TLCOhio

If I were the CEO of Royal Caribbean, I would not rate reading today's news as being positive and uplifting. Also, their RCL stock is down 4.22% as the clock approaches noon. From the Wall Street Journal this morning, they had this headline: “WTO Sees Sharp Slowdown in Global Trade, Pointing to Possible Recession, Lower Inflation" with this sub-headline: "Slowing demand in the West and the travails of the Chinese economy are weighing on imports and exports of goods.” Here are a couple of their story highlights: “World trade in goods is set to slow sharply next year, possibly easing high inflation but raising the risk of a global recession, a new forecast shows. Surging energy costs and rising interest rates are weakening household demand across the globe, a dynamic that could cause exports and imports to increase by just 1% in 2023, the World Trade Organization said Wednesday. That is down from a previous forecast of 3.4%.” Also, this item: “The global economy faces a multipronged crisis,” said Ngozi Okonjo-Iweala, secretary-general of the WTO, the Geneva-based body responsible for enforcing the rules that govern global trade. “The picture for 2023 has darkened considerably.” Too much "doom and gloom" or just being realistic? Full story at: https://www.wsj.com/articles/sharp-slowdown-in-global-trade-points-to-possible-recession-lower-inflation-11664964002?mod=hp_lead_pos1 THANKS! Enjoy! Terry in Ohio Lisbon, NWSpain, Bordeaux/Brittany: Live/blog, June 2017 from Portugal to France along scenic Atlantic Coast on the Silver Spirit. Now at 32,611 views. Many pictures, details for history, food, culture, etc.: www.boards.cruisecritic.com/showthread.php?t=2511358

Appreciate these great comments and follow-ups from R&T and highplanesdrifters. Yes, understanding the stock and world markets takes some serious attention and patience. It's not easy to follow and fully comprehend from my perspective. On fuel costs, I had to fill up this am and got caught in the price run-up. Price was $3.99.9 per gallon. My sense is that prices will go up higher and HIGHER. Understand in California and for many in the west, those pump prices are much higher. Clearly cruise ships require lots and LOTS of fuel. Some of that pricing is hedged, while others are not ideally positioned to absorb these rising costs. Plus, it will also impact airline costs, etc. From the New York Times this morning, they had this headline: “OPEC and Russia agree to cut oil production by 2 million barrels a day” with these highlights: “OPEC and its allies, including Russia, approved a two million barrel-a-day cut in oil production on Wednesday, its first large reduction in output since the early days of the pandemic. The gathering of the group, known as OPEC Plus, was the first to be held in person since early 2020. The decision for oil officials to gather in Vienna signaled an intention to make a strong statement to energy markets about the group’s cohesion and its willingness to act quickly to defend prices, analysts say.” This situation gets more complicated when you consider the direct and indirect impacts as they involve the Ukraine war. Right or wrong? Full story at: https://www.nytimes.com/live/2022/10/05/business/economy-news-inflation-stocks THANKS! Enjoy! Terry in Ohio Athens & Greece: Visuals, details from two visits in a city and nearby with great history, culture and architecture. Now at 47,051 views. http://boards.cruisecritic.com/showthread.php?t=1101008

Presto!! Now I get "it". Yes, agree that these computer-driven trading tools can do weird things to the markets and force wilder swings in the stock values. News reports are out this morning about OPEC and their planned cuts to world-wide oil production. That could impact cruise lines if and as fuel prices go up and the economy tightens or slumps downward to scare consumer confidence. Breaking news? THANKS! Enjoy! Terry in Ohio

Agree that most corporations and governmental units can use some serious "belt tightening" at many levels in their bloated organizations. As to the background for my comment on the "aging of the customer base", I was getting to the point that younger consumers these days do not have the same levels of loyalty to brands and institutions as those older have developed. Market research documents that those younger view things differently. Just like in the job/career loyalties, those younger are much more willing to switch, change, etc. Many of us "Baby Boomers" tend to stick longer with the brands and patterns that we have established over the years and decades. Younger? Different levels of willingness to switch, change, try something new, ignore past patterns, etc. That "lack of loyalty" and "customer flexibility" makes for challenges as the cruise lines seek to return to some form of "normal" in the future. For us as "seasoned citizens", our patterns and preferences are more established and predictable. Those in their 20's, 30's, etc., however, view their buying patterns and loyalties very differently. That's my understanding as to the generational differences and why as cruise companies reach out to future customers, their past brands do not mean as much. Reactions? THANKS! Enjoy! Terry in Ohio Dubrovnik! Visual samples, tips, details, etc., for this super scenic and historic location. Over 49,057 views. http://boards.cruisecritic.com/showthread.php?t=1439227

