It sounds impossible. I do not believe Cruise Critic permits posting the Web site name on any threads. Many have coverage lists available on line. Norwegian Cruise Probability Of Bankruptcy I've been looking at the various travel insurance policies and find that most exclude financial default of a travel supplier. Additional terms for Japan only: Moody's Japan K.K. Send me an email (click on the ".." on my signature) and I'll send you the name of a Web based service that provides quotes from several insurance companies. We read all those emails you send us. After spending more than $18,000 on her trip, Ileene hopes the company isn't in financial trouble. 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 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. 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. More cancellations are expected. 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. Torstein Hagen, Viking chairman and founder, joins 'Squawk on the Street' to share his thoughts on the legal battle playing out between cruise lines and Florida. Viking Ocean Cruises - News But does it have to? It is no rumor that Viking did search for an investor. About 86% of its total river and ocean customers are sourced from North America. 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. Pullmantur, part owned by Royal Caribbean, and Cruise & Maritime Voyages. Viking Cruise line 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. The negative outlook reflects Viking's high leverage and the uncertainty around the pace and level of recovery in demand that will enable the company to de-lever to around 6.5x. One or two of those go on an Internet forum and start posting. Recent updates have been made to cancellation schedules and refund guidelines for various cruise lines. Best Debt Consolidation Loans for Bad Credit, Personal Loans for 580 Credit Score or Lower, Personal Loans for 670 Credit Score or Lower. 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. 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. This page contains the most up to date information on conditions that may affect your itinerary. 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. 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. It promised 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. We are all individually responsible for thinking these things through and being provident; no one's going to do it for us. Per Capital One, I can file a dispute within 120 days from when the service (in this case the cruise) was scheduled to be. 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. Also with Viking be sure you compare prices with their 2 for 1 deals. Can't afford to pay the full price of their competitor. Hi, Just returned last month from a River Cruise on another company (not Viking), had a wonderful time. November 23, 2022 , Cruise Industry. "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. 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. 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. The company launched a fundraising effort earlier this year, but says it will require more time to assess possible additional funding. 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. cruise "We had a lot of good experiences. 1) We booked our cruise using a credit card. 2) We bought the full-coverage trip insurance policy. 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: Related: Some travel insurance companies limit coverage for Crystal. Some advice. 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. A Division of NBCUniversal. 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. Also, Carnival Corporation has other levers to pull to raise even more money should there be a need, its executives have said. Cruisetour itineraries range from 7 to 23 days and include as regions the European rivers Rhine, Main, Danube, Saone, Rhone, Seine, Elbe and Douro, also Ukraine's Dnieper, Russia's Volga, China's Yangtze, Burma's Check this out--http://current.newsweek.com/budgettravel/2009/07/river_cruises_why_travel_insur.html. 404 means the file is not found. A planned funding deal this past spring to cover Got a confidential news tip? RewriteRule . 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. 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. If this doesn't work, you may need to edit your .htaccess file directly. I was not happy with that, Street explained. Plus, your own feed of TPG content. 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 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. Really. 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. The possible investor was the Dutch company Waterland. Which one did you go with? It is also possible that you have inadvertently deleted your document root or the your account may need to be recreated. Cruises We're going with Viking in October, and I have heard nothing concerning financial difficulties. So I guess you have to ask yourself, if you booked would you be able to sleep at night! Big cruise companies can survive 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. CDC scrutinizes 68 cruise ships over COVID-19 outbreaks Which one did you go with? However, if negotiations with creditors do not produce results amicable to all parties, bankruptcy may be the only option left to the company. I'd recommend you "pretend" you're going to buy trip insurance and see which companies come up listed as not covered. Also, when pricing insurance policies, compare benefits. The 2/27/23 financial reports cover 2022 so nothing that is happening in 2023 can possibly affect the 2/27 financial report . On platforms that enforce case-sensitivity example and Example are not the same locations. Viking Cruises Ltd. on Monday launched a bid to raise money to help it sustain its business through the coronavirus pandemic. I can only make a claim if Viking fails to deliver, not if I decide not to go on it. Is It Better To Lease Or Buy A Car In Summer 2022? Viking cruise ("MSFJ") is a wholly-owned credit rating agency subsidiary of MJKK. Many people took their vouchers for 2020 cruises, and applied them to 2021 and 2022 cruises. By When you encounter a 404 error in WordPress, you have two options for correcting it. "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. Crystal Cruises is suspending operations for at least three months in the wake of a financial crisis at its parent company, Genting Hong Kong. A line-by-line guide, Why you shouldn't expect bargain-basement cruise deals anytime soon, How to cancel or postpone a cruise due to coronavirus, Everything you need to know about a future cruise credit, Stream these 13 movies, television shows to get your cruise ship fix, Do Not Sell or Share My Personal Information. CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. Four of the five small lines that have shut down were Europe based. Of course, if the cruising shutdown continues into late next year or beyond, all bets are off. 2016. We're going with Viking in October, and I have heard nothing concerning financial difficulties. 