Cruise stocks were hit hard Monday after the US warned Americans not to travel by ship due to increased risk of coronavirus. With markets rattled by coronavirus and and oil price war, it was also the worst decline for US stocks overall since December 2008.
Sunday's advisory came as a blow closely following cruise leaders' Saturday meeting with government officials and their focus on getting a plan to Vice President Mike Pence to ensure they can handle the outbreak without burdening government resources.
At late morning Royal Caribbean was down more than 23%, Norwegian Cruise Line Holdings nearly 17%, Carnival Corp. more than 15% and Lindblad Expeditions Holdings more than 16%.
$42bn in market cap lost in less than two months
According to Bloomberg, the three major cruise operators have lost more than $42bn in market capitalization, more than half their value, in less than two months.
Late-morning trading snapshot
RCL dipped as low as $47.38 after market open and by 11:30 a.m. in New York was trading around $50.28. Shares have gone as high as $135.32 in the last 52 weeks.
After sliding to $21.71, NCLH was trading at around $22.60. In the last 52 weeks the stock has traded as high as $59.78.
CCL went as low as $22.43 then by late morning was trading around $22.93. Shares have gone as high as $57.69 in the past 52 weeks.
LIND hit $8.33 before inching up to trade at around $8.74 late morning. Shares peaked at $19.29 in the past 52 weeks.