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Virgin Voyages has secured $550 million in new capital to support its growth plans

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The new funding – which was led by BlackRock and includes new external financing and additional capital from existing investors including Bain Capital Private Equity and Virgin Group – will enable the line to continue its growth strategy and further strengthen its financial position as demand “continues to gain momentum”. 

Tom McAlpin, chief executive of Virgin Voyages, said the company has created an “incredible project” that investors and consumers “truly believe in”.
 
“This additional capital comes at a time when we’re looking forward to exponential growth that will, in turn, help us achieve what we set out to accomplish,” he added.
The investment comes as Virgin reports “exponential growth in bookings” in the last six months, with this year tipped to see a strong return across the industry as cruising heads toward pre-pandemic levels. 

According to research carried out by the line, 96% of consumers are keen to cruise this year following two years of restrictions. 

Carnival Prepared for ‘Worst Case’ Scenario

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Carnival Corporation ships from P&O, AIDA and Princess
Arnold Donald, CEO of Carnival Corporation, addressed the media on a conference call on Thursday afternoon.

Highlights:

Donald said recent fundraising efforts from Carnival Corporation has prepared the company for a “worst-case scenario,” meaning capital to operate for some time without revenue. He noted the company was still seeking additional liquidity options in the form of stimulus packages from other governments.

Donald said he was hopeful that existing debt could be extended as well.

He noted the company is doing everything it can to take care of its crew and manage ships during the disruption.

“We want to make sure we are in a position to succeed once cruising resumes,” he commented.

As for as previously proposed industry regulations that said guests over 70 needed a medical waiver to board ships, Donald said he did not know what the future would hold in terms of new rules and regulations.

Donald said there was still demand and the company was seeing bookings for this summer as well as for the rest of 2020 and 2021.

“The (start-up) will probably be certain locations, certain destinations, certain times … it’s unlikely you’ll be sailing a full fleet right away or anything like that.”

In terms of Carnival’s upcoming 18 new ships and orderbook extending to 2025, Donald said most of the newbuilds could be delayed with shipyards currently closed.

Donald said the company was in dialogue with its shipyard partners on timelines, delays and event potential cancellations.