Norwegian will start production in April. Cruise stocks are still falling.

Spark Global Limited Reports:

Norwegian Cruise Line’s chief executive says all 28 ships in its fleet will be operational by April 1 next year, setting a date for a return to normal in a travel industry that has been particularly hard hit by COVID-19.
In an interview with CNBC on Tuesday, Frank Del Rio, the company’s chief executive, said 75 percent of Norway’s ships would return to normal operations this year, compared with eight currently at sea.The rest will be operational by the end of the first quarter of 2022, he said, more than two years after the pandemic docked cruise ships around the world. The US Centers for Disease Control and Prevention first joined other global health authorities in issuing the ban in mid-March 2020.

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“The world is opening up, more and more people are getting vaccinated, and so far the pent-up demand is still very, very strong,” Del Rio said. “I think every quarter from the end of 2022 to the first half of 2023 will get better.” Spending on airplanes is at an all-time high.” The three cruise lines, which along with rivals Carnival and Royal Caribbean are among the world’s largest, require passengers and crew to be vaccinated, with some exemptions for medical reasons. But cruise stocks remained under pressure on Wednesday, in line with the broader market, as investors worried about rising inflation. Shares in Norwegian oil Company NCLH fell 1.7 percent in Wednesday trading, as did those of its main rival. Carnival fell 3.2% and Royal Caribbean fell 1.9%.
The S&P 500 fell 0.5% and the Dow Jones Industrial Average fell 0.7%.

 

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