Royal Caribbean Group posts USD5.8 billion annual loss

Friday, 23 Feb, 2021 0

Royal Caribbean Group posted another billion-dollar quarterly loss pushing it to an annual net loss of $5.8 billion.

It posted a Q4 deficit of $1.4 billion with net income of just $273.1 million.

"These results reflect the staggering impact that the pandemic brought to our company and the whole industry during 2020," said CFO Jason T. Liberty.

Its cash burn is between $250 million to $290 million per month due to the prolonged suspension of cruising.

"Unquestionably, this crisis is the most difficult in the company’s history. But we have been impressed and grateful for the resourcefulness and agility of our team in responding to these unprecedented challenges," said Richard D. Fain, Chairman and CEO.

The company has limited cruise operations at the moment including short cruise to nowhere sailings out of Singapore, which have proved successful with the local market.

"These cruises, even before the availability of vaccines, are helping us learn and demonstrate to others how we can operate successfully under the current Covid-19 environment," said Fain.

The company is also continuing prep work to satisfy the CDC’s Framework for Conditional Sailing Order.

The company said that as of the end of 2020, it brought in $1.8 billion in customer deposits of which half are from Future Cruise Credits.

It said it had liquidity of about $4.4 billion at the year-end.

Written by Ray Montgomery, US Editor

TravelMole Editorial Team

Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.

The State of Michigan is blessed with the riches of unspoiled nature: the nation’s longest freshwater coastline, lakes that feel like...

To say Sweden is fit for a fairy tale is not overstating it—the palaces dazzle, the boreal forests are brimming...

Classic Collection is where travel expertise and personal service combine to create the perfect luxury holiday. Our travel agent partners...

Travel Outlook, the premier hotel call center™ Travel Outlook is an innovative, custom off-site central reservations office (CRO) service that...

Arival advances the business of creating amazing in-destination experiences. We provide events, insights, and community for creators and sellers of...

Blue Diamond Resorts consistently goes above and beyond guest expectations by delivering groundbreaking vacation experiences through our exceptional collection of...

City Cruises is a leading operator of sightseeing, dining and charter services operating in London, York and Poole. We offer...

From the beginning, ATI’s philosophy has been “innovation, not duplication.“ Developing specialized technology solutions to connect over 30,000 accommodation, attracti...

Consisting of the three Maritime provinces of New Brunswick, Nova Scotia, and Prince Edward Island as well as Newfoundland and...

Travel specialists founded the company in 1999 as AC Tours. Since then we have grown and expanded to incorporate four...

Global Hotel Alliance brings together a unique collection of independent hospitality brands for GHA DISCOVERY, a multi-brand loyalty programme. GHA...

The Mexico Tourism Board serves as the driving force behind Mexico’s global appeal, orchestrating targeted marketing campaigns to showcase the...

A state like no other. A place known for togetherness, celebration and happiness. In Louisiana, we call it “joie de...

Palladium Hotel Group is a renowned Spanish hotel chain that first emerged towards the end of the 1960s. Currently present...

Hilton is a leading global hospitality company with a portfolio of 22 world-class brands comprising nearly 7,300 properties and more than 1.1 million rooms, in...