Why Norwegian Cruise Line, Carnival, and Royal Caribbean Stocks Sank Today
Cruise ship stocks fell on Thursday after Norwegian Cruise Line Holdings (NYSE: NCLH) said it would seek to raise nearly $1.2 billion to endure the COVID-19 crisis.
By the close of trading, Norwegian's shares were down 15.6%. Royal Caribbean (NYSE: RCL) and Carnival's two stocks, Carnival Corporation (NYSE: CCL) and Carnival Plc (NYSE: CUK), also declined by 7.6%, 9.7%, and 6.3%, respectively.
Norwegian is attempting to raise $925 million via debt offerings. It also intends to sell at least $250 million in stock. The beleaguered cruise ship company needs the cash to fund its operations while its vessels remain stuck at port due to sailing restrictions imposed by health authorities.
Source Fool.com