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Barron’s writes:
For now, at least, the three big U.S. cruise operators will be left to their own devices when it comes to finding more sources of liquidity.
One big concern: The companies don’t qualify for financial assistance as outlined by the U.S. Senate’s $2 trillion stimulus bill.
The stocks of all three companies— Carnival (ticker: CCL), Royal Caribbean Cruises (RCL), and Norwegian Cruise Line Holdings (NCLH)—were selling off sharply on Friday morning amid a broad market selloff.
Recipients of aid, including loans or loan guarantees, must be “organized in the United States” under U.S. laws, have significant operations there, and have a majority of its employees based there as well, according to the Senate bill.
A key sticking point for the cruise companies is that while they are based in the U.S., they are incorporated abroad. That means they don’t pay a lot of U.S. taxes. They do pay state income taxes and port fees, according to The Wall Street Journal.
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