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. 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. One or two of those go on an Internet forum and start posting. The company operated three small vessels on U.S. rivers and coastal waterways. Technically, no. This requirement applies to cruise lines that embark from a U.S. port and have at least 50 berth accommodations. Crystal Cruises is Gentings luxury line operating two cruise ships. I was not happy with that, Street explained. The .htaccess file contains directives (instructions) that tell the server how to behave in certain scenarios and directly affect how your website functions. The biggest of the three, Carnival Corporation, currently is burning through around $650 million per month without any ships sailing -- a staggering sum. Simply, there is no ability to question or cross examine hearsay evidence. Sept. 25, 2010. 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. We'll run a soft credit check to find special offers, but it wont affect your credit score. 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. 47% of employees would recommend working at Viking Cruises to a friend and 47% have a positive outlook for the business. 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? Got a confidential news tip? 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. 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. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER. I also from time-to-time use the major cruise line insurance since for extended cruise durations, pre or post cruise stays and/or extensive air travel, their insurance will at times be competitive. One big cruise line, MSC Cruises, also is privately owned, as is Viking. If you have a booking on a cruise right now, chances are it's with one of the three big companies mentioned above. 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). I have been using them for years. I specifically picked a trip insurance policy without default coverage and saved about $150. It also owns the Werften shipyards in Germany, where the first expedition ship for Crystal Cruises currently is under construction. 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. CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. 1) We booked our cruise using a credit card. SEE MOODY'S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY'S INVESTORS SERVICE CREDIT RATINGS. When you encounter a 404 error in WordPress, you have two options for correcting it. Carnival Corporation has secured more than $10 billion in new capital since March. All Rights Reserved. Related: How to book a cruise with points and miles. More cancellations are expected. In Februar 2009 it was announced that they have found someone without naming it. However, if negotiations with creditors do not produce results amicable to all parties, bankruptcy may be the only option left to the company. 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. 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. 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. As Viking has undoubtedly sold some cabins to new purchasers for these 2021 cruises, too. Viking Octantis first of 54 cruise ships visiting Toronto this year, a popular urban port of call in Great Lakes . 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. Viking is a cruise line providing river, ocean, and expedition cruises. Put the custom structure back if you had one. In all, Genting Hong Kong operates a fleet of 15 cruise ships, in addition to a hotel brand and a shipyard. 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. The company launched a fundraising effort earlier this year, but says it will require more time to assess possible additional funding. 19952023, The Independent Traveler, Inc. Viking Cruise line--possible financial problems?? Edit the file on your computer and upload it to the server via FTP. 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. RewriteRule . 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. "We had a lot of good experiences. This topic is now archived and is closed to further replies. When necessary, guests and their travel advisors will be notified directly and this page will be updated. Also with Viking be sure you compare prices with their 2 for 1 deals. 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. Find the right card for you. (You may need to consult other articles and resources for that information.). 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. Can't afford to pay the full price of their competitor. Four of the five small lines that have shut down were Europe based. And, unfortunately, the financial position of some of them is less clear. 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. 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. 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. WebA $500 deposit per person is required to secure a reservation on a Viking Ocean Cruise. 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. Check here before booking an award fare. 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. Data is a real-time snapshot *Data is delayed at least 15 minutes. 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. 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. MOODY'S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors. Its existing unsecured notes due 2025 traded last week at 68.5 cents on the dollar for a yield Hagen said Viking is on track to outpace those figures in 2022, with an annual revenue growth forecast of 47% this year. Viking Cruises Founder Loses 66% Of Wealth As Pandemic Hits Norway's Richest. The company is offering the debt Even though it is a privately held company - information still leaks out. Always get independent trip insurance to protect yourself. Change the settings back to the previous configuration (before you selected Default). 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. Factors that could lead to a downgrade include deterioration in the company's liquidity profile, updated expectations for a weaker recovery in 2021 or if there are indications that the company is not on a path to restoring leverage to a sustainable level. 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. 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. Viking has approximately a 50% market share of the North American sourced river cruise passengers for Europe, Russian and China. I use "insure my trip",which is usually much cheaper too. 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. On a combined basis, they own a 23% stake in the company. Related: Some travel insurance companies limit coverage for Crystal. 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. 1) We booked our cruise using a credit card. RewriteRule ^index.php$ - [L] If you have already uploaded the file then the name may be misspelled or it is in a different folder. The price action is already alarming to the downside, and Carnival especially is acting like it wants to test and breach its 2020 lows. Related: Cruise executives say they're in no rush to return to service. The date of your final payment is dependent on your itinerary and will be noted on your invoice. Does Viking still go to Russia? 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. As I had previously posted, for financial default protection, I always pay via credit card. Depending on your billing cycle, that gives at most 120 days of coverage. 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. 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. 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. Copyright 19952023 The Independent Traveler, Inc. Amazing, Funny & Totally Awesome Cruise Photos. Please view our advertising policy page for more information. Hi, Just returned last month from a River Cruise on another company (not Viking), had a wonderful time. 2020 Moody's Corporation, Moody's Investors Service, Inc., Moody's Analytics, Inc. and/or their licensors and affiliates (collectively, "MOODY'S"). And, we do know you're worrying. 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. 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. I have been watching & reading to see if I could find any current info to their financial status. I'd recommend you "pretend" you're going to buy trip insurance and see which companies come up listed as not covered. This varies by browser, if you do not see a box on your page with a red X try right clicking on the page, then select View Page Info, and goto the Media Tab. 