The text appears: #1 on the oceans. The 4 export credit loan facilities are backed by the Italian export credit agency SACE (Servizi Assicurativi del Commercio Estero). I took a look at some of their 2009 cruises and many are sold out. 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. 47% of employees would recommend working at Viking Cruises to a friend and 47% have a positive outlook for the business. Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. The properties will tell you the path and file name that cannot be found. has written about cruising for more than 25 years and for many years oversaw USA Todays award-winning cruise site. In all, Genting Hong Kong operates a fleet of 15 cruise ships, in addition to a hotel brand and a shipyard. 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. WebAre Viking cruises in financial trouble? 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 The company operated three small vessels on U.S. rivers and coastal waterways. The 2/27/23 financial reports cover 2022 so nothing that is happening in 2023 can possibly affect the 2/27 financial report . Only use the major cruise line offered insurance if they use an independent insurance provider, i.e. I'm hoping that's not the case," she said. This topic is now archived and is closed to further replies. Viking River Cruises's annual revenues are $100-$500 million (see exact revenue data) and has 500-1,000 employees. And, unfortunately, the financial position of some of them is less clear. 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. 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. For more cruise news, reviews and tips, sign up for TPG's new cruise newsletter. Viking Ocean Cruises was voted Best Large-Ship Ocean Cruise Line by Travel + Leisure readers in the 2016 Worlds Best Awards. MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements. WebIn 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 Vantage Travel, a well-known Boston-based international travel company for four decades, last week was apparently hacked. WebBased on the latest financial disclosure, Norwegian Cruise Line has a Probability Of Bankruptcy of 42.0%. These include Disney Cruise Line, MSC Cruises, Silversea Cruises, Star Clippers, Viking Cruises and Windstar Cruises, which was formerly owned by Carnival Corp. In a statement, Viking Cruises said that 20 people suffered injuries onboard, I've been looking at the various travel insurance policies and find that most exclude financial default of a travel supplier. Either way, please contact your web host immediately. Why your favorite cruise line probably isn't going out of business, despite the COVID shutdown, This post contains references to products from one or more of our advertisers. I have been considering taking a christmas markets cruise this winter. Of course, it also includes other coverages also. But when the COVID-19 pandemic hit, cruises stopped. By By Any feedback from you CC folks would be appreciated. The massive liquidity positions of the three publicly traded cruise companies weren't always in place. 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. When necessary, guests and their travel advisors will be notified directly and this page will be updated. 11. Pullmantur, part owned by Royal Caribbean, and Cruise & Maritime Voyages. Meanwhile, one of the largest European operators, Viking River Cruises, has been having a bumpy ride financially. Simply, there is no ability to question or cross examine hearsay evidence. Check here before booking an award fare. Many of the cruise line policies only offer a future cruise credit on their line, with blackout dates, should you cancel. Viking River Cruises resolves 57% of negative reviews, earning a moderate customer service rating. Is Viking still cruising to Ukraine? 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. 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. If you see Viking there, then that's a red flag! 19952023, The Independent Traveler, Inc. Viking Cruise line--possible financial problems?? Depending on your billing cycle, that gives at most 120 days of coverage. On platforms that enforce case-sensitivity PNG and png are not the same locations. 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. View all posts by Shaun Ebelthite, Click to share on Twitter (Opens in new window), Click to share on Facebook (Opens in new window), Marella Cruises (formerly Thomson Cruises), Norwegian Joy cruises cancelled as ship heads for 2024 refit and refurbishment. 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. The company launched a fundraising effort earlier this year, but says it will require more time to assess possible additional funding. Viking Octantis first of 54 cruise ships visiting Toronto this year, a popular urban port of call in Great Lakes . MOODY'S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY'S ANALYTICS, INC. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. Free delivery for many products! When you get a 404 error be sure to check the URL that you are attempting to use in your browser.This tells the server what resource it should attempt to request. 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. 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. What airlines does Viking River Cruises use? At least with the early booking you can get a better selection of cabins, especially the lower priced categories. "The downgrade also reflects our assumption that Viking's demand trends could remain weak in the first half of 2021 as the company is more reliant on passengers from North America that fly to Europe to cruise. Test your website to make sure your changes were successfully saved. MOODY'S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE. The text appears: onwards You can contact me at shaun(at)cruisearabiaonline.com. I specifically picked a trip insurance policy without default coverage and saved about $150. The company is offering the debt There are also no guarantees that the alternative cruise line you select will not develop financial difficulties. You may need to scroll to find it. I took a look at some of their 2009 cruises and many are sold out. CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. 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. Hes sailed on more than 150 ships. Sometimes entire itineraries are having to be reworked on short notice due to unexpected changes to countrywide travel restrictions. Sept. 25, 2010. 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. Related: Some travel insurance companies limit coverage for Crystal. I use "insure my trip",which is usually much cheaper too. 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? As I had previously posted, for financial default protection, I always pay via credit card. 