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. Viking WebViking RIVER CRUISES. 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. At least with the early booking you can get a better selection of cabins, especially the lower priced categories. 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. Four of the five small lines that have shut down were Europe based. Of course, it also includes other coverages also. 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 Viking River Cruises Of the lines that have so far made changes, Vikings have been the most extensive, canceling its entire season of Kyiv, Black Sea & Bucharest itinerary. 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. RewriteEngine On General information will be listed below, with details of any affected departures. 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. Depending on your billing cycle, that gives at most 120 days of coverage. 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. Compare the cost in points or miles to cash, and see which option is best. 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. Viking cruises in financial trouble Global Business and Financial News, Stock Quotes, and Market Data and Analysis. 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. Heck - I think many of us were surprised when Peter Desilmann (sp?) This site does not include all credit card companies or all available credit card offers. What could anyone tell you to make you believe Viking is or isn't in financial difficulty? ("MJKK") is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody's Overseas Holdings Inc., a wholly-owned subsidiary of MCO. 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. 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. 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. This topic is now archived and is closed to further replies. If you have already uploaded the file then the name may be misspelled or it is in a different folder. We may receive compensation when you click on links to those products. Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. 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. All this does for the 2/27 report is give NCL the ability to say 'Look at everything we're doing to improve our results in the future." 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. Vantage Travel abruptly cancels Netherlands trip 2) We bought the full-coverage trip insurance policy. 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. Interim Management Statement for the period January 1March 31, 2017. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity. Copyright 19952023 The Independent Traveler, Inc. We are protected by our credit card company against default by the vendor. Alternatively, please see the Rating Methodologies page on www.moodys.com for a copy of this methodology. Has MSC Cruises cracked the code for a safe return to cruising? 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 I took a look at some of their 2009 cruises and many are sold out. "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. A few need to be bought within a certain time frame of your initial deposit. In 2016 when Viking needed to boost liquidity, TPG Capital and Canada Pension Plan Investment Board (each with one board member) contributed capital. I'm hoping that's not the case," she said. 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. Related: Cruise executives say they're in no rush to return to service. If you see Viking there, then that's a red flag! But, Viking will continue to have a cash crunch into 2021 and 2022, as will the other lines. This requirement applies to cruise lines that embark from a U.S. port and have at least 50 berth accommodations. Our first Viking Cruise is March 1 (northern lights) and we used credit from a canceled trip in March 2020 to book our flight to London (before the credit expired). Budget Travel | River Cruises: Watch out for bankruptcies 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. My Trip - Travel Information 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. In a statement, the company said COVID-19 has had and continues to have a material impact on its financial position and results, suggesting the global shutdown of the cruise industry since March is the primary source of its financial difficulties. Is Viking still cruising to Ukraine? If you've got a booking on any of them, you shouldn't be too panicked -- at least for now. In June 2009 Viking announced that the deal has fallen through. Cruise Line 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! Viking Ocean Cruises announced it is taking US$1.5 billion in financing on 4 ships. 1) We booked our cruise using a credit card. 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. Find the right card for you. On platforms that enforce case-sensitivity example and Example are not the same locations. Some also have waiting periods. Further information on the EU endorsement status and on the Moody's office that issued the credit rating is available on www.moodys.com. Is Viking cruises in financial trouble 2022? (2023) 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. The insurance companies are quick to add to the list those companies in default. I called my credit card company (Capital One) to clarify what is my liability if there is a default by Viking. ("MSFJ") is a wholly-owned credit rating agency subsidiary of MJKK. A significant number of occupied cabins won't produce any new revenue. MOODY'S INVESTORS SERVICE DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. Add the following snippet of code to the top of your .htaccess file: # BEGIN WordPress Vantage Travel, a well-known Boston-based international travel company for four decades, last week was apparently hacked. We are all individually responsible for thinking these things through and being provident; no one's going to do it for us. The properties will tell you the path and file name that cannot be found. Overall, the major cruise lines all have Current Ratios under 1 into a tightening monetary environment. Carnival Corporation is the parent company of four North American cruise brands that cruising fans know well: Carnival, Princess, Holland America and Seabourn. At least one ESG consideration was material to the credit rating action(s) announced and described above. 