Why Royal Caribbean, Carnival, and Norwegian Cruise Line Stocks Plunged Today

What happened

Shares of Royal Caribbean (NYSE:RCL) sank on Tuesday after the cruise ship company said it was seeking to raise another $1 billion to fund its operations during the coronavirus pandemic. Fellow cruise ship operators Carnival (NYSE:CCL) (NYSE:CUK) and Norwegian Cruise Line Holdings (NASDAQ:NCLH) also fell on the news.

As of 10:40 a.m. EDT, Royal Caribbean, Carnival, and Norwegian Cruise Line Holdings were down 10%, 6%, and 6%, respectively.

So what

With most of its fleet unable to leave port due to COVID-related sailing restrictions, Royal Caribbean has suffered heavy losses during the coronavirus crisis. In just the first six months of 2020, it generated a net loss of $3.1 billion. 

Unfortunately, those losses are set to grow even larger in the coming months. Royal Caribbean said that while it hopes to resume voyages by Dec. 1, it could “provide no assurance” that it will be able to restart

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Carnival, Royal Caribbean, and Norwegian Cruise Line Might Not Sail Until 2021

Carnival (NYSE:CCL)(NYSE:CUK) tried to dip its feet into the chilly November waters, but it’s now joining its smaller rivals in hoping for a December relaunch. Things could get worse. If the Centers for Disease Control and Prevention (CDC) reportedly has its way, we may have to wait until at least February to get the out-of-favor cruising industry back in business. 

The moment the CDC extended its No Sail Order until the end of October, we saw Royal Caribbean (NYSE:RCL) and Norwegian Cruise Line Holdings (NASDAQ:NCLH) cancel all U.S.-originating sailings until early December. With the CDC extending the order a few times now — and often near the end of the travel ban — they didn’t want to be caught with displaced passengers scrambling at the port for nixed voyages. Carnival initially decided on a clever gamble. It would move most of its future cruises until at least December, but

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Carnival Cruise Line cancels cruises through November

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Cruisers disembark from the Carnival Sensation at PortMiami on Monday, March 9, 2020, one day after the U.S. Centers for Disease Control and Prevention advised all Americans to avoid cruise ships because they are exceptionally dangerous for COVID-19 spread.

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Less than two weeks after Carnival Cruise Line said it would begin to restart cruises from PortMiami and Port Canaveral on Nov. 1, on Monday the company canceled all cruises through the end of November.

Cruises are currently banned in the U.S. through Oct. 31 after the White House blocked the U.S. Centers for Disease Control and Prevention from extending its “no-sail” order until February 2021 as it had planned. The industry first shut down passenger cruises in mid-March amid COVID-19 outbreaks on several ships.

Carnival Cruise Line was the only major cruise company that said it intended to restart limited cruising Nov. 1. All others previously canceled

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Carnival Cruise Line Cancels Miami And Port Canaveral Cruises For November 2020

MIAMI, Oct. 12, 2020 /PRNewswire/ — Carnival Cruise Line has notified guests and travel agents that it is cancelling the remaining cruises for the six total ships operating from PortMiami and Port Canaveral for November 2020. 

It has also cancelled five cruises scheduled to operate from Sydney, Australia from Jan. 16 – Feb. 8, 2021.

Following the U.S. Centers for Disease Control’s (CDC) decision to extend its no-sail order for cruise operations until Oct. 31, Carnival cancelled all but PortMiami and Port Canaveral cruises for the rest of the year.  It has now determined that November 2020 operations will not be feasible.

Carnival continues to work on protocols and procedures that would allow for the resumption of cruise operations, with a gradual, phased-in approach, designating Miami and Port Canaveral as the first two homeports for embarkations.  Cruises currently scheduled for December from those two homeports remain in

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Early line has Auburn as small favorite against South Carolina

I think Vegas is starting to catch up on this Auburn team.



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After a two-point victory for the Tigers in which they were 14-point favorites  against the Razorbacks, early lines from Sin City have Gus Malzahn’s team as just three-point favorites as they travel to Columbia, SC to take on the South Carolina Gamecocks.

Will Muschamp’s team got its first victory of the season on Saturday in a 41-7 win at Vanderbilt. Gamecocks running back Kevin Harris was the star for the game, rushing for 171 yards and two touchdowns on 21 carries.