Interesting comment about the potential impacts of day traders. Maybe a major factor? But, I need to know more from Stumblefoot. Not sure I fully and properly understand "altos". I looked up that word and it seems to mean "pain". Tell me more how that fits into the overall situation. Is it that we are suffering "pain" and suffering during this crazy financial period? Help me learn and know more. THANKS! Enjoy! Terry in Ohio

YES, great follow-up question from our SW Ohio neighbor. Just like those in politics on both sides do, this excellent question was ducked and avoided. As I recall, the new Carnival CEO shifted forward quickly to cite how good is the new leadership at many of their different brands. Long-term, Carnival might have to address these serious policy/marketing/management questions. In my mind, Princess and Holland-America seem somewhat similar. As the customer bases age, I am not sure Carnival can justify this large number of different brands. Remember when General Motors shrunk up their various brand offerings that seemed to overlap and compete with each other? From the Wall Street Journal late this afternoon, below is their chart for how well Royal Caribbean has performed today. WOW!! Big jump up of nearly 17%. Norwegian and Carnival were up 13.3% and 16.8%, respectively. Overall, the S&P 500 was up nearly 3%. Big improvements today. How long will this "bounce-back" last? THANKS! Enjoy! Terry in Ohio Kotor/Montenegro: Various visual samples, tips, details, etc., for this scenic, historic location. Over 49,552 views. http://boards.cruisecritic.com/showthread.php?t=1439193

Appreciate this great follow-up from Stumblefoot. Yes, "preparation AND opportunity" are key, vital factors for making good things happen. As to photographer secrets, my top "tool for success" can be summarized as . . . "take lots of pictures and only show people the good ones". Agree that preparation is vital for doing the best. In photography and life, you must prepare for what is upcoming, take action/shoot with your camera, etc., to anticipate properly You cannot wait, watch, see something happen and then try to take that picture, etc. By the time you wait, the action has happened and the opportunity is gone. From the Wall Street Journal as a lead story this morning, they had this headline: “OPEC+ to Weigh Production Cut to Bolster Oil Prices" with this sub-headline: "Group to consider reducing output by 1 million barrels a day, as economic slowdown hurts demand.” Could this impact the cruise industry? Yes!! Higher fuel prices cost cruise companies more and then it also compounds with added inflation that slows down consumers being willing to spend money for such future travel/adventure. Here are a few of their story highlights: “OPEC+ is set to consider Wednesday its most drastic reduction of production since the pandemic in order to help prop up falling oil prices, a move that could put pressure on global economic growth. The Organization of the Petroleum Exporting Countries and Moscow-led allies, collectively known as OPEC+, is considering a cut of more than 1 million barrels a day, delegates in the group said. Concerns about a slowing global economy have dragged oil prices down at their fastest pace since the Covid-19 outbreak began in early 2020, prompting OPEC+ to consider ways to prop up the price of oil. Adel Hamaizia, a visiting fellow at the Center for Middle Eastern Studies at Harvard University, said the move could play a role in making recessions worse in some countries.” Full story at: https://www.wsj.com/articles/opec-to-weigh-production-cut-to-bolster-oil-prices-11664734482 THANKS! Enjoy! Terry in Ohio AFRICA?!!?: Fun, interesting visuals, plus travel details from this early 2016 live/blog. At 53,242 views. Featuring Cape Town, South Africa’s coast, Mozambique, Victoria Falls/Zambia and Botswana's famed Okavango Delta. www.boards.cruisecritic.com/showthread.php?t=2310337

