Royal Caribbean reports $1.1 billion loss for first quarter of 2021

Published on : Friday, April 30, 2021

Royal Caribbean has reported a $1.1 billion adjusted net loss for the first quarter of 2021, as compared to a loss of $310 million a year ago. The cruise giant said first quarter average monthly cash burn was approximately $300 million. Officials confirmed that this was slightly higher than the previously announced range, driven mainly by fleetwide restart expenses and timing. Revenues for the first three months were $42 million.

With Chief Executive Richard Fain revealing recent talks with the Centres for Disease Control & Prevention (CDC), it gave the company a hope it could operate an Alaska cruise season this summer. Royal Caribbean said sailings in Europe and Asia have so far tallied just 21 COVID-19 cases among more than 125,000 passengers, equating to a positivity rate of 0.01 per cent. Fain said this shows the success of mitigation protocols even before vaccination. Booking activity for the second half of 2021 is aligned with the anticipated resumption of cruising. Pricing on these bookings is higher than in 2019, both including and excluding the dilutive impact of future cruise credits.

Fain shared that the company recently discussed constructive dialogues with the CDC regarding resumption of cruise operations in the US in a safe and healthy manner. He mentioned that the CDC notified some clarifications and amplifications of their conditional sail order which addressed uncertainties and concerns that has been raised. He said many items had been dealt by CDC in a constructive manner that takes into account recent advances in vaccines and medical science. He added that although it is only a part of a very complex process, it encouraging seeing a pathway to a healthy and achievable return to service, hopefully in time for an Alaskan season.

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