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

[TLCOhio]

As detailed earlier this morning, today ended up being a very negative day for the cruise ship companies from Wall Street's perspective.  From the chart below for Royal Caribbean, it shows their stock was down nearly 4% today.  As one point today, RCL dropped down to only about $60 a share.  Carnival finished down 3.8% and Norwegian dropped negative 3.3%.  

 

Yes, the overall market was down today, but it was not nearly as big of a drop as hit the cruise stocks.  Then, most surprising to me, the overall travel/leisure/hospitality group of stocks were down -6.1%.  Ouch!!   Investors see things over the horizon that they do not like??  Right or wrong?

 

But, maybe, here's good news from this web financial website analysis with this headline: "Royal Caribbean Upgraded to Buy: Here's What You Should Know."  

 

Here are some of their highlights for why: "Investors might want to bet on Royal Caribbean, as it has been recently upgraded to a Zacks Rank #2 (Buy). This rating change essentially reflects an upward trend in earnings estimates.  The Zacks rating relies solely on a company's changing earnings picture. This cruise operator is expected to earn $3.30 per share for the fiscal year ending December 2023, which represents a year-over-year change of 144%.  Analysts have been steadily raising their estimates for Royal Caribbean. Over the past three months, the Zacks Consensus Estimate for the company has increased 13.7%."  Is this good speculation?  Or, not?

 

Full report at:

https://finance.yahoo.com/news/royal-caribbean-rcl-upgraded-buy-160004360.html 

 

THANKS!  Enjoy!  Terry in Ohio

 

Athens & Greece: Visuals, details from two visits in a city and nearby with great history, culture and architecture.  Now at 50,769 views.

http://boards.cruisecritic.com/showthread.php?t=1101008

 

From the Wall Street Journal, here is their RCL chart for the close of trading late Wednesday/today.  Are things moving in the right direction?:

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

[TLCOhio]

What is really happening with one of Silversea's top luxury competitors?  It's shrinking Seabourn!!  

 

From MSN News and key travel website writer Gene Sloan this afternoon, they had this headline: “One of the world’s best-known luxury cruise brands to shrink in size with ship sale” with these highlights: “Another major cruise line is downsizing in the wake of the COVID-19 pandemic.  Luxury line Seabourn on Thursday announced it had sold one of its six vessels — the 458-passenger Seabourn Odyssey — to a Japanese company that offers cruises aimed at the Japanese market.  Mitsui O.S.K. Lines will charter the vessel back to Seabourn for the next 17 months. Seabourn can continue offering all the departures that are currently on Seabourn Odyssey’s schedule. No sailings will be canceled.   Seabourn Odyssey’s last voyage for Seabourn is now Aug. 22, 2024.   First unveiled in 2009, Seabourn Odyssey is the oldest of Seabourn’s six vessels. It has sailed for the line for all its 14 years in service.”

 

Surprising?  Seabourn is owned by Carnival, the biggest of the BIG.  But, do they have too many ships and/or do they see competition getting tighter with several new luxury lines starting up, plus Silversea adding more new ship, etc.?  Any speculation?  

 

Full story at:

https://www.msn.com/en-us/travel/news/one-of-the-world-s-best-known-luxury-cruise-brands-to-shrink-in-size-with-ship-sale/ar-AA18Izfa

 

THANKS!  Enjoy!  Terry in Ohio

 

Kotor/Montenegro:  Various visual samples, tips, details, etc., for this scenic, historic location. Over 50,448 views.

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

Edited March 16, 2023 by TLCOhio

[Mr Luxury]

22 minutes ago, TLCOhio said:

What is really happening with one of Silversea's top luxury competitors?  It's shrinking Seabourn!!  

 

From MSN News and key travel website writer Gene Sloan this afternoon, they had this headline: “One of the world’s best-known luxury cruise brands to shrink in size with ship sale” with these highlights: “Another major cruise line is downsizing in the wake of the COVID-19 pandemic.  Luxury line Seabourn on Thursday announced it had sold one of its six vessels — the 458-passenger Seabourn Odyssey — to a Japanese company that offers cruises aimed at the Japanese market.  Mitsui O.S.K. Lines will charter the vessel back to Seabourn for the next 17 months. Seabourn can continue offering all the departures that are currently on Seabourn Odyssey’s schedule. No sailings will be canceled.   Seabourn Odyssey’s last voyage for Seabourn is now Aug. 22, 2024.   First unveiled in 2009, Seabourn Odyssey is the oldest of Seabourn’s six vessels. It has sailed for the line for all its 14 years in service.”

