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SS/RCCL Finances: Improving, Options, Questions??!!


TLCOhio
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22 hours ago, AmazedByCruising said:

So while I would have liked CCL to be at $22 instead of $18.90, those 2 percent up, 3 percent down are the mood of the day, not the volatility to be expected in a year. That's either CCL going bankrupt or CCL returning to business as usual. I'm leaving my chips on the latter 🙂

 

As well as I am.  I have been through too many of these "rough patches" with CCL to head for the lifeboats now.  

 

Will the "business be as usual"?  That, I think, is to be determined.  The cruising experience for the guest may be changed from what those of us who began cruising many years ago, but, for those new to cruising, it will be a new and very welcoming experience.  The sounds and sights of the sea will not change.  The night sky in mid-ocean on a clear night will not change.  Hopefully, the shipboard experiences will appeal to new cruisers.  I believe that there will be a continuing market for cruises.  

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On 1/29/2022 at 11:07 AM, RetiredandTravel said:

The cruise lines appear to be in a race to see if they can fill enough rooms to quickly pay down the debt.  The interest rate the cruise lines pay is facing two strong headwinds to drive rates higher.  1) the Fed is tightening which impacts over all interest rates and 2) the Fed is winding down Quantitative Easing which could adversely impact the credit spreads. 

 

Very good additional insights and follow-ups above from RetiredandTravel and also by our SW Ohio neighbor.  Interesting comment of "I have been through too many of these 'rough patches' with CCL to head for the lifeboats now."  Agree about "I believe that there will be a continuing market for cruises."  But, who will still be around and offering what types of products, to where?

 

From Forbes Magazine this morning, they had this headline: Pandemic Losers. The 10 Worst Performing US Companies with these highlights:Pandemic winners came from many different industries but most losers were from travel and tourism. Not really a big surprise.  Norwegian Cruise Line is at the bottom of a list of companies whose stock price declined the most since January 13 2020. It is followed by Carnival Cooperation, a close competitor and the third big cruise line operator, Royal Caribbean, also makes the list.  But even in struggling industries companies have options.  Take the cruise operators. It’s no coincidence that Norwegian with the lowest pre-pandemic cash reserves is at the bottom. In tough times solid finances give you an edge. A study of century champions revealed that those who took a more conservative approach were more likely to survive and thrive.

 

Here is more from their analysis: "Norwegian, being ill prepared for the downturn, was the worst performer.  '[Of the] big three operators Norwegian had the lowest amount of cash reserves when the Covid-19 outbreak started with around $225 million,' Ben Cordwell, GlobalData travel and tourism analyst, explains. In May they narrowly avoided bankruptcy, raising $2.2 billion from investors. Royal Caribbean not only had more cash, but also raised equity to strengthen its balance sheet.  Looking ahead, there is more bad news for Norwegian. The company faced legal troubles over its marketing practices during the pandemic. The bad publicity will make it more difficult to bring passengers back on board."

 

Full story at:

https://www.forbes.com/sites/christianstadler/2022/01/31/pandemic-losers-the-10-worst-performing-us-companies/?sh=33695c2f46a2

 

THANKS!  Enjoy!  Terry in Ohio

 

From late 2018, see “Holy Lands, Egypt, Jordan, Oman, Dubai, Greece, etc.”, with many visuals, details and ideas for the historic and scenic Middle East. Now at 20,463 views.  Connect at:

www.boards.cruisecritic.com/topic/2607054-livenautica-greece-holy-lands-egypt-dubai-terrypix’s/

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On 1/31/2022 at 9:25 AM, TLCOhio said:

Here is more from their analysis: "Norwegian, being ill prepared for the downturn, was the worst performer.

 

From my analysis of NCL that spans several years--based on their financial condition, history of the Company and the Executives that have led the Company, and reports of the onboard cruise experiences offered on their ships--I have never considered an investment in this Company.  I am comfortable with my investments in RCI and CCL, but, NCL, no.  

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15 hours ago, rkacruiser said:

From my analysis of NCL that spans several years--based on their financial condition, history of the Company and the Executives that have led the Company, and reports of the onboard cruise experiences offered on their ships--I have never considered an investment in this Company.  I am comfortable with my investments in RCI and CCL, but, NCL, no.  

 

Agree from reading many financial reports over the past two years, NCL has generally been considered the weakest in finances of the three major cruise companies.  Very good follow-up comment.  

