Royal Caribbean Group reports $5.8 billion loss for 2020

Tuesday, February 23, 2021

Royal Caribbean Group has reported a net loss of $5.8 billion for financial year 2020 compared to the net profit of $1.9 billion reported last year by the cruise giant. The company implemented a voluntary suspension of cruises on March 13 last year and has yet to set sail again. The cruise line currently hopes to return to operation at the end of April but has repeatedly pushed back the deadline.

Losses in the fourth quarter were $1.4 billion, against a net profit last year of $273 million. In January, the group announced it had entered into an agreement to sell its three-ship Azamara brand for more than $200 million. The company still operates Royal Caribbean International, Celebrity Cruises and Silversea Cruises. During 2020, the group raised approximately $9.3 billion of new capital through a combination of bond issuances, common stock public offerings and loans.

Richard Fain, Chief Executive, Royal Caribbean Group, said in a statement that the COVID-19 pandemic is having a painful and profound impact on the world and the business; and unquestionably, the crisis is the most difficult in the company’s history. He mentioned that the company have been impressed and grateful for the resourcefulness and agility of its team in responding to the unprecedented challenges.

He mentioned that the cruise line is confident about its ability to recover and return to the positive trajectory it was on previously and added that the company is encouraged to see the sharp decline in cases and the growing availability of vaccines as it cannot wait to get back to the business of showing people the world and making great memories.

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