 

Surprising?  Seabourn is owned by Carnival, the biggest of the BIG.  But, do they have too many ships and/or do they see competition getting tighter with several new luxury lines starting up, plus Silversea adding more new ship, etc.?  Any speculation?  

 

Full story at:

https://www.msn.com/en-us/travel/news/one-of-the-world-s-best-known-luxury-cruise-brands-to-shrink-in-size-with-ship-sale/ar-AA18Izfa

 

THANKS!  Enjoy!  Terry in Ohio

 

Kotor/Montenegro:  Various visual samples, tips, details, etc., for this scenic, historic location. Over 50,448 views.

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

Terry,

I'm told that Seabourn were offered a big price for the Odyssey and snapped their arm off.

[TLCOhio]

23 hours ago, Mr Luxury said:

Terry,  I'm told that Seabourn were offered a big price for the Odyssey and snapped their arm off.

 

Appreciate this potential as to what drove the sale of the Seabourn ship.  On the CC Seabourn board, one of their cruise veterans suggested that parent Carnival, needing funds to pay down their huge debts, grabbed this chance to pick up some CASH.  

 

Rocky!  Is that the famous movie about the Philadelphia boxer?  Or, how this past week happened with cruise ship stocks?  Maybe, both??

 

From the Wall Street Journal below are the charts showing how very challenged it was for the three major cruise ship companies.  Several days of big, big drops and negative movements.  Why and how?  What will be next?

 

From the New York Times late this afternoon as the lead story on their website, they had this headline: “Banking Crisis Hangs Over Economy, Rekindling Recession Fear" with this sub-headline: "Borrowing could become tougher, a particular blow to small businesses — and a threat to the recovery’s staying power.”

 

Here are some of the top highlights from this Times reporting and analysis: “The U.S. economic recovery has repeatedly defied predictions of an impending recession, withstanding supply-chain backlogs, labor shortages, global conflicts and the fastest increase in interest rates in decades.  That resilience now faces a new test: a banking crisis that, at times over the past week, seemed poised to turn into a full-blown financial meltdown as oil prices plunged and investors poured money into U.S. government debt and other assets perceived as safe.  Markets calmed somewhat by the end of the week.  But even if that happened, economists said the episode would inevitably take a toll on hiring and investments as banks pulled back on lending, and businesses struggled to borrow money as a result. Some forecasters said the turmoil had already made a recession more likely.”

 

Yes, lots of questions as to the upcoming economic trends and as to how they impact consumer confidence and spending that could affect the cruise lines.  Here is more from this NYT story:  "The turmoil in the financial world comes just as the economic recovery, at least in the United States, seemed to be gaining momentum. Consumer spending, which fell in late 2022, rebounded early this year. The housing market, which slumped in 2022 as mortgage rates rose, had shown signs of stabilizing.  By early March, forecasters were raising their estimates of economic growth and marking down the risks of a recession, at least this year.  Now, many of them are reversing course. Mr. Bryson, of Wells Fargo, said he now put the probability of a recession this year at about 65 percent, up from about 55 percent before the recent bank failures."

 

Anyone owning a good Crystal Ball to predict accurately what happens next with our challenged economy?

 

Full story at:

https://www.nytimes.com/2023/03/17/business/economy/economy-banks-recession.html

 

THANKS!  Enjoy!  Terry in Ohio

 

Dubrovnik!  Visual samples, tips, details, etc., for this super scenic and historic location. Over 49,456 views.    

http://boards.cruisecritic.com/showthread.php?t=1439227

 

From the Wall Street Journal, here are their charts of the three major cruise line for the close of trading late Friday/today.  Why are not things moving in the right/best direction?  Today/Friday was not a positive day of trading.  Cruise stocks down much, much more than what happened with the overall market.:

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

 

 

 

But, it was not a just a wild week for the cruise stocks.  Below shows the rocky week for the overall S&P 500 Index.  Clearly the bank stock stirred the "pot" and made things very difficult. Right?:

[LouChamp]

On 3/15/2023 at 4:55 PM, TLCOhio said:

As detailed earlier this morning, today ended up being a very negative day for the cruise ship companies from Wall Street's perspective.  From the chart below for Royal Caribbean, it shows their stock was down nearly 4% today.  As one point today, RCL dropped down to only about $60 a share.  Carnival finished down 3.8% and Norwegian dropped negative 3.3%.  

