But there are other cruise lines out there, of course. 1) We booked our cruise using a credit card. Are Viking cruises in financial trouble? (2023) - investguiding.com I do not believe Cruise Critic permits posting the Web site name on any threads. 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. 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. 2) We bought the full-coverage trip insurance policy. If you see Viking there, then that's a red flag! Of course, if the cruising shutdown continues into late next year or beyond, all bets are off. cruise ships in the last few months; here 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. For an explanation of our Advertising Policy, visit. Anyway there are no rumors that Viking is in any kind of financial troubles. Add the following snippet of code to the top of your .htaccess file: # BEGIN WordPress 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. Sept. 25, 2010. As a division of Viking Cruises, Viking River Cruises has an estimated European river market share of ~49%. Viking Cruises 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. In 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 first six months of the year. 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. Rating Action: Moody's downgrades Viking's CFR to B3; outlook negative. 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. I'd recommend you "pretend" you're going to buy trip insurance and see which companies come up listed as not covered. Viking Cruises Reviews Cruise Passenger Assistance There is no defense against the "Internet disease," the only defense is- insurance, as has been mentioned. Viking is a privately held company so it is improbable that any information concerning their financial status would be available to outsiders. Any feedback from you CC folks would be appreciated. I'm hoping that's not the case," she said. Right click on the X and choose Properties. "We had a lot of good experiences. 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. Hi, Just returned last month from a River Cruise on another company (not Viking), had a wonderful time. 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 Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating. Viking Cruises Ltd According to them the cruise line lost their major financial backer. The insurance companies are quick to add to the list those companies in default. Always get independent trip insurance to protect yourself. A significant number of occupied cabins won't produce any new revenue. In a statement, Viking Cruises said that 20 people suffered injuries onboard, Viking Cruises Founder Loses 66% Of Wealth As Pandemic Hits Norway's Richest. Media Center - Press Releases - Viking Cruises 4. Viking River Cruises's annual revenues are $100-$500 million (see exact revenue data) and has 500-1,000 employees. A planned funding deal this past spring to cover 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. A dialogue box may appear asking you about encoding. The text appears: #1 on the rivers. 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. Has MSC Cruises cracked the code for a safe return to cruising? 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. 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. It is classified as operating in the Travel Of course, it also includes other coverages also. We'll run a soft credit check to find special offers, but it wont affect your credit score. More specifically, Viking's credit profile, which includes its exposure to increased travel restrictions for US citizens which represents a majority of the company's revenue and earnings have left it vulnerable to shifts in market sentiment in these unprecedented operating conditions and the company remains vulnerable to the outbreak continuing to spread. The company did not disclose its current cash position. so once the premier seats are gone, you often get left with what's leftover. 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). decided to stop their river boat operations. 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. Is Viking River Cruises In Financial Trouble The coronavirus pandemic has had a financial impact across the cruise sector to varying degrees. 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. Also, make sure that the insurance you are going with covers your cruise company. If you have a booking on a cruise right now, chances are it's with one of the three big companies mentioned above. It is no rumor that Viking did search for an investor. Check with your credit card company. As I had previously posted, for financial default protection, I always pay via credit card. Best Debt Consolidation Loans for Bad Credit, Personal Loans for 580 Credit Score or Lower, Personal Loans for 670 Credit Score or Lower. I called my credit card company (Capital One) to clarify what is my liability if there is a default by Viking. Cruise Line One big cruise line, MSC Cruises, also is privately owned, as is 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. Compare the cost in points or miles to cash, and see which option is best. Now people start not booking because of this snowballing rumor, and before you know it, the cruise line IS in financial difficulty..strictly because of rumor. Addressing half of complaints leaves room for dissatisfaction You can try renaming that file to .htaccess-backup and refreshing the site to see if that resolves the issue. ("MSFJ") is a wholly-owned credit rating agency subsidiary of MJKK. Viking Ocean Cruises Ltd. -- Moody's downgrades Viking's CFR to This topic is now archived and is closed to further replies. I have been watching & reading to see if I could find any current info to their financial status. WebFor Further Assistance. I was not happy with that, Street explained. 