president viking cruises

An Interview with Torstein Hagen, Chairman of Viking

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Ramsey Qubein is a freelance travel journalist covering hotels, cruises,…

Are you requiring vaccinations for sailings?

To restart sailing, what pandemic-related changes have you made onboard?

We hired a chief medical officer to help navigate a safe restart to cruising. Dr. Raquel Bono is a board-certified trauma surgeon, John Hopkins Fellow and retired Vice Admiral of the United States Navy Medical Corps who led Washington State’s medical and healthcare systems during the pandemic.

Onboard, we also have a UVC robot that goes through the public spaces of the ship at night to disinfect surfaces. Staff conduct testing of the handrails and elevator buttons regularly to make sure they have been thoroughly cleaned on a daily basis, too. Passengers wear masks on the ship except when in their cabin, eating, drinking or sitting outdoors. Only vaccinated passengers, crew and visitors are allowed aboard.

When touring, we encourage mask wearing while on the bus, indoors and while walking through crowded areas. It comes down to what local regulations require in each port.

Do you require testing to board the ship?

Everyone on board is already vaccinated, and this extra measure is working well. We are limiting onboard capacity due to the various requirements of each country, and daily testing helps us to keep infections off the ships or catch them early before there is community spread.

Do these changes affect consumer interest or demand?

When will the remainder of your river ships be sailing again?

For someone new to Viking, what should they know when deciding between cruise lines?

Unlike other cruise lines that bring passengers aboard and then charge for a variety of amenities, we see ourselves more like the way cruise lines “used to be” with a more all-inclusive approach. We have complimentary shore excursions in every port, shuttles available to take guests into town if they want to wander on their own (where local rules permit), wireless internet, laundry, and wine and beer during meal times. There is no nickel and diming on board.

We have the largest share (24%) of the North American luxury market according to a 2019 Cruise Industry News report. When it comes to river cruises, we also have the largest American market share (50%). Our approach to all-inclusive cruising seems to be working well.

What does Viking do on the sustainability front?

What does the future hold for Viking?

We have six ocean ships planned for the coming years, which means we will essentially be doubling our fleet.

During the past year, we have developed a new home port for ocean sailings in Malta. They have treated us very well there, and it is a beautiful place that has been popular with travelers. We hope to continue sailing from Malta going forward.

By 2025, we will have 101 vessels. Viking sails to 403 ports, 95 countries, five oceans and 20 rivers at the moment with more to come.

For those not ready to set sail just yet, what would you say to them?

It is important for passengers to be ready and comfortable before they sail. We have done what we can to reduce risks considerably, but some people may not be ready yet.

Ramsey Qubein is a freelance travel journalist covering hotels, cruises, airlines, and loyalty programs from around the globe.

Viking Cruises founder Torstein Hagen: How tailoring experiences for Chinese tourists drives growth

A little over two decades ago, Torstein Hagen founded Viking Cruises as a four-vessel river cruise operation carrying passengers from Moscow to St. Petersburg. Hagen’s company has since grown to become the world’s largest river cruise line, sailing as far afield as the Nile and the Yangtze, and operating more than 70 vessels, including six ocean ships.

In the early 2000s, the Norwegian spotted a gap in the US market for premium European cruises. He deduced that American customers poorly served by bus tour operators would appreciate a more comfortable way to visit the old continent; a single place of lodging rather than half a dozen hotels; and an experience that reminded them of home, at least until they stepped ashore.

Viking now accounts for half the American passenger cruise market in Europe. Its vessels eschew casinos, race tracks, and high-energy activities in favor of minimalist décor, live classical music, and destinations featuring cultural excursions, guest lectures, and cooking lessons.

Seeking to tap the world’s largest outbound tourism market, Viking opened its first China office in 2016, promoting a single cruise, before expanding services that led to triple-digit annual passenger growth. Customers appreciated the model of understated elegance to the extent that they returned an industry-leading net promoter score of 78, and at the start of 2020, Viking was on track to serve 30,000 Chinese passengers across six European river cruise liners designed and staffed specifically for Mandarin speakers. As the year closed, it announced joint-venture plans for the world’s first ocean cruise line dedicated to the China market.

