Posted on 06/23/2020 11:45:22 AM PDT by Capt. Tom
Saying that the pressures it faced from the coronavirus were simply too strong, Spain’s Pullmantur Cruceros announced that it has filed for a reorganization under Spain’s insolvency laws.
While Pullmantur was the first cruise line to succumb, many experts believe that he mounting pressures of no revenues and refunds to booked passengers along with ongoing cruise cancelations will take an increasing toll on the cruise companies
The brief announcement did not provide details for the proposed reorganization, but said that guests already booked to sail on Pullmantur will be offered the option to sail on other Royal Caribbean brands.This has caused speculation that Pullmantur’s ships would be sold. Pullmantur’s announcement came just days after reports surfaced that the British cruise company Cruise and Maritime Voyages was also scrambling to refinance. . CMV’s problems were computed when British authorities announced they had detained five of the ships over crew welfare concerns.,p.
The collapse of the smaller cruise companies may have ramifications for the larger publicly-traded cruise companies as well.
In announcing that Pullmantur had filed for reorganization, Royal Caribbean noted that all of its assets related to the Pullmantur Cruceros joint venture had been included in non-cash asset impairment charges reported in their first quarter of 2020 results.
Carnival Corporation had in recent years sold three of its cruise ships to CMV and reportedly provided owner financing as part of those transactions. snip
With the pressures and uncertainty continuing for the cruise industry, many analysts are expecting that these are just the first waves of impact on the companies.
Carnival Corporation’s preliminary report on the second quarter lead to speculation that a further capital raise was imminent and that the cruise companies would accelerate efforts to downsize their operations.
(Excerpt) Read more at maritime-executive.com ...
This reorganization (bankruptcy) might just be the start.
The big lines like Carnival- Norwegian , Royal Caribbean have shot themselves economically in the foot by the voluntary extensions into too late 2020.
These cruise lines need the money now, in 2020, and not expect to be just fine in 2021.-Tom
Carnival will not be sailing until Oct 1...
Much to close to my cruise on Oct 18...
I NEED A CRUUUUUUISSSSE !!!!!!!!!
The way Norwegian Cruise is voluntarily putting on restrictions to please the CDC, I may not go on my Oct 16, Boston to Bermuda Cruise.
And I wouldn't be surprised if that cruise on the Norwegian Gem gets cancelled, the way these cruise lines are acting.-Tom
Much to close to my cruise on Oct 18...
I NEED A CRUUUUUUISSSSE !!!!!!!!!
Buy yourself a big boat!
When will Bermuda allow cruise ships to dock? I assume the Dockyard port is still closed
I was just wondering how much one would go for if they had to liquidate some assets. Then I figured in inspections, licensing, maintenance, repairs, fuel, crew salaries, supplies, and other miscellany, and realized I’d need an eight figure bank account just to use it for a glorified weekend yacht. Fun idea, though.
My crystal ball says your cruise will go on as scheduled!
talleyhoe....try to understand, a cruise is NOT about sailing on a sail boat. A cruise gives you unlimited great cuisine, Vegas style stage shows every night, dozens of bars where you can get drunk but no need to drive, you can just crawl back to your cabin if totally wasted, a full feature casino if you like to gamble, and the steward cleans and makes your room and makes your bed every day. You also have swimming pools, hot tubs, library, movie theater etc all at no additional cost.
You will not get that type of food and entertainment and service on your boat no matter how big it is.
“The big lines like Carnival- Norwegian , Royal Caribbean have shot themselves economically in the foot by the voluntary extensions into too late 2020.”
I’m not much of a defender of cruise lines, but they were clearly in a no-win situation. If they try sailing now, they’d easily fill their ships...but...there would almost certainly be cases blamed on them (rightly or wrongly).
As I’ve said from the start, they’re simply out of luck - but hopefully a vaccine will come out while some are still around, otherwise new cruise lines will have to rise from the ashes (eventually, maybe not for a long time).
A country like Australia has top politicians gearing up to make life even more difficult for cruise lines.
These Australian politicians don't like the idea of foreign flagged ships making money off of Australians.
The pols can't get their hands on the revenue the cruise ships get from Australians.
If this catches on in other countries , it could be a disaster for the present cruise lines, as they now exist. -Tom
I agree - it will send the business back decades - if, for no other reason, than tripling their costs.
https://theconversation.com/this-could-be-the-end-of-the-line-for-cruise-ships-135937
Just take the above link and paste it in. -Tom
Thanks Tom, and thanks for the ping.
This should be a hot link to what you posted:
https://theconversation.com/this-could-be-the-end-of-the-line-for-cruise-ships-135937
we’ve been cancelled three times ..last one was Sept 12....we are on for Nov 14 now... we too need a CRUISSSSSSE
Heartbreaking!
talleyhoe....try to understand, a cruise is NOT about sailing on a sail boat. A cruise gives you unlimited great cuisine, Vegas style stage shows every night, dozens of bars where you can get drunk but no need to drive, you can just crawl back to your cabin if totally wasted, a full feature casino if you like to gamble, and the steward cleans and makes your room and makes your bed every day. You also have swimming pools, hot tubs, library, movie theater etc all at no additional cost.
I know I was just kidding.. The best days in your life are when you buy your first boat.. The next is when you sell it!!
I totally agree about best day is when yo sell your boat and your snow blower. When we moved from Chicago area to Seattle area, selling my snowblower was a very happy occasion.
Boy you moved from one liberal conclave to a real bad one!!! I have lived in this state for 70 years and I have never seen anything like this!!
Actually lived in Dupage county, Ill which is solid Red.
And in WA state we lived most of the time in Clark county which has been voting red also. We did move closer to Seattle to be closer to our 2 kids studying in Univ of Wash in Seattle, but still it was 37 miles from Seattle, and more purple than blue. But Seattle is bat shix crazy.
I live in BL!! Bonney Lake lived here since the 1980’s before was in Auburn and Lake tapps!
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