Appreciate these very good posting, sharings and follow-ups from Stumblefoot and RetiredandTravel. Keep it coming!! These are interesting and challenging financial times?? Very good and savvy stock trading by Stumblefoot!! How much was being lucky versus having great insights/skills? From the Wall Street Journal's sister publication of Barron's yesterday morning, they had this headline: “The First Three Quarters of 2022 Have Been Bad. The Fourth Could Be Worse.” with these highlights: “As the quarter draws to a close, it’s a good time to look back at where we’ve been and ahead to what the future holds. In this case, neither is a pretty picture for markets. To say it’s been a rough year feels like dry understatement. The S&P 500 hit a new closing low for the year on Thursday. That was triggered in part by a downgrade for Apple, a stock that looked invincible this time last year.” As the cruise stocks are facing their choppy waters, the overall stock market is not happy and comfortable with the U.S. and world financial conditions. Right or wrong? Full story at: https://www.barrons.com/articles/funds-bargains-high-yields-51664552286 THANKS! Enjoy! Terry in Ohio Amazon River-Caribbean 2015 adventure live/blog starting in Barbados. Many visuals from this amazing river and Caribbean Islands (Dutch ABC's, St. Barts, Dominica, Grenada, San Juan, etc.). Now at 70,597 views: www.boards.cruisecritic.com/showthread.php?t=2157696

As mentioned earlier, I Iistened earlier today to the third quarter review featuring new Carnival CEO Josh Weinstein. There was lots of "positive spin", but clearly today, those on Wall Street were not buying it. Below are more of my notes that might offer some insights as to where the cruise lines head for the future. It was noted that one third of their cruisers booking now are new to them. They credit "getting word of mouth positives" and beefing up their advertising budgets and efforts. Several times, it was noted that cruises are "too much of a value” compared to land vacation options. They said they are pushing all sales channels and cited many of their new leadership for many of their brands and within their corporate structure. They also dropped lots buzz word/talk as to their push on limiting carbon, being for diversity, etc. Their 2023 pricing is much higher and they view improvements in bookings, pointing to highly-profitable summer 2023 season. They say Carnival has repaired "balance" with their ships over time. They have limited their future new ship builds. Currency challenges with large Europe connections were mentioned. Their debt to capital ratio is 50%. They are working to narrow the mix of FCC’s versus new, fresh bookings. Carnival has some issues for their US brands vs. overseas/Europe brands. One question was about whether Carnival needs nine brands. Fuel and currency are big factors with their operational costs. They admitted higher non-fuel expenses. Relaxing protocols has helped them. More closer-in bookings has affected their timings. The 4th quarter won’t be as good. Lots of seasonality variations in costs and revenue. It was noted there would no major hurricane impacts for Carnival, maybe a total $10 million impact. They cited doing well with on-board spending during current operations. Hope these note are not too rambling and are of interest. Questions? THANKS! Enjoy! Terry in Ohio Venice: Loving It & Why??!! Is one of your future desires or past favorites? See these many visual samples for its great history and architecture. This posting is now at 97,932 views. http://boards.cruisecritic.com/showthread.php?t=1278226

Appreciate, Mr. Banjo, your kind comments and encouragement. BUT, be careful what you wish and seek. It might not be all fun, smooth and positive?? From the Wall Street Journal this afternoon, below are the charts for the three major cruise during this past week. This includes what might be called "Black Friday" as the sun was not shining today on these stocks and their future. How many stocks see their value drop 23% in one day. Yes, overall, the market has been down. But not by these types of margins. THANKS! Enjoy! Terry in Ohio Sydney to NZ/Auckland Adventure, live/blog 2014 sampling/details with many exciting visuals and key highlights. On page 23, post #571, see a complete index for all of the pictures, postings. Now at 238,459 views. www.boards.cruisecritic.com/showthread.php?t=1974139 From the Wall Street Journal late this afternoon, below are the charts for the three major cruise lines. Can it get any worse, especially for Carnival? By comparison, Royal Caribbean dropping 13% seem mild?: (Open your screen/viewer wider to see these visuals larger/better!)

