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Cruise liners: fear and floating
邮轮公司:在希望与恐惧中迷航

Vessels offer a leveraged bet on travel recovery but it is better to stay on the dock and wave them off
对投资者而言,邮轮公司的确为旅游业的复苏前景提供了一个押注的杠杆。但目前仍需耐心观望。

Cruise ship owners owe a debt to makers of Covid-19 vaccines. Companies such as US-listed Royal Caribbean Group, which launched a $1.5bn equity offer on Monday, know all about having dues to pay. Cruise companies have sold more than $12bn in debt since the pandemic began, 39 per cent more than their issuance in the previous 10 years, according to Dealogic. Yet strong bookings should mean a decent reception for Royal Caribbean’s shares.

游轮船主们欠了Covid-19疫苗生产商一笔债。在美国上市的皇家加勒比集团(Royal Caribbean Group)周一发起了15亿美元的股票发行,这类公司是清楚欠债终要还的。Dealogic的数据显示,自疫情爆发以来,邮轮公司已发行逾120亿美元债券,比过去10年的发行总量高出39%。但强劲的预订量应该意味着皇家加勒比的股份会受到不错的欢迎。

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