Cruise Line Losses

Carnival Corp, the world’s largest cruise operator, on Thursday reported first-quarter loss compared with an year-ago profit, hurt by cancelled and disrupted trips due to the coronavirus outbreak across the globe.

The cruise operator said it has fully drawn its $3 billion revolving credit agreement, as it braces for a financial hit from the pandemic.

Norwegian Cruise Line has reported a net loss of $1.9 billion for the first three months of financial 2020, down from a profit of $118 million for the same period last year.

Revenue for the period decreased 11.2 per cent to $1.2 billion, compared to $1.4 billion in 2019.

As cruise lines around the world came to a standstill in March, capacity also fell by 12.6 per cent.

Royal Caribbean Cruises Limited has reported a net loss of $1.4 billion, or $6.91 per share, for the first quarter of the financial year.

The figure compares to a profit of $250 million, or $1.19 per share, in the same quarter last year

The second largest cruise company in the world saw revenue fall 17 per cent to $2.03 billion over the period.

(Courtesy Breaking Travel News)

Malcolm says: Hardly surprising news. I hope to be able to print some good news about the industry sooner or later.

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