From the Wall Street Journal this afternoon, they had this headline: “Carnival Stock Sinks as Discounting Dings Earnings" with this sub-headline: "Cruise giant’s third-quarter results miss expectations amid higher costs, more discounts.” Here are a few of their reporting highlights: “Carnival Corp. shares lost more than a fifth of their value Friday as the cruise giant struggled to win over travelers without offering discounts. Carnival’s loss narrowed and sales rose significantly in the third quarter from last year, when tight Covid-19 restrictions limited cruises, but results fell short of Wall Street expectations. Costs from everything from food to fuel squeezed the company’s profits more than expected, and problems were compounded as it cut prices to fill its ships. Chief Executive Josh Weinstein, who succeeded longtime CEO Arnold Donald last month, said that the cruise line needs to raise its prices, especially as cruises currently cost less than land-based accommodations such as hotels and resorts. Carnival, which caters more than its rivals to the middle-market cruising category, where customers could be more affected by inflation, has been filling its ships during the past year by offering promotional deals as departure dates near.” Full story at: https://www.wsj.com/articles/carnival-stock-sinks-as-discounting-dings-earnings-11664556239 THANKS! Enjoy! Terry in Ohio Norway Coast/Fjords/Arctic Circle cruise from Copenhagen, July 2010, to the top of Europe. Scenic visuals with key tips. Live/blog at 245,034 views. www.boards.cruisecritic.com/showthread.php?t=1227923

Appreciate this great point and follow-up from R&T. Based on listening this morning to the stock analysts' discussions with the top Carnival executives, the cruise company folks are delaying in order to figure out their future plans, offerings and strategies. Much was noted about offering more "closer-in" and "drive-to" cruise offerings. Carnival is also considering their Europe brands and offerings versus what they market to and from, around, North American, the Caribbean, etc. Carnival is probably waiting in order to know much more as to where the market-demand and economic factors affect consumer decisions and choices. Right or wrong? From the Wall Street Journal's sister publication of Barron's late this morning, they had this headline: “Carnival Stock Falls to Lowest Since 1992 on Wider-Than-Expected Loss” with these highlights: “Carnival fell sharply Friday after the cruise operator reported a quarterly loss that widely missed analysts’ estimates. Carnival posted a loss of 65 cents a share during its third fiscal quarter. Analysts surveyed by FactSet forecast a loss of 9 cents. Revenue generated from passenger tickets and onboard spending was $4.3 billion for the quarter ended in August, lower than the $4.9 billion Wall Street had expected.” WOW!!?? The headline of Carnival having the lowest stock price since 1992 really catches one's immediate attention. Glad so many have stopped, posted, shared info, asked questions etc., on this thread. Things are now over 80,000 views. Keep it coming!! Don't be shy! Full story at: https://www.barrons.com/articles/carnival-stock-earnings-51664551737 THANKS! Enjoy! Terry in Ohio Barcelona/Med: June 2011, with stops in Villefranche, ports near Pisa and Rome, Naples, Kotor, Venice and Dubrovnik. Great visuals with key highlights, tips, etc. Live/blog now at 255,274 views. www.boards.cruisecritic.com/showthread.php?t=1426474

Appreciate so much from J.P. and your uncle these many interesting details and follow-up. Yes, sad and terrible!! From friends and associates in the Naples/Cape Coral areas, they personally escaped without any major damage. But, clearly for Sanibel island, Fort Myers Beach, etc., things are totally unimaginable. Are Lois and others in Florida still surviving and drying out from ALL of the rain, wind, etc.? Now things are headed straight at South Carolina, especially in the "hit zone" between our beloved Charleston and super busy Myrtle Beach where my wife was with high school classmates just a week ago. Still unclear how powerful this hurricane will be when it attacks these SC locations. And after hitting the Carolinas, will this storm head north to hit us in Ohio and shift more eastern to Virginia, etc.? THANKS! Enjoy! Terry in Ohio Norway Coast/Fjords/Arctic Circle cruise from Copenhagen, July 2010, to the top of Europe. Scenic visuals with key tips. Live/blog at 245,034 views. www.boards.cruisecritic.com/showthread.php?t=1227923

