Check this out--http://current.newsweek.com/budgettravel/2009/07/river_cruises_why_travel_insur.html. Viking Cruises chairman: COVID is really behind us - Fortune 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). Is Viking cruise lines in financial trouble? We are protected by our credit card company against default by the vendor. 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. I believe all of the other cruise companies include wine with dinner at no additional cost. Announcing Our 2023 Cruisers' Choice Award Winners! In addition, its a joint venture partner in Resorts World Manila in the Philippines. CDC scrutinizes 68 cruise ships over COVID-19 outbreaks I have been using them for years. 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. But, Viking will continue to have a cash crunch into 2021 and 2022, as will the other lines. We'll run a soft credit check to find special offers, but it wont affect your credit score. Always get independent trip insurance to protect yourself. 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. Are you using WordPress? MSFJ is not a Nationally Recognized Statistical Rating Organization ("NRSRO"). Viking Cruises How steeply can a cruise ship roll before it capsizes? They don't publish their quarterly results. 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. 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. 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. ("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. The company operated three small vessels on U.S. rivers and coastal waterways. 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. Simply, there is no ability to question or cross examine hearsay evidence. I called my credit card company (Capital One) to clarify what is my liability if there is a default by Viking. So far, two mainstream cruise lines, have declared bankruptcy due to the pandemic. 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. I believe all of the other cruise companies include wine with dinner at no additional cost. The massive liquidity positions of the three publicly traded cruise companies weren't always in place. RewriteRule ^index.php$ - [L] We are protected by our credit card company against default by the vendor. 19952023, The Independent Traveler, Inc. Viking Cruise line--possible financial problems?? Viking Cruise 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. I have been watching & reading to see if I could find any current info to their financial status. Star Cruises is Gentings more budget oriented cruise line, RELATED:Royal Caribbean and Norwegian Cruise Line seek additional credit, RELATED:Carnival Corp says it has enough cash for another year of no cruising. Of course, if the cruising shutdown continues into late next year or beyond, all bets are off. 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. Crystal Cruises is suspending operations for at least three months in the wake of a financial crisis at its parent company, Genting Hong Kong. The combined credit effects of these developments are unprecedented. I was not happy with that, Street explained. The ratings outlook is negative. Heck - I think many of us were surprised when Peter Desilmann (sp?) We just booked a Sept. 2010 Viking cruise and paid with a credit card so I feel protected for financial default by Viking. So I guess you have to ask yourself, if you booked would you be able to sleep at night! 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. Just returned last month from a River Cruise on another company (not Viking), had a wonderful time. When buying the insurance make sure it covers financial default, not all do. Viking chairman on cruise demand: Bookings up 42% for 2022 There are also no guarantees that the alternative cruise line you select will not develop financial difficulties. 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. Let's construct an example. 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 Announcing Our 2023 Cruisers' Choice Award Winners! Related: Some travel insurance companies limit coverage for Crystal. 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 Cruises Per Capital One, I can file a dispute within 120 days from when the service (in this case the cruise) was scheduled to be. How much is the owner of Viking Cruises worth? Add in Carnival Corporation's nine brands, and that makes for 16 of the world's biggest cruise lines that are in a reasonably solid financial position for now. Viking Cruises Ltd. on Monday launched a bid to raise money to help it sustain its business through the coronavirus pandemic. I vividly remember when Renaissance Cruise Lines folded in 2001. Viking Cruises 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. 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. Are Gratuities Included On Viking River Cruises Budget Travel | River Cruises: Watch out for bankruptcies 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. WebViking RIVER CRUISES. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. This will reset the permalinks and fix the issue in many cases. By What you heard were rumors. I specifically picked a trip insurance policy without default coverage and saved about $150. Moody's Rating Symbols and Definitions can be found at: https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_79004. 19952023, The Independent Traveler, Inc. Viking Cruise line--possible financial problems?? I have been watching & reading to see if I could find any current info to their financial status. Many of the cruise line policies only offer a future cruise credit on their line, with blackout dates, should you cancel. Vantage Travel, a well-known Boston-based international travel company for four decades, last week was apparently hacked. Some also have waiting periods. Anyway there are no rumors that Viking is in any kind of financial troubles. Viking Genting Hong Kong is the parent company of Crystal Cruises as well as two Asia-based cruise lines: Dream Cruises and Star Cruises. 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. I'd recommend you "pretend" you're going to buy trip insurance and see which companies come up listed as not covered. We just booked a Sept. 2010 Viking cruise and paid with a credit card so I feel protected for financial default by Viking. At least one ESG consideration was material to the credit rating action(s) announced and described above. so once the premier seats are gone, you often get left with what's leftover. 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. 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. Sept. 25, 2010. The timing of a resumption of cruises is the big wildcard right now in analyzing the industry's financial outlook, Curtis suggested. 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. The insurance companies are quick to add to the list those companies in default. These ratings are solicited. /index.php [L] has written about cruising for more than 25 years and for many years oversaw USA Todays award-winning cruise site. We're going with Viking in October, and I have heard nothing concerning financial difficulties. 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: Federal Proposal Could Make It Easier for Cruise Passengers to One big cruise line, MSC Cruises, also is privately owned, as is Viking. 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. Does Viking still go to Russia? MOODY'S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE. The insurance companies are quick to add to the list those companies in default. These companies have contracts with the airlines for a specified number of seats. 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. Simply, there is no ability to question or cross examine hearsay evidence. Hi, Just returned last month from a River Cruise on another company (not Viking), had a wonderful time. Compare the cost in points or miles to cash, and see which option is best. This page contains the most up to date information on conditions that may affect your itinerary. Sign up for free newsletters and get more CNBC delivered to your inbox. RewriteEngine On 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. 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. 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. 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. Copyright 19952023 The Independent Traveler, Inc. Viking Cruises Seeks to Raise $600 Million - WSJ Viking River Cruises: Reviews, Complaints, Customer 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. This topic is now archived and is closed to further replies. 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. I frequently use "insure my trip" and they always have competitive pricing. 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. 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. 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. Cruise Line What are the chances of falling overboard on a cruise? 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. 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. 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. 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. The company in August disclosed that it had stopped making payments to creditors amidst a sharp loss of revenue due to the coronavirus crisis. One other cruise company that has experienced financial difficulties of late is Hong Kong-based Genting Hong Kong, the parent company of Crystal Cruises.
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