MIAMI -- Princess Cruises, which had one of its ships quarantined off the coast of Japan last month, is suspending global operations through early May because of the coronavirus pandemic.
The cruise line, which is part of Carnival Corp., said Thursday that 18 cruise ships will cease voyages that were scheduled to depart between March 12 and May 10.
Japanese authorities quarantined the Diamond Princess cruise ship off the port of Yokohama for a two weeks after 10 passengers were initially diagnosed with the covid-19.
The Miami cruise operator said those currently on cruises that will end in the next five days will continue to sail as expected so that travel arrangements aren't disrupted. Sailings underway that are scheduled to extend past March 17 will end at the most convenient location for guests, factoring in operational requirements.
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Carnival shares plunged 31% to $14.97 in New York trading Thursday.
Although the move is the most aggressive so far by a major cruise group, the Princess line's 18 vessels are just a fraction of the more than 100 operated by Carnival. The company's other brands, including Holland America Line, Cunard Line and its namesake division, will still operate as normal with tens of thousands of passengers onboard.
The move to suspend Princess sailings until May 10 pales in comparison to measures in other industries, including the moves by the National Basketball Association and National Hockey League to put their whole seasons on hold.
Customers whose cruises are canceled can transfer 100% of the amount they've paid to a future cruise of their choice, Princess said. The company will add an additional unspecified credit for future cruises as an incentive to accept the offer.
Separately, Viking Cruises, a closely held company that operates six ocean ships and a river-cruise division, said it was suspending operations until April 30.
Overall, Carnival, Royal Caribbean Cruises Ltd. and Norwegian have lost about $54 billion in market value, or 70%, in less than two months.
Information for this article was contributed by staff members of The Associated Press and by John J. Edwards III, Jonathan Levin and Janet Freund of Bloomberg News.
Business on 03/13/2020