Norwegian Cruise Line has seen its share price crash by a fifth after warning there is “substantial doubt” about its ability to continue operations.

In a filing with the Securities & Exchange Commission in the United States, the smallest of the three major lines said: “Covid-19 has had, and is expected to continue to have, a significant impact on our financial condition and operations, which adversely affects our ability to obtain acceptable financing to fund resulting reductions in cash from operations.”

The company – which also operates the Oceania Cruises and Regent Seven Seas – said it did not expect to make any further cash in 2020.

Norwegian added: “The current, and uncertain future, impact of the Covid-19 outbreak, including its effect on the ability or desire of people to travel (including on cruises), is expected to continue to impact our results, operations, outlook, plans, goals, growth, reputation, cash flows, liquidity, demand for voyages and share price.”

Norwegian filed a shelf registration to raise an undetermined amount of money, giving the cruise-line operator another option to raise cash if it needs to.

As of December 31st, the company held about $6 billion in long-term debt obligations.

Shares in Norwegian, which operates cruises in the Caribbean, the Mediterranean and the Bahamas, slumped 19 per cent to $11.60 (£9.30) in early trading in New York on Tuesday.

The shares were changing hands for $60 each in January.

The cruise industry has been hard hit by the coronavirus pandemic.

The industry was left out of the US government’s $2.3 trillion stimulus package for troubled companies, as all the big players are incorporated outside the country.

Norwegian is registered in Bermuda.