Viking has filed for its Initial Public Offering (IPO) with the United States Securities and Exchange Commission, revealing that nearly 650,000 guests travelled with the company in 2023, generating total revenue of $4,710.5m and a loss of $1,858.6 million.
As of December 31, 2023, Viking had $1.5bn of cash and cash reserves and $5.4 billion of Total Debt, and reported an industry-leading Return on Invested Capital (ROIC) of 27.5% for the same year.
The company’s occupancy rate increased to 93.7% in 2023, up from 78.4% in 2022, with payback periods for their Longship and ocean ship investments averaging four to six years based on operational contributions.
Viking aims to be the only pure-play luxury public cruise line, focusing on the luxury segment of the river and ocean cruise markets with a total revenue per passenger of $7,251 in 2023.
The Viking filing says: “Viking will be the only pure-play luxury public cruise line. In contrast, the large public cruise lines have multiple brands that serve all three categories of the cruise market, with luxury representing only a small percentage of their overall capacity. Our total revenue per passenger was $7,251 for the year ended December 31, 2023. Viking defines the luxury category of the river cruise and ocean cruise markets. We believe these are the most attractive segments of the cruise industry and the global luxury leisure travel market given their growth potential.”
