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. Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review. 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. If the store fails to deliver or defaults, you can dispute it even though it is more than 120 days from date of purchase. Moody's also expects that Viking's available US capacity will be modest in the first half of 2021 as the industry puts in place acceptable guidelines that satisfy the requirements for the Centers for Disease Control and Prevention (CDC) to lift its no sail order put in place in March. The companys outstanding financial indebtedness was US $3.37 billion as of July 31st, 2020. Further information on the EU endorsement status and on the Moody's office that issued the credit rating is available on www.moodys.com. After spending more than $18,000 on her trip, Ileene hopes the company isn't in financial trouble. MOODY'S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY'S ANALYTICS, INC. The biggest of the lines to shut down was Cruise & Maritime Voyages, a six-ship company that was the second-largest cruise brand in the U.K. Per Capital One, I can file a dispute within 120 days from when the service (in this case the cruise) was scheduled to be. Just six months ago, it was one of the fastest growing and most profitable sectors of the worldwide travel market. I use "insure my trip",which is usually much cheaper too. Also, when pricing insurance policies, compare benefits. Announcing Our 2023 Cruisers' Choice Award Winners! We're talking about such lines as AmaWaterways, American Cruise Lines, UnCruise Adventures and Uniworld Boutique River Cruise Collection. 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. decided to stop their river boat operations. Viking Cruises has an overall rating of 3.2 out of 5, based on over 619 reviews left anonymously by employees. Related: Some travel insurance companies limit coverage for Crystal. This topic is now archived and is closed to further replies. See what a point or mile is worth with our appraisals of a loyalty programs currency, based on redemption values. 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 this example the image file must be in public_html/cgi-sys/images/. Either way, please contact your web host immediately. It is no rumor that Viking did search for an investor. General information will be listed below, with details of any affected departures. Related: Cruise executives say they're in no rush to return to service. At least with the early booking you can get a better selection of cabins, especially the lower priced categories. It's all about the financial trouble NCLH is in . But the current consensus in the cruise world is that many vessels will be able to resume cruising long before then. Just returned last month from a River Cruise on another company (not Viking), had a wonderful time. 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. Depending on your billing cycle, that gives at most 120 days of coverage. As I had previously posted, for financial default protection, I always pay via credit card. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Sept. 25, 2010. Genting owns Dream Cruises, which is building the 208,000-gross ton Global Dream cruise ship, RELATED:Carnival reveals video of Mardi Gras rollercoaster in action, RELATED:MSC put Royal Caribbean on notice with World Class ships. 11. 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. 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. 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. Let's construct an example. Test your website to make sure your changes were successfully saved. WebA $500 deposit per person is required to secure a reservation on a Viking Ocean Cruise. The company has begun negotiations with its creditors to restructure its debt, which stood at nearly $3.4 billion at the end of July. We want to hear from you. Already, several lines have restarted limited sailings in some parts of the world. All information contained herein is obtained by MOODY'S from sources believed by it to be accurate and reliable. they are not self insured as Viking may be. This page contains the most up to date information on conditions that may affect your itinerary. The possible investor was the Dutch company Waterland. Royal Caribbean Group is the parent company of Royal Caribbean, Celebrity Cruises, Azamara and Silversea. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com. 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. Its existing unsecured notes due 2025 traded last week at 68.5 cents on the dollar for a yield Not sure if it was because the company was new or having problems but these insurance companies stay up on these issues. We just booked a Sept. 2010 Viking cruise and paid with a credit card so I feel protected for financial default by Viking. WebPassports, Visa & Travel Documents. By Also, when pricing insurance policies, compare benefits. Viking is a privately held company so it is improbable that any information concerning their financial status would be available to outsiders. 9. Who is the CEO of Viking? so once the premier seats are gone, you often get left with what's leftover. Could the end be near for your favorite cruise line? We're going with Viking in October, and I have heard nothing concerning financial difficulties. Even cruise executives are surprised by how many people are booking cruises, How to book a cruise with points and miles. Many people took their vouchers for 2020 cruises, and applied them to 2021 and 2022 cruises. 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. WebViking RIVER CRUISES. We are all individually responsible for thinking these things through and being provident; no one's going to do it for us. 2020 Moody's Corporation, Moody's Investors Service, Inc., Moody's Analytics, Inc. and/or their licensors and affiliates (collectively, "MOODY'S"). 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 a booking on a cruise right now, chances are it's with one of the three big companies mentioned above. It also owns five overseas brands including the U.K.'s Cunard Line and Europe's Costa Cruises. 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. More cancellations are expected. According to them the cruise line lost their major financial backer. 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. 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. Viking Cruises Founder Loses 66% Of Wealth As Pandemic Hits Norway's Richest. Let's construct an example. Even though it is a privately held company - information still leaks out. Pullmantur, part owned by Royal Caribbean, and Cruise & Maritime Voyages. # End WordPress. He also explains the safety protocols the company has put in place. As 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. 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. Also with Viking be sure you compare prices with their 2 for 1 deals. 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. 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. 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. 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. Which one did you go with? Carnival Corporation is the parent company of four North American cruise brands that cruising fans know well: Carnival, Princess, Holland America and Seabourn. Put the custom structure back if you had one. 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. 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. 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. For further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions in the disclosure form. 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. Interim Management Statement for the period January 1March 31, 2017. For information about your specific voyage, please log onto MyVikingJourney.com. Some advice. Reason for Complaint: Failure to deliver product, deceptive business practices We have undergone multiple bookings (3) and cancellations (3) with Viking due Just click. I believe all of the other cruise companies include wine with dinner at no additional cost. "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. 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. 