Viking Holdings Inc. (NYSE:VIK) Company Profile
Viking Holdings Inc. (NYSE:VIK), founded in 1997 and headquartered in Pembroke, Bermuda, is a globally renowned company specializing in ocean cruises, river cruises, and expedition cruises. With its extensive routes and diverse cruise products, it holds a significant position in the cruise tourism industry.
I. Company Introduction
Viking Holdings Inc. was founded in 1997, with its headquarters in Pembroke, Bermuda, its operational headquarters in Basel, Switzerland, and its marketing headquarters in Los Angeles, California, USA. It has 9,500 full-time employees. The company has three divisions: Viking River Cruises, Viking Ocean Cruises, and Viking Expeditions, providing river and ocean cruise services in multiple regions around the world.
Official Website: https://www.viking.com/
II. Main Business Segments
1. River Cruise Business: It provides river cruise services in regions such as Europe, Russia, China, Southeast Asia, Egypt, and the Mississippi River in the United States. The fleet has a variety of ship types, and the passenger capacity varies depending on the ship and the region. For example, the average passenger capacity of European ships is 190, and the passenger capacities of Russian and Chinese ships are different. It continues to order and expand its ships to meet market demand.
2. Ocean Cruise Business: Established in 2013, the first cruise ship, "Viking Star," began operation in 2015. The routes cover regions such as the Scandinavian Peninsula, the British Isles, the Baltic Sea, and the Mediterranean Sea. The cruise ships are designed in a size that can enter smaller ports, providing a unique travel experience. New ships are continuously launched, and there are plans for the construction of large ocean ships powered by hydrogen fuel cells.
3. Expedition Cruise Business: Officially launched in January 2020, it focuses on polar regions such as the Arctic Circle and Antarctica, as well as destinations such as the Great Lakes in North America. In 2022, two expedition ships, "Viking Octantis" and "Viking Polaris," began operation, and the company cooperates with scientists from the National Oceanic and Atmospheric Administration (NOAA) of the United States to conduct research.
III. Technological and Business Advantages
1. Route and Destination Advantages: It is the only cruise company that provides cruise experiences on all seven continents. Its routes span across five oceans, 21 rivers, and 5 lakes. It particularly focuses on destinations in Europe and the Mediterranean region, which can meet the diverse needs of different tourists for destinations.
2. Fleet Size and Renewal Advantages: As of December 31, 2023, it has a large fleet of 92 ships and continues to order new ships. The diverse fleet of river ships, ocean cruises, and expedition cruises can meet the needs of different tourist groups and travel requirements. Moreover, the design and technology of new ships are constantly updated to enhance the tourist experience.
3. Brand and Marketing Advantages: Through sponsoring PBS's Masterpiece Theatre, as well as a large amount of marketing investment through various means such as direct mail, television, the Internet, and trade marketing, it has established a good brand image and attracted many English speakers, especially those over 55 years old, particularly American tourists.
IV. Development History
| Time | Key Events |
|---|---|
| 1997 | Founded by Torstein Hagen in St. Petersburg, Russia, then named Viking River Cruises. The founding fleet originated from four river cruise ships obtained from Russian oligarchs. |
| 2000 | Acquired KD River Cruises in Europe, with the total number of ships in the fleet reaching 26, making it the world's largest river cruise fleet; renovated the ships and targeted elderly passengers; cooperated with British and American sales agents and opened a sales office in California. |
| 2001 | Hired the first marketing company, focusing on English speakers over 55 years old, especially Americans. |
| 2004 | Entered the Chinese market through Yangtze River cruises. |
| 2007 | Operated 23 ships in Europe, Russia, and China. |
| 2009 | Began using ships equipped with hybrid diesel-electric engines, with fuel consumption expected to be 20% less than that of traditional engines. |
| 2011 | Planned a new growth stage, sponsored PBS's Masterpiece Theatre, and planned to add 40 new "Longships" to the fleet within five years. |
| 2013 | Named 10 ships in one day; changed the name from Viking River Cruises to Viking Cruises in May, and at the same time announced the launch of Viking Ocean Cruises; spent about $400 million on marketing that year. |
| 2014 | Named 16 ships in two days, setting a Guinness World Record. |
| October 2017 | Revealed a project to develop the world's first cruise ship powered by liquid hydrogen. |
| 2018 | Achieved revenue of $3 billion, transported 440,000 passengers, and employed over 8,000 employees; for the first time, proposed the possibility of entering the North American river cruise market. |
| January 2020 | The name was abbreviated to Viking; announced the launch of Viking Expeditions, planned to make its debut in January 2022, and finalized the plan to expand the river cruise business to the United States in the same year. |
| 2022 | In January, Viking Expeditions operated its first ship, "Viking Octantis," and in August, it operated the second ship, "Viking Polaris." |
| April 5, 2024 | Submitted an IPO application to the U.S. Securities and Exchange Commission (SEC), planning to list on the New York Stock Exchange with the stock symbol VIK. |
| April 22, 2024 | Announced plans to issue 44 million shares at a price of $21 - $25 per share, raising $1 billion in funds. |
| May 1, 2024 | Conducted an IPO and issued 64 million shares at a price of $24 per share, raising $1.5 billion. |
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