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Saga PLC is a diversified insurance company that also offers lifestyle products and services. The company operates in two main segments: Insurance, Cruise and travel. The company generates the vast majority of its revenue from the insurance segment, specifically through premiums and broking revenues. This segment offers retail motor broking, retail home broking, and underwriting products and services. The travel segment provides group tours, holiday packages, and cruises. Saga's customers are people aged 50 and older, and all revenue comes from the United Kingdom.

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The cruise industry is joining other sectors of the travel and hospitality industry in boycotting Russia following its invasion of Ukraine, with several major lines changing their itineraries to avoid calls in Russian ports.

Most Cruise Lines Say &#39;Nyet&#39; To Visiting Russian Ports

Saga PLC

The cruise industry is joining other sectors of the travel and hospitality industry in boycotting Russia following its invasion of Ukraine, with several major lines changing their itineraries to avoid calls in Russian ports.

What Happened: Carnival Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CCL#NYSE">CCL</a>), the sector&rsquo;s largest company with nine cruise brands, is diverting its vessels from Russian ports.

&ldquo;In light of the recent attacks by Russia in Ukraine, Carnival Corporation brands will be modifying our itineraries in the coming week once alternative ports can be confirmed,&rdquo; said the company in a statement published on social media.&nbsp;&ldquo;We stand for peace,&rdquo; the cruise line added.

Norwegian Cruise Line Holdings Ltd (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NCLH#NYSE">NCLH</a>), which has an average of 50 sailings per year to St. Petersburg, Russia&rsquo;s second-largest city, stated it is looking for alternative destinations.

&quot;We are currently working to confirm replacement ports and will advise all impacted guests and travel advisors as soon as possible,&quot; said the company in a statement.

Mystic Holdings Inc&rsquo;s (OTC:<a class="ticker" href="https://www.benzinga.com/stock/MSTH#OTC">MSTH</a>) Atlas Ocean Voyages dropped St. Petersburg from its late-summer Baltic itineraries and will substitute&nbsp;locations in Finland and Estonia. Alberto Aliberti, president of Atlas Ocean Voyages, pledged that travelers will &ldquo;enjoy these unique and rarely visited destinations and immersive shore excursions to take in the rich cultures and breathtaking vistas of the Baltic.&rdquo;

Saga plc (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SGPLF#OTC">SGPLF</a>), owner of Saga Cruises, and privately-owned companies in the <a href="https://www.benzinga.com/money/best-sectors-to-invest-in-right-now/">sector</a> including Viking Cruise Lines and Windstar Cruises have also steered their ships away from Russia.

What Didn&rsquo;t Happen: However, not every cruise line is ready to write-off Russia.

As of this writing,&nbsp;Royal Caribbean Cruises Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RCL#NYSE">RCL</a>) has yet to announce a boycott of Russian ports, but the company advised travelers via its corporate blog that it was ready to change its mind.

&ldquo;Baltic cruises are a popular summer cruise option, but with tensions high in the area, a change to scheduled cruises is not out of the question,&rdquo; the company said. &ldquo;While Royal Caribbean has not announced any changes yet, it does have back up ports of call it could fall back on.&rdquo;

MSC Cruises has also yet to announce a change of plans, nor has the company issued a public statement regarding the Russian invasion of Ukraine.

Photo: Ed Judkins / Pixabay

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Monday, February 28, 2022

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