Impact of COVID-19 on the Global Cruise Industry - Hot Topic Brief - Issue 7

Impact of COVID-19 on the Global Cruise Industry - Hot Topic Brief - Issue 7

  • June 2020 •
  • 23 pages •
  • Report ID: 5917149 •
  • Format: PDF
Impact of COVID-19 on the Global Cruise Industry - Hot Topic Brief - Issue 7

COVID-19, commonly referred to as the Coronavirus, is dominating headlines the world over. The travel & tourism sector is suffering significant disruption and the cruise industry is being greatly impacted.

Key Highlights
- Carnival Corporation experienced enormous losses in its second quarter. Carnival Corporation has announced a net loss of $4.4bn for the quarter ending May 31st, the cash burn rate was generally in line with the previously disclosed expectation. Total revenues for the quarter of 2020 were $0.7bn, in comparison to $4.8bn in the prior year.
- Iceland looks set to reopen to cruises liners. Iceland looks set to reopen to cruise ships. Iceland is reopening its borders to tourists as of June 15, according to a statement. Travelers heading to Iceland will have to fill out a pre-registration form and download the C-19 app on their mobile phones. Upon arrival in Iceland, travelers can choose between taking a PCR test at the airport or self-isolating for two weeks.
- Norwegian continues to suspended its operations . A fresh wave of cruise cancellations will affect certain sailings by Norwegian Cruise Line Holdings brands until the end of October. Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises announced an extension of a previously announced suspension of global cruises to include all departures between August 1st and September 30th for the three brands. The company is also cancelling selected cruises in October, including Canada and New England sailings, due to travel and port restrictions.

- This report provides insight into the current state of play, offers a look at potential future scenarios and assesses the actions that cruise lines can take to mitigate the impact of COVID-19.

Reasons to Buy
- Gain an overview of the current global COVID-19 situation
- Understand the impact that COVID-19 is having on the industry
- Explore future industry scenarios
- Assess possible mitigating actions
- Compare key industry players’ actions

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