Hurtigruten negotiates loan

Hurtigruten has secured a €105 mill loan facility. This loan will increase the group’s liquidity to around €200 mill. Financed by international investors, it can be used for general corporate and working capital requirements across the group. The loan has a maturity of three years [Read more...]

2020-06-27T07:00:40+00:00 June 27th, 2020|Finance|

Lindblad amends ECA facilities

Lindblad Expeditions has reached an agreement with its export credit agency (ECA) lenders to amend its loan facilities. The ECA members are Garantiinstituttet for eksportkreditt and Eksportkreditt Norge, which represent the Norwegian government, and Citibank, London Branch. This amendment is related to the new expedition cruise [Read more...]

2020-06-27T06:06:21+00:00 June 27th, 2020|Finance|

Carnival suffers heavy losses – to sell six ships

Carnival Corp has suffered a US GAAP net loss of $4.4 bill, or minus $6.07 diluted EPS, for the second quarter of 2020. This figure includes $2 bill of non-cash impairment charges. The 2Q20 adjusted net loss was $2.4 bill, or minus $3.30 adjusted EPS. Total revenues for the second quarter were $0.7 bill, [Read more...]

2020-06-27T06:02:46+00:00 June 27th, 2020|Finance|

Pullmantur on the brink

Cruises Investment Holding and Royal Caribbean Group have filed for the re-organisation of their joint venture cruise operation, Pullmantur Cruceros, under Spanish insolvency laws. Cruises Investment owns 51% of the Spanish cruise line, while Royal Caribbean holds the remaining 49%. Pullmantur's board explained that the [Read more...]

2020-06-27T05:51:53+00:00 June 27th, 2020|Finance|

RCL gives business update

Royal Caribbean Cruises (RCL) has updated its financial position in light of the COVID-19 pandemic impact in the Group’s first quarter results presentation. "Responding to the dramatic change in business conditions caused by COVID-19 has required focus, dedication, ingenuity and improvisation from all our people, [Read more...]

2020-05-21T08:03:28+00:00 May 21st, 2020|Finance|

Royal Caribbean to raise $3.3 bill

To shore up its liquidity, Royal Caribbean Cruises has instigated a private offering of $1 bill aggregate principal amount of 10.875% Senior Secured Notes due 2023 and $2.32 bill aggregate principal amount of 11.500% Senior Secured Notes due 2025. The $1 bill notes will mature [Read more...]

2020-05-16T10:46:28+00:00 May 16th, 2020|Finance|