Why Royal Caribbean, Carnival, and Norwegian Cruise Line Stocks Plunged Today

What happened

Shares of Royal Caribbean (NYSE:RCL) sank on Tuesday after the cruise ship company said it was seeking to raise another $1 billion to fund its operations during the coronavirus pandemic. Fellow cruise ship operators Carnival (NYSE:CCL) (NYSE:CUK) and Norwegian Cruise Line Holdings (NASDAQ:NCLH) also fell on the news.

As of 10:40 a.m. EDT, Royal Caribbean, Carnival, and Norwegian Cruise Line Holdings were down 10%, 6%, and 6%, respectively.

So what

With most of its fleet unable to leave port due to COVID-related sailing restrictions, Royal Caribbean has suffered heavy losses during the coronavirus crisis. In just the first six months of 2020, it generated a net loss of $3.1 billion. 

Unfortunately, those losses are set to grow even larger in the coming months. Royal Caribbean said that while it hopes to resume voyages by Dec. 1, it could “provide no assurance” that it will be able to restart

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Carnival, Royal Caribbean, and Norwegian Cruise Line Might Not Sail Until 2021

Carnival (NYSE:CCL)(NYSE:CUK) tried to dip its feet into the chilly November waters, but it’s now joining its smaller rivals in hoping for a December relaunch. Things could get worse. If the Centers for Disease Control and Prevention (CDC) reportedly has its way, we may have to wait until at least February to get the out-of-favor cruising industry back in business. 

The moment the CDC extended its No Sail Order until the end of October, we saw Royal Caribbean (NYSE:RCL) and Norwegian Cruise Line Holdings (NASDAQ:NCLH) cancel all U.S.-originating sailings until early December. With the CDC extending the order a few times now — and often near the end of the travel ban — they didn’t want to be caught with displaced passengers scrambling at the port for nixed voyages. Carnival initially decided on a clever gamble. It would move most of its future cruises until at least December, but

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Carnival cancels November sailings from Port Canaveral, Miami

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The Carnival Liberty is one of three Carnival Cruise Line ships with December sailings scheduled from Port Canaveral. (Photo: FILE)

Carnival Cruise Line on Monday canceled its November sailings from Port Canaveral, saying they “will not be feasible,” even if a federal no-sail order is lifted by then.

Cruising has been shut down at Port Canaveral and other U.S. ports since mid-March because of the coronavirus pandemic.

Carnival was hoping to resume sailings from Port Canaveral and PortMiami in November, assuming the Centers for Diseases Control and Prevention does not extend its no-sail order beyond its current Oct. 31 end date.

But Carnival on Monday announced it will wait until at least December to start sailing again.

More: Federal ‘no-sail order’ for cruise ships extended again, now until Oct. 31

More: Port Canaveral commissioners OKs budget that includes reduced payments to Sheriff’s Office

“Carnival continues to work on protocols

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Carnival Cruise Line cancels cruises through November

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Cruisers disembark from the Carnival Sensation at PortMiami on Monday, March 9, 2020, one day after the U.S. Centers for Disease Control and Prevention advised all Americans to avoid cruise ships because they are exceptionally dangerous for COVID-19 spread.

cjuste@miamiherald.com

Less than two weeks after Carnival Cruise Line said it would begin to restart cruises from PortMiami and Port Canaveral on Nov. 1, on Monday the company canceled all cruises through the end of November.

Cruises are currently banned in the U.S. through Oct. 31 after the White House blocked the U.S. Centers for Disease Control and Prevention from extending its “no-sail” order until February 2021 as it had planned. The industry first shut down passenger cruises in mid-March amid COVID-19 outbreaks on several ships.

Carnival Cruise Line was the only major cruise company that said it intended to restart limited cruising Nov. 1. All others previously canceled

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Carnival Cruise Line Cancels Miami And Port Canaveral Cruises For November 2020

MIAMI, Oct. 12, 2020 /PRNewswire/ — Carnival Cruise Line has notified guests and travel agents that it is cancelling the remaining cruises for the six total ships operating from PortMiami and Port Canaveral for November 2020. 

It has also cancelled five cruises scheduled to operate from Sydney, Australia from Jan. 16 – Feb. 8, 2021.

Following the U.S. Centers for Disease Control’s (CDC) decision to extend its no-sail order for cruise operations until Oct. 31, Carnival cancelled all but PortMiami and Port Canaveral cruises for the rest of the year.  It has now determined that November 2020 operations will not be feasible.

Carnival continues to work on protocols and procedures that would allow for the resumption of cruise operations, with a gradual, phased-in approach, designating Miami and Port Canaveral as the first two homeports for embarkations.  Cruises currently scheduled for December from those two homeports remain in

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Zoom, GE, Etsy, Carnival Cruise & more

Check out the companies making headlines in midday trading. 

