TUI the world's largest holiday company (including cruiseships) said that it had reduced capacity for the coming winter season due to changing travel restrictions, and it continued to evaluate options to boost its balance sheet which has been strained by the Covid-19 pandemic.
As The Irish Times writes, the Germany-based group said on Tuesday its liquidity stood at €2 billion on September 20th, down from €2.4 billion in mid August, with the reduction due to higher customer refund obligations.
Travel restrictions have hit the company hard, forcing it to cancel trips and change its schedule, and rising coronavirus infections across Europe mean it has now reduced its already shrunken winter season by another 20 per cent, it said.
That means less future business, heaping more pressure on the group’s finances.
More on the report here on the travel giant that Afloat adds on it's website, has fly-cruises listed using Irish airports, through their brand Marella Cruises with destinations throughout the Mediterranean and the Canary Islands for the winter.
As previously reported TUI Cruises in July became the first large cruise operator to return service as the operator's Mein Schiff 2 left Hamburg Germany on its first "Blue Cruise" (non-landing) off Norway with 1,200 guests on board.
