Will the Cruise Industry Survive the Pandemic Headwinds?

Pullmantur Cruceros, a joint venture between Royal Caribbean and Cruises Investment Holding, has根据西班牙破产法案提交重组。巡航投资控股拥有51%的三船西班牙游轮,而皇家加勒比地区拥有剩下的49%。

Pullmantur’s board of directors issued a statement that reads in part, “Despite the great progress the company made to achieve a turnaround in 2019, … the headwinds caused by the pandemic are too strong for Pullmantur to overcome without a reorganization.”

While the bankruptcy filing impacts only a small cruise operation, it does raise the question — what impact will the pandemic headwinds have on the cruise industry as a whole?

Yesterday, weposted about an announcement上Friday by the Cruise Lines International Association (CLIA) that the major cruise lines were pushing back restarting their US operations until at least September 15th. The on Mondy, Carnival Cruise Linepushed back its return to service in North America until at least early October

How long can the cruise industry survive the pandemic shutdown? In the beginning of May, Norwegian Cruise Line, the world’s third-largest cruise operator,raised doubts about its ability to keep runningas a business. Subsequently, they announced that L Catterton, a private equity fund, invested $400 million in the firm. The day after the announcement, the company said it successfullyraised more than $2 billionin a mix of stock and debt, ensuring the company can last at least the next year without any revenue if necessary.

The other two cruise line giants, Carnival and Royal Caribbean, have each raised substantial capital to help them weather the coronavirus storm.

尽管如此,CNBC.reports that the ongoing suspension of operations and poor outlook for the future prompted ratings agency Moody’s to downgrade its rating of all three companies’ unsecured debt to speculative grade.

“Following recent downgrades of the only two investment-grade cruise companies — Carnival and Royal Caribbean — our rated universe for this group is now entirely spec grade, an indication of the sector’s growing duress,” Pete Trombetta, a Moody’s assistant vice president, said on June 4.

Trombetta撰写了一份预测巡航将在2020大部分暂停预测巡航的报告,而在帆船恢复时,这些公司将遭受贫困的经济环境,以及其他因素。然而,他补充说,这三家主要公开贸易巡航公司已经提高了足够的债务和公平,以便在“至少到2020年”中生存。

主要邮轮公司的资本是否足够?他们能够坚持多久了?一份新报告表明了冠状病毒大流行可能持续两年。Would the cruise industry survive a second wave of the pandemic?

谢谢披露和Karen Lorentz为这篇文章提供了贡献。

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2 Responses toWill the Cruise Industry Survive the Pandemic Headwinds?

  1. Doug Bostrom 说:

    Paraphrasing the science officer on the star ship, it’ll be “no life as we knew it.”

  2. Peter Wright 说:

    It is interesting to filter cruise ships only on the AIS. Manila bay, 26 large cruise ships. Azamara just repositioned three ships to Glasgow. Viking Sun, Sea and Sky just arrived from Norway to Belfast. A good few along the English south coast anchorages. Many transiting the Suez Canal.

    This industry employs a great many seamen and women, for their sakes I hope it survives and I hope they are paid but that is another issue in this sometimes dark and secret industry.

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