At one point in February 2020, a single cruise ship – the Diamond Princess – accounted for more than half of the world’s confirmed cases of Covid-19 outside China. The 3,700 passengers and crew endured a grim quarantine off Japan: seven died.

While the impact of Covid-19 left cruise lines little choice in terms of having to borrow to survive, what are the on-going issues they are now going to have to face, given their high levels of debt finance?