YES!! Sadly, it has been a bad morning for Carnival and the other cruise stocks. See below. Appreciate this follow-up and news connection from our SW Ohio neighbor. Not only was Carnival down nearly 20%, but Royal Caribbean dropped 11% and Norwegian was falling 14%. Cannot remember any such drops by that amount recently. From this morning, one summary before the 10 am financial analysts conference call, this trade publication had this headline: “Carnival Corporation Reports 2022 Q3 Earnings; EBITDA Turns Positive” with these highlights: “U.S. GAAP net loss of $770 million and adjusted net loss of $688 million for the third quarter of 2022. Adjusted EBITDA for the third quarter of 2022 was over $300 million, turning positive for the first time since the resumption of guest cruise operations. Revenue increased by nearly 80% in the third quarter of 2022 compared to second quarter 2022. Occupancy in the third quarter of 2022 increased 15 percentage points from the prior quarter. Since the announcement of the company's relaxed protocols in mid-August, aligning the company towards land-based vacation alternatives, booking volumes for all future sailings are considerably higher than strong 2019 levels. Third quarter 2022 ended with $7.4 billion of liquidity, including cash and borrowings available under the company's revolving credit facility.” Is this good or bad? Clearly, this am, those on the stock market were not impressed, nor confident, especially during these challenging economic/inflation/recession times. At 10 am, I listened to the full hour-long briefing, including many key questions. The short summary was that the new Carnival CEO Josh Weinstein was spinning a “positive trajectory.” They reported higher on-board ship spending, but mentioned a doubling in fuel prices and higher advertising and other costs. Yes, their fleet composition is better with nine new, more efficient ships in their adjusted fleet. But things are still closed in China. Carnival is seek more “drive to” cruise options and these executives cited their “industry-leading scale." There were many questions about Carnival being so heavily connect to its Europe cruise brands and their sailings in that challenged location. More later from the Q&A session and as to how it affects this industry. Full story at: https://www.cruiseindustrynews.com/cruise-news/28390-carnival-corporation-reports-2022-q3-earnings-ebitda-turns-positive.html THANKS! Enjoy! Terry in Ohio Early 2020, many visuals and details from New Zealand/South Pacific in going from Auckland to French Polynesia. This includes Bora Bora, Fiji, NZ experiences, etc: Live/blog; https://boards.cruisecritic.com/topic/2735732-live-terryohio-“new”-regatta-south-pacificnz-pix’s/ From the Wall Street Journal, here is their stock price chart for Carnival and how it performed this am and earlier in the week. Look good??: (Open your screen/viewer wider to see this visual larger/better!)

Yesterday was one of the worst for the Royal Caribbean stock values and the other lines. Why? At 10 am this morning, Carnival's top executive will meet with Wall Street analysts and answer their question after the release of their quarterly data. Is the market anticipating more bad news for the cruise industry on top of the overall negative U.S. and World economic news/worries? Carnival was down nearly 7% yesterday. Norwegian dropped 5.3% yesterday. THANKS! Enjoy! Terry in Ohio Summer 2019 Calgary, Jasper/Banff National Parks, Western Canada Rocky Mountaineer rail adventure, Vancouver, sailing up to Alaska on Silver Muse, post-cruise excursion to Denali, etc. Many visuals and details from our first in these scenic areas! Live/blog: https://boards.cruisecritic.com/topic/2682584-live-terryohio-silver-muse-alaska-canadarockies-pix’s/ From the Wall Street Journal yesterday late, here was the chart showing the major drop, nearly a 8% slide, for Royal Caribbean.: (Open your screen/viewer wider to see this visual larger/better!)

How is Lois in Jacksonville doing in the battling the hurricane, storms, rain, wind, etc. For those in other parts of Florida? Surviving? Have electric? Looks like Georgia and the Carolinas are next. Just saw that Orlando got nearly 17" of rain. Disney World is closed, etc. One of our favorite locations, Sanibel Island, near Fort Myers, has had its access bridge damaged in a major way. Fixing it will not be easy or quick. People can get to this scenic island heaven only by helicopter or boat now. Any other updates and insights? THANKS! Enjoy! Terry in Ohio