 

From this financial website connected below yesterday, they had this headline: Why Carnival and Other Cruise Stocks Popped Tuesday with these highlights: “Cruise tourism stocks floated higher Tuesday as positive news on the COVID-19 front gave investors more reason to hope that the crisis stage of the pandemic may be heading toward its end. At the close of trading, Carnival stock was up a healthy 5.7%, while Norwegian Cruise Line was up by 3.7%, and Royal Caribbean  had sailed ahead by about 4.4%.  Tuesday's coronavirus news came on two fronts: statistics and regulations.  ABC News reported that across the U.S., the numbers of daily new coronavirus infections are now only rising in five states: Idaho, Maine, Minnesota, Montana, and Washington. In addition, the American Academy of Pediatrics and the Children's Hospital Association say the surge in pediatric COVID-19 cases has peaked. Meanwhile, the percentage of the population that is fully vaccinated against the coronavirus has inched up to 63.8%, and CNBC reports that nearly 250 million Americans have received at least one vaccination shot.   On the regulatory front, a number of countries are slowly starting to relax the more stringent rules. Austria announced last week that it is ending its lockdown on unvaccinated citizens, France and the Netherlands are relaxing their rules, Sweden promises to loosen restrictions next week, and England is lifting essentially all restrictions. Additionally, Denmark on Tuesday lifted most of its pandemic-related restrictions.  Whether you applaud these moves or think those countries are letting down their guard too soon, the implications for investors in cruise line operators -- and other companies in the travel and tourism sector -- seem clear.

 

Full story at:

https://www.msn.com/en-us/travel/news/why-carnival-and-other-cruise-stocks-popped-tuesday/ar-AATneEG?ocid=BingNewsSearch

 

THANKS!  Enjoy!  Terry in Ohio

 

Summer 2019 Calgary, Jasper/Banff National Parks, Western Canada Rocky Mountaineer rail adventure, Vancouver, sailing up to Alaska on Silver Muse, post-cruise excursion to Denali, etc.  Many visuals and details from our first in these scenic areas!  Live/blog: 

https://boards.cruisecritic.com/topic/2682584-live-terryohio-silver-muse-alaska-canadarockies-pix’s/

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We are going to Germany/Austria and my understanding is there are no longer tests required if you have the booster.   Everyone is tired of this thing, hopefully we are on the downside and it stays that way.

 

These companies employ tens of thousands of people the best outcome is they all survive and the stocks keep moving higher.

 

 

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Something besides the stock price is going to move higher too - and that is cruise prices.  As noted on these boards, Silversea has stumbled several times in not giving adequate notice of cancellations and changes in itineraries, but one thing it has given prior notice of is certain changes in pricing.  It gave several weeks notice before terminating the Early Booking Bonus, and has been declaring for several months that prices are going up on February 28, if not before.  Consumer price inflation in 2021 was 7% - I have to think we will see cruise prices rise at least 10%.  

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2 minutes ago, dawntrdr said:

Something besides the stock price is going to move higher too - and that is cruise prices.  As noted on these boards, Silversea has stumbled several times in not giving adequate notice of cancellations and changes in itineraries, but one thing it has given prior notice of is certain changes in pricing.  It gave several weeks notice before terminating the Early Booking Bonus, and has been declaring for several months that prices are going up on February 28, if not before.  Consumer price inflation in 2021 was 7% - I have to think we will see cruise prices rise at least 10%.  

 

Correct the SS South America (Moon) trip was a debacle.  IMO these luxury cruise line are better at pouring Champagne than crisis management.

 

It probably makes sense to go a little deeper than basic CPI, rising used car prices doesn't really impact cruise lines.    Rising oil prices have a big impact on prices.  It seems some lines hedge, some partially and some don't.   I've also noticed that hotel & restaurant prices have gone up considerably.

 

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22 hours ago, dawntrdr said:

Something besides the stock price is going to move higher too - and that is cruise prices.  As noted on these boards, Silversea has stumbled several times in not giving adequate notice of cancellations and changes in itineraries, but one thing it has given prior notice of is certain changes in pricing.  It gave several weeks notice before terminating the Early Booking Bonus, and has been declaring for several months that prices are going up on February 28, if not before.  Consumer price inflation in 2021 was 7% - I have to think we will see cruise prices rise at least 10%.  

