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Update Information Regarding Largest Cruise Lines – Extend a Suspension of Operation. Present Status and Details.  - industry news by Sapko C.E. Ltd.
Cruise Ship News

Update Information Regarding Largest Cruise Lines – Extend a Suspension of Operation. Present Status and Details.

Published on: 22 June 2020

Major cruise lines have agreed to voluntarily extend a suspension of operations out of U.S. ports until Sept. 15, the Cruise Lines International Association announced Friday.

“Due to the ongoing situation within the U.S. related to COVID-19, CLIA member cruise lines have decided to voluntarily extend the period of suspended passenger operations,” CLIA, which represents the largest cruise companies in the world, said in a statement. “It is increasingly clear that more time will be needed to resolve barriers to resumption in the United States.”

Members of the trade group, which includes cruising giants such as Royal Caribbean, Carnival Corp. and Norwegian Cruise Line, had previously announced a pause of operations on March 13.

On March 14, the Centers for Disease Control and Prevention issued a no-sail order for cruise ships, and on April 9 it extended the order until July 24. 

The extension order said “that cruise ship travel exacerbates the global spread of Covid-19 and that the scope of this pandemic is inherently and necessarily a problem that is international and interstate in nature and has not been controlled sufficiently by the cruise ship industry or individual State or local health authorities.”

The largest cruise company in the world reported a $2.38 billion loss for the second quarter, which ran from March 1 to May 31.
These losses, based on preliminary financial information released by Carnival Corp., were substantially worse than analysts predicted.
A Yahoo Finance poll of 12 cruise industry analysts placed the average expected earnings per share (EPS) at Florida-based Carnival Corp. (NYSE: CCL) at -$1.56 per share for the quarter. The company's actual adjusted EPS was -$3.30 per share, more than double the estimate.
Additionally, the company reported $700 million in revenue in the second quarter, down 85 percent for the same month a year ago.
Carnival's losses are likely from the Covid-19 pandemic that forced all major cruise companies to suspend cruises on March 13. Carnival's flagship brand Carnival Cruise Line is expected to resume voyages Aug. 1, but Norwegian Cruise Line Holdings announced on Wednesday it extended suspensions through October.
As a result of these hardships, Carnival announced it has preliminary agreements to sell six vessels from its 104-ship fleet. These ships are expected to leave the fleet within the next three months. Carnival added that it is looking to sell more ships.

Carnival, Royal Caribbean and Norwegian Cruise Line are all under pressure after Norwegian extends its suspension for cruising until Sept. 30.

 

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