Zoom Video — Shares of the video conferencing company gained more than 3% after Mizuho initiated coverage on the stock with a buy rating and $550 target. “We believe Zoom can continue to deliver outsized revenue growth due to its position as a market leader, its global recognition, cross-sell opportunities, and its position in a growing and underpenetrated long-tail market,” the firm said. Shares are up more than 600% this year.

NXP Semiconductors — The semi company jumped 4% after lifting its guidance for the previous quarter. “We experienced material improvement in demand across all end markets, but particularly in the automotive and mobile end markets,” NXP said in a statement.

Carnival, Norwegian Cruise Line, Royal Caribbean — Cruise operator stocks rose after the White House announced Vice President Mike Pence will meet with industry officials later in the day. Carnival

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Carnival cruise brands Costa, AIDA return to seas in Europe

While would-be cruise passengers in the U.S. remain on dry land amid the COVID-19 pandemic, some European cruise lines have been able to return to the seas.



A Costa Atlantica cruise ship is pictured as it makes its maiden call at the Marina Bay Cruise Centre in Singapore on May 3, 2013. The 85,700-ton, 2,680-total guest ship is the largest deployed to the region by Costa Cruises, one of the brands under Carnival, which is the world's largest cruise group.     AFP PHOTO / ANNABELLE LIANG        (Photo credit should read ANNABELLE LIANG/AFP/Getty Images)


© ANNABELLE LIANG/AFP/Getty Images
A Costa Atlantica cruise ship is pictured as it makes its maiden call at the Marina Bay Cruise Centre in Singapore on May 3, 2013. The 85,700-ton, 2,680-total guest ship is the largest deployed to the region by Costa Cruises, one of the brands under Carnival, which is the world’s largest cruise group. AFP PHOTO / ANNABELLE LIANG (Photo credit should read ANNABELLE LIANG/AFP/Getty Images)

Carnival Corporation said on Thursday that one of its European cruise brands has resumed limited operations and another is set to soon.

In Italy, the Costa Deliziosa and Costa Diadema have already carried guests on successful voyages after its coronavirus shutdown, and the German cruise line AIDA is set to return to sailing next

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Carnival Cruise Update Doesn’t Stop the Bleeding

Marina113 / Getty ImagesOn September 30, the U.S. Centers for Disease Control and Prevention (CDC) extended for another month its no-sail order for cruise ships. The current date for lifting the ban is October 31. The CDC had proposed extending the order through mid-February, but the Trump administration blocked the longer extension after Florida’s tourism industry made clear its strong opposition to the four-and-a-half month ban.

Over the past month, shares of Carnival Corp. & PLC (NYSE: CCL) had seen its share price plunge nearly 26%, before recovering about half the loss as of Wednesday’s close. The company issued a business update on Thursday morning that is weighing on shares again, however.

Carnival has restarted sailing on two ships of its Costa Cruises line and plans to begin sailing on its AIDA line. The company said the first cruises will sail with fewer passengers and enforce enhanced health protocols.

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Carnival Corporation & plc Provides a Business Update

MIAMI, Oct. 8, 2020 /PRNewswire/ — Carnival Corporation & plc (NYSE/LSE: CCL; NYSE: CUK) provides a business update.

Carnival Corporation & plc President and Chief Executive Officer Arnold Donald noted, “We have come full circle from initiating a suspension in the early days of the pandemic, to transitioning the fleet into a pause status, right sizing our organization and, now, embarking on the phased resumption of guest operations, underway in two of our world leading cruise brands, Costa in Italy and AIDA in Germany. We have accelerated the sale of less efficient ships, enabling us to capitalize on pent up demand on reduced capacity and structurally lower our cost base, while retaining our most cash generating assets. We are taking aggressive actions managing the balance sheet and reducing capacity to position us to weather this disruption and also emerge a leaner, more efficient company, reinforcing our industry leading

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Carnival, Royal Caribbean, Norwegian cancel most 2020 US cruises as CDC extends ban

Carnival Cruise Line is canceling most U.S. sailings through the end of this year.

It’s the latest sign that the cruise industry’s recovery from the coronavirus pandemic could still be many months away.

Carnival says it’s canceling sailings from all ports except its home ports of Miami and Port Canaveral, Florida, but it stressed that it still might not sail from those ports in November and December.

Carnival’s announcement came the day after the U.S. Centers for Disease Control and Prevention extended a ban on large cruises in U.S. waters through Oct. 31.

Carnival isn’t the only cruise liner canceling trips because of COVID-19 – Royal Caribbean and Norwegian also announced they are canceling cruises.

Norwegian Cruise Line Holdings, which operates the Norwegian Cruise Line, Oceania Cruises, and Regent Seven Seas Cruises, announced that it was suspending all its cruises through Nov. 30.

“The Company will continue to work in

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