However, the outbreak of COVID-19 has cast a pall over the industry. Bookings are down amid reports of cruise ships being turned away from ports. The Asia market, which hosts capacity for more than 4 million cruise passengers annually across almost 40 brands, is suffering particularly acutely. Viking has temporarily canceled sailings in all markets it operates in.

Against this difficult backdrop, Hagen sat down in his capacity as Viking’s chief executive officer to discuss company strategy with Steve Saxon, a McKinsey partner in Shanghai, and Jackey Yu, an associate partner in Hong Kong. He suggests Viking will press on with marketing in China throughout the virus outbreak, while explaining how Viking tailors its European cruise program for Chinese customers, and why price and product integrity stand out in the China market.

McKinsey: How has your outbound Chinese tourist business evolved since you launched European river cruises?

Torstein Hagen: We launched in 2016 with one cruise and 16 passengers, and last year served 20,000 Chinese passengers in Europe. The best case amid the virus outbreak is we’ll host 15,000 passengers in 2020, and rebound next year to nearly 40,000. Our goal is 150,000 by 2025. Chinese passengers average about 10 nights per trip—three or four nights longer than regular cruisegoers. Average sale per customer is about 3,000 RMB per night. We’ve also increased our yield materially, and were on pace to have a retention rate across three or four years of over 30 percent, compared with an industry average in China of under 5 percent.

McKinsey: What was the rationale behind launching your China-focused proposition in Europe?

Torstein Hagen: China is the world’s largest travel market, so we ought to be there. We came in believing there was a product opportunity; that pricing would come over time as Chinese were willing to spend more on experiences. People, whether Chinese or American, are not so different. This wasn’t about reinventing Viking for China, it was about taking what we already did and making it Chinese: the language, the food, and the experience.

This year, we aim to operate six ships for the Chinese market on the Rhine and the Danube, each hosting 175 to 190 guests. They function as Mandarin-only hotels, with all the signage and excursions in Chinese, and the food cooked by Chinese chefs. We made a unique commitment that customer-facing crew from the hotel side had to speak Chinese, and recruited them from the best hotels in China.

McKinsey: Why did you commit to making the vessels Mandarin-only?

Torstein Hagen:  Two decades ago, we bought Germany-based KD River Cruises. They marketed across Europe and the world, so there were a host of nationalities on board. Our experience showed multiple languages are an unattractive proposition for the consumer; it’s a better product with only one group. It’s also operationally troublesome having menus and excursions in multiple languages. We doubled-down on the English-speaking market, largely Americans, and have applied the same philosophy to China. There was also a gap in the market because Chinese consumers searching for better products are not properly served by their domestic travel companies, and the international travel landscape largely fails to cater to their tastes.

McKinsey: Do you feel the proposition scales up to 1,000-passenger ocean ships?

Torstein Hagen: We decided to scale-up gradually on river ships and then add ocean liners when we have the scale. Chinese people don’t necessarily recognize river cruise destinations like Rüdesheim, or Heidelberg, so that proved a challenge. When we launch ocean trips in a couple of years, we’ll run our “In Search of the Northern Lights” cruise in northern Norway, which Chinese people will recognize and enjoy.

McKinsey: Strategically, how do you view the rise of Chinese outbound tourism?

Torstein Hagen:  The strategy is similar to when we launched our US business: we compete against bus tour operators. A river cruise is a better product; more relaxing, and easier to manage. In catering to Chinese customers, we can leverage our existing prime docking stations in key European cities, and other fundamental advantages we hold from operating in the region since 1997. Most bus tours and the majority of our competitors have about one Chinese speaker for every 40 guests. Viking has one Chinese speaker for every 3.5 guests, and we carry our own guides, matching around one guide per 16 to 20 people, augmented by a local guide office. We offer an unrivalled level of service and attention.

McKinsey: Do Chinese tourists have any specific traits that make them standout as customers?

Torstein Hagen: The biggest difference is WeChat, which is an incredibly powerful tool but difficult to work with for marketers, and the complexity and uniqueness of China’s social media environment. From a customer perspective, the US and China markets are almost identical, with one big difference: the appetite for foreign travel is much greater in China, and there’s a larger gap between a lot of products and expectations.

