None of the “big three” cruise lines -- Carnival, Royal Caribbean and Norwegian -- are at risk of failing, despite taking on massive amounts of debt to survive the COVID-19 pandemic, and an uncertain way forward for the industry, says James Hardiman, Wedbush Securities Analyst. “I don't think any of these companies are a real threat to go away. Having said that, the longer they're laid up, the longer they go without being able to get on the water, those debt raises become permanent. There's an unprecedented amount of debt on these balance sheets. But the good news is, there's an unprecedented amount of cash as well.” His bigger concern for recovery is business travel, he says.
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