It will not end well for any of the cruise lines.
They are up to their ears in debt building liners for a market that no longer exists in the short term. It may come back, but by the time it does these boats will be in need of major refit.
I would say Norwegian is already dead and anyone who take an unsecured note is out of their mind.
Didn’t most high yield debt instrument perform in the 80’s in spite of the government forcing some institutions to dump their junk bonds portfolios?
During my 5 cruises since the pandemic began, I saw so many ships just parked in the sea without any human activity. Like ghost ships. It was a depressing sight.
Carnival just sold 2 more of their ships