McKinsey: How do you engage with Chinese customers across ecosystems that use very different social media and marketing tools?

Torstein Hagen: There is a greater trust differential compared with the US: people have to believe you’re a real brand, especially if you’re asking for 50–60,000 RMB per cabin. Our marketing strategy is clear: fill social media with content, make sure people know who we are, and allow as many people as possible to give honest feedback. Real success, as in the US, will depend on brand advocacy from travelers. If you have a net promoter score in the high 70s, it means people are spreading the word. In combination with the very social environment in China, that’s a powerful tool.

Torstein Hagen biography

Born in 1943

Holds a degree in physics from the Norwegian Institute of Technology, where he completed his Master’s Thesis related to artificial intelligence and machine learning.

Earned a Master of Business Administration from Harvard University.

Studied computers at Wesleyan University on a Fulbright Scholarship.

Leads the world’s most successful river cruise line as Chairman, and manages operations across an ocean fleet of six ships.

Secured a joint venture partnership with China Merchants Shekou & Group ahead of launching a dedicated Chinese ocean cruise line.

Launched European river cruises for Chinese customers in 2016, expanding the business to 20,000 customers a year in 2019.

Purchased KD River Lines in 2000 to expand Viking’s European river cruise portfolio, ahead of entering the American market.

Founded Viking Cruises in 1997 with the purchase of four river vessels in Russia.

Helmed Royal Viking Line as CEO from 1980 to 1984, before losing control to Norwegian Caribbean Lines.

Served as a member of the board of directors for Holland America Line and Kloster Cruise Ltd.

Led Bergen Steamship Co. as CEO from 1976.

Advised cruise companies on their strategy as a partner in McKinsey & Company’s European offices.

McKinsey:  Travel brands find direct marketing a challenge in China, but you’ve had strong success. What’s the secret?

Torstein Hagen: We have a good partner who allows us to develop a one-on-one customer relationship, and use our brand as the messaging tool versus forcing their brand forward. Our success is also driven by declining trust in travel agents in China. As much as we police it, agencies still rebate commissions and try to manage their products independently. If you look at our competitors on Online Travel Agency platforms, they normally sell 12 nights, 10 days. How can you have a 12-night, 10-day travel experience? You sleep on the plane. When we tell you 10 days, it’s 10 days in Europe and nine nights. Price transparency, product transparency, and integrity is how you build long-term brand value. Our travel partners support that philosophy.

McKinsey: Did you enter China seeking to emulate the direct model that has proved successful in the US and UK, or was it a separate decision process?

Torstein Hagen: We are not direct sellers, we are direct marketers. Nobody should get between us and the guest when it comes to what we sell, in terms of the package and the price. We need to have a direct conversation with consumers; and own our product, delivery, pricing, and yield. We are not concerned whether customers buy with travel agents, which have always been an important component of our businesses, but we do care that they buy a Viking product. There was considerable pushback from agents, with multiple canceled bookings when we refused requests for extra commission or special requirements. We do not allow agents or other intermediaries to repackage under their brand.

McKinsey: What is your advice to foreign companies on choosing and working with a local Chinese partner?

Torstein Hagen: Understand what your needs are, be very clear about what you expect, and make sure it’s a mutual win. Don’t worry about short-term cost versus long-term benefit. If you’re worried about the short term, you’re going to find it very difficult in China.

McKinsey: How does Viking drive the China agenda, while balancing control from headquarters with flexibility from the local team?

Torstein Hagen: China is our top strategic initiative for the next decade. We run strategy accordingly with close oversight from the center in terms of choosing partners and capital allocation. At the same time, we clearly instill our brand values in the China team, and have people there who understand our brand. We allow them to localize operations and control how messaging and creative works in China, as long as it’s brand appropriate. If something goes out that is not brand appropriate, then we have a clear and open dialogue about how to learn from that mistake.

McKinsey: How do you balance the freedom to design messaging in China with the sales organization and brand team being in the US?