 

Yes, the overall market was down today, but it was not nearly as big of a drop as hit the cruise stocks.  Then, most surprising to me, the overall travel/leisure/hospitality group of stocks were down -6.1%.  Ouch!!   Investors see things over the horizon that they do not like??  Right or wrong?

 

But, maybe, here's good news from this web financial website analysis with this headline: "Royal Caribbean Upgraded to Buy: Here's What You Should Know."  

 

Here are some of their highlights for why: "Investors might want to bet on Royal Caribbean, as it has been recently upgraded to a Zacks Rank #2 (Buy). This rating change essentially reflects an upward trend in earnings estimates.  The Zacks rating relies solely on a company's changing earnings picture. This cruise operator is expected to earn $3.30 per share for the fiscal year ending December 2023, which represents a year-over-year change of 144%.  Analysts have been steadily raising their estimates for Royal Caribbean. Over the past three months, the Zacks Consensus Estimate for the company has increased 13.7%."  Is this good speculation?  Or, not?

 

Full report at:

https://finance.yahoo.com/news/royal-caribbean-rcl-upgraded-buy-160004360.html 

 

THANKS!  Enjoy!  Terry in Ohio

 

Athens & Greece: Visuals, details from two visits in a city and nearby with great history, culture and architecture.  Now at 50,769 views.

http://boards.cruisecritic.com/showthread.php?t=1101008

 

From the Wall Street Journal, here is their RCL chart for the close of trading late Wednesday/today.  Are things moving in the right direction?:

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

Personally I would not rely on any financial advisor advice. Right now things are volatile and truly there are too many variables to listen to anyone. As for me I have experienced this for decades. Ill wait and see and enjoy the show.

[DTtravelers]

3 hours ago, TLCOhio said:

Appreciate this potential as to what drove the sale of the Seabourn ship.  On the CC Seabourn board, one of their cruise veterans suggested that parent Carnival, needing funds to pay down their huge debts, grabbed this chance to pick up some CASH.  

Hi Terry:

 

Just got off the phone with The Department of Redundancy Department...  the minute Seabourn announced the Venture and Pursuit, Quest, with it's ice-strengthened hull, became somewhat redundant.  I am surprised they didn't sell that one.  Soon they will need to pay for the Pursuit when it is delivered, so maybe Seabourn (HAL(Carnival)) is just preparing for that. 

 

I guess Seabourn felt as if they needed to compete with Scenic Eclipse which could ram itself into the ice, while the Quest could not.  But at least Seabourn did it properly and did not add helicopters [one of Scenic's choppers flew directly over the Quest while we were in the Weddell Sea.  I made a comment to one of our officers later that day, and he said "You would not have wanted to be on the Bridge" after that occurred].  One can only imagine how relaxing your cruise would be with helicopters taking off and landing on the ship all the time.  To Silversea's credit, they threw them off the Endeavor before they went to Antarctica this year.

 

DT

 

 

 

[RetiredandTravel]

Excellent WSJ article on SVB & bank investments.  Seems the 2008 banking regulations would have been better served to also focus on duration risk. I'm also seeing these interviews with people are saying we don't have enough regulators.  How are we $30 trillion in debt with an enormous government structure but don't have enough regulators?

 

https://www.wsj.com/articles/another-banking-crisis-was-predictable-thomas-hoenig-fdic-interest-rate-duration-risk-bailout-svb-64e2cdac?mod=opinion_lead_pos6

 

I watched part of Yellen testifying before congress this week.  Its interesting how fast this "run" on deposits happened.  Everyone gets on social media reads the news (maybe not really the news) then logons their bank account and removes their money.  It all happens in a matter of hours.  