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. Overall, the major cruise lines all have Current Ratios under 1 into a tightening monetary environment. About 86% of its total river and ocean customers are sourced from North America. We are all individually responsible for thinking these things through and being provident; no one's going to do it for us. Viking has approximately a 50% market share of the North American sourced river cruise passengers for Europe, Russian and China. 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. It also owns five overseas brands including the U.K.'s Cunard Line and Europe's Costa Cruises. Get this delivered to your inbox, and more info about our products and services. This topic is now archived and is closed to further replies. He also explains the safety protocols the company has put in place. In this example the image file must be in public_html/cgi-sys/images/. As a division of Viking Cruises, Viking River Cruises has an estimated European river market share of ~49%. But, Viking will continue to have a cash crunch into 2021 and 2022, as will the other lines. Copyright 19952023 The Independent Traveler, Inc. 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. One big cruise line, MSC Cruises, also is privately owned, as is Viking. Not sure if it was because the company was new or having problems but these insurance companies stay up on these issues. 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. 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. (Video) Viking Ocean Cruises Is NOT All I Thought It Was (Tips For Travellers) How financially secure is Viking Cruises? As When you encounter a 404 error in WordPress, you have two options for correcting it. One big cruise line, MSC Cruises, also is privately owned, as is Viking. See the Section on 404 errors after clicking a link in WordPress. The ratings outlook is negative. WebFor Further Assistance. Hi, Just returned last month from a River Cruise on another company (not Viking), had a wonderful time. The date of your final payment is dependent on your itinerary and will be noted on your invoice. Heck - I think many of us were surprised when Peter Desilmann (sp?) RewriteCond %{REQUEST_FILENAME} !-d Four of the five small lines that have shut down were Europe based. 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 General information will be listed below, with details of any affected departures. We're going with Viking in October, and I have heard nothing concerning financial difficulties. Genting Hong Kong is the parent company of Crystal Cruises as well as two Asia-based cruise lines: Dream Cruises and Star Cruises. 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This requirement applies to cruise lines that embark from a U.S. port and have at least 50 berth accommodations. RewriteCond %{REQUEST_FILENAME} !-f 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. Even cruise executives are surprised by how many people are booking cruises, How to book a cruise with points and miles. In Februar 2009 it was announced that they have found someone without naming it. Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating. 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. Viking Cruises Founder Loses 66% Of Wealth As Pandemic Hits Norway's Richest. Of course, it also includes other coverages also. If the store fails to deliver or defaults, you can dispute it even though it is more than 120 days from date of purchase. 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. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity. On a combined basis, they own a 23% stake in the company. CREDIT RATINGS, NON-CREDIT ASSESSMENTS ("ASSESSMENTS"), AND OTHER OPINIONS INCLUDED IN MOODY'S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. Technically, no. Copyright 19952023 The Independent Traveler, Inc. Further information on the EU endorsement status and on the Moody's office that issued the credit rating is available on www.moodys.com. 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. missbsmom, August 7, 2009 in River Cruising. In June 2009 Viking announced that the deal has fallen through. But it's true. It is also possible that you have inadvertently deleted your document root or the your account may need to be recreated. Also, Carnival Corporation has other levers to pull to raise even more money should there be a need, its executives have said. 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. All rights reserved. Addressing half of complaints leaves room for dissatisfaction For information about your specific voyage, please log onto MyVikingJourney.com. 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 company did not disclose its current cash position. To the extent permitted by law, MOODY'S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY'S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY'S. (You may need to consult other articles and resources for that information.). 15 MAR 2017. 5. WebA Viking River ship sails in Budapest. 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. After spending more than $18,000 on her trip, Ileene hopes the company isn't in financial trouble. Carnival Corporation's Costa Cruises is scheduled to resume limited operations in just a few days. I believe all of the other cruise companies include wine with dinner at no additional cost. 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. Never,ever get trip insurance with the cruise line company/ Travel company. It also owns the Werften shipyards in Germany, where the first expedition ship for Crystal Cruises currently is under construction. WebViking RIVER CRUISES. Is Viking River Cruises In Financial Trouble The coronavirus pandemic has had a financial impact across the cruise sector to varying degrees. Stay current with special offers, news and destination-focused content. The company has had to cancel many of its voyages and refund customers, 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. 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. 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. Sign up for free newsletters and get more CNBC delivered to your inbox. 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. Copyright 19952023 The Independent Traveler, Inc. Amazing, Funny & Totally Awesome Cruise Photos. 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. 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. 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. On platforms that enforce case-sensitivity example and Example are not the same locations. Even though it is a privately held company - information still leaks out. If you see Viking there, then that's a red flag! Viking is a privately held company so it is improbable that any information concerning their financial status would be available to outsiders. WebPassports, Visa & Travel Documents. 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. The insurance companies are quick to add to the list those companies in default. 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. 1) We booked our cruise using a credit card.