The line is to axe all voyages departing 12 March to 10 May.
Those currently onboard a cruise due to end in the next five days will continue to sail as expected through to the end of the itinerary.
Current voyages already under way and extending beyond 17 March will be ended at the most convenient location for guests, factoring in operational requirements.
Princess said it would “do everything possible to return each guest home with the greatest amount of care possible”.
“During this time, our operations and medical teams across the fleet will remain vigilant in their care and service for guests and crew onboard,” the line added in a statement.
Princess is offering affected guests the opportunity to transfer 100% of the money paid for their cancelled cruise to a future cruise of their choice.
The line will also add an additional future cruise credit benefit – to be applied to the cruise fare or onboard expenses.
Princess will honour this offer for guests who had made final payment and cancelled their booking on or after 4 February 2020.
The future cruise credit can be used on any voyage departing through to 1 May 2022.
If the future cruise credit option does not work for some guests, they will be able to complete an electronic form on princess.com to request a cash refund.
Princess president Jan Swartz, said: “Princess Cruises is a global holiday company that serves more than 50,000 guests daily from 70 countries as part of our diverse business, and it is widely known that we have been managing the implications of Covid-19 on two continents.
“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 wellbeing 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.”
