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The coronavirus crisis is threatening to sink Norwegian Cruise Line. The Florida-based company warned Tuesday that it has “substantial doubt” about its ability to keep operating as a “going concern” as the pandemic keeps its ships anchored. Norwegian said it does not currently have enough cash to meet its financial obligations over the next 12 …
The coronavirus crisis is threatening to sink Norwegian Cruise Line.
The Florida-based company warned Tuesday that it has “substantial doubt” about its ability to keep operating as a “going concern” as the pandemic keeps its ships anchored.
Norwegian said it does not currently have enough cash to meet its financial obligations over the next 12 months thanks in part to the virus crisis, which forced the company to suspend all its cruises for the first time ever in March.
“We believe the ongoing effects of COVID-19 on our operations and global bookings have had, and will continue to have, a significant impact on our financial results and liquidity, and such negative impact may continue well beyond the containment of such an outbreak,” the company said in a regulatory filing.
The news led Norwegian’s stock price to plummet 9.1 percent to $12.57 at Tuesday’s opening bell.
Norwegian warned that it may not be able to get the financing it needs to stay afloat as it wrestles with a plunge in cruise bookings caused by the virus crisis.
The company has voluntarily halted its cruises until June 30 as a result of the pandemic. Its ability to operate trips will be restricted until at least July 24, when a federal “no sail order” is set to expire.
Norwegian rival Carnival Cruise Line announced plans Monday to start sailing again on Aug. 1. The chain plans to offer service on five ships from Port Canaveral, Florida and three from Galveston, Texas.
