US stimulus package – no help for cruise companies

2020-03-27T09:59:25+00:00 March 27th, 2020|Finance|

The major cruise lines were not included in US’ $2 trill coronavirus stimulus package, despite President Trump (pictured) saying that he would like to help them.

This unprecedented package is due to be voted on today in the US House.

According to a note from Seeking Alpha, the package limits aid to US-incorporated companies with a majority of workers based in the US, two criteria that effectively excludes the major cruise ship operators, such as Carnival, Norwegian and Royal Caribbean.

Trump said yesterday that he would like to provide assistance to the cruise industry, which supports local economies in the US, but it is “very tough to make a loan to company when they’re based in a different country.”

“There’s a risk that cruise ships are laid up for an extended period of time,” said Wedbush analyst, James Hardiman talking with Seeking Alpha. “They’ll continue to burn cash without any revenue coming in the door.”