Despite cruise shutdown, CEOs made millions. Crew members met a different fate.
Even as the companies faced record losses in the billions, company boards rewarded CEOs with multimillion-dollar payouts.
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Carnival Cruise Line s Sunrise and Vista ships, along with the MSC Meraviglia, are docked at the Port of Miami on Feb. 18. [ SUSAN STOCKER / SOUTH FLORIDA SUN SENTINEL | South Florida Sun Sentinel ]
By Taylor Dolven and Rob Wile, Miami Herald (TNS)
Published Apr. 28
Updated Apr. 28
MIAMI â Perhaps no industry was as badly battered by the pandemic in 2020 as the cruise industry, with business in the U.S. â its most lucrative market â banned for 9 1/2 of the yearâs 12 months. To cope, the three largest companies stopped paying employees on their ships, cut marketing expenses and worked furiously to raise as much debt and equity financing as possible.
What are cruise lines doing to stay afloat during the pandemic
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Despite cruise shutdown, CEOs made millions Crew members met a different fate
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When will cruises resume? A line-by-line guide Gene Sloan © Provided by The Points Guy
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Editor’s note: This is a recurring post, regularly updated with new information.
When will the Great Cruise Shutdown end? That’s the question cruise fans in North America have been asking for months as they await the day when they can get back on the high seas.
While we have seen a few cruise ships resume operations in Europe and other destinations around the world since last summer, most of these vessels remain off-limits to Americans.