Today, the stock market continued downward overall and for the three cruise ship stocks. Royal Caribbean was down to $44.12 today, a negative 0.68% drop. From this web financial website Saturday morning, they had this headline: “Better Buy: Carnival Cruise vs. Royal Caribbean Stock” with these summary highlights: “Carnival's size and liquidity make it a safe bet for long-term investors. Royal Caribbean may have the stronger financial position, and its focus on the high-end market could pay off with sales rebounding.” Here is more from their closer look at RCL: "Royal Caribbean has been less dilutive and has less debt. While Royal Caribbean still has a major issue with debt on the heels of pandemic-related challenges, it's taken a much lighter approach than Carnival to selling new shares in order to raise funds Dilution has been a contributing factor in Carnival posting the worse performance of the two, and I think it remains a key risk factor for investors going forward. Royal Caribbean has been selling convertible notes and refinancing debt at relatively high interest rates recently, and some of these notes will likely be converted into stock. Royal Caribbean has been increasing revenue per customer and recently posted its best-ever results along those lines. The company's high-end Celebrity and Silversea lines in particular look capable of driving high-margin sales as demand continues to improve." Full story at: https://www.fool.com/investing/2022/09/24/better-buy-carnival-cruise-vs-royal-caribbean-stoc/ THANKS! Enjoy! Terry in Ohio From late 2018, see “Holy Lands, Egypt, Jordan, Oman, Dubai, Greece, etc.”, with many visuals, details and ideas for the historic and scenic Middle East. Now at 21,227 views. Connect at: www.boards.cruisecritic.com/topic/2607054-livenautica-greece-holy-lands-egypt-dubai-terrypix’s/

In these wild and crazy economic times, I noticed from the Wall Street Journal this morning, their lead headline: “British Pound Hits Record Low Against Dollar.” Here are a few of their story highlights: “The British pound hit its lowest-ever level against the U.S. dollar Monday, dropping heavily after the U.K. government announced a series of tax cuts on Friday, before later paring losses. The currency touched $1.0349 during Asian trading hours Monday, breaking through its previous record low in 1985. The currency sold off dramatically after U.K. Chancellor of the Exchequer Kwasi Kwarteng unveiled a massive tax-cutting package Friday, which will be paired with subsidies for households and businesses. The U.K. government is planning to issue large amounts of bonds to help fund its spending.” How does this affect the cruise lines? Many such as Silversea, get a good percentage of their customers from the UK. Will this shrinking value of the Pound impact bookings and international travel decisions/numbers? Full story at: https://www.wsj.com/livecoverage/stock-market-news-today-09-26-2022/card/british-pound-hits-record-low-against-dollar-0pg0WCi1CfllbNlnn9ra THANKS! Enjoy! Terry in Ohio Panama Canal? Early 2017, Fort Lauderdale to San Francisco adventure through Panama Canal. Our first stops in Colombia, Central America and Mexico, plus added time in the great Golden Gate City. Now at 31,524 views. http://boards.cruisecritic.com/showthread.php?t=2465580

Great above comments, insights and follow-up by Mr. Luxury. That overall "economic climate" is the huge "mystery meat" question hanging over the world. A recession is happening right now. How long and deep will it be? Higher interest rates, skyrocketing inflation, world uncertainty, etc., all add up and will impact consumer spending and the recovery timing. From the CNBC financial cable news website yesterday afternoon, they had this headline: “Debt-loaded cruise lines’ shares fall as Fed hikes rate and recession fears grow” with these highlights: “Shares of cruise companies have fallen after the Fed’s latest rate hike Wednesday. Norwegian, Carnival and Royal Caribbean have massive debt loads that grew during the pandemic. 'There’s a lot of one step forward, one step back going on,' Truist analyst Patrick Scholes said. He also noted the debt cruise companies racked up while their ships were anchored during the pandemic. As of Sept. 1, Truist estimates that Carnival holds $35 billion in debt, Royal Caribbean has $25 billion and Norwegian owes $14 billion. Respectively, the companies’ values in the stock market are about $11.01 billion, $11.18 billion and $5.61 billion.” WOW!! That's lots of debt. Even I can add it up and see the challenging ratio of cruise company debt versus their current market value. Here was another key quote from this media coverage: “The reason the stocks went down a bunch on Wednesday was because you just had this fear that the companies are going to have to pay more for their debt,” Deutsche Bank analyst Chris Woronka said. Full story at: https://www.cnbc.com/2022/09/23/cruise-line-stocks-fall-fed-rate-hike-recession-worries.html THANKS! Enjoy! Terry in Ohio Lisbon, NWSpain, Bordeaux/Brittany: Live/blog, June 2017 from Portugal to France along scenic Atlantic Coast on the Silver Spirit. Now at 32,544 views. Many pictures, details for history, food, culture, etc.: www.boards.cruisecritic.com/showthread.php?t=2511358

