General Industry

Norwegian Cruise Line Warns Of 'Insignificant' Second-Quarter Revenue

By Dave Simpson
Norwegian Cruise Line Warns Of 'Insignificant' Second-Quarter Revenue

Norwegian Cruise Line Holdings Ltd has said that it expects little revenue in the second quarter as the COVID-19 pandemic has brought global tourism to a standstill and forced the company to suspend all voyages for months.

Crushed by a wave of cancellations and steep fall in bookings, the company said that it plans to raise approximately $925 million in two new bond offerings to ride out the rest of the year and repay a $675 million credit line.

It also plans on raising another $250 million in a new equity offering.

Norwegian said that it expects to report "insignificant" revenue, and cash and cash equivalents of approximately $2.2 billion for the second quarter ended June 30.

Still Within Historical Averages

Bookings for 2021 are still within historical averages, Norwegian said, but warned that a global economic downturn could hit demand further.

News by Reuters, edited by Hospitality Ireland. Click subscribe to sign up for the Hospitality Ireland print edition.