to ask yourself, if you booked would you be able to sleep at night! Hagen drew a line between Viking and comparable cruise ship operators, underscoring the purpose as to why people travel. The principal methodology used in these ratings was Business and Consumer Service Industry published in October 2016 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1037985. 18 MAY 2017. Under normal conditions, Viking's credit profile is also enhanced by its good forward booking visibility and short lead time to build new river vessels which allows Viking to adjust river cruise capacity to demand trends. Copyright 19952023 The Independent Traveler, Inc. 15 MAR 2017. In this example the file must be in public_html/example/Example/. WebDial the AT&T Direct Dial Access code for. One or two of those go on an Internet forum and start posting. I've been looking at the various travel insurance policies and find that most exclude financial default of a travel supplier. The company did not disclose its current cash position. ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT. (Video) Viking Ocean Cruises Is NOT All I Thought It Was (Tips For Travellers) How financially secure is Viking Cruises? A few lines, such as Viking, have canceled trips through the end of June. At least with the early booking you can get a better selection of cabins, especially the lower priced categories. For information about your specific voyage, please log onto MyVikingJourney.com. Plus, your own feed of TPG content. If you have a booking on a cruise right now, chances are it's with one of the three big companies mentioned above. The possible investor was the Dutch company Waterland. Notice that the CaSe is important in this example. Their financial positions are thus shielded from view. We are all individually responsible for thinking these things through and being provident; no one's going to do it for us. Cruise Ship Already, several lines have restarted limited sailings in some parts of the world. Norwegian Cruise Probability Of Bankruptcy As 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. Tagged as: coronavirus, Crystal Cruises, Dream Cruises, Genting Hong Kong, Star Cruises, Founder and editor of Cruise Arabia & Africa. RewriteRule . I can only make a claim if Viking fails to deliver, not if I decide not to go on it. 2) We bought the full-coverage trip insurance A few need to be bought within a certain time frame of your initial deposit. Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Even cruise executives are surprised by how many people are booking cruises, How to book a cruise with points and miles. Which one did you go with? 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. The company in August disclosed that it had stopped making payments to creditors amidst a sharp loss of revenue due to the coronavirus crisis. If the store fails to deliver or defaults, you can dispute it even though it is more than 120 days from date of purchase. Viking's liquidity is good with our estimate of cash balances of about $1 billion, providing it sufficient runway to get through this period of unprecedented earnings pressure. Cruise executives say they're in no rush to return to service, filed for the equivalent of bankruptcy or shut down completely, Some travel insurance companies limit coverage for Crystal, When will cruising resume? cruise Many have coverage lists available on line. Viking is a privately held company so it is improbable that any information concerning their financial status would be available to outsiders. In addition, its a joint venture partner in Resorts World Manila in the Philippines. How steeply can a cruise ship roll before it capsizes? I use "insure my trip",which is usually much cheaper too. Viking Cruise line At least with the early booking you can get a better selection of cabins, especially the lower priced categories. According to them the cruise line lost their major financial backer. 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. 2) We bought the full-coverage trip insurance policy. Viking Cruise