Which cruise line has gone into liquidation?

Island Escape Cruises (NZ) Limited traded for less than a year before falling into financial difficulty. The company, and its Australian-based subsidiary, are owned by Norway-based Pacific Exploring Limited (PEL). The Australian branch of Island Escape Cruises went into liquidation in October 2022.



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Covid-19 shut the industry for the best part of two years, leaving the Big Three — Carnival Corp, Royal Caribbean Group and Norwegian Cruise Line Holdings — under an unprecedented pile of debt that they will be paying down for years. Carnival is $35bn in the hole, Royal Caribbean owes $24bn and Norwegian owes $13.4bn.

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Royal Caribbean has a massive amount of debt on its balance sheet that it accumulated during the pandemic to stave off bankruptcy. At the end of Q2, the company had $18.7 billion in long-term debt and $1.7 billion in current debt (meaning debt due within 1 year).

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However, investors should note that Carnival's debt levels more than tripled throughout the COVID-19 crisis. It ended the first quarter of fiscal 2023 with $32.7 billion in long-term debt, compared to $9.7 billion at the end of fiscal 2019, which gives it a staggering debt-to-equity ratio of 5.6.

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Best Luxury Cruise Lines
  • #1. Viking Ocean Cruises.
  • #2. Seabourn Cruise Line.
  • #3. Regent Seven Seas Cruises.


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Corrections & Clarifications: In a previous version of this article, the name of the Swedish city of Gothenburg? was misspelled. The MV Astoria is the oldest cruise ship currently sailing, and Cruise and Maritime Voyages embraces the story of its vintage vessel.

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There are several affordable cruise options available, such as MSC, Carnival, Royal Caribbean, Norwegian Cruise Line, and Holland America Line, offering various itineraries and destinations for travelers on a budget.

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Go online and create a mock booking Before your cruise departs, you can head online and recreate your booking. This will tell you whether certain cabin categories are sold out, as well as a rough estimate of how many rooms are available within each.

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MSC Cruises, the world's fastest growing cruise line, has unveiled 150 more itineraries that will set sail during the 2024-2025 winter season.

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The Cruise Passenger publication says: There were only six reports of pirates attempting to attack cruise ships over the last 10 years – in fact there has never been a successful pirate attack on a cruise ship. However, this doesn't mean cruise ships aren't prepared for the worst.

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Decommissioned ships are almost always sent to one of two scrapyards. The largest is Alang, located in India's Gulf of Khambhat, which recycles more than half of the world's decommissioned cruise ships. The second largest is Aliaga in Turkey.

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Are cruises safe? It's one of the most common questions we hear from cruise veterans and first-timers alike. Fortunately, the answer is a positive one: cruising is one of the safest forms of travel, and the vast majority of cruises pass without incident.

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