 

Appreciate ALL of these very good comments and interesting follow-ups.  Yes, cruise prices are likely to go up.  BUT, cruise lines like to fill up their ships and make money selling the "extras" that are key profit centers.  That does not apply as much with Silversea in being mostly all-inclusive, but on many of the larger, mass-market ships, they need those bigger margins from selling booze, spa, tours, gaming, etc.  

 

From Forbes business magazine this morning, they had this headline: Carnival Stock Still Remains 60% Below Pre-Covid Levels. Is There An Opportunity Here? with these highlights:Carnival stock, the largest cruise line operator in the U.S., has declined by almost 2% year-to-date, outperforming the broader S&P 500 which remains down by about 5% over the same period. The outperformance comes as investors likely believe that the worst stages of the Covid-19 pandemic are over, given the steady decline in omicron virus cases in the U.S. Moreover, countries are also looking to treat Covid as an endemic disease and this could reduce the likelihood of bans or strict regulations on cruises going forward. The markets also appear positive about Carnival’s recovery, with the consensus estimate for 2022 revenues standing at about $15 billion, which translates to close to 75% of 2019 revenues and consensus 2023 revenue forecasts approaching 95% of 2019 levels. Now despite the improved outlook Carnival stock trades at about $21 per share, which marks a discount of about 60% from its pre-Covid-19 levels seen in January 2020.  So is there an opportunity here for investors? Now although the stock remains depressed well below 2020 levels, Carnival’s enterprise value - which is defined as market cap plus total debt less liquidity - has actually risen past its pre-pandemic levels to about $47 billion due to Carnival’s debt issuances. Carnival’s total debt stood at $33 billion as of the end of Q4 2021 and it could take a long time before it reduces leverage and possibly drives returns for shareholders.

 

Here is more from their analysis: "With interest rate hikes on the horizon, it could eventually drive up interest costs if the company needs to refinance debt. Separately, despite the recent optimism surrounding the decline in Covid cases, there may be a possibility of new virus variants following omicron and that could prove a lingering risk to the cruising industry.  Carnival stock has fared quite well recently, rising by almost 22% over the last month, compared to the broader S&P 500 which has gained just 1% over the same period."

 

Full story at:

https://www.forbes.com/sites/greatspeculations/2022/02/03/carnival-stock-still-remains-60-below-pre-covid-levels-is-there-an-opportunity-here/?sh=5ba2d3aa75e5

 

THANKS!  Enjoy!  Terry in Ohio   

 

Barcelona/Med: June 2011, with stops in Villefranche, ports near Pisa and Rome, Naples, Kotor, Venice and Dubrovnik. Great visuals with key highlights, tips, etc. Live/blog now at 254,353 views.

www.boards.cruisecritic.com/showthread.php?t=1426474

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From a website connected with the Wall Street Journal this afternoon, they had this headline: Royal Caribbean may finally be confident enough to provide long-term financial guidance with these highlights:Cruise operator expected to report first post-pandemic quarter of more than $1 billion in revenue. Can it break the 5-quarter streak of revenue misses?  Royal Caribbean Group looks poised to report the first billion-dollar quarter since the pandemic.  The Florida-based cruise operator is scheduled to report fourth-quarter results on Friday, before the opening bell.  The stock  slumped 1.7% in afternoon trading Thursday ahead of the results. The 11 analysts that provided estimates to FactSet are expecting, on average, a per-share loss that narrows to $3.92 from $5.02 in the same period a year ago. That would mark the eighth-straight quarter of losses.  Revenue is expected to spike up to $1.04 billion, according to FactSet. That’s up from $457 million in the sequential third quarter, up from $34 million a year ago when cruising was halted and the most since the company reported $2.03 billion in revenue in the first quarter of 2020.  The question for investors is, does the cruise company have enough confidence in the outlook for cruising, amid lingering concerns over the impact of the COVID-19 pandemic, to provide long-term financial guidance for the first time in more than four years?  UBS analyst Robin Farley believes the answer is yes, which is a good sing for investors given that she said Royal Caribbean has a 'strong history' of delivering on its long-term guidance.

