Cruise stocks fall; report says Greece to cap cruise ships visits
14/06/2024 18:32
(Updates)
** Shares of cruise operators down between 5% to 8% in
midday trading
** Greece's PM Kyriakos Mitsotak said the time had come to
place restrictions on cruise ships visiting the country's most
popular islands, Bloomberg News reports
** Separately, Brokerage BofA Global Research says there
is modestly softer itinerary pricing in ocean markets in early
June vs. early May, based on data
** The sector often sees significant volatility on any
bit of bad news due to the trading nature of its hedge fund and
retail base of investors - Truist analyst Patrick Scholes
** "On a sequential basis, 40% of itineraries had softer
pricing compared to 33% in May" - BofA
** Shares down: Carnival CCL.N 7.8%, Norwegian Cruise Line
NCLH.N 7.7%, Royal Caribbean Group RCL.N 5.1%, Viking
Holdings VIK.N 4.8%
** CCL's stock headed for its worst day in nearly two years,
while RCL's likely to be so since Jan. 2, if current losses hold
** VIK may have its worst day since its IPO on May 1 this
year
** Including session moves, CCL and NCLH are down 18% YTD,
while RCL is up 13% for the same period
(Reporting by Granth Vanaik in Bengaluru)
((Granth.Vanaik@thomsonreuters.com; Twitter: https://twitter.com/Vanaik_Granth;))