Appreciate these excellent points-of-view, comments and follow-ups from Mr Luxury and Desperate to Sail. WOW!! Interesting and challenging question as to whether the Silversea founder has been . . . smart or dumb . . . in teaming up with A&K to buy and re-start the former Crystal ships. Clearly, it is a big roll of the financial dice!! Who wins, if and when? I could argue both side of this major question. Personally, I am glad not to be a risk-taker in this field of efforts. Too hard to guess or predict for me. From the Wall Street Journal late this afternoon, below are the charts for the three major cruise lines during this past week. Was it a rocky, negative week? Yes, sadly. Not just for the cruise stocks, but for and affecting the overall stock market. How bad has it been for the financial markets? From the Washington Post, they had this headline as the top story on their website this afternoon: “Stock market continues long tumble, hitting lows not seen for a year" with this sub-headline: "The Federal Reserve’s fight against inflation promises to slow the economy, and Wall Street is roiled.” Here are a few of their story highlights: “Stock markets sank to their lowest levels since 2020 on Friday, continuing a bad slump that began in August as investors try to grapple with economic head winds in the United States and around the world that are only likely to worsen. Major stock indexes closed out the week with losses, capping the fifth decline in the past six weeks.” Full story at: https://www.washingtonpost.com/business/2022/09/23/stock-markets-fed-rate-hike/ THANKS! Enjoy! Terry in Ohio Athens & Greece: Visuals, details from two visits in a city and nearby with great history, culture and architecture. Now at 46,928 views. http://boards.cruisecritic.com/showthread.php?t=1101008 From the Wall Street Journal, below are the charts for the three major cruise companies during the past five trading days. Is downward and rocky a reasonable summary?: (Open your screen/viewer wider to see these visuals larger/better!) Here is how RCL has trended since the first of this 2022 calendar year.:

Sadly, this morning, the three major cruise stocks are down 6-7+% That is a big downward shift!! More later today. THANKS! Enjoy! Terry in Ohio

From Barron's, the sister publication of the Wall Street Journal this morning, they had this headline: “Cruise Line Stocks Lead Travel Sector Lower as Recession Fears Mount” with these highlights: “Cruise operators led travel-related stocks lower early Friday as investors continued to weigh the risk of recession. Shares in Carnival Corp fell close to 5% in premarket trading. Carnival has fallen more than 52% so far in 2022, as of Thursday’s close, while Norwegian has declined 30% and Royal Caribbean is 39% down over the same period. 'The cruise industry has been growing through a grinding restart from its 16+months total shutdown, combined with fuel prices up, and now concerns about having to face a recession with the industry carrying record debt levels,' UBS analysts, led by Robin Farley, said.” Full story at: https://www.barrons.com/articles/cruise-stocks-carnival-norwegian-recession-51663935836 THANKS! Enjoy! Terry in Ohio Kotor/Montenegro: Various visual samples, tips, details, etc., for this scenic, historic location. Over 49,522 views. http://boards.cruisecritic.com/showthread.php?t=1439193