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. The easiest way to edit a .htaccess file for most people is through the File Manager in cPanel. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity. WebIs Viking River Cruises in financial trouble? Free delivery for many products! (Video) Viking Ocean Cruises Is NOT All I Thought It Was (Tips For Travellers) How financially secure is Viking Cruises? I frequently use "insure my trip" and they always have competitive pricing. Some also have waiting periods. It also owns the Werften shipyards in Germany, where the first expedition ship for Crystal Cruises currently is under construction. 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. Viking is a cruise line providing river, ocean, and expedition cruises. 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. However, if negotiations with creditors do not produce results amicable to all parties, bankruptcy may be the only option left to the company. We'll run a soft credit check to find special offers, but it wont affect your credit score. 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. Plus, your own feed of TPG content. Those who had purchased Renaissance's policy were out of luck - bankruptcy is bankruptcy! 479 people were evacuated off the vessel before it reached port, and have already started flying home through arrangements by the cruise line. The ratings have been disclosed to the rated entity or its designated agent(s) and issued with no amendment resulting from that disclosure. missbsmom, August 7, 2009 in River Cruising. The two other big, publicly traded cruise companies are in a similar position. The cruise sector has been one of the sectors most significantly affected by the shock given its sensitivity to consumer demand and sentiment. 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). We're going with Viking in October, and I have heard nothing concerning financial difficulties. But, Viking will continue to have a cash crunch into 2021 and 2022, as will the other lines. In this example the file must be in public_html/example/Example/. (You may need to consult other articles and resources for that information.). For more cruise news, reviews and tips, sign up for TPG's new cruise newsletter. RewriteEngine On The possible investor was the Dutch company Waterland. And, unfortunately, the financial position of some of them is less clear. 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. Check this out--http://current.newsweek.com/budgettravel/2009/07/river_cruises_why_travel_insur.html. I'd recommend you "pretend" you're going to buy trip insurance and see which companies come up listed as not covered. Quite a few of the smaller cruise lines marketing to North Americans, including most river lines aimed at North Americans, are privately owned. Meanwhile, one of the largest European operators, Viking River Cruises, has been having a bumpy ride financially. Half-year Financial Report, January 1 June 30, 2017. 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. 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. 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. 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. This topic is now archived and is closed to further replies. 4. If you see Viking there, then that's a red flag! Viking has approximately a 50% market share of the North American sourced river cruise passengers for Europe, Russian and China. A: Viking should fully refund your cruise. I believe all of the other cruise companies include wine with dinner at no additional cost. New York, August 24, 2020 -- Moody's Investors Service, ("Moody's") downgraded the ratings of Viking Cruises Ltd (together with Viking Ocean Cruises Ltd., "Viking") including its Corporate Family Rating to B3 from B2, Probability of Default Rating to B3-PD from B2-PD, senior secured rating to B2 from B1 and senior unsecured rating to Caa2 from Caa1. At least with the early booking you can get a better selection of cabins, especially the lower priced categories. 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. I've been looking at the various travel insurance policies and find that most exclude financial default of a travel supplier. 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. Of course, it also includes other coverages also. 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. You may need to scroll to find it. When buying the insurance make sure it covers financial default, not all do. Carnival Corporation's Costa Cruises is scheduled to resume limited operations in just a few days. When necessary, guests and their travel advisors will be notified directly and this page will be updated. 5. Compare the cost in points or miles to cash, and see which option is best. 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. 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. Then, at the prompt, dial 866-330-MDYS (866-330-6397). These companies have contracts with the airlines for a specified number of seats. 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. Related: Even cruise executives are surprised by how many people are booking cruises. So far, two mainstream cruise lines, have declared bankruptcy due to the pandemic. On platforms that enforce case-sensitivity example and Example are not the same locations. RewriteCond %{REQUEST_FILENAME} !-d Then Streets cruise line, Viking, offered her a partial refund. 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. 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. The insurance companies are quick to add to the list those companies in default. Viking River Cruises's annual revenues are $100-$500 million (see exact revenue data) and has 500-1,000 employees. If you have any questions or need further information please contact Reservations at 1-877-523-0579 or email customerrelations@vikingcruises.com, Monday Friday, 6:00 AM 6:00 PM; Saturday and Sunday, 7:30 AM 4:00 PM, PT. The normal ongoing credit risks include Viking's high leverage which Moody's forecasts could approximate 7.0x at the end of 2022 assuming negative EBITDA in 2020 and some recovery in 2021 and 2022. Is Viking River Cruises In Financial Trouble The coronavirus pandemic has had a financial impact across the cruise sector to varying degrees. Five relatively minor cruise brands -- two of them operating just one ship each -- have filed for the equivalent of bankruptcy or shut down completely in recent months. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER. Powered by Invision Community. WebA Viking River ship sails in Budapest. RewriteRule ^index.php$ - [L] "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. For example, some policies only cover $50,000 emergency medical transportation; others that are comparably priced cover $250,000. Four of the five small lines that have shut down were Europe based. If the store fails to deliver or defaults, you can dispute it even though it is more than 120 days from date of purchase. One other cruise company that has experienced financial difficulties of late is Hong Kong-based Genting Hong Kong, the parent company of Crystal Cruises. Terms apply to the offers listed on this page. AND/OR ITS AFFILIATES. has written about cruising for more than 25 years and for many years oversaw USA Todays award-winning cruise site. You can try renaming that file to .htaccess-backup and refreshing the site to see if that resolves the issue. 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. 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. 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. 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. We read all those emails you send us. 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. Technically, no. Powered by Invision Community. 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. For ratings issued on a program, series, category/class of debt or security this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series, category/class of debt, security or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. What could anyone tell you to make you believe Viking is or isn't in financial difficulty? 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:
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