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. Viking Cruises has an overall rating of 3.2 out of 5, based on over 619 reviews left anonymously by employees. Is Viking River Cruises In Financial Trouble The coronavirus pandemic has had a financial impact across the cruise sector to varying degrees. At least with the early booking you can get a better selection of cabins, especially the lower priced categories. 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. We're talking about such lines as AmaWaterways, American Cruise Lines, UnCruise Adventures and Uniworld Boutique River Cruise Collection. Are you using WordPress? 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. The 4 export credit loan facilities are backed by the Italian export credit agency SACE (Servizi Assicurativi del Commercio Estero). Viking Cruises Founder Loses 66% Of Wealth As Pandemic Hits Norway's Richest. 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. 1) We booked our cruise using a credit card. MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements. The properties will tell you the path and file name that cannot be found. "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 you see Viking there, then that's a red flag! Genting Hong Kong is the parent company of Crystal Cruises as well as two Asia-based cruise lines: Dream Cruises and Star Cruises. 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. RewriteEngine On WebBased on the latest financial disclosure, Norwegian Cruise Line has a Probability Of Bankruptcy of 42.0%. 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. 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! We are protected by our credit card company against default by the vendor. The announcement came two days after the company missed a 3.7 million euro payment of fees related to the construction of certain ships. Copyright 19952023 The Independent Traveler, Inc. Not sure if it was because the company was new or having problems but these insurance companies stay up on these issues. 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. I believe all of the other cruise companies include wine with dinner at no additional cost. Add the following snippet of code to the top of your .htaccess file: # BEGIN WordPress 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. All information contained herein is obtained by MOODY'S from sources believed by it to be accurate and reliable. Three ships operated by Viking Cruises, the company that headed the Donahues cruise, are restricted and remain under investigation for COVID-19 outbreaks, according to the CDC. Check with your credit card company. In 2016 when Viking needed to boost liquidity, TPG Capital and Canada Pension Plan Investment Board (each with one board member) contributed capital. 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 vividly remember when Renaissance Cruise Lines folded in 2001. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided "AS IS" without warranty of any kind. I called my credit card company (Capital One) to clarify what is my liability if there is a default by Viking. 10. Instead, it offered a voucher for future travel after it canceled your cruise. Hi, Just returned last month from a River Cruise on another company (not Viking), had a wonderful time. 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. You can try renaming that file to .htaccess-backup and refreshing the site to see if that resolves the issue. Click here to reload the page in order to enable certain features. If your blog is showing the wrong domain name in links, redirecting to another site, or is missing images and style, these are all usually related to the same problem: you have the wrong domain name configured in your WordPress blog. If you have any questions or need further information please contact Reservations at 1-877-523-0579 or email customerrelations@vikingcruises.com, Monday A planned funding deal this past spring to cover The cruise sector has been one of the sectors most significantly affected by the shock given its sensitivity to consumer demand and sentiment. 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 Check this out--http://current.newsweek.com/budgettravel/2009/07/river_cruises_why_travel_insur.html. Recent updates have been made to cancellation schedules and refund guidelines for various cruise lines. Speaking of independents, that only leaves those lines that may be owned by a larger corporation but are not affiliated with any other cruise brands. How steeply can a cruise ship roll before it capsizes? 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. Ratings could be upgraded should operating performance recover to levels that would support debt/EBITDA sustained at or below 5.5x while maintaining at least adequate liquidity. Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody's Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading "Investor Relations Corporate Governance Director and Shareholder Affiliation Policy.". 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. We read all those emails you send us. 15 MAR 2017. What could anyone tell you to make you believe Viking is or isn't in financial difficulty? At least with the early booking you can get a better selection of cabins, especially the lower priced categories. 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. Any feedback from you CC folks would be appreciated. According to them the cruise line lost their major financial backer. 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. Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. 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. WebA Viking River ship sails in Budapest. I do not believe Cruise Critic permits posting the Web site name on any threads. , i.e. 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! 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. Some advice. 479 people were evacuated off the vessel before it reached port, and have already started flying home through arrangements by the cruise line. 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. 404 means the file is not found. Overall, the major cruise lines all have Current Ratios under 1 into a tightening monetary environment. Even cruise executives are surprised by how many people are booking cruises, How to book a cruise with points and miles. Further information on the EU endorsement status and on the Moody's office that issued the credit rating is available on www.moodys.com. Right click on the X and choose Properties. If you've got a booking on any of them, you shouldn't be too panicked -- at least for now. Also, when pricing insurance policies, compare benefits. I do not believe Cruise Critic permits posting the Web site name on any threads. So far, two mainstream cruise lines, have declared bankruptcy due to the pandemic. they are not self insured as Viking may be. Which one did you go with? Compare the cost in points or miles to cash, and see which option is best. 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. Given that most cruise companies haven't operated a single voyage in nearly six months, and it's unlikely that cruising will resume in a meaningful way anytime soon, it's perfectly reasonable for you to worry about such a thing. By The insurance companies are quick to add to the list those companies in default. 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. What are the chances of falling overboard on a cruise? 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. General information will be listed below, with details of any affected departures. 11. 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. This topic is now archived and is closed to further replies. During a conference call with Wall Street analysts in August, Royal Caribbean CFO Jason Liberty said the company was burning through about $250 to $290 million a month during the cruising shutdown but had liquidity of more than $4 billion. 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. The possible investor was the Dutch company Waterland. Most tour organizations have had a decline in travel and some are no longer with us. The insurance companies are quick to add to the list those companies in default. 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. WebIs Viking River Cruises in financial trouble? Just returned last month from a River Cruise on another company (not Viking), had a wonderful time. (Video) Viking Ocean Cruises Is NOT All I Thought It Was (Tips For Travellers) How financially secure is Viking Cruises? 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 this example the file must be in public_html/example/Example/.
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