It would seem all the cutbacks are working.....

[getupgo]

Yes. It does explain it. Thank you.

[fshagan]

That's one of the reasons I have travel insurance.

 

And a good reason to NOT buy it from the cruise line. In many cases the "house" insurance doesn't cover financial insolvency by the cruise line, where insurance you buy independently may cover it (you have to check).

 

Was it Renaissance that left people stranded in a port city when they folded?

[swedish weave]

And a good reason to NOT buy it from the cruise line. In many cases the "house" insurance doesn't cover financial insolvency by the cruise line, where insurance you buy independently may cover it (you have to check).

 

Was it Renaissance that left people stranded in a port city when they folded?

 

Yes ---Some crew for quite a while before they got help to get home !!!

Edited July 27, 2016 by swedish weave

[NLH Arizona]

 

Was it Renaissance that left people stranded in a port city when they folded?

Wasn't that 15 years ago? Has there been a major cruise line (I wouldn't call Renaissance a major cruise line) that has gone out of business since Renaissance did? Edited July 27, 2016 by NLH Arizona

[seamonkey]

A full 40% of NCL is owned by another company.

[Warm Breezes]

And a good reason to NOT buy it from the cruise line. In many cases the "house" insurance doesn't cover financial insolvency by the cruise line, where insurance you buy independently may cover it (you have to check).

 

Was it Renaissance that left people stranded in a port city when they folded?

 

Exactly. I would never buy it through the cruise line and ours has always covered financial default of the cruise line.

[Sizzlechest]

Highest-paid CEOs run worst-performing companies, research finds

[fshagan]

Wasn't that 15 years ago? Has there been a major cruise line (I wouldn't call Renaissance a major cruise line) that has gone out of business since Renaissance did?

 

Yep, right after 9/11 ... http://articles.sun-sentinel.com/2001-09-26/news/0109260177_1_renaissance-cruises-future-cruises-cruise-line-folds

 

Windjammer Barefoot Cruises had a "labor dispute" issue in 2007 that stranded passengers: http://www.wsj.com/articles/SB118766046332903701 I think they went bankrupt shortly after that, but they could hardly be called a "major" cruise line. I don't recall any others.

[mugtech]

The President of the United States earns $400,000. + $100,000 for other expenses. Go Figure.

 

And runs billions of dollars in deficits:D

[getupgo]

Windjammer was awesome and the one cruise I remember above all others. They lost a ship in a hurricane and I would guess the lawsuits from the crew members' families killed it.

[NLH Arizona]

Yep, right after 9/11 ... http://articles.sun-sentinel.com/2001-09-26/news/0109260177_1_renaissance-cruises-future-cruises-cruise-line-folds

 

Windjammer Barefoot Cruises had a "labor dispute" issue in 2007 that stranded passengers: http://www.wsj.com/articles/SB118766046332903701 I think they went bankrupt shortly after that, but they could hardly be called a "major" cruise line. I don't recall any others.

Wonder why there was no worries when Mr. Sheehan brought all that debt on and only when Mr. Del Rio made some changes that some didn't like.

[swedish weave]

The lines with one star went bankrupt and the two stars indicate those that were absorbed by other lines since 1972. The current trend seems to be consolidation rather than bankruptcy. Others that are not on this list have been absorbed by other cruise lines such as Carnival and Royal.

 

1. Regency Cruise Line *

2. Regal Cruise line

3. Bermuda Star line **

4. Commodore Cruises *

5. Premier Cruise line *

6. Sitmar **

7. Norwegian America Cruises **

8.Royal Viking Line **

[swedish weave]

Wonder why there was no worries when Mr. Sheehan brought all that debt on and only when Mr. Del Rio made some changes that some didn't like.

 

The cruise line was operating under the direction of Apollo and Genting. Most of the decisions were not made by Sheehan.

[getupgo]

The three best cruises I ever went on were Premier, Regal and Windjammer. Just shows ya.

[swedish weave]

The link below shows a discussion that occurred in 2008 on CC about NCL. It is interesting that this happened about the same time Apollo "purchased" Prestige from Del Rio.

 

Since Apollo is the big money behind NCL, they probably will not allow NCL to fail.

 

http://boards.cruisecritic.com/showthread.php?t=806375

[mickeysgal]

Here's the pattern: Make lots of cuts to maximize profitability. The short term gains allow you to hit your performance bonuses. However, the long term affects are damaging. Eventually you sink the company, but it doesn't matter since you leave with a golden parachute. Worked for the CEOs of HP.

 

Couldn't have said it better myself.