 

The markets held up reasonably well this week  given the news (The SVB debacle started the prior week).

 

Week ending prices (last week & this week)

 

S&P 500  - 3861 > 3916

2 yr Tsy   - 4.58 > 3.85

Oil           - 76.68 > 66.74

RCL        - 66.86 > 61.88

 

 

 

 

Edited March 18, 2023 by RetiredandTravel

[highplanesdrifters]

16 hours ago, TLCOhio said:

 

 

Rocky!  Is that the famous movie about the Philadelphia boxer?  Or, how this past week happened with cruise ship stocks?  Maybe, both??

The key to surviving the roller coaster ride is not getting off in the middle.😁

[highplanesdrifters]

2 hours ago, RetiredandTravel said:

How are we $30 trillion in debt with an enormous government structure but don't have enough regulators?

We have the regulators and the structure in place for them to do their jobs. Unfortunately they did not do the job they were hired to do.  But I suspect you already know that. 😉😁

[RetiredandTravel]

52 minutes ago, highplanesdrifters said:

We have the regulators and the structure in place for them to do their jobs. Unfortunately they did not do the job they were hired to do.  But I suspect you already know that. 😉😁

 

 

I saw interviews with  "in the know" people who said we didn't have enough regulators.  I'll go with your interpretation.    Not sure which is worse.

[TLCOhio]

15 hours ago, LouChamp said:

Personally I would not rely on any financial advisor advice. Right now things are volatile and truly there are too many variables to listen to anyone. As for me I have experienced this for decades. Ill wait and see and enjoy the show.

 

Great comments and follow-up about not relying too much days on financial advisor advice.  BUT, "enjoying the show" does sound a little challenging as the markets these days are very uncertain and totally cloudy.  

 

From the Wall Street Journal earlier this month, they had this headline: “This Cruise Line Can’t Turn You Down" with this sub-headline: "Norwegian is lowering investors’ expectations about the ‘great cruise comeback.’ ”

 

Here are some of their story highlights: “The 'Great Cruise Comeback' is complete, Norwegian Cruise Line Chief Executive Frank Del Rio declared. Yet, his business still hasn’t arrived at the destination that matters most to investors: a positive bottom line.  In December, Norwegian said in a filing it would be undergoing a broad and continuing effort to improve operating efficiencies to attain sustained profitable growth. That initiative started with big-ticket items like a 9% head-count reduction in current and planned shoreside roles. Now they are getting a lot more granular.   UBS analyst Robin Farley called Norwegian’s cost savings 'a work in progress.'  She wrote that Norwegian believes itself to be still in early innings with regard to identifying areas of cost savings.  Examples given include swapping out 9-ounce burgers for 7-ounce burgers and a reduction in turndown service for non-premium cabins.  Ticket prices for Norwegian cruises were running around 40% higher last month on average than those for Carnival Corp. cruises. This is a premium that Norwegian investors expect it to continue to earn in order to meet profit goals.”

 

Profits, paying down big debts . . . versus . . . higher cruise prices/fees, service cuts??  Interesting questions and challenges for BOTH the cruise company executives and us as customers.  

 

Also shared was: "Norwegian said it achieved industry-leading yields last year. Rather than discounting, Norwegian said it got there by investing in marketing. With the industry 'on its knees,' Mr. Del Rio said heightened marketing spending was necessary, an investment he has said 'was well worth it.' "

 

Full story at:

https://www.wsj.com/articles/this-cruise-line-cant-turn-you-down-5672d9c9

 

THANKS!  Enjoy!  Terry in Ohio

 

Lisbon, NWSpain, Bordeaux/Brittany: Live/blog, June 2017 from Portugal to France along scenic Atlantic Coast on the Silver Spirit.  Now at 33,235 views.  Many pictures, details for history, food, culture, etc.:

www.boards.cruisecritic.com/showthread.php?t=2511358

[TLCOhio]

4 hours ago, RetiredandTravel said:

Excellent WSJ article on SVB & bank investments.  Seems the 2008 banking regulations would have been better served to also focus on duration risk. I'm also seeing these interviews with people are saying we don't have enough regulators.  How are we $30 trillion in debt with an enormous government structure but don't have enough regulators?

https://www.wsj.com/articles/another-banking-crisis-was-predictable-thomas-hoenig-fdic-interest-rate-duration-risk-bailout-svb-64e2cdac?mod=opinion_lead_pos6

I watched part of Yellen testifying before congress this week.  Its interesting how fast this "run" on deposits happened.  Everyone gets on social media reads the news (maybe not really the news) then logons their bank account and removes their money.  It all happens in a matter of hours.  