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. missbsmom, August 7, 2009 in River Cruising. Cruise Passenger Assistance they are not self insured as Viking may be. Hi, Just returned last month from a River Cruise on another company (not Viking), had a wonderful time. I believe all of the other cruise companies include wine with dinner at no additional cost. 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. Only use the major cruise line offered insurance if they use an independent insurance provider, i.e. We just booked a Sept. 2010 Viking cruise and paid with a credit card so I feel protected for financial default by Viking. The remaining ownership is indirectly held under a trust in which Torstein Hagen has a life interest. Viking 2) We bought the full-coverage trip insurance policy. WebBased on the latest financial disclosure, Norwegian Cruise Line has a Probability Of Bankruptcy of 42.0%. 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. 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 vividly remember when Renaissance Cruise Lines folded in 2001. 4. 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. Viking Cruises Seeks to Raise $600 Million - WSJ Related: Even cruise executives are surprised by how many people are booking cruises. Additional resources for cruisers during the coronavirus outbreak: The credit card offers that appear on the website are from credit card companies from which ThePointsGuy.com receives compensation. So I guess you have to ask yourself, if you booked would you be able to sleep at night! 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. your location. 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. My Trip - Updates on Current Sailings - Viking Cruises Not sure if it was because the company was new or having problems but these insurance companies stay up on these issues. Hes sailed on more than 150 ships. 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.". Viking cruise It is no rumor that Viking did search for an investor. But it's true. We're going with Viking in October, and I have heard nothing concerning financial difficulties. 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. Norwegian Cruise Probability Of Bankruptcy "The strength of our balance sheet, our assets and our brands has been evident during this pandemic as we raised approximately $6.5 billion in new liquidity since we announced the suspension of our global cruise operations," Royal Caribbean's Liberty noted during the company's August conference call with analysts. Also, make sure that the insurance you are going with covers your cruise company. Are Gratuities Included On Viking River Cruises Is It Better To Lease Or Buy A Car In Summer 2022? Sometimes entire itineraries are having to be reworked on short notice due to unexpected changes to countrywide travel restrictions. Best Debt Consolidation Loans for Bad Credit, Personal Loans for 580 Credit Score or Lower, Personal Loans for 670 Credit Score or Lower. The company launched a fundraising effort earlier this year, but says it will require more time to assess possible additional funding. 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. Test your website to make sure your changes were successfully saved. A: Viking should fully refund your cruise. The combined credit effects of these developments are unprecedented. 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. How would you know they were talking absolute fact? This page contains the most up to date information on conditions that may affect your itinerary. A Division of NBCUniversal. 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. If not, correct the error or revert back to the previous version until your site works again. Viking's credit profile is supported by its well-recognized brand name in both the premium segment of the river cruising and ocean cruising markets. Viking River Cruises resolves 57% of negative reviews, earning a moderate customer service rating. Several Cruise Lines Never,ever get trip insurance with the cruise line company/ Travel company. 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. We are protected by our credit card company against default by the vendor. Viking Cruises Ltd The insurance companies are quick to add to the list those companies in default. 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 pressure. AND/OR ITS AFFILIATES. The price action is already alarming to the downside, and Carnival especially is acting like it wants to test and breach its 2020 lows. Those who had purchased Renaissance's policy were out of luck - bankruptcy is bankruptcy! The company operated three small vessels on U.S. rivers and coastal waterways. We want to hear from you. Viking River Cruises: Reviews, Complaints, Customer Norwegian Cruise Line Holdings is the parent company of Norwegian Cruise Line, Regent Seven Seas Cruises and Oceania Cruises. Vantage Travel cancels trips, blames data security incident Contact your Sales Agent or our Customer Service The possible investor was the Dutch company Waterland. 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. I can only make a claim if Viking fails to deliver, not if I decide not to go on it. A few need to be bought within a certain time frame of your initial deposit. There is no defense against the "Internet disease," the only defense is- insurance, as has been mentioned. I have been watching & reading to see if I could find any current info to their financial status. Then, at the prompt, dial 866-330-MDYS (866-330-6397). A Viking Ocean ship sails in Croatia. Many of the cruise line policies only offer a future cruise credit on their line, with blackout dates, should you cancel. (Updated 1:37 p.m. EST) -- The omicron COVID-19 surge has caused several cruise lines, including Fred. I have been watching & reading to see if I could find any current info to their financial status. 18 MAY 2017. 