re: Non airline or cruise ship COVID recovery plays?

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Norwegians financials are downright frightening. They are billions underwater and will likely pay down that debt before shareholders see a dime. In their best year they did $6.5B in gross revenue. Not profit, we’re talking about revenue. They are currently in at least $8B in debt.

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Debt is actually in excess of $10 billion. The rates are lower than you would expect from a company that was on the brink of bankruptcy, though. They were over $6 billion in debt at the end of 2019, so debt has not been the only issue. It’s also uncertainty of when they will sail again coupled with dilution of the stock. They issued 60 million shares in 2020. Still, Royal Caribbean is $18 billion in debt, so amongst the cruise lines Norwegian is doing better than others as it relates to debt. They just have to sail again this year.