Why Royal Caribbean, Carnival, and Norwegian Cruise Line Stocks Plunged Today

Shares of Royal Caribbean (NYSE: RCL) sank on Tuesday after the cruise ship company said it was seeking to raise another $1 billion to fund its operations during the coronavirus pandemic. Fellow cruise ship operators Carnival (NYSE: CCL) (NYSE: CUK) and Norwegian Cruise Line Holdings (NYSE: NCLH) also fell on the news.

As of 10:40 a.m. EDT, Royal Caribbean, Carnival, and Norwegian Cruise Line Holdings were down 10%, 6%, and 6%, respectively.

With most of its fleet unable to leave port due to COVID-related sailing restrictions, Royal Caribbean has suffered heavy losses during the coronavirus crisis. In just the first six months of 2020, it generated a net loss of $3.1 billion.

Source Fool.com