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Published on Thursday, October 29, 2020

Losses mount at Royal Caribbean

Royal Caribbean has posted a loss of $1.3 billion in the three months to 30 September as the cruise industry continues to haemorrhage cash.

The cruise line said its average monthly cash burn is between $250 million to $290 million as it awaits the resumption of services.

It said it expects to re-start global cruise operations in a 'phased manner'.

Quantum of the Seas is expected to resume cruising from Singapore in December with initial voyages operating with reduced occupancy, modified itineraries and 'enhanced health protocols'.

"We continue to aggressively manage our spend and take opportunistic actions to bolster our financial position," Executive Vice President and CFO Jason T. Liberty said.

"Moreover, we are optimistic that with the gradual resumption of cruise operations, our cash flow from operations will sequentially improve, driven by an increase in the inflow of customer deposits."

Royal Caribbean said bookings for the first half of 2021 is 'aligned with the Company's anticipated staggered resumption of cruises' while sales for the second half of 2021 are within historical ranges.

Prices are down slightly year-over-year 'when including the negative yield impact of bookings made with future cruise credits'.

The cruise line said more than 65% of its 2021 bookings are new with future cruise credits accounting for the rest.

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