Appreciate the great point and excellent follow-up about the value of the US Dollar being so high. Yes, there are many different economic factors to consider in understanding the OVERALL financial circumstances in the world. Lots of "moving parts" affecting cruise lines and consumers as they consider their many, many options for travel and adventure. From Yahoo News yesterday, they had this headline: “Royal Caribbean Taps Junk-Bond Market For $2 Billion Refinancing” on their use of the Bloomberg story with these highlights: “The cruiseline operator raised $2 billion to help refinance all of its outstanding 9.125% bonds due 2023 and its 10.875% notes due the same year, according to a Thursday statement. The new bonds will be due in 2029.” Oh, so the total re-financing is TWO billion dollars. Now we are talking "real money"!! Not just a mere one billion And this pushes back the potential pay-back till 2029. That helps better explain how Royal Caribbean is seeking to manage its debt rolled up during this Covid shut-down period. This is serious Finance 101. It was noted that part of it involves "$1 billion of priority guarantee notes." Not sure what that means. As I understand overall this is unsecured financing, but not sure what "priority guarantee notes" means. This article has many other details outlined, including "Refinancings have been scarce since the Federal Reserve started raising interest rates earlier this year." No wonder the new Royal Caribbean CEO is their former CFO. Juggling these complicated finances is not simple or easy. Right or wrong? Full story at: https://www.yahoo.com/now/royal-caribbean-taps-junk-bond-134737753.html THANKS! Enjoy! Terry in Ohio AFRICA?!!?: Fun, interesting visuals, plus travel details from this early 2016 live/blog. At 53,207 views. Featuring Cape Town, South Africa’s coast, Mozambique, Victoria Falls/Zambia and Botswana's famed Okavango Delta. www.boards.cruisecritic.com/showthread.php?t=2310337

As an interesting indirect sign for how crazy are these economic times, I thought this below article would be worth sharing. From the Wall Street Journal, they had this headline: “This Should Have Been a Great Year for Gold. Here’s Why It Isn’t" with this sub-headline: "The yellow metal is supposed to be a haven when stocks are a mess, but it is down about 8% this year.” Here are a couple of their story highlights: “Prices jumped near all-time highs earlier this year, shortly after Russia’s invasion of Ukraine upended markets for stocks and commodities. In early March, gold settled at a 2022 high of $2,069.40 a troy ounce. Now, it is down 8.2% so far this year, on pace for its worst annual performance since 2015.” With all of the cable TV ads promoting gold sales and inflation so high, I would have expected a different circumstance for gold and its supposed protections against the diluted values for paper money. What am I missing? Full story at: https://www.wsj.com/articles/this-should-have-been-a-great-year-for-gold-heres-why-it-isnt-11663526294?mod=hp_lead_pos3 THANKS! Enjoy! Terry in Ohio Amazon River-Caribbean 2015 adventure live/blog starting in Barbados. Many visuals from this amazing river and Caribbean Islands (Dutch ABC's, St. Barts, Dominica, Grenada, San Juan, etc.). Now at 70,597 views: www.boards.cruisecritic.com/showthread.php?t=2157696

Appreciate this helpful link from RetiredandTravel. That Bloomberg sub-headline saying : "Moody’s downgraded the company’s credit rating last month" really caught my attention!!! With higher interest rates announced yesterday by the Federal Reserve and the stock market shrinking, the economic signs are not exactly positive, full speed ahead. You would think this below news would have sent the cruise stocks up, UP. Right? From the below-connected website this morning, they had this headline: “Royal Caribbean stock gains after disclosing bookings were 'significantly outpacing' pre-pandemic levels” with these highlights: “Shares of Royal Caribbean Group rose Thursday, after the cruise operator said demand remains 'strong,' as bookings have been 'significantly outpacing' pre-pandemic 2019 levels. The company said the easing of COVID-19 testing and vaccination requirements from most of its cruises had an 'immediate positive impact' on bookings for 2022 and 2023 cruises.” BUT, the overall economic direction and uncertainty seems to be causing many consumers to slow down, raise questions and/or have doubts. Right or wrong? Will have the stock charts for all three cruise lines tomorrow. Today was just rather strange as to the movements and impacting factors. Full story at: https://www.marketwatch.com/story/royal-caribbean-stock-gains-after-disclosing-bookings-were-significantly-outpacing-pre-pandemic-levels-2022-09-22?mod=home-page THANKS! Enjoy! Terry in Ohio Venice: Loving It & Why??!! Is one of your future desires or past favorites? See these many visual samples for its great history and architecture. This posting is now at 97,932 views. http://boards.cruisecritic.com/showthread.php?t=1278226 From this afternoon's Wall Street Journal, here is their chart for Royal Caribbean and what has happened in the most recent past few days. Downward!! Why and how?: (Open your screen/viewer wider to see this visual larger/better!)