| RCL to return to sailing on 01 Aug

ROYAL Caribbean Cruises (RCL) has extended its cancellation of almost all its sailings through to the end of Jul, with China the lone exception.

RCL’s new date for resumption globally will be 01 Aug, but it is targeting a 01 Jul restart in Asia.

Royal Caribbean Cruises Chairman & Chief Executive Officer Richard Fain said he was unsure on exactly what a full global restart will look like, but it will be fully-prepared, with proper health and hygiene protocols in place.

“We also need to restore the confidence of many by being transparent in our actions and communicating extensively,” Fain said.

“We don’t expect this is going to be someday somebody blows a horn and all the ships start operating right away…we think that it will be a gradual start… a little like how society is opening up.”

RCL also experienced a wider loss than expected of US$1.4 billion for the first quarter.

The company noted its focus would turn to four key principles: ensuring the safety of guests and crews, proactively enhancing liquidity, protecting RCL’s brands and defining and preparing for a “new normal”.

Since the last earnings call, Royal Caribbean Cruises has raised US$4 billion through a secured bond issuance and increased revolver capacity; a US$3 billion reduction in its 2020 capital expenditures, a US$800 million 12-month debt amortisation holiday from certain export-credit backed facilities, and has substantially reduced its operating, sales, marketing and administrative expenses.

Royal Caribbean International (RCI) President & Chief Executive Officer Michael Bayley added his cruise line is already in talks with more than 40 ports around the world about when ships can return.

RCI’s Adventure of the Seas arrived in Jamaica today, after finally receiving blessing from the country’s Prime Minister yesterday (CW y’day).

Pictured: Richard Fain.