Royal Caribbean Shortens Final Payment Due Date, NCL Borrows

Editorial Summary

Doug Parker reports on several significant developments within the cruise industry. Royal Caribbean is implementing changes for bookings of fifteen nights or longer, which include higher deposit requirements and an earlier final payment deadline. Final payments for these longer voyages will now be due 120 days before departure instead of the previous 90 day window. These changes do not affect passengers who have already booked. In financial news, Norwegian Cruise Line Holdings plans to secure a 790 million dollar loan using fourteen ships as collateral to settle existing debt. The company currently holds 13.1 billion dollars in debt, which is the lowest among the three major cruise operators. Additionally, the Grand Bahama Shipyard in Freeport is undergoing a 600 million dollar transformation project. This expansion includes adding two floating dry docks to allow the facility to service all cruise ship classes, including Icon and Oasis class vessels. This project follows a recent incident involving a crane collapse on Oasis of the Seas. Finally, the report notes a decline in cruise line stocks for Carnival Corporation, Royal Caribbean, and Norwegian Cruise Line on Wednesday.

Written by TripBacon from this video's transcript.