Cruises ships are seen docked at Miami port as the tourism industry is affected by the spread of the coronavirus disease (COVID-19), in Miami, Florida, U.S., March 18, 2020. REUTERS/Carlos Barria
By Nivedita Balu May 20 (Reuters) – Royal Caribbean Cruises Ltd and Norwegian Cruise Line Holdings Ltd on Wednesday extended the suspension of voyages by another month until July 31 amid sailing curbs imposed to check the spread of the coronavirus.
The cruise industry has faced the brunt of the health crisis as major outbreaks in ships were blamed for spreading the disease, resulting in government-mandated “no-sail” orders and trip cancellations.
Royal Caribbean, which warned of a second-quarter loss in the face of a mounting debt, said it would have to pay between $590 million and $610 million in interest for the rest of the year on borrowings to the tune of more than $5 billion.
The company, in the past few months, has had to borrow money by pledging some its ships. While its China operations would continue, the company said booking volumes for the rest of the year were slowly improving, driven by demand for cruises later this year and in 2021.
“Our current booking trends indicate that there is demand for cruising,” Chief Financial Officer Jason Liberty told analysts.
Rivals Carnival Corp and Norwegian Cruise Line have also signaled a similar return in demand.
Royal Caribbean said net loss attributable to the company was $1.44 billion, or $6.91 per share, in the first quarter ended March 31.
Excluding one-time items, it lost $1.48 per share, much more than Wall Street expectations of 63 cents loss, according Refinitiv data.
Shares of the cruise operator were down 4% at $40.7 in noon trading. (Reporting by Nivedita Balu in Bengaluru; Editing by Bernard Orr, Anil D’Silva and Arun Koyyur)
By Cagan Koc (Bloomberg) MSC Cruises was told to drop some green claims in its advertisements in the Netherlands after Dutch environmental campaigners complained that its ads amount to greenwashing. MSC...
by Clodagh Kilcoyne, BELFAST (Reuters) – Cruise passengers are to set sail from Belfast on Monday on a three-and-a-half-year world voyage after being stranded in the city for months as the ship underwent unexpected...
by Muvija M LONDON (Reuters) – Britain on Thursday sanctioned five vessels and two associated entities involved in the shipping of Russian LNG, with the government saying it was using new legal powers...
September 26, 2024
Total Views: 1855
Why Join the gCaptain Club?
Access exclusive insights, engage in vibrant discussions, and gain perspectives from our CEO.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.