Royal Caribbean posts $1.6bn loss for second quarter | News

Royal Caribbean has posted a second-quarter net loss of $1.6 billion, as the global pandemic continues to take its toll on the cruise sector.

The figure compares to a profit of $472 million at the cruise operator in the same quarter last year.

In May 2020, it posted a first-quarter loss of $1.4 billion.

The parent company of Royal Caribbean International, Celebrity Cruises, Azamara and Silversea paused all operations amid the global Covid-19 pandemic on March 13th.

Richard Fain, Royal Caribbean chief executive, said: “Our teams are working tirelessly to return to service soonest and doing so by developing new health and safety protocols to protect the well-being of our guests, crew and destinations we visit.

“In the meantime, we are using this time to refine our operations to be as efficient as we can while providing the great experiences that so many people are eagerly awaiting.”

Royal Caribbean Group estimates its cash burn to be between $250 million to $290 million per month during the suspension of operations.

Earlier this month, it announced it will be extending the suspension of sailings to include those departing on or before October 31st, excluding sailings from China and Australia.

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