Cruise line operator Carnival's (CCL) - Get Report shares were lower after the company said its Princess Cruise would voluntarily pause global operations for its 18 cruise ships for 60 days, affecting voyages departing March 12 to May 10.
At last check the stock was off 15% at $18.48.
"By taking this bold action of voluntarily pausing the operations of our ships, it is our intention to reassure our loyal guests, team members and global stakeholders of our commitment to the health, safety and well-being of all who sail with us, as well as those who do business with us, and the countries and communities we visit around the world," said Princess President Jan Swartz.
Travel stocks face an uphill battle as municipalities around the world restrict people's movements in an effort to combat the spread of the coronavirus.
But cruise ships are in an especially precarious situation as experts say that they are the most susceptible to spreading the disease.
The Centers for Disease Control and Prevention specifically lists avoiding cruise ships for all travelers, but specifically for travelers with underlying health issues.
"To best protect these vulnerable individuals, we recommend that such individuals avoid situations that increase their risk of acquiring infections. This entails avoiding crowded places, avoiding non-essential travel such as long plane trips, and especially avoiding embarking on cruise ships," the CDC's website says.