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Princess Cruises extends pause of select global ship operations until December 15

Details: Written by Teijo Niemelä Teijo Niemelä; Category: More News More News; Published: 23 July 2020 23 July 2020

Due to the continued progression of COVID-19 and related decisions of various government, health authorities, and airlines regarding travel restrictions, Princess Cruises is extending its pause in cruise operations impacting the following voyages:

– All cruises sailing in and out of Australia on Majestic Princess, Regal Princess, Sapphire Princess, Sea Princess, and Sun Princess through October 31, 2020

– All sailings in Asia, Caribbean, California Coast, Hawaii, Mexico, Panama Canal, South America & Antarctica, Japan, and Tahiti/South Pacific through December 15, 2020

“We share in our guests’ disappointment in cancelling these cruises,” said Jan Swartz, Princess Cruises president. “We look forward to the days when we can return to travel and the happiness it brings to all who cruise.”

Guests currently booked on these cancelled voyages who have paid Princess in full will have the option to receive a refundable Future Cruise Credit (FCC) equivalent to 100% of the cruise fare paid plus an additional non-refundable bonus FCC equal to 25% of the cruise fare.

For guests who have not paid in full, Princess will Double the Deposit, providing a refundable FCC for the money currently on deposit plus a matching bonus FCC that can be used on any voyage through May 1, 2022. The matching bonus FCC is non-refundable, will not exceed the base cruise fare amount of the currently booked cruise, and will have a minimum value of $100 per person.

To receive the above FCCs, no action is required by the guest or their travel advisor.

Princess will protect travel advisor commissions on bookings for cancelled cruises that were paid in full in recognition of the critical role they play in the cruise line’s business and success.

Cruise ship engine builders prepare for challenging, changing world

Details: Written by Kari Reinikainen Kari Reinikainen; Category: More News More News; Published: 22 July 2020 22 July 2020

Two major cruise ship engine builders have said that they expect the near future to remain challenging in the aftermath of the Covid-19 pandemic and the world may emerge different from what it is today once the effects of the pandemic have become a matter of the past.

“We need to prepare ourselves for a market environment that will remain difficult for a long period of time,” said Dr. Uwe Lauber, CEO of MAN Energy Solutions said in a statement in which the company unveiled a programme to cut costs by €450 million.

“Some of the company’s key areas of business, such as the cruise ship business, have been directly affected by the economic impact of the COVID-19 pandemic and we do not expect to see a recovery to precrisis levels until 2023. The programme is designed to address these negative market influences and make lasting improvements to MAN Energy Solutions’ ability to respond to market fluctuations,” he continued.

Meanwhile, the Finnish technology group Wartsila pointed out in its second quarter 2020 interim report that the cruise and ferry segment has been severely impacted by reduced sailings and temporary vessel lay-ups, as travel bans and other mitigation measures have kept most passenger vessels idle throughout the second quarter.

“Governments worldwide have announced relief packages to respond to the economic distress caused by the COVID-19 pandemic. In many cases, the packages are linked to the development of greener infrastructures,” the company said.

“This is anticipated to incentivise the decarbonisation of the maritime sector, and increase interest in alternative fuels, electric and hybrid-battery propulsion, as well as in digital solutions across the industry,” Wartsila pointed out.

Meyer Werft to cease production for six weeks - reports

Details: Written by Kari Reinikainen Kari Reinikainen; Category: More News More News; Published: 21 July 2020 21 July 2020

Meyer Werft, the German cruise ship builder, has furloughed its staff for six weeks, starting on20 July, and ceased production as a result, media reports say.

“Over the next five years, Meyer Werft needs to save €1.2 billion ($1.3 billion) due to cruise firms canceling and stretching their orders for new liners,” Deutsche Welle reports on its website.

The company has three deliveries nearing completion – Iona for Carnival Corporation & plc unit P&O Cruises that has already left the yard, but which has not yet been handed over; Spirit of Adventure for Saga Cruises, also in the UK plus Odyssey of the Seas to Royal Caribbean International unit of Royal Caribbean Group.

Delivery of the last named ship has been pushed to April 2021. The vessel also suffered a fire onboard in June, a report on royalcaribbeanblog.com said.

NCLH group prices note and equity offerings

Details: Written by Kari Reinikainen Kari Reinikainen; Category: More News More News; Published: 21 July 2020 21 July 2020

NCL Corporation Ltd., a subsidiary of Norwegian Cruise Line Holdings Ltd. (NCLH), has announced that it has priced an offering of $750 million of senior secured notes, $400 million of exchangeable notes and plus some $300 million of new equity.

A public offering of 16,666,667 ordinary shares were sold at a price to the public of $15.00 per share. However, the underwriters have notified the Company of their intent to purchase an additional 2,500,000 ordinary shares pursuant to the full exercise of their option to acquire additional ordinary shares. As a result, NCL Corporation will issue an aggregate amount of 19,166,667 ordinary shares in the offering, including the option shares.

In addition, the company has priced $750 million aggregate principal amount of its 10.250% senior secured notes due 2026, which were offered in a private offering.

The amount was increased to $750 million from the previously announced $675 million. “The Secured Notes and certain of the related guarantees will be secured by a first-priority interest in, among other things and subject to certain agreed security principles, one of our vessels,” NCLH said.

NCL Corporation also priced $400 million aggregate principal amount of its 5.375% exchangeable senior notes due 2025 which were also offered in a private offering. The aggregate principal amount of Exchangeable Notes to be issued was increased to $400 million from the previously announced $250 million.

NCLC has granted the initial purchasers of the Exchangeable Notes an option to purchase, on or before August 2, 2020, up to an additional $60 million aggregate principal amount of Exchangeable Notes, NCLH said.

Posidonia 2020 cancelled

Details: Written by Kari Reinikainen Kari Reinikainen; Category: More News More News; Published: 21 July 2020 21 July 2020

It is with a great deal of regret that we are announcing the cancellation of Posidonia 2020, originally planned for June 2020 and subsequently postponed to October 2020, organisers of the event said in a statement..

“We have reached this difficult decision following close consultation with many exhibitors and with our shipping community stakeholders, after assessing the current state of Covid-19 in countries around the world.”

“The worrying increase of cases in certain jurisdictions and the inability to predict reliably where the Pandemic will take us in the months ahead, compounds the uncertainty that now prevails, imposing upon us circumstances that are beyond our control.”

“Furthermore, the shipment of exhibits and the complexities of international travel which are constantly being re-evaluated as events develop, pose major challenges and practical restrictions to our international exhibitors and visitors, with the distinct possibility that many will not be able to visit Greece. Without them Posidonia would not be the same,” they said, adding:“Instead, we are embarking on our preparations for the next Posidonia in June 2022 with optimism and the confidence that well before then we will have entered a world with Covid-19 under control.”