Article ; Online: A Study on the Trends of the Global Cruise Tourism Industry, Sustainable Development, and the Impacts of the COVID-19 Pandemic
Sustainability, Vol 14, Iss 6890, p
2022 Volume 6890
Abstract: Stable financial operation is the essential factor for the sustainable development of the cruise tourism industry. The cruise industry was one of the fastest growing before the COVID-19 pandemic. The industry is capital intensive, has an enormous supply ... ...
Abstract | Stable financial operation is the essential factor for the sustainable development of the cruise tourism industry. The cruise industry was one of the fastest growing before the COVID-19 pandemic. The industry is capital intensive, has an enormous supply chain, serves to improve many ports-of-call economies, hires an immense quantity of people worldwide, and has a substantial economic contribution worldwide, especially in coastal countries or areas. COVID-19 has disrupted what had been an unending development of growth and success for the cruise industry. This study aims to analyze the financial performance of the worldwide cruise industry and realize the trends in the cruise tourism industry. The study examines the statistical data of the top three cruise companies that account for nearly 74.6–91.8% of the worldwide cruise tourism for 2015–2021. The financial analysis includes economic structure, solvency, operating ability, profitability, and financial leverage. We also analyze the economic indicators of the top three cruise companies with frequency analysis, correlation analysis, regression analysis, and the financial management risks of the top three cruise companies with the Z-Score Model. In addition, the study organizes and summarizes the impact of the COVID-19 pandemic on global cruise tourism. The study found that from mid-March 2020 until July 2021, the temporary suspension decreased passenger numbers, operating losses, and stock price losses. The research results confirm that the COVID-19 pandemic has caused the suspension of cruise ships worldwide. The break has led to a sharp drop in the number of cruise passengers, resulting in a significant decrease in operating income and profits of cruise companies, and the debt-to-assets ratio and leverage ratio have increased significantly. The excessive debt ratio will affect the sustainable operation of cruise companies and the sustainable development of the cruise industry. Because of the enormous impact and damage caused to the cruise industry by the ... |
---|---|
Keywords | cruise tourism industry ; sustainable development ; financial management ; Coronavirus disease (COVID-19) ; Environmental effects of industries and plants ; TD194-195 ; Renewable energy sources ; TJ807-830 ; Environmental sciences ; GE1-350 |
Subject code | 380 |
Language | English |
Publishing date | 2022-06-01T00:00:00Z |
Publisher | MDPI AG |
Document type | Article ; Online |
Database | BASE - Bielefeld Academic Search Engine (life sciences selection) |
Full text online
More links
Kategorien
Inter-library loan at ZB MED
Your chosen title can be delivered directly to ZB MED Cologne location if you are registered as a user at ZB MED Cologne.