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Princess suspends all cruises for 60 days

cruisingrandy

By cruisingrandy,
in Princess Cruises

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maxw97

maxw97

Posted
Posted
1 minute ago, TNTLAMB said:

The cruise companies will be just fine. This is a temporary situation. Financers will line up. Besides If it hasn't passed today it will very soon. There is a bail out. Personally If I had the $$$ I'd be buying all the CCL stock I could.

I said the same thing a few days ago when it was $23. Now it's $17. Give it a few more days. 😉

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Goldsmegame

Goldsmegame

Posted
Posted

Anyone know if for those of us that chose not to cancel when the first cancellation option email came out On March 6th -will we get to keep the original on board credit that was offered?  
 

‘’also, will we get reimbursed for Princess insurance we purchased?  And, if not what can we ask the insurance to cover?  We are out hotel and airfare 

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npcl

npcl

Posted
Posted
18 minutes ago, TNTLAMB said:

The cruise companies will be just fine. This is a temporary situation. Financers will line up. Besides If it hasn't passed today it will very soon. There is a bail out. Personally If I had the $$$ I'd be buying all the CCL stock I could.

There are clear signs that the credit industry is locking up.  The Fed has announced a massive liquidity injection in order to try and stop it. All three major companies have high current debt, limited cash on hand.  HCLH and RCL have already started to tap their revolving lines of credit. All three have substantial assets, but they are in the very not liquid form of ships. 

 

Very likely that at least 1 of the major cruise companies will end up going through bankruptcy in some form.  Most likely one similar to what some of the airlines have done, where the stock holders are wiped out, the debt holders get equity in the restructured company and the customers remain intact.

 

Actually getting a bail out of the cruise industry through Congress will not be easy considering that all of the cruise lines are non-US companies and in general do not pay US taxes.

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kiwichick62

kiwichick62

Posted
Posted
4 hours ago, kywildcatfanone said:

Why are they not offering the exact same compensation for all cruises during the 60 day window? 

I am thinking it is because the closer it is to your cruise date the more disruptive it can be to you to cancel.

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Justalone

Justalone

Posted
Posted (edited)
7 minutes ago, npcl said:

There are clear signs that the credit industry is locking up.  The Fed has announced a massive liquidity injection in order to try and stop it. All three major companies have high current debt, limited cash on hand.  HCLH and RCL have already started to tap their revolving lines of credit. All three have substantial assets, but they are in the very not liquid form of ships. 

 

Very likely that at least 1 of the major cruise companies will end up going through bankruptcy in some form.  Most likely one similar to what some of the airlines have done, where the stock holders are wiped out, the debt holders get equity in the restructured company and the customers remain intact.

 

Actually getting a bail out of the cruise industry through Congress will not be easy considering that all of the cruise lines are non-US companies and in general do not pay US taxes.

CCL going under?  Or smaller cruise lines like Oceania/Regent, or Viking?

Edited by Justalone
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npcl

npcl

Posted
Posted
38 minutes ago, cscurlock said:

Why would someone loan 675 million to NCL?  Would you?  Someone did.

They extended a relatively short term line of credit that ends next year.  A lot depend upon the covenants.

 

At this I would expect that anyone lending to the cruise lines would be looking at the bankruptcy economics.  After all if there is a restructuring the dept holders would be above the shareholders in getting value.  Very likely if a bankruptcy were to take place, the debt holders would end up getting equity in the restructured company.  As such a loan could be a good decision with appropriate terms.

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npcl

npcl

Posted
Posted
5 minutes ago, Justalone said:

CCL?

Possible, but CCL is the strongest of the 3.  RCL went through a lot of cash last year with stock buy backs, and a large increase in debt level.  NCLH has the highest debt load of the 3.  I would expect to see it in one of the others prior to CCL.

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npcl

npcl

Posted
Posted
18 minutes ago, Goldsmegame said:

Anyone know if for those of us that chose not to cancel when the first cancellation option email came out On March 6th -will we get to keep the original on board credit that was offered?  
 

‘’also, will we get reimbursed for Princess insurance we purchased?  And, if not what can we ask the insurance to cover?  We are out hotel and airfare 

I would expect that the princess refund will be everything purchased through Princess. They have usually done that it the past when they cancel.

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idahospud

idahospud

Posted
Posted
8 minutes ago, brisalta said:

 

Why not read

https://www.princess.com/news/pdfs/voluntary-60-day-pause-of-global-ship-operations.pdf

and see what the FAQ in it has to say.

 

Agreed. The FAQ is where you'll find the answers to the most commonly asked questions. If an answer isn't there, you can bet the Princess rep and your TA doesn't have the answer right now, either.

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brisalta

brisalta

Posted
Posted
39 minutes ago, Goldsmegame said:

Anyone know if for those of us that chose not to cancel when the first cancellation option email came out On March 6th -will we get to keep the original on board credit that was offered?  
 

‘’also, will we get reimbursed for Princess insurance we purchased?  And, if not what can we ask the insurance to cover?  We are out hotel and airfare 

 

How are you out hotel and airfare? Did you read the FAQ at

https://www.princess.com/news/pdfs/voluntary-60-day-pause-of-global-ship-operations.pdf

 

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cacruiser54

cacruiser54

Posted
Posted
5 hours ago, Dawniepoo said:

Frankly, I am relieved. I needed someone to save me from myself. I swear I was going no matter what. 

Us too! And, my Hubby was very recently diagnosed with a serious health condition....not anything contagious. Thank you to Princess for making the right decision. 

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TNTLAMB

TNTLAMB

Posted
Posted
47 minutes ago, npcl said:

There are clear signs that the credit industry is locking up.  The Fed has announced a massive liquidity injection in order to try and stop it. All three major companies have high current debt, limited cash on hand.  HCLH and RCL have already started to tap their revolving lines of credit. All three have substantial assets, but they are in the very not liquid form of ships. 

 

Very likely that at least 1 of the major cruise companies will end up going through bankruptcy in some form.  Most likely one similar to what some of the airlines have done, where the stock holders are wiped out, the debt holders get equity in the restructured company and the customers remain intact.

 

Actually getting a bail out of the cruise industry through Congress will not be easy considering that all of the cruise lines are non-US companies and in general do not pay US taxes.

other than the fact the industry represents 410,000 stateside jobs....

 

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Waynetor "Live from...." Rare

Waynetor

Posted
Posted

So who is in a gambling mood - if you book a cruise May 11 or shortly after and the virus situation continues to grow, then the program would likely get continued and you could earn extra credits and if no extension you get your cruise. 

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brisalta

brisalta

Posted
Posted (edited)
7 minutes ago, cscurlock said:

Supplies could be an issue but with layoffs coming I suspect contractors won't be a problem.

 

Princess said they are keeping crew so I suspect they will be trained to clean hazards in suitable gear and used to clean the ships thoroughly.

There is a lot of work that can be done at wet dock. I suspect there are a lot of small deferred maintenance jobs that can be done on board during this period. They will bring contractors on board to help with maintenance that does not need dry dock.  For example completing the revamp of the passenger facing network systems, painting, preventive maintenance of HVAC and improving filtration systems and so on.

Edited by brisalta
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