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. I believe all of the other cruise companies include wine with dinner at no additional cost. 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. Also, Carnival Corporation has other levers to pull to raise even more money should there be a need, its executives have said. I specifically picked a trip insurance policy without default coverage and saved about $150. Your post is an excellent example of why hearsay evidence is not admissible in US courts. Cruise Ship 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. 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. 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. At least with the early booking you can get a better selection of cabins, especially the lower priced categories. Overall, the major cruise lines all have Current Ratios under 1 into a tightening monetary environment. It also owns five overseas brands including the U.K.'s Cunard Line and Europe's Costa Cruises. 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 2020 Moody's Corporation, Moody's Investors Service, Inc., Moody's Analytics, Inc. and/or their licensors and affiliates (collectively, "MOODY'S"). Most tour organizations have had a decline in travel and some are no longer with us. Budget Travel | River Cruises: Watch out for bankruptcies I have been considering taking a christmas markets cruise this winter. 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. Vantage Travel cancels trips, blames data security incident The ratings outlook is negative. 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. Now people start not booking because of this snowballing rumor, and before you know it, the cruise line IS in financial difficulty..strictly because of rumor. A few need to be bought within a certain time frame of your initial deposit. 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. 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. 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. Currently they are offering 2 for 1 rates (the line I was on isn't at this time for the dates I need) but I am a little concerned using them considering this information. All information contained herein is obtained by MOODY'S from sources believed by it to be accurate and reliable. These include Disney Cruise Line, MSC Cruises, Silversea Cruises, Star Clippers, Viking Cruises and Windstar Cruises, which was formerly owned by Carnival Corp. These companies have contracts with the airlines for a specified number of seats. My Trip - Travel Information 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. Genting Hong Kong is the parent company of three cruise lines, the luxury line Crystal Cruises, the Asian cruise line Star Cruises and the cruise line Dream Cruises, which is a Asia-focused mashup of Norwegian and Royal Caribbean. Notice that the CaSe is important in this example. Could the end be near for your favorite cruise line? 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? Viking has just over $3.3 billion in total debt. The insurance companies are quick to add to the list those companies in default. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. We're going with Viking in October, and I have heard nothing concerning financial difficulties. Copyright 19952023 The Independent Traveler, Inc. It is also possible that you have inadvertently deleted your document root or the your account may need to be recreated. 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. On platforms that enforce case-sensitivity PNG and png are not the same locations. I use "insure my trip",which is usually much cheaper too. 479 people were evacuated off the vessel before it reached port, and have already started flying home through arrangements by the cruise line. The properties will tell you the path and file name that cannot be found. 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. 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. This requirement applies to cruise lines that embark from a U.S. port and have at least 50 berth accommodations. , i.e. Sometimes entire itineraries are having to be reworked on short notice due to unexpected changes to countrywide travel restrictions. 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. One big cruise line, MSC Cruises, also is privately owned, as is Viking. Check this out--http://current.newsweek.com/budgettravel/2009/07/river_cruises_why_travel_insur.html. Even though it is a privately held company - information still leaks out. In 2016 when Viking needed to boost liquidity, TPG Capital and Canada Pension Plan Investment Board (each with one board member) contributed capital. 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. Check with your credit card company. Royal Caribbean Group is the parent company of Royal Caribbean, Celebrity Cruises, Azamara and Silversea. 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. 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. How much is the owner of Viking Cruises worth? WebIs Viking River Cruises in financial trouble? Viking River Cruises Cancellation and Refund Policy Hes sailed on more than 150 ships. Financial reports - Viking Line There is no defense against the "Internet disease," the only defense is- insurance, as has been mentioned. Factors that could lead to the outlook being revised to stable include signs of good demand trends for 2021, leading to an expectation that the company's finances will stabilize in the near term and that debt/EBITDA will improve to below 6.5x over the medium term. 6. Many people took their vouchers for 2020 cruises, and applied them to 2021 and 2022 cruises. Viking WebViking RIVER CRUISES. Viking has approximately a 50% market share of the North American sourced river cruise passengers for Europe, Russian and China. What airlines does Viking River Cruises use? 