Torstein Hagen: The US will always be, certainly until China becomes bigger, the foundational decision maker of what our brand represents. Then we allow flexibility for China to interpret that. For example, in the US, we’ve taken a position that our customer is aged 18 and over. In China, everybody wants to travel in July and August with their grandchildren. We adapted and said it was eight and over in China, and designed art programs to culturally enrich and entertain the kids.

McKinsey: What do you see as the biggest challenge to continuing the growth momentum of Chinese outbound tourism?

Torstein Hagen: The biggest global challenge is that Chinese travelers are generally treated poorly, and that lack of respect may eventually lead them to vote with their wallets. There is also a risk that the more presence we have as a brand, the more motivated travel agencies, tour operators, and others are going to be to have their own ships and capacity, and we end up in a price-based fight for market share. But consumers are smart, so they’ll distinguish between the real thing and a copycat. In the US, we started off with 25 percent market share 10 years ago but by spending money on messaging through tough times we now have 50 percent. I can’t see why we shouldn’t have 50 percent share of Chinese travelers in Europe.

McKinsey: Assuming the coronavirus virus outbreak subsides, what are your plans for the future in China?

Torstein Hagen: We have announced our partnership with China Merchants Group, which should form a basis to create a large domestic Chinese cruise line. That’s our focus.

McKinsey: How do you think the virus outbreak crisis will evolve, and what will be the impact on the cruise market?

Torstein Hagen: It’s hard to tell. Fortunately, we have taken precautions. Our ships are small, so the likelihood of getting infected with us is much smaller. But that’s probably not a big consolation; it’s going to be difficult for the whole market.

McKinsey: Do you think the issues with other cruise ships, which have hosted significant coronavirus outbreaks, have damaged the image of cruising as a whole, and if so, will it bounce back?

Torstein Hagen:  Yes, and yes. They, and the cruise industry, received a lot of advertising they did not need, and the crisis management challenge was very difficult, but history says it will be cyclical. The affected cruise lines were in a very difficult position managing sick people in a closed environment, and it was the authorities’ decision to impose and implement quarantine. It will have a real impact on the China cruise industry for the next year.

McKinsey: How did you look after Chinese customers with existing bookings through the COVID-19 crisis?

Torstein Hagen: We hadn’t started the season yet, so we didn’t have Chinese who were already abroad. The first thing we did is send a message reassuring our customers that we would look after them. We canceled the first-half schedule, and returned all payments. We also offered a program for customers to leave money on account and receive a loyalty bonus. No matter what happens with COVID-19, we need at least six to eight weeks of quiet before we bring Chinese back to Europe. Rushing them back will lead to misery for travel brands. Fortunately, we are in a very strong financial position, so we can focus solely on our customers.

Steve Saxon is a partner in McKinsey’s Shenzhen office. Jackey Yu is an associate partner in the Hong Kong office.

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Dear Tor, A Letter to Tor Hagen, Chairman and CEO Viking Cruises

Update May 15, 2022: (Spoiler alert) .  On May 15, 2022, Viking hired me as their Ambassador-at-Large.  A position that will allow me to sail the world with Viking and share the story of the absolute best ocean and river cruise line in the world. (See Footnotes at end of the article.)

Am I biased? Yes,  but biased from experience.  Am I honored?  Absolutely and ready to embark on the best job in the world.  You can now reach me at [email protected].  I hope to meet you on board and hear from you as we explore this wonderful world together.

As you have just launched your sixth ocean-going ship, Viking Jupiter, I hope you won’t mind my sharing a personal note with a few readers. Our past goes back many years and has had its ups and downs.

I was kindly invited to Viking’s Amsterdam ceremony in March 2013 where you first broke a world record with the launch and naming of multiple Longship riverboats. I was honored. I was also honored to be on the same riverboat as you, your family, and Lord and Lady Carnarvon. The day after the ceremony your daughter, Karine Hagen, who I admire and who has been my friend for many years, urged me to go have breakfast with you. I hesitated as I did not want to bother you with so many VIPs on board. She pushed me so I sat down beside you. I introduced myself in case you did not remember me and you said,

“Well, are we good enough for you now?”

Clearly, you did remember me and we had some things to discuss.

