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Impact of COVID-19 on the Global Cruise industry: Hot Topic Brief - Issue 1

  • ID: 5010882
  • Report
  • March 2020
  • Region: Global
  • 16 pages
  • GlobalData
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FEATURED COMPANIES

  • Carnival Corporation
  • MSC
  • Norwegian Cruise Line
  • Royal Caribbean
  • Virgin Voyages
  • MORE
Impact of COVID-19 on the Global Cruise industry: Hot Topic Brief - Issue 1

Summary

COVID-19, commonly referred to as the Coronavirus, is dominating headlines the world over. The travel & tourism sector is suffering significant disruption and the cruise industry is being greatly impacted.

Key Highlights
  • Many operators have temporarily suspended all voyages, with many others cancelling a number of cruises. This comes in an unprecedented week for the industry, as share prices have plummeted. Carnival’s stock has dropped by nearly 60% while Royal Caribbean and Norwegian have lost more than 70% of their value over the past 30 days.
  • The influence of the cruise industry is far reaching. Many small island nations rely heavily on the jobs and cash flow that ships provide.
  • According to Skift, the cruise industry contributes $2 billion to the Caribbean each year.
  • This results in a 5.9% contribution to some nations’ entire GDP, as is the case with St Kitts and Nevis.
  • A fall in cruise tourism could be disastrous for these kinds of countries and the many people that rely on tourism for their livelihoods.
  • The short term goal for cruise businesses at this stage is undoubtedly survival. This will most likely mean obtaining loans or government intervention to keep companies afloat.
  • Long term, businesses have to deal with the disastrous reputational damage that has been caused over the past few weeks.
  • One thing is for certain, the cruise industry faces a long struggle to ensure its survival.
Scope
  • This report provides insight into the current state of play, offers a look at potential future scenarios and assesses the actions that cruise lines can take to mitigate the impact of COVID-19.
Reasons to Buy
  • Gain an overview of the current global COVID-19 situation
  • Understand the impact that COVID-19 is having on the industry
  • Explore future industry scenarios
  • Assess possible mitigating actions
  • Compare key industry players' actions
Note: Product cover images may vary from those shown
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FEATURED COMPANIES

  • Carnival Corporation
  • MSC
  • Norwegian Cruise Line
  • Royal Caribbean
  • Virgin Voyages
  • MORE
Analyst’s Overview

Current COVID-19 Situation

Industry Impact

Future Scenarios

Actions to mitigate the impact of COVID-19

References
Note: Product cover images may vary from those shown
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  • Carnival Corporation
  • MSC
  • Royal Caribbean
  • Norwegian Cruise Line
  • Virgin Voyages
Note: Product cover images may vary from those shown
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