 

Full story at:

https://www.marketwatch.com/story/royal-caribbean-may-finally-be-confident-enough-to-provide-long-term-financial-guidance-11643913550

 

THANKS!  Enjoy!  Terry in Ohio

 

Norway Coast/Fjords/Arctic Circle cruise from Copenhagen, July 2010, to the top of Europe. Scenic visuals with key tips. Live/blog at 243,442 views.

www.boards.cruisecritic.com/showthread.php?t=1227923

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10 hours ago, TLCOhio said:

post-pandemic quarter

 

I guess I missed the memo... I thought the pandemic was still ongoing. When exactly are they saying the pandemic ended such that the latest quarter can be called "post pandemic"? 😉

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8 hours ago, cruiseej said:

I guess I missed the memo... I thought the pandemic was still ongoing. When exactly are they saying the pandemic ended such that the latest quarter can be called "post pandemic"? 😉

 

Agree that there are a variety of opinions as to when and how we shift gears from being in a "shut-down" approach to learning to "LIVE WITH IT".  Nothing is clear, simple and easy.  

 

RCL stock is down significantly this morning.  See below.  More later after I have time to catch up on the corporate briefing with the financial experts, etc.  Still in the Florida Keys and heading to Miami before heading back on Monday to the super cold and ice-covered Midwest.  

 

THANKS!  Enjoy!  Terry in Ohio   

 

Sydney to NZ/Auckland Adventure, live/blog 2014 sampling/details with many exciting visuals and key highlights.  On page 23, post #571, see a complete index for all of the pictures, postings.  Now at 235,056 views.

www.boards.cruisecritic.com/showthread.php?t=1974139

 

From the Wall Street Journal, here is the opening chart after the early opening for the value of Royal Caribbean.  Down significantly??!!  How much was their release of latest quarterly data by the new CEO, etc.?:

(Open your screen/viewer wider to see this visual larger/better!)

521943587_ScreenShot2022-02-04at9_55_55AM.thumb.png.2704e546ed6129b92197cd81a709f134.png

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From the Motley Fool article: "The ultimate scorecard is how a company holds up relative to analyst estimates."

 

That tells you why no one should follow too closely the machinations of stock prices. A bunch of people take their guesses at how much revenues and earnings will be, and if it turns out their guesses were off, the company (and its investors) get punished. The stock taking a steep dip doesn't mean the company is in trouble, and it doesn't mean stockholders are selling their shares because they don't believe the company is a worthwhile investment any more. It only means that a small number of "Wall Street pros were modeling" and guessed wrong — and then get to declare that because their guesses were off, the company "missed earnings estimates". What a crazy system!

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Companies management actually give analysts guidance for earnings estimates and a quality management team will set realistic targets and exceed them.  Most analysts will do channel checks to substantiate their "estimates" but as we've so often seen it does at times look to include some guessing.  Given the enormous amount of uncertainty around the cruise industry I would probably give them a break in this case.

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1 hour ago, RetiredandTravel said:

Companies management actually give analysts guidance for earnings estimates and a quality management team will set realistic targets and exceed them.  Most analysts will do channel checks to substantiate their "estimates" but as we've so often seen it does at times look to include some guessing.  Given the enormous amount of uncertainty around the cruise industry I would probably give them a break in this case.

 

Appreciate these very good financial background comments and follow-ups from RetiredandTravel and cruiseej.    

 

From Bloomberg News this morning, they had this headline: Royal Caribbean Posts Another Loss as Omicron Weighs on Cruise Bookings with these highlights: “Royal Caribbean Cruises Ltd. posted its eighth-consecutive quarterly loss, missing analysts’ estimates, as the omicron Covid-19 variant hampered demand for cruise travel.  Royal Caribbean reported an adjusted loss per share of $4.78 in the fourth quarter, worse than the $3.77 loss projected by analysts surveyed by Bloomberg. Revenue and occupancy levels also missed expectations.  Like its peers in the cruise industry, Royal Caribbean essentially shuttered operations for more than a year when the pandemic began. It has faced a bumpy restart since it resumed U.S. cruise operations in the middle of last year, with new Covid-19 variants further challenging consumers’ appetite for vacations at sea.  'The travel industry has experienced significant short-term disruptions due to the Omicron variant,' the company said Friday. 'Such disruptions intensified during the holiday season and in early January, with the spread of the variant, and impacted the company’s cancellations and bookings for near-term sailings.'  Royal Caribbean said omicron hurt bookings for the first half of 2022 and will likely delay its 'return to profitability by a few months.'  The company expects operating cash flow will be positive in late spring, and it sees a return to profitability in the second half of this year.  Royal Caribbean reiterated its return-to-service projections, with 53 of 62 ships in service by the end of the first quarter and the entire fleet sailing by the summer.” 

