Norwegian Cruise Line experiences $1.8bn loss for first quarter | Information

Norwegian Cruise Line has reported a web lack of $1.9 billion for the primary three months of monetary 2020, down from a revenue of $118 million for a similar interval final yr.

Income for the interval decreased 11.2 per cent to $1.2 billion, in comparison with $1.four billion in 2019.

As cruise traces around the globe got here to a standstill in March, capability additionally fell by 12.6 per cent.

Nevertheless, cancellations have been partially offset by the addition of Norwegian Encore and Seven Seas Splendour to the fleet, Norwegian added.

Trying forward, Frank Del Rio, chief government officer of Norwegian Cruise Line Holdings, stated the corporate was positioned to climate the storm attributable to Covid-19.

“In current weeks, we have now taken decisive motion to considerably strengthen our monetary place in response to the Covid-19 world pandemic, together with our extremely profitable and oversubscribed $2.four billion gross simultaneous quad-tranche capital elevate introduced final week,” he defined.

“We imagine this capital elevate, coupled with different ongoing liquidity-enhancing initiatives, makes us well-positioned to climate an unlikely situation of over 18 months of suspended voyages.

“Our friends proceed to exhibit their want for cruise holidays, and we proceed to expertise demand for voyages additional sooner or later throughout our three manufacturers.

“As we put together to renew sailings, we’re working across the clock alongside United States and world public well being companies and governments to develop and implement the subsequent degree of enhanced cruise well being and security requirements.”

Whereas no Norwegian vessels are anticipated to sail earlier than July 24th, Del Rio stated he was hopeful the road may see all its ships again at sea inside 5 to 6 months.

Norwegian Cruise Line Holdings has 28 ships, that are unfold throughout its three manufacturers: flagship Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises.

The corporate stated it was anticipating to make a loss for the second quarter, ending June 30th, and the yr ending December 31st, however was unable to extra particular given the uncertainty across the ongoing coronavirus pandemic.

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