Costa reviews its itineraries in Italy to respect Government containment measures
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- Written by Teijo Niemelä Teijo Niemelä
- Category: Top Headlines Top Headlines
- Published: 10 March 2020 10 March 2020
Following the new measures introduced last evening by the Italian Government in an effort to contain the health emergency on the national territory, Costa Cruises has reviewed the itineraries of its ships calling at Italian ports up to April 3.
"As an Italian company and the only cruise operator flying the Italian flag, we are committed to guarantee compliance with the regulations and support to the Italian authorities and the community in this extraordinary effort to face the current situation of emergency," said Neil Palomba, President of Costa Cruises.
Cruises currently underway will call at Italian ports only to allow guests to disembark and return to their home, with no excursions or new embarkations. The company is promptly informing all guests involved by these changes, offering them a future cruise credit so that they will be able to enjoy the cruise experience at a later date.
In the past days, Costa Cruises had already cancelled all outgoing Italian guests departing from cruises outside the Mediterranean in an effort to contain risks, preserve the environment and enforce the specific measures issued by the Italian Government.
The protection of health and safety of guests and crew members is the utmost priority for Costa Cruises. On board Costa ships, the level of sanitization has been increased to ensure maximum hygiene and safety for guests and crew members. The Company has adopted rigid health screenings upon embarkation since the beginning of the Covid-19 emergency.
NCLH in $675 million liquidity boost agreement
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- Written by Kari Reinikainen Kari Reinikainen
- Category: Top Headlines Top Headlines
- Published: 10 March 2020 10 March 2020
Norwegian Cruise Line Holdings Ltd. (NCLH), the world’s third largest listed cruise shipping group, said it has taken the proactive measure of securing additional $675 million in liquidity by entering into a credit agreement.
The group transacted this through its subsidiaries, NCL Corporation Ltd. and Norwegian Epic, Ltd. with JPMorgan Chase Bank, N.A., as administrative agent and as collateral agent, and certain other lenders thereto which provides for revolving loans in an aggregate principal amount of $675.0 million.
“The Norwegian Epic Credit Agreement shall be used for general corporate purposes. The maturity date of the Norwegian Epic Credit Agreement is March 4, 2021.As of March 9, 2020, no borrowings were drawn under this Norwegian Epic Credit Agreement nor NCLC’s other $875.0 million senior secured revolving credit facility, resulting in availability under these revolving credit agreements of $1.55 billion, “NCLH said.
The loans under the Norwegian Epic Credit Agreement shall bear interest at a per annum rate of LIBOR plus a margin of 0.80%. In addition to paying interest on outstanding loans under the Norwegian Epic Credit Agreement, Norwegian Epic is required to pay commitment fees on the undrawn portion of the commitments under the Norwegian Epic Credit Agreement and customary agency fees.Norwegian Epic may voluntarily and permanently terminate the commitments under the Norwegian Epic Credit Agreement, in whole or in part, at any time, subject to payment, NCLH said.
Royal Caribbean increases its revolving credit capacity
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- Written by Teijo Niemelä Teijo Niemelä
- Category: Top Headlines Top Headlines
- Published: 10 March 2020 10 March 2020
Royal Caribbean Cruises Ltd today announced that due to the spread and recent developments related to the COVID-19 outbreak, the company has increased its revolving credit capacity by $550 million bolstering the company’s liquidity. The company is pursuing additional actions to improve its liquidity by reducing capital expenditures, operating expenses and taking other actions to improve liquidity by at least a further $1.7 billion in 2020. The company is also planning reductions to the 2021 capital expenditures and operating expenses.
The company had previously communicated that its 2020 guidance did not include the impact of the COVID-19 outbreak. Given the recent government actions and the heightened impact and uncertainty of changes in the magnitude, duration and geographic reach of COVID-19, the company is withdrawing its first quarter and full-year 2020 guidance.
“These are extraordinary times and we are taking these steps to manage the company prudently and conservatively,” said Richard D. Fain, chairman and CEO. “I am proud of the work our teams are doing to address this unprecedented situation.”
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