Royal Caribbean eyes summer restart as losses mount

royal caribbean eyes summer restart as losses mount

Royal Caribbean has reported a $1.1 billion adjusted net loss for the first quarter of 2021, compared to a loss of $310 million a year ago.

The cruise giant said first quarter average monthly cash burn was approximately $300 million.

This was slightly higher than the previously announced range, officials confirmed, driven mainly by fleetwide restart expenses and timing.

Revenues for the first three months were $42 million.

However, there was a chink of light on the horizon, with chief executive Richard Fain revealing recent talks with the Centres for Disease Control & Prevention (CDC) giving the company hope it could operate an Alaska cruise season this summer.

“We have had very constructive dialogues with the CDC in recent weeks about resuming cruising in the United States in a safe and healthy manner,” Fain said.

“Last night, the CDC notified us of some clarifications and amplifications of their conditional sail order which addressed uncertainties and concerns we had raised.

“They have dealt with many of these items in a constructive manner that takes into account recent advances in vaccines and medical science…

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