I hear that they’re one of the industries clamoring for a bailout, and the idea that they could get it strikes me as absurd. Do they have more money and influence than I think?
So, fairly big and growing.
I think they should be bailed out for all losses for business of their US-flagged vessels.
I agree with Bookkeeper. We need to support all American flagged cruise ships. All one of them. That being the Pride of America (built mostly in Germany, owned by Norwegian Cruise Lines, which is domiciled in Bermuda).
Yeah, I was surprised when Pence was so vigorous in his support for the cruise lines a couple of weeks ago, I wonder where that came from.
As others have indicated, cruise ship lines should be bailed out by the countries where they are registered. Seems straightforward.
Liberia, Panama, Bahamas… this is where the cruise ship corporations should go looking for money.
Blame the US government for the cruise ships being foreign registered. Most of the bigger cruise lines are U.S. owned. Why should they be treated any different form any other U.S. company has most of it’s interests in foreign manufacturing or other foreign interests.
Eyeballing it that looks like USD 100,000 per passenger per year average. They definitely need baling(sic) out !
So how much do they pay in taxes? Don’t they largely take Americans to foreign places to spend their money? and aren’t most of their workers Non-Americans? Besides, I don’t understand bailing out an industry that is completely unnecessary in the first place.
It is hard to see what harm would come from allowing the present firms to go bankrupt and then passing the business to a number of successor companies.
Exactly. The cruise ships themselves won’t be scuttled. After the existing companies die, new investors will buy their penny stock, or will purchase the ships themselves, hire many of the same staff, and life will go on. Companies that did not save money for a rainy day will go belly up and companies with cash will replace them, which is how capitalism should work.
Is the cruise industry even worth saving? The airlines, at least, are practical and valuable - they ferry people to destinations, deliver mail and cargo, etc. A cruise industry is for mere pleasure only. Not that pleasure is worthless, but they aren’t worth many billions of taxpayer dollars better spent elsewhere.
I believe that the vast majority of crew on these ships are not American citizens as well.
American crew members are a tiny minority on the cruise ships I’ve sailed on.
Much as I love cruising, I don’t think the industry deserves a bailout. No business is guaranteed profitability, and if this plague hurts them, they need to figure out how to deal with it or go away. Life’s rough.
Exactly. If a company moves it domicile (if that’s the correct term) and/or flags its ships to another country to avoid paying taxes and regulations, they should zero tax money to save them, cruise line or otherwise.
Not only that, but coop up a couple thousand people in close quarters for a few days, dump them out at a port to interact with the locals for a few hours, repeat. Perfect way to spread disease. I think all mass tourism is going to be questionable for a while.
As for me, cruise ship lines should be bailed out by the countries where they are registered. It seems straightforward.
Wouldn’t this be true for literally any business sector? For example, the airline or hotel industry?
Exactly, it makes the assumption that there is no expertise involved in the overall management of the industry. You have ship operations, maintenance, major industrial facilities, and every aspect of the hospitality industry (hotel, food service, entertainment). Additionally, you have to deal with the complex regulatory environment associated with each of these aspects. To think that any schmuck off the street can just pick up and start over is pretty unrealistic.
I think a cruise industry bail out should be strictly means tested. The bail out should be exactly proportional to how deep the water is in the hold.