Check with your credit card company. 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. (Updated 1:37 p.m. EST) -- The omicron COVID-19 surge has caused several cruise lines, including Fred. 2) We bought the full-coverage trip insurance policy. 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. 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. 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? The date of your final payment is dependent on your itinerary and will be noted on your invoice. so once the premier seats are gone, you often get left with what's leftover. November 23, 2022 , Cruise Industry. Got a confidential news tip? 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. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. Click here to reload the page in order to enable certain features. 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. But when the COVID-19 pandemic hit, cruises stopped. At least with the early booking you can get a better selection of cabins, especially the lower priced categories. 12. What could anyone tell you to make you believe Viking is or isn't in financial difficulty? Many of the cruise line policies only offer a future cruise credit on their line, with blackout dates, should you cancel. Many have coverage lists available on line. Tagged as: coronavirus, Crystal Cruises, Dream Cruises, Genting Hong Kong, Star Cruises, Founder and editor of Cruise Arabia & Africa. has written about cruising for more than 25 years and for many years oversaw USA Todays award-winning cruise site. And, unfortunately, the financial position of some of them is less clear. Are Viking cruises in financial trouble? (2023) - investguiding.com How much is the owner of Viking Cruises worth? Those who had purchased Renaissance's policy were out of luck - bankruptcy is bankruptcy! 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. 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. Viking River Cruises resolves 57% of negative reviews, earning a moderate customer service rating. 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 been using them for years. A debt restructuring is a more cost-effective means than declaring insolvency of dealing with unmanageable debt, and does not necessarily imply that the company is in extreme financial distress. Governance risks, particularly financial strategy, specifically related to dividends, the absence of target leverage levels, and the lack of a committed revolver are also constraints. The two other big, publicly traded cruise companies are in a similar position. This topic is now archived and is closed to further replies. 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. A Division of NBCUniversal. The insurance companies are quick to add to the list those companies in default. Copyright 19952023 The Independent Traveler, Inc. Amazing, Funny & Totally Awesome Cruise Photos. The .htaccess file contains directives (instructions) that tell the server how to behave in certain scenarios and directly affect how your website functions. 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. 6. All rights reserved. So far, two mainstream cruise lines, have declared bankruptcy due to the pandemic. Its existing unsecured notes due 2025 traded last week at 68.5 cents on the dollar for a yield 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. Announcing Our 2023 Cruisers' Choice Award Winners! Anyway there are no rumors that Viking is in any kind of financial troubles. Additional terms for Japan only: Moody's Japan K.K. Moody's Rating Symbols and Definitions can be found at: https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_79004. Heck - I think many of us were surprised when Peter Desilmann (sp?) I've been looking at the various travel insurance policies and find that most exclude financial default of a travel supplier. The insurance companies are quick to add to the list those companies in default. If the store fails to deliver or defaults, you can dispute it even though it is more than 120 days from date of purchase. I'm hoping that's not the case," she said. 1) We booked our cruise using a credit card. Copyright 19952023 The Independent Traveler, Inc. Amazing, Funny & Totally Awesome Cruise Photos. Is Viking cruise lines in financial trouble? 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. Sept. 25, 2010. Depending on your billing cycle, that gives at most 120 days of coverage. 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 Copyright 19952023 The Independent Traveler, Inc. The development underscores the unprecedented nature of the situation in which the global cruise industry finds itself. This rating has decreased by -10% over the last 12 months. Federal Proposal Could Make It Easier for Cruise Passengers to Viking Cruises chairman: COVID is really behind us - Fortune /index.php [L] WebDial the AT&T Direct Dial Access code for. Many of the cruise line policies only offer a future cruise credit on their line, with blackout dates, should you cancel. Are you using WordPress? WebA $500 deposit per person is required to secure a reservation on a Viking Ocean Cruise. Compare the cost in points or miles to cash, and see which option is best. Is It Better To Lease Or Buy A Car In Summer 2022? 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. Please view our advertising policy page for more information. I believe all of the other cruise companies include wine with dinner at no additional cost. Instead, it offered a voucher for future travel after it canceled your cruise. "We had a lot of good experiences. 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. We regard the coronavirus outbreak as a social risk under our ESG framework, given the substantial implications for public health and safety. You can try renaming that file to .htaccess-backup and refreshing the site to see if that resolves the issue. 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. Cruise Ship Reason for Complaint: Failure to deliver product, deceptive business practices We have undergone multiple bookings (3) and cancellations (3) with Viking due Alas, the cruising shutdown already has taken a toll among the ranks of small cruise operators. 18 MAY 2017. For an explanation of our Advertising Policy, visit. As I had previously posted, for financial default protection, I always pay via credit card.
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