MORE: Blown call saves Auburn embarrassing loss, Gus Malzahn job

Here are early lines for the other SEC action on Saturday:

Georgia at Alabama (-5)

Kentucky at Tennessee (-7)

Ole Miss (-2) at Arkansas

Texas A&M (-7) at Mississippi State

LSU at Florida (-13.5)

Vanderbilt at Missouri (-16)

MORE:

Auburn football:

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The coronavirus crisis claims a sixth cruise line



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Add Jalesh Cruises to the list of cruise companies shutting down for good due to the impact of the coronavirus pandemic.

The India-based, one-ship cruise operator won’t be emerging from a months-long, coronavirus-caused halt to departures, according to multiple news outlets in India.

Mumbai-based Mumbai Live reports that creditors have had the line’s one ship, the 1,590-passenger Karnika, arrested in Mumbai through India’s Admiralty Court.

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A skeleton crew that has been on the ship since it halted departures early this year has posted on Twitter in recent days that they have been left without a resupply of food or fuel, and they say they

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Pence, cruise line CEOs talk about resumption of sailing in US

CLOSE

Vice President Mike Pence on Friday joined cruise industry executives and the Centers for Disease Control director on a call to discuss COVID-19 and how the industry plans to approach the restart of operations, according to the White House.

Their discussion on resumption included the 74 recommendations from the Healthy Sail Panel published in September, which were adopted for sailing in U.S. waters by Cruise Lines International Association, the industry’s leading organization, on Friday ahead of the meeting.

The recommendations include protocol to prevent the introduction and mitigate the spread of COVID-19 on cruise ships, including testing, face coverings and temperature checks.

During the meeting, Pence also gave an overview of the “no-sail” order that was extended last week through Oct. 31, according to a readout published by the White House.  

The CDC had requested that the order be extended to Feb. 15, 2021, but compromised with the White

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Chairman of a major cruise line says ships will be safer than own neighborhood

The chairman of a major cruise line, Richard Fain, says cruise ships will be made safer than your own neighborhood. Cruise lines are stepping up their effort to get back in business, even as more jobs are lost and more ships are scrapped. Royal Caribbean cruises, one of Port Canaveral’s mainstays, plans to make its ships a COVID-free zone. “We intend to make our ships an environment – a bubble, if you will – that actually presents less risk of transmission than in their home communities on land,” Fain said. Under the cruise industry’s plan, 100% of passengers and crew would be tested before each cruise. No one testing positive would be allowed onboard. Ships would cruise with reduced capacity. They’d have more medical staff and isolation areas for the sick. The industry’s ships are idled by a Centers for Disease Control no-sail order issued March 13. Local businesses that … Read More

Royal Caribbean Cruise Line Hit with Shareholder Lawsuit Over Coronavirus

A Palm Beach County, Florida city’s retirement plan is suing a cruise ship company for allegedly misleading it and other shareholders over the financial impact of the coronavirus on its business.

The securities lawsuit has been filed by the City of Riviera Beach General Employees Retirement System against Royal Caribbean cruise lines and various directors and officers. The plaintiffs allege that the company was not upfront about how the virus was affecting its bookings and about how its safety protocols were working.

The coronavirus has hit the entire cruise industry hard. Since the coronavirus landed, Royal Caribbean has lost bookings, cancelled cruises and been sued by passengers and employees over its handling of the coronavirus.

The class action suit, filed in federal district court in Miami, seeks to represent investors who purchased Royal Caribbean shares between February 4 and March 17, 2020.

The complaint alleges that in early February Royal

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Why Carnival, Norwegian Cruise Line, and Royal Caribbean Stocks All Popped Today

What happened

It was a slow start today, but as the day wore on, shares of cruise ship operators Carnival (NYSE:CCL), Norwegian Cruise Line Holdings (NASDAQ:NCLH), and Royal Caribbean Group (NYSE:RCL) all weighed anchor and set sail in afternoon trading. By close of trading Wednesday, shares of Carnival ended 5.3% higher, Norwegian notched a 4.5% gain, and even Royal Caribbean edged up 2.8%.

Cruise ship next to a sunny beach with palm trees

Image source: Getty Images.

So what

Just before noon, J.P. Morgan gave a lift to the entire industry when it declared itself “incrementally bullish” on cruise operators, and raised its price targets across the board: It hiked Carnival stock to $17 a share, raised Norwegian Cruise to $22, and took Royal Caribbean higher to $79.  

The analysts are currently attending the four-day Seatrade Cruise Virtual industry conference (the source of several bullish comments from cruise company CEOs earlier this week), and their big takeaway from

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