Denied in the US, cruise lines find financial relief in Germany
Although major cruise lines were snubbed in the US government’s Covid-19 stimulus program, Norwegian Cruise Line Holdings Ltd. and Royal Caribbean Cruises Ltd have found some relief in Germany.
They are taking advantage of a debt holiday program offered by Germany’s export credit agency.
They have a 12-month debt holiday from funds raised to finance new ship construction at German shipyards.
It will save Norwegian about $386 million and Royal Caribbean about $250 million by deferring payments this year.
It relates to six Norwegian ships and five vessels built for RCCL brands.
The cruise industry has been among the sectors hit hardest with a nationwide ‘No Sail’ order in place and multiple lawsuits are piling up due to hundreds of Covid-19 infections during sailings.
The main cruise companies were denied state financial aid as they are foreign registered businesses designed to avoid taxes and minimum workers’ rights.
The three big cruise operators including Carnival Corp have scrambled to shore up their finances with equity sales, loans and drawing down credit lines.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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