Let me back up for the readers.

Several years earlier you visited our offices at the Smithsonian Institution. I was overseeing the international portfolio of Smithsonian Journeys and you met with our Director, Amy Kotkin, and me. It was an interesting meeting as you explained your plans to expand your just launched Viking River Cruises. The plans seemed grandiose but you certainly knew cruising and had a vision we had not heard from other cruise lines. However, we decided that at that time, we were not ready to add Viking to our program. End of story? No.

Fast forward four years and here we sat on one of your brand new riverboats and Viking had indeed realized those grandiose plans–perhaps even more than you had imagined–or so I thought.

So what to say?

“Tor, have you seen the movie Pretty Woman?” I seriously doubted that you had but I was grasping for an analogy.

“Yes, I have,” he said.

“Do you remember the scene when she returns to the store that refused her service, shows them all the bags, and says ‘Big Mistake’? Well, I made a big mistake….clearly.” Silence for a moment and then the shocker.

“Well, I have another favorite line from Pretty Woman”, he said. “Do you remember when Richard Gere tells Julia Roberts he wants her to be his mistress and stay with him?”

“Yes”, I mumbled, wondering where this was going.

“Do you remember her response?”

He repeated it for me……”No thank you…I want it all.”

Well, sir, it is 2019,  you have just launched your 6th ocean-going ship and Viking has received more top awards and accolades than I can begin to mention.  You are now at the top of that fire escape and Richard Gere (or me) is climbing up offering you flowers. Job well done.  

Thank you for inviting me to so many of your naming ceremonies.  I have enjoyed sailing around the world on Viking since that breakfast in 2013.  Particularly memorable was sailing up the Thames on the Viking Star and watching as you received the keys to Greenwich from the mayor. The Vikings had invaded England, again.

Even if you haven’t forgiven me, you have been very kind, given our history.   Where to go from here? I can’t wait to watch. And by the way, I was pleased to see that “Pretty Woman” is one of the movies offered onboard all your ships. Touché.

Warmest regards,

Jean Newman Glock

Footnotes: 

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15 thoughts on “ Dear Tor, A Letter to Tor Hagen, Chairman and CEO Viking Cruises ”

• Pingback: Best. Ship. Christening. Undeniably Viking Style. - Jean Newman Glock, Traveler

Wonderful story! I love to see progression like this. Our travels together go back a very long way. Now, having tried all the rest, we are excited to be 2 days away from our first Viking Ocean Cruise! Can’t wait to share feedback . Here is to many more !

Our travels do go way back to our college days in Lugano. I hope you have a wonderful Viking Ocean cruise and that maybe I will be on your next one!

Love it!!!! Skol!

Thanks Sandy!

I enjoyed reading your gracious post. I think we’ve all had those moments of doubt in a business setting that evolved overtime into magical success stories despite our early dismissal. In our quest for something different, we did our first Viking River cruise in 2004. 17 cruises later, Viking remains as magical for us as it did in August 2004. I think the test of any organization is how it deals with adversity. The past two years has certainly tested this industry. Viking stood out as a great example of what principled servant leadership can achieve during this period. A great story, But I have a more personal one. We were in the Viking Sky in March 2019 when it almost ran aground in a bomb cyclone off the coast of Norway. We were ‘ hunkered down’ in the Star Theater for a considerable period of time while the ship was being secured and half the passengers were evacuated by the Norwegian Air Sea Rescue teams. That was the moment for leadership. Tor Hagen did not disappoint. He flew to Norway to meet with the passengers when the ship was towed into the nearest port. He didn’t hide, he confronted the situation and assured his passengers that he would offer a full accounting and make things right. 900 passengers were re-accommodated on flights and returned home in the most expeditious way, The day after arriving home we received a huge bouquet of flowers from Viking welcoming us home , then a letter from Tor Hagen committing to a full refund of ALL costs for the trip, right down to cab fare to the ship. Then a voucher in addition to the refund for the same amount applicable to a Viking trip of our choice, and, in addition, an all expense paid flight and trip sailing in the maiden voyage of the Viking Mars. In that Marx voyage which he and Karine hosted, they both delivered a stellar presentations on the vision, values, and future aspirations for Viking down the road, The character of Viking and its leadership never stood taller nor differentiated them more as the provider of choice in the luxury cruise industry. We are booked in our 18th and 19th magical cruise this Fall,

Thank you so much for sharing your amazing story. I think your quote, “The character of Viking and its leadership never stood taller or differentiated them more as the provider of choice in the luxury cruise industry,” says it all so well. When things go perfectly both Tor and Karine always want to know, what could we do better. It always starts at the top and I am honored to work for them.