 

YES!!  Very good WSJ story/link from R&T about "duration risk" as relates to banks, how they have been managed and the "sleepy" lack of proper oversight by the lazy/weak Feds who are supposed to be acting as "watch-dogs".  Listening to the Treasury Secretary (and former Federal Reserve Chair) on TV has not been confidence-building, nor reassuring.  Sorry!! Cannot see a solid, forward-focused plan of tangible, future action.  

 

From the New York Times this morning, they had this headline: “Why People Are Worried About Banks” with these highlights: “Banks are teetering as customers yank their deposits. Markets are seesawing as investors scurry toward safety. Regulators are scrambling after years of complacency.  Fifteen years ago, the world careened into a devastating financial crisis, precipitated by the collapse of the American housing market. Today, a different culprit is stressing the financial system: rapidly rising interest rates.  The sudden collapses of Silicon Valley Bank and Signature Bank — the biggest bank failures since the Great Recession — have put the precariousness of lenders in stark relief.”

 

A key take-away from this analysis and excellent NYT backgrounder was "the storm had been quietly building for months."  Plus, they key summary: "The problem for SVB was that it held many bonds that were bought back when interest rates were low. Over the past year, the Federal Reserve has raised interest rates eight times to combat the highest inflation in generations. As rates went up, newer versions of bonds became more valuable to investors than those SVB was holding."

 

Full story at:

https://www.nytimes.com/interactive/2023/03/18/business/why-people-are-worried-about-banks.html

 

THANKS!  Enjoy!  Terry in Ohio

 

Panama Canal? Early 2017, Fort Lauderdale to San Francisco adventure through Panama Canal.  Our first stops in Colombia, Central America and Mexico, plus added time in the great Golden Gate City. Now at 31,843 views.

http://boards.cruisecritic.com/showthread.php?t=2465580

[highplanesdrifters]

My charts of the week.

 

Goldman Sachs Commodity index.

Will the FED look at this and other dropping  inflation numbers this week?  Will dropping inflation numbers help the cruise lines supply chain issues? Quadrupple bottom? Or serious collapse next week. Nothing or 25bps?  Did banks spend the weekend assessing their duration risk and will they hit the hedge button on Monday? Do they even know how to hit the hedge button.

 

CRIKEY, what a corelated move this week.

[Stumblefoot]

Gold’s move has been impressive in light of the dollar’s strength.  Just goes to show “real” rates matter to gold.

 

Now, about that Bitcoin… 😆

[RetiredandTravel]

14 hours ago, highplanesdrifters said:

My charts of the week.

 

Goldman Sachs Commodity index.

Will the FED look at this and other dropping  inflation numbers this week?  Will dropping inflation numbers help the cruise lines supply chain issues? Quadrupple bottom? Or serious collapse next week. Nothing or 25bps?  Did banks spend the weekend assessing their duration risk and will they hit the hedge button on Monday? Do they even know how to hit the hedge button.

 

CRIKEY, what a corelated move this week.

 

 

According to this report RCL estimates spending over a billion dollars on fuel in 2023 and its ~55 percent hedged.  I don't know how RCL hedges or if any of the reduced oil cost flows to the hedged portion but it is significant to the unhedged portion.  Are the reported shortages really supply issues or are the ships running with lower inventories?

 

 

https://www.prnewswire.com/news-releases/royal-caribbean-group-reports-2022-results-and-provides-forward-guidance-301740643.html

 

The FED I have no idea, guessing 25.  I'm sure the banks are thinking about their duration risk but not sure they can hedge it at  this point.  Maybe.  They were supposedly hedged by the liabilities but they unfortunately had a much lower duration.  If they hedge would they have to mark the hedge to market while the held bonds aren't?   Maybe they will try to slowly move out of 10+ duration holdings.