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. I have been considering taking a christmas markets cruise this winter. Hi, Just returned last month from a River Cruise on another company (not Viking), had a wonderful time. 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. Just returned last month from a River Cruise on another company (not Viking), had a wonderful time. At least with the early booking you can get a better selection of cabins, especially the lower priced categories. MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements. A Viking Ocean ship sails in Croatia. WebFind many great new & used options and get the best deals for P & O Ferries Viking Voyager Commerative 25 Anniversary Cruise May 1989 Signed at the best online prices at eBay! Always get independent trip insurance to protect yourself. WebBased on the latest financial disclosure, Norwegian Cruise Line has a Probability Of Bankruptcy of 42.0%. When working with WordPress, 404 Page Not Found errors can often occur when a new theme has been activated or when the rewrite rules in the .htaccess file have been altered. Addressing half of complaints leaves room for dissatisfaction Hagen drew a line between Viking and comparable cruise ship operators, underscoring the purpose as to why people travel. Contact your Sales Agent or our Customer Service 7. Stay current with special offers, news and destination-focused content. According to them the cruise line lost their major financial backer. I believe all of the other cruise companies include wine with dinner at no additional cost. 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. Cruise lines have clashed with the CDC several times since the pandemic began due to the various virus mitigation efforts that the agency has enforced. Viking suspends operations but wont refund $10,000 for Many have coverage lists available on line. Royal Caribbean Group is the parent company of Royal Caribbean, Celebrity Cruises, Azamara and Silversea. 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. Copyright 19952023 The Independent Traveler, Inc. Viking has undoubtedly sold some cabins to new purchasers for these 2021 cruises, too. Announcing Our 2023 Cruisers' Choice Award Winners! 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. 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. Notice that the CaSe is important in this example. I try to create the best news and information specifically for cruise passengers taking cruises to and from Dubai (where I live) and South Africa (where I was born). 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. Overall, the major cruise lines all have Current Ratios under 1 into a tightening monetary environment. Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review. Viking is a cruise line providing river, ocean, and expedition cruises. Free delivery for many products! 2023 CNBC LLC. Its river cruises operate in over 30 countries largely in Continental Europe. There are also no guarantees that the alternative cruise line you select will not develop financial difficulties. Many of the cruise line policies only offer a future cruise credit on their line, with blackout dates, should you cancel. Improve earnings, maximize rewards and track progress toward dream trips. Free delivery for many products! If you have already uploaded the file then the name may be misspelled or it is in a different folder. Viking operated a fleet of 72 river cruise vessels and six ocean cruise ships as of December 31, 2019. He also explains the safety protocols the company has put in place. Viking Cruises chairman: COVID is really behind us - Fortune Hagen said Viking is on track to outpace those figures in 2022, with an annual revenue growth forecast of 47% this year. /index.php [L] Genting Hong Kong is the parent company of Crystal Cruises as well as two Asia-based cruise lines: Dream Cruises and Star Cruises. Always get independent trip insurance to protect yourself. CREDIT RATINGS, NON-CREDIT ASSESSMENTS ("ASSESSMENTS"), AND OTHER OPINIONS INCLUDED IN MOODY'S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. Reason for Complaint: Failure to deliver product, deceptive business practices We have undergone multiple bookings (3) and cancellations (3) with Viking due Moody's Rating Symbols and Definitions can be found at: https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_79004. So far, two mainstream cruise lines, have declared bankruptcy due to the pandemic. Norwegian Cruise Line Holdings is the parent company of Norwegian Cruise Line, Regent Seven Seas Cruises and Oceania Cruises. Viking Ocean Cruises Ltd. -- Moody's downgrades Viking's CFR to 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. 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. How steeply can a cruise ship roll before it capsizes? The company operated three small vessels on U.S. rivers and coastal waterways. Never,ever get trip insurance with the cruise line company/ Travel company. WebAre Viking cruises in financial trouble? 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. We just booked a Sept. 2010 Viking cruise and paid with a credit card so I feel protected for financial default by Viking. (You may need to consult other articles and resources for that information.). Is Viking River Cruises In Financial Trouble The coronavirus pandemic has had a financial impact across the cruise sector to varying degrees. I have been using them for years. 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. Is Viking cruise lines in financial trouble? Change the settings back to the previous configuration (before you selected Default). Viking Cruises WebA Viking River ship sails in Budapest. 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. 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. 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 Crystal Cruises is Gentings luxury line operating two cruise ships. Data is a real-time snapshot *Data is delayed at least 15 minutes. 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.
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