 

Full story at:

https://www.msn.com/en-us/money/companies/royal-caribbean-posts-another-loss-as-omicron-weighs-on-cruise-bookings/ar-AATtqBx?ocid=BingNewsSearch

 

THANKS!  Enjoy!  Terry in Ohio

 

Venice: Loving It & Why??!!  Is one of your future desires or past favorites? See these many visual samples for its great history and architecture.  This posting is now at 94,089 views.

http://boards.cruisecritic.com/showthread.php?t=1278226

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From a travel industry publication this afternoon, they had this headline: For Royal Caribbean Group, omicron is nearly in the rearview mirror with this sub-headline: “The impact of the Covid-19 omicron variant will delay Royal Caribbean Group's return to profitability, but booking levels are back to pre-omicron levels." 

 

Here are some of their story highlights: " 'Omicron created short-term operational challenges that have unfortunately weighed on close-in bookings,' said Royal Caribbean Group CEO Jason Liberty during its fourth-quarter earnings call. 'While the timing of omicron was particularly unfortunate for the first half of 2022 bookings and will likely delay our return to profitability by a few months, we do not expect it to impact our overall recovery trajectory and the strong demand for cruising.'  Leading up to the omicron surge, bookings had been sequentially higher than they were in the third quarter, Royal Caribbean said. Then omicron dampened demand in December.  However, as omicron has subsided, bookings have increased with each consecutive week since the beginning of 2022 and are already back to pre-omicron levels. 'The more the positivity rate drops, the more the bookings increase,' said Royal Caribbean International CEO Michael Bayley. 'It's becoming quite typical.' Bayley said the same pattern occurred in the U.K., where omicron peaked before it did in the U.S.  Royal now expects that the traditional Wave season -- the busy booking period in first three months of the year -- will be 'delayed and extended.'  Royal Caribbean Group said that during 2021, the brands carried approximately 1.3 million guests and achieved record guest-satisfaction scores and record onboard spending per passenger.”

 

Full story at:

https://www.travelweekly.com/Cruise-Travel/Royal-Caribbean-earnings-Q4-2021

 

THANKS!  Enjoy!  Terry in Ohio

 

Amazon River-Caribbean 2015 adventure live/blog starting in Barbados. Many visuals from this amazing river and Caribbean Islands (Dutch ABC's, St. Barts, Dominica, Grenada, San Juan, etc.).  Now at 69,339 views:

www.boards.cruisecritic.com/showthread.php?t=2157696

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It was an "up-and-down" week for the three major cruise lines.  Royal Caribbean was hit the hardest today with the release of their quarterly and year-end data. 

 

Reactions and meanings?  Future predictions??

 

THANKS!  Enjoy!  Terry in Ohio

 

AFRICA?!!?: Fun, interesting visuals, plus travel details from this early 2016 live/blog. At 52,253 views. Featuring Cape Town, South Africa’s coast, Mozambique, Victoria Falls/Zambia and Botswana's famed Okavango Delta.

www.boards.cruisecritic.com/showthread.php?t=2310337

 

 

From the Wall Street Journal late Friday afternoon, below are the charts for the past week as to how the stock market experts have been rating/guessing on the future cruise line market values.:

(Open your screen/viewer wider to see these visuals larger/better!)

240866137_ScreenShot2022-02-04at4_10_27PM.thumb.png.32bcc1c23be670ac4fc2cc90e9a623d0.png

 

578732515_ScreenShot2022-02-04at4_10_57PM.thumb.png.62693005a003bcf0dd51f4e880f66aff.png

 

1088782797_ScreenShot2022-02-04at4_11_22PM.thumb.png.2de2c5866eb94ef65fd3e09300ed6fb9.png

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Interesting to read in The Motley Fool article that onboard spending per passenger has never been higher.  That has been true in CCL's reports as well, I recall.  What does that mean?  People have money to spend and if they choose to travel, they are going to spend it.  Good news for the leisure industry.  

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5 hours ago, rkacruiser said:

Interesting to read in The Motley Fool article that onboard spending per passenger has never been higher.  That has been true in CCL's reports as well, I recall.  What does that mean?  People have money to spend and if they choose to travel, they are going to spend it.  Good news for the leisure industry.  

