Outrigger Hotels and Resorts

Published on Wednesday, August 4, 2021

Royal Caribbean Group reports USD1.3 billion Q2 loss

Royal Caribbean says it will have its entire fleet back in service by next spring  as it reported a larger than expected loss.

It reported a $1.3 billion loss for the second quarter.

Its average monthly cash burn rate for the second quarter was about $330 million, which was more than the previous quarter as it prepped ships and restarted cruising.

Despite the loss, CEO Richard Fain welcomed the fast restart plans which has seen the resumption of cruises on multiple ships across its five brands.

By the end of August, it expects to have 36 ships back, making up 60% of capacity.

"Since the pandemic began, our objective has been to make our ships safer than Main Street, and today, we are proving that ambitious goal is achievable. We are also encouraged by the booking outlook especially for 2022 and beyond," Fain said.

Royal Caribbean Group expects 80% of ships across to be back in service by the end of 2021, and all by spring 2022.

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