 

3.39 definitely an important support for the Ten Year Yield.  I don't follow Gold it gives me a headache.

 

Bitcoin?  Are some people looking at it as a "Safe Haven"?  🙃

 

 

[crusinbanjo]

21 hours ago, Stumblefoot said:

Gold’s move has been impressive in light of the dollar’s strength.  Just goes to show “real” rates matter to gold.

 

Now, about that Bitcoin… 😆

I think the move in gold is in direct relation to people's worries about inflation and a large world wide banking crisis.  Personally, I don't own gold, (coins or metal), much to risky for me, but I do trade gold in the markets, SPDR, symbol GLD.

[Stumblefoot]

1 hour ago, crusinbanjo said:

I think the move in gold is in direct relation to people's worries about inflation and a large world wide banking crisis.

Definitely not inflation. Just look at the chart of the physical metal for the past three years.  It’s been one of the great basing periods in history.

 

Thankfully, a little bank used by the super rich caused its recent rise. If gold can get above $2K and close there, then it may turn into a Katy bar the door situation. My fingers are certainly crossed that it does.

[highplanesdrifters]

Bitcoin, you asked for it. Now these charts gives me a Headache!

I just follow Crypto on the surface, but did read something last month about the start of this move up from $17k being manipulated by whales.  If so, they did a great job of supporting the market and getting the new round of buyers in. Safe haven....not for me! I'd rather have my money in a cruise deposit, earning nothing but the thought of traveling again.  Well maybe a hedge against price hikes.  Does Silversea accept Crypto?🤣 

 

🤣

[highplanesdrifters]

A map to Stumbles back yard.

[Stumblefoot]

20 minutes ago, highplanesdrifters said:

A map to Stumbles back yard.

Hey… don’t give JP any ideas! He’ll come out here and start digging.

 

p.s. I hope you know I was just being facetious about Bitcoin.

[TLCOhio]

12 hours ago, highplanesdrifters said:

A map to Stumbles back yard.

 

Appreciate ALL of these interesting charts, comments and follow-ups. Sure glad that I have not played the "gambling games" with bitcoin, gold, etc.  Super cute and fun "map to Stumbles back yard." 

 

Now, some breaking news!!!  

 

From this Wall Street Journal-related financial news website this morning, they had this headline: “Norwegian Cruise Line CEO Del Rio to Exit as Company Eyes Profitability” with these highlights: “Norwegian Cruise Line Holdings said Chief Executive Frank Del Rio would retire and be succeeded by Harry Sommer, who has led the company's namesake cruise line since 2020. Del Rio has served as CEO of Norwegian Cruise Line since 2015. He is expected to step down as CEO and from the company's board on June 30. Mr. Sommer, 55, would take the helm on July 1 and join the board.  Del Rio is the second longtime CEO of a cruise operator to step down in the past 12 months, as the industry looks to chart a path forward after the Covid-19 pandemic brought operations to a standstill. Arnold Donald, who served as CEO of Carnival Corp. for nearly 10 years, stepped down in 2022.  Last month, Norwegian Cruise Line issued soft financial guidance for the year as it works to contain surging costs and mount a comeback from pandemic-constrained operations. At the same time, the company said it expects to be profitable this year for the first time since the pandemic halted U.S. cruising in 2020.”

 

Will NCL really be profitable later this year?  Or, is Del Rio getting out before any more "bad news" comes down?  Now all three of the major cruise lines have new CEO's who must pay off the billions of dollars in debts run up during the Covid shut-down and the challenged re-starts around the world.  And, navigate through uncertain future recession financial threats to consumer confidence??

 

Full story at:

https://www.marketwatch.com/story/norwegian-cruise-line-ceo-del-rio-to-exit-as-company-eyes-profitability-20e29769

 

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 21,675 views.  Connect at:

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

[TLCOhio]

Is all settled and calm with the financial markets this morning??  