 

People have been saving a lot in the last 2 years. I'd think they want the very best vacation ever because they feel they deserve it, at any price, and they have the money to pay for that. Of course the definition of a very best vacation is a cruise 🙂 

 

All that money goes to a few players that have the ships and a brand. 

 

We're reaching the peak of Omicron in weeks now, some countries already report that numbers are already going down. Maybe a ship has guests testing positive, but so did the neighbors, my sister, and 6 kids in class just last week. Not cruising because of Covid was reasonable a year ago, but there is not much extra danger on a ship anymore.

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4 hours ago, AmazedByCruising said:

 

 

People have been saving a lot in the last 2 years. I'd think they want the very best vacation ever because they feel they deserve it, at any price, and they have the money to pay for that. Of course the definition of a very best vacation is a cruise 🙂 

 

All that money goes to a few players that have the ships and a brand. 

 

We're reaching the peak of Omicron in weeks now, some countries already report that numbers are already going down. Maybe a ship has guests testing positive, but so did the neighbors, my sister, and 6 kids in class just last week. Not cruising because of Covid was reasonable a year ago, but there is not much extra danger on a ship anymore.

 

Dangers from COVID is one thing. Being quarantined for 10 days is a new ball game and not a nice one. 

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3 hours ago, les37b said:

 

Dangers from COVID is one thing. Being quarantined for 10 days is a new ball game and not a nice one. 

 

True, but I think we're near the point where quarantines are becoming useless. There are not many people left without vaccinations or previous infections, especially on ships. Also, you can lock up people who test positive, but they will have infected other guests and crew first. Unless the US adopts a China-like policy to try to stamp out the virus, which is obviously not going to happen, there will be people spreading Covid in every school, every restaurant, and every ship no matter how many tests are done and how many are quarantined. 

 

I think it will soon be like how Noro is treated; if you tell the medical staff that you might have a problem, you get locked up or can't even sail. If you don't there are Martinis and music waiting for you. 

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6 hours ago, les37b said:

 

Dangers from COVID is one thing. Being quarantined for 10 days is a new ball game and not a nice one. 

 

IMO Quarantine is the biggest risk at this point.  We're both vaccinated and boosted, we take precautions, we're older but in reasonably good health.   Our biggest concern for our upcoming Germany trip is to test positive when we start home to the US.   Quarantine involves time, money and the unknown.  The risk of serious illness is pretty remote for boosted people from Omicron.

 

Many people are moving on from Covid, just living their lives.  I bet the cruise industry will see a busy summer.  I'm not saying people are throwing caution to the wind but they are living with it.

 

 

 

 

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1 hour ago, RetiredandTravel said:

 

Agree that this Crystal story is not pretty and/or clear.  From the New York Post this morning, it is their top story on their website with a rather punchy headline.  See below.  Their lead sentence is:A luxury cruise ship operator is underwater — and left passengers high and dry.

 

That is a writing style not on the "subtle" or shy side. But, true!!  Agree with a poster on another board that there will be passengers losing lots and lots on advanced deposits and payments.  But, certain "Crystal Cheerleaders" are still not facing reality and hope for a return to service soon.   Very sad for the crew members who might be stuck getting home, etc.  Interesting story where the "final chapter" has not yet been written. 

 

Full story at:

https://nypost.com

 

THANKS!  Enjoy!  Terry in Ohio

 

Kotor/Montenegro:  Exciting visual samples, tips, details, etc., for this scenic, historic location. Over 48,876 views.

http://boards.cruisecritic.com/showthread.php?t=1439193

 

On that NY Post website, here is the graphic for their lead story.  As always, this newspaper has a unique way to summarize situations in a just a few words.  Sad!.:

(Open your screen/viewer wider to see this visual larger/better!)

196374594_ScreenShot2022-02-06at7_49_12AM.thumb.png.e0b98ed2faff8c7390292c881f49b86e.png

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Good news for Royal Caribbean stockholders.  As shown below from the early afternoon Wall Street Journal, their stock is up, UP significantly today.  Why?  How long will it sustain this rise/recovery?  The other two major lines were also up, so far, today by around that 7% margin.  

 

THANKS!  Enjoy!  Terry in Ohio

 

29890710_ScreenShot2022-02-07at1_00_43PM.thumb.png.18075f5f66c0eb195b913ed0db8fff7e.png

 

 

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