Norwegian Cruise Line Holdings reports $2.2 billion loss for 2020

Wednesday, March 3, 2021

Norwegian Cruise Line Holdings has recently reported an adjusted net loss of $2.2 billion for financial 2020 after nearly a year out of the water as compared to an adjusted profit of $1.1 billion for 2019. The group which owns Norwegian Cruise Lines, Oceania Cruises and Regent Seven Seas Cruises halted all sailings in March last year during the  peak of the COVID-19 pandemic s and has yet to return to operation.

Revenue at the cruise giant decreased 80 per cent to $1.3 billion over the course of last year. The adverse impact on revenue was due to the cancellation of the vast majority of sailings in 2020 as a result of the pandemic, which resulted in a 78 per cent decrease in capacity days. Norwegian Cruise Line Holdings currently hopes to return to operation on May 31 but the deadline has repeatedly slipped in recent months. Monthly average cash burn for the fourth quarter as the group was approximately $190 million. This included approximately $15 million per month of additional relaunch-related expenses as Norwegian began preparing vessels for a potential return to service in early 2021. However, following advice from the Centres for Disease Control & Prevention, the relaunch was postponed until at least early summer.

Frank Del Rio, President and Chief Executive Officer, Norwegian Cruise Line Holdings said in a statement that while 2020 has been without a doubt the most challenging year in the company’s 50-plus year history, the team responded to the unprecedented environment with swift and decisive action. He mentioned that the company demonstrated once again its adaptability and resiliency, underscored by the unwavering commitment and dedication from the team members across the globe. He also added that company is encouraged by the accelerating rollout of vaccines, the progress towards herd immunity and the strong demand for future cruise vacations.

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