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. The ratings outlook is negative. It is classified as operating in the Travel The .htaccess file contains directives (instructions) that tell the server how to behave in certain scenarios and directly affect how your website functions. 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. Viking Viking is a cruise line providing river, ocean, and expedition cruises. Viking Ocean Cruises I'd recommend you "pretend" you're going to buy trip insurance and see which companies come up listed as not covered. Vantage Travel abruptly cancels Netherlands trip 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. Put the custom structure back if you had one. The date of your final payment is dependent on your itinerary and will be noted on your invoice. Powered by Invision Community. 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. Its river cruises operate in over 30 countries largely in Continental Europe. 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. And, we do know you're worrying. 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. Any feedback from you CC folks would be appreciated. WebA Viking River ship sails in Budapest. Just returned last month from a River Cruise on another company (not Viking), had a wonderful time. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com. Then Streets cruise line, Viking, offered her a partial refund. The principal methodology used in these ratings was Business and Consumer Service Industry published in October 2016 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1037985. 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. 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. Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review. It is also possible that you have inadvertently deleted your document root or the your account may need to be recreated. It is possible that you may need to edit the .htaccess file at some point, for various reasons.This section covers how to edit the file in cPanel, but not what may need to be changed. A planned funding deal this past spring to cover Click here to reload the page in order to enable certain features. Cruise Ship The company has begun negotiations with its creditors to restructure its debt, which stood at nearly $3.4 billion at the end of July. 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. The Genting Hong Kong disclosure prompted Crystal Cruises to issue a statement in late August saying it was not going out of business. The text appears: #1 on the rivers. Viking Octantis first of 54 cruise ships visiting Toronto this year, a popular urban port of call in Great Lakes . Carnival Corporation's Costa Cruises is scheduled to resume limited operations in just a few days. They don't publish their quarterly results. 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? 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. Second Cancellation However, MOODY'S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications. Many of the cruise line policies only offer a future cruise credit on their line, with blackout dates, should you cancel. Just six months ago, it was one of the fastest growing and most profitable sectors of the worldwide travel market. Pullmantur, part owned by Royal Caribbean, and Cruise & Maritime Voyages. Per Capital One, I can file a dispute within 120 days from when the service (in this case the cruise) was scheduled to be. Can't afford to pay the full price of their competitor. Already, several lines have restarted limited sailings in some parts of the world. We are protected by our credit card company against default by the vendor. When buying the insurance make sure it covers financial default, not all do. 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. 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. 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. I specifically picked a trip insurance policy without default coverage and saved about $150. Only one U.S.-based cruise brand, tiny Blount Small Ships Adventures, has shut down since the coronavirus crisis began. I have a 90 year old mother, and while her health is generally good, at that age anything can happen, and we would then be in a position to have to cancel our trip. Many have coverage lists available on line. RewriteRule ^index.php$ - [L] Additional terms for Japan only: Moody's Japan K.K. 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. These include Disney Cruise Line, MSC Cruises, Silversea Cruises, Star Clippers, Viking Cruises and Windstar Cruises, which was formerly owned by Carnival Corp. In June 2009 Viking announced that the deal has fallen through. 5. 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. In the early days of the cruising shutdown, the companies only had enough cash on hand to survive a few months. What you heard were rumors. MSFJ is not a Nationally Recognized Statistical Rating Organization ("NRSRO"). We regard the coronavirus outbreak as a social risk under our ESG framework, given the substantial implications for public health and safety. In this example the file must be in public_html/example/Example/. The ratings have been disclosed to the rated entity or its designated agent(s) and issued with no amendment resulting from that disclosure. 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. We'll run a soft credit check to find special offers, but it wont affect your credit score. Norwegian Cruise Line Holdings in August said it was burning through about $160 million a month but had liquidity of $2.8 billion. Which one did you go with? Data is a real-time snapshot *Data is delayed at least 15 minutes. 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. 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. 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. 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. For example, some policies only cover $50,000 emergency medical transportation; others that are comparably priced cover $250,000. Please refer to Moody's Policy for Designating and Assigning Unsolicited Credit Ratings available on its website www.moodys.com. 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. 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. I have been considering taking a christmas markets cruise this winter.