The response to “How was your day, dear?” On a Viking cruise is always, “Fantastic!”

Well said! Everyday is an adventure and we all need more adventure in our lives!

Truly an amazing story. We sailed on the river cruise longship 3 yrs ago and we were hooked! We have cruised many many times before on other lines but none have compared. We can’t go back to them after experiencing Viking. Planned a couple cruises during COVID but had to reschedule because our traveling friends were high risk. Never fear though… we will be back this September for an eastern seaboard ocean cruise. Can’t wait!!

I love the itinerary for the eastern seaboard, and even though I live on the east coast there is so much I haven’t seen and so much to learn. Maybe I will see you onboard!

We have enjoyed cruising with Viking many times. The attention to detail and value offered is beyond anything we could have imagined prior to our first experience with this company. However what has been most impressive is they way they always put safety first during the pandemic. So very nice to see a company face adversity with not just an eye on the bottom line but with concern for their people…crew and passengers. Thank you Viking.

I have also been very impressed. They have set an example for many in always doing the right thing for their guests, crew and staff.

Very nice read! We have been hooked on Viking since 2015, mere amateurs compared to some many others, but hopefully many years to come! When covid paused our scheduled trips, I tuned into viking.tv and became hooked on the personal connection through available Q&A with very accomplished guests. What other cruise companies were able to keep past and future guests engaged in such a manner? Even more impressive was the personal attention Karine took in monitoring and engaging in the whole experience, to the point of reaching out to some regular viewers, both online and in person! We had the pleasure to meet her in Basel last month, a very genuine person!

Thank you for your comment. I too have greatly enjoyed Viking TV and felt it did unify all of us during tough times. Karine is amazing and more so in that her efforts for Viking TV were clearly a labor of love for her Viking “family’, who were spread far and wide.

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© 2013–2021 Jean Newman Glock. Disclaimer: I was an invited guest for many of these trips, but I never accept a trip in exchange for any promise of positive​ stories or social media posts​. The opinions and findings are all my own and always... unedited. It speaks for the integrity of these suppliers that they trust their product will shine, without any quid pro quos in exchange for travel. I choose who I work with very carefully for this reason.

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At home on board our Viking Longships with Karine Hagen

Step on board one of our state-of-the-art Viking Longships with Karine Hagen, Executive Vice President at Viking, for an intimate look at this remarkable vessel. Follow along while she guides us through its spacious staterooms and suites and explores how the ship is specially built to navigate Europe’s waterways. Enjoy this exclusive tour and then start planning your journey along the Rhine, Main and Danube Rivers—and beyond.

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Viking.TV is the award-winning enrichment channel of Viking, the world’s leading exploration company dedicated to providing culturally enriching and destination-focused journeys on rivers, oceans and lakes on all seven continents. Through Viking.TV, we provide free, daily livestreams and on-demand programming designed to introduce our worldwide audience to some of the most fascinating figures in science, art, literature, music and more. We also highlight some of the world’s most iconic and intriguing destinations—many of which can be explored on a journey with us.

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Karine Hagen is your host in these award-winning short films sharing some of her favourite insights into world cultures. Be they aspects of local lives, working worlds, or sharing privileged access to places few have the opportunity to visit.   A native of Norway, Karine is executive vice president at Viking, and lived in the UK, US, Russia and Asia, and speaks seven languages. She is a great believer in the power of travel to change the world.

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Cruise operator Viking targets $11 billion valuation as IPO market stays hot

Viking Holdings, the European cruise line operator, is seeking to raise more than $1 billion in a public offering next week that could become the second-biggest IPO of 2024.

