Royal Caribbean Group reports $1.3 billion Q2 loss

Royal Caribbean Group reports $1.3 billion Q2 loss

Royal Caribbean Group has reported a $1.3 billion net loss for the second quarter of 2021 compared to a net loss of $1.6 billion in Q2 2020. 

The company also recorded a $2.5 billion net loss for the first six months of the year compared to a $3.1 billion net loss for the corresponding period in 2020.

Despite the negative results, Royal Caribbean said it had made ‘tremendous strides’ in resuming service both in the United States and globally and is ‘encouraged by the significant improvement in demand and pricing environments for cruises’.

Royal Caribbean is currently operating 29 ships across its five brands, representing 42% of capacity – and by the end of the month expects to be operating 36 ships, representing over 60% of its capacity. Moreover, the company said it anticipates having 80% of its capacity in service by end of year 2021.

‘We’re thrilled to be back on the water at accelerated speed in the US and elsewhere. After 16 months of being at a virtual standstill and another painful financial result this quarter, the flywheel is clearly picking up momentum,’ said Richard D. Fain, Chairman and CEO. ‘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.’

As previously reported, Royal Caribbean registered a $5.8 billion loss for 2020 – a result attributed to the ‘staggering impact’ of the global pandemic.

Rhys Berry