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. Norwegian Cruise Line Holdings in August said it was burning through about $160 million a month but had liquidity of $2.8 billion. 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. 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. We just booked a Sept. 2010 Viking cruise and paid with a credit card so I feel protected for financial default by Viking. 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. The Genting Hong Kong disclosure prompted Crystal Cruises to issue a statement in late August saying it was not going out of business. I have been using them for years. Free delivery for many products! 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. 2) We bought the full-coverage trip insurance policy. they are not self insured as Viking may be. Please refer to Moody's Policy for Designating and Assigning Unsolicited Credit Ratings available on its website www.moodys.com. Meanwhile, one of the largest European operators, Viking River Cruises, has been having a bumpy ride financially. Cruise Ship See what a point or mile is worth with our appraisals of a loyalty programs currency, based on redemption values. VIKING RIVER CRUISES Revenue, Growth & Competitor MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements. 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. In June 2009 Viking announced that the deal has fallen through. Second Cancellation 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. 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. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity. 10. At least with the early booking you can get a better selection of cabins, especially the lower priced categories. The companys outstanding financial indebtedness was US $3.37 billion as of July 31st, 2020. We're talking about such lines as AmaWaterways, American Cruise Lines, UnCruise Adventures and Uniworld Boutique River Cruise Collection. Viking Cruise Norwegian Cruise Line Holdings is the parent company of Norwegian Cruise Line, Regent Seven Seas Cruises and Oceania Cruises. Going into the coronavirus crisis, all three of the big cruise companies were in great financial condition with solid profits and lots of valuable assets -- most notably their ships -- that they could pledge as collateral when raising new capital. The timing of a resumption of cruises is the big wildcard right now in analyzing the industry's financial outlook, Curtis suggested. 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. All rights reserved. After spending more than $18,000 on her trip, Ileene hopes the company isn't in financial trouble. 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. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). I can only make a claim if Viking fails to deliver, not if I decide not to go on it. The development underscores the unprecedented nature of the situation in which the global cruise industry finds itself. Still, without a peek at the books of such companies, it's impossible for The Points Guy or any other outside entity to offer enlightened commentary on their financial viability. Just click. 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. I've been looking at the various travel insurance policies and find that most exclude financial default of a travel supplier. Further information on the EU endorsement status and on the Moody's office that issued the credit rating is available on www.moodys.com. Even though it is a privately held company - information still leaks out. Look for the .htaccess file in the list of files. They don't publish their quarterly results. "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. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER. Contact your Sales Agent or our Customer Service 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. In addition, its a joint venture partner in Resorts World Manila in the Philippines. your location. So I guess you have to ask yourself, if you booked would you be able to sleep at night! Together, they account for around three-quarters of all cruises taken worldwide. The text appears: onwards Technically, no. Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating. RewriteEngine On I'm hoping that's not the case," she said. 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. Opinions expressed here are the authors alone, not those of any bank, credit card issuer, airline or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities. Sign up for free newsletters and get more CNBC delivered to your inbox. What you heard were rumors. Many of the cruise line policies only offer a future cruise credit on their line, with blackout dates, should you cancel. Four of the five small lines that have shut down were Europe based. Hagen said Viking is on track to outpace those figures in 2022, with an annual revenue growth forecast of 47% this year. 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. Viking Cruises in Financial Trouble: Exploring the Impact of COVID (Updated 1:37 p.m. EST) -- The omicron COVID-19 surge has caused several cruise lines, including Fred. We are protected by our credit card company against default by the vendor. In this example the image file must be in public_html/cgi-sys/images/. The combined credit effects of these developments are unprecedented. The 2/27/23 financial reports cover 2022 so nothing that is happening in 2023 can possibly affect the 2/27 financial report . A Division of NBCUniversal. The cruise sector has been one of the sectors most significantly affected by the shock given its sensitivity to consumer demand and sentiment. 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.