Viking is scheduled to price on April 30 and trade the next day, a person familiar with the deal told Fortune . The Pembroke, Bermuda–based company plans to sell 44 million shares at $21 to $25 each, according to a regulatory filing dated April 22. Viking will be offering 11 million shares with the remainder coming from shareholders, according to a statement . BofA Securities and JPMorgan are lead underwriters on the deal, which could end up valuing Viking—slated to trade under VIK on the New York Stock Exchange—at almost $11 billion.

Torstein Hagen, Viking’s chairman and CEO, founded the company in 1997. It has a fleet of 92 vessels that travel to all seven continents, including special expeditions to Antarctica and to the Arctic North.

“Looking toward the future, we believe there are a number of opportunities for growing Viking,” Hagen wrote in a letter accompanying the filing. “We have 24 new ships on order, with options for 12 more. We have also started to enter new markets, such as China and elsewhere in Asia, where we see significant growth potential over the long term.”

Revenue for Viking rose 48% to $4.7 billion in 2023. The company was profitable in 2022 but posted $1.86 billion in losses last year, and it’s highly leveraged, reporting $5.4 billion in total debt as of Dec. 31.

“We have substantial indebtedness and we may not be able to generate sufficient cash to service all of our indebtedness or to obtain additional financing if necessary,” Viking said in the regulatory filing.

The company is also backed by private equity. Canada Pension Plan Investment Board and TPG likely will each have nearly 5% of the firm’s voting power after the IPO.

The IPO market is bouncing back. Last week, Ibotta rose 17% during its first day of trading after pricing at $88. Rubrik, a Microsoft-backed cloud data security provider, is scheduled to list shares on Thursday and could raise as much as $713 million . Also on Thursday, Marex Group, a U.K.-based financial services platform, is expected to trade, according to IPOScoop.com.

The year’s biggest IPO still belongs to Amer Sport, the maker of Wilson tennis racquets, which raised $1.37 billion in February, according to data from Dealogic. Viking, if it prices at the top of its range, could raise as much as $1.1 billion.

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• 0 --> 0 }"> type to begin your search', visible: !setSelectedCruiseType().length > 0"> CRUISE TYPE   CRUISE TYPE 11, 'dropup': breakpoint() > 767 && dropupAvailable() }, selectPicker:setSelectedCruiseType, optionsText:'display', optionsValue:'value', selectPickerOptions: { optionsArray: cruiseType, isPortal: isPortal() }" aria-hidden="true" style="display: none"> CRUISE TYPE * cruise type is a required field
• 0 ) || ( !isPortal() && !widgetIsReady ) )"> 0 }"> REGION   REGION 0) || !isPortal() --> 11, 'dropup': breakpoint() > 767 && dropupAvailable(), 'disabled': isPortal() && !setSelectedCruiseType().length > 0 }, selectPicker:setSelectedRegion, optionsText:'display', optionsValue:'value', optionsCaption: regionCaption(), selectPickerOptions: { optionsArray: regions, isPortal: isPortal() }" aria-label="Find a cruise - Select cruise region" aria-hidden="true" tabindex="-98" style="display: none">  
• 0 ) || ( !isPortal() && !widgetIsReady ) )"> 0 }"> DEPARTURE DATE   DEPARTURE DATE 0) || !isPortal() --> 11, 'dropup': breakpoint() > 767 && dropupAvailable(), 'disabled': isPortal() && !setSelectedCruiseType().length > 0 }, selectPicker:setSelectedYearMonth, optionsText: 'display', optionsValue:'value', optionsCaption: yearMonthCaption(), selectPickerOptions: { optionsArray: yearsMonths }" aria-label="Find a cruise - Select departure date" aria-hidden="true" tabindex="-98" style="display: none">  
• DURATION   DURATION 11, 'dropup': breakpoint() > 767 && dropupAvailable() },selectPicker:setSelectedDuration, optionsText:'display', optionsValue:'value', optionsCaption: durationCaption(), selectPickerOptions: { optionsArray: durations }" aria-label="Find a cruise - Select cruise duration" aria-hidden="true" tabindex="-98" style="display: none">  

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