 

Here is a view from across the Atlantic.  From the London/UK Telegraph this morning, they had this headline: “Credit Suisse latest: Doubts over UBS rescue amid bond markets turmoil” with these highlights: “UBS has found itself caught up in market turmoil over a key method of bank funding after its £2.7bn takeover of Credit Suisse.  Prices of its so-called AT1 bonds have plummeted amid a crisis of confidence in the debt instrument.  Credit Suisse had the value of its own $17bn worth of AT1 bonds wiped out under the terms of its takeover enforced by Swiss regulators.  However, now investors are demanding higher returns to take on the debt, with yields surging today from just over 11pc to nearly 17pc.  It comes as markets demonstrate growing doubts over the takeover designed to avert a global banking crisis.  Gold has risen above $2,000 an ounce for the first time in more than a year after the banking crises in the US and Europe triggered a return to haven buying.”

 

Also, this was shared in this story: "Meanwhile, oil and gas prices have tumbled on fears the fallout would slow the global economy."

 

Full story at:

https://www.telegraph.co.uk/business/2023/03/20/credit-suisse-ubs-banking-crisis-news-ftse-100-markets-latest/

 

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/

[highplanesdrifters]

13 hours ago, Stumblefoot said:

Hey… don’t give JP any ideas! He’ll come out here and start digging.

 

p.s. I hope you know I was just being facetious about Bitcoin.

Well perhaps if your garden needs a turnover it might be an enticement. 🤣

 

Crypto - I'm not getting on the boat either. Besides I've got most of my money in these great high yielding AT1s.  What could go wrong?

[TLCOhio]

22 hours ago, highplanesdrifters said:

Crypto - I'm not getting on the boat either. Besides I've got most of my money in these great high yielding AT1s.  What could go wrong?

 

YES, there is much connected/questioned with those crypto companies involving some of the banks under major market/regulator pressure.  Had not previously heard about AT1s till the mention here.  WOW!!  Some folks are getting hit hard with financial wipe-outs when those "investors" might have assumed and hoped that such "bonds" carried more/better security and protections.  Great comments and follow-up.  

 

From a key travel news website this morning, they had this headline: “Thoughts on generational change at NCLH and across the cruise industry” with these highlights: “With NCLH, all the Big Three public cruise companies will have new leaders inside an 18-month stretch emerging from the toughest period ever faced — an industrywide shutdown.  Harry Sommer to replace Del Rio as president/CEO of NCLH July 1 follows Josh Weinstein taking over from Arnold Donald at Carnival Corp. & plc in August 2022 and Jason Liberty succeeding Richard Fain at Royal Caribbean Group in January 2022.  What does this mean for the companies and the industry?  'All three publicly traded companies have new leadership as well as many of the individual brands ... It is a generational change,' said Alex Sharpe, president/CEO, Signature Travel Network.  While these new leaders are younger, all have extensive time in the industry and their companies, although not as front guys for most of their careers, Sharpe observed. Sommer has run Norwegian Cruise Line for a relatively short period (three years), yet it was the most difficult time in industry history. At the start of the pandemic, Weinstein was called back to the corporate headquarters, first as chief operations officer, after heading Carnival UK for three years.  'Those years of experience in life and in running those companies made those men uniquely qualified during a time no one could have prepared for or predicted,' he continued. 'These new guys are incredibly smart, have sound training on the financial side and have had the benefit of watching and contributing' as Del Rio, Fain, Donald and Micky Arison worked through the pandemic.”

 

How will these new cruise leaders balance out . . . customer service at a high/quality  level . . . VERSUS . . . the needs to move towards longer-term financial stability?  Reactions?  

 

Full story at:

https://www.seatrade-cruise.com/people-opinions/thoughts-generational-change-nclh-and-across-cruise-industry

 

THANKS!  Enjoy!  Terry in Ohio

 

Early 2020, many visuals and details from New Zealand/South Pacific in going from Auckland to French Polynesia.  This includes Bora Bora, Fiji, NZ experiences, etc:  Live/blog;

https://boards.cruisecritic.com/topic/2735732-live-terryohio-“new”-regatta-south-pacificnz-pix’s/

[TLCOhio]

The three cruise stocks are up, UP big early this morning.  Royal Caribbean is up 3.4% as of 10:34 am today.  The other two companies are up 4.3% to 5.4%.  Something major driving this positive swing?

 

THANKS!  Enjoy!  Terry in Ohio