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Royal Caribbean: “This Crisis is the Most Difficult in the Company’s History”

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Royal Caribbean Group, the operator of the cruise ships Royal Caribbean International, Celebrity Cruises, Silversea Cruises, and Azamara, which is based in Miami, Florida, reported that in 2020 it had a net loss of US$5.8 billion.

The losses were clearly caused by the COVID-19 pandemic that is shutting down the tourism industry around the world, including attacking cruise operator companies such as Royal Caribbean Group, because everyone’s activities are restricted.

“The COVID-19 pandemic is having painful and profound impact on our world and our business,” said Richard D. Fain, Chairman and CEO of Royal Caribbean Group, in Miami, Monday (22/2). “Unquestionably, this crisis is the most difficult in the company’s history.” 

The loss of Royal Caribbean Group was staggering, especially for its own executives. “These results reflect the staggering impact that the pandemic brought to our company and the whole industry during 2020,” said Jason T. Liberty, EVP and CFO of Royal Caribbean Group.

In order for the losses not to continue, Royal Caribbean Group pursued several strategies. Last December, the company started operating Quantum of the Seas in Singapore. In late January, the company signed a definitive agreement to sell Azamara for US$201 million.

During 2020, Royal Caribbean Group also raised US$9.3 billion in new capital through a combination of bond issuance, public offering of ordinary shares and loan facilities.

“We remain focused on improving our liquidity position, managing our operating expenses, and ensuring that our brand family is ready to resume operations,” Liberty said in an official company statement.

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