Cruise operator stocks are sinking Thursday after a top U.S. official pledged to force them to pay taxes.
Amazon takes creative control of the James Bond movie franchise CC Share Subtitles Off
English view video Amazon takes creative control of the James Bond movie franchise
Amazon takes creative control of the James Bond movie franchise CC Share Subtitles Off
English Amazon takes creative control of the James Bond movie franchise
While speaking with Fox News on Wednesday evening, newly-confirmed Commerce Secretary Howard Lutnick suggested the federal government would order a crackdown on taxes paid by cruise operators.
Advertisement
“You ever see a cruise ship with an American flag on the back? They have flags of like, Liberia or Panama,” he asked. “None of them pay taxes. Every supertanker.”
Advertisement
“This is going to end under Donald Trump and those taxes are gonna be paid,” he added.
Advertisement
Royal Caribbean Cruises (RCL-6.64% ) stock fell almost 10% on Thursday, while Norwegian Cruise Line (NCLH-4.30% ) shares tumbled 7%. Carnival Corp. (CCL-4.94% ) stock dropped 6%, Viking Holdings shares declined 4%, and Lindblad Expeditions (LIND-2.87% ) shares fell by more than 3%.
Cruise companies have flourished in the wake of the Covid-19 pandemic, benefiting from pent-up demand for travel. Royal Caribbean last month blew past Wall Street’s estimates for its latest fiscal quarter, noting that it “continues to be encouraged by the demand and pricing environment.”
Advertisement
They’ve also historically benefitted from loopholes that allowed them to avoid paying corporate taxes, even while they took advantage of U.S.-funded resources. Cruise companies often choose a “flag of convenience,” meaning that they register their ships with countries that have more lenient laws, even while being headquartered in the U.S.
Royal Caribbean and Norweigian are both based in Miami, Florida, but are incorporated in Liberia and Bermuda, respectively. Carnival Corp. is also based in Miami, but is incorporated in Panama.
Royal Caribbean, cruise stock sink after Trump official vows more taxes
- Advertisment - 
Recent Comments
on ‘Best Intention’: Chris Kirk Has Absolute Trust in Jay Monahan and PGA Tour’s Widely Debated Model
on 2023 NFL All-Rookie Team: CBS Sports draft expert, former GM unveil league’s best first-year players
on “Completely Knocked Me Out”: Rob Lowe Recalls Boxing Match With Tom Cruise On 1983 Brat Pack Classic
on CONCEPT ART: New Details Revealed for Disney Cruise Line Lookout Cay at Lighthouse Point Destination
on “Completely Knocked Me Out”: Rob Lowe Recalls Boxing Match With Tom Cruise On 1983 Brat Pack Classic
on CBS Sports announces Matt Ryan will join NFL studio show. Longtime analysts Simms and Esiason depart
on Carlos Sainz’s Soccer Fanboy Emerges as Spaniard Shares Defining Moment With This Real Madrid Legend
on Biden: ‘At this point I’m not’ planning to visit East Palestine, Ohio, after toxic train derailment
on ‘Best Intention’: Chris Kirk Has Absolute Trust in Jay Monahan and PGA Tour’s Widely Debated Model
on Ahead of big sports weekend, dispute with Disney leaves millions of cable subscribers in the dark
on A heavy wave of Russian missile attacks pounds areas across Ukraine, killing at least 4 civilians
on 2024 Super Bowl: CBS Sports Network and CBS Sports HQ to combine for 115 hours of weeklong coverage
on 2023 NFL All-Rookie Team: CBS Sports draft expert, former GM unveil league’s best first-year players
on Army vs. Coastal Carolina live stream, how to watch online, CBS Sports Network channel finder, odds
on AL Rookie of the Year Julio Rodriguez Spreads Joy and Sportsmanship to the Youth of Loma de Cabrera
on After UFC Fallout, Conor McGregor Offers a Valuable Piece of Advice to Free Agent Francis Ngannou
on Dubai International Airport sees 41.6 million passengers in first half of year, more than in 2019
on Devout athletes find strength in their faith. But practicing it and elite sports can pose hurdles
on Despite strong Lunar New Year holiday data, consumer spending in China isn’t roaring back just yet
on Dave Portnoy: Taylor Swift’s security should ‘drag Kim Kardashian to jail’ if she attends Eras Tour
on CONCEPT ART: New Details Revealed for Disney Cruise Line Lookout Cay at Lighthouse Point Destination
on “Completely Knocked Me Out”: Rob Lowe Recalls Boxing Match With Tom Cruise On 1983 Brat Pack Classic
on CBS Sports, Serie A announce new TV rights deal; Paramount+ to air over 400 Italian soccer matches
on Cam Newton’s Violent Public Incident Draws Hilarious Reaction From 3x All-Star: “Where Do I Sign Up
on Boston College vs. Army live stream, how to watch online, CBS Sports Network channel finder, odds
on Angel Reese Launches Foundation Dedicated To Empowering Women Through Sports & Financial Literacy
on A weaker dollar, skyrocketing prices and ‘record’ visitor numbers: Good luck in Europe this summer