Jump to content

Royal Caribbean Press Release: Liquidity Actions and 2020 Outlook


Recommended Posts

This press release was issued today on Royal Caribbean's website: Royal Caribbean Comments on Liquidity Actions and 2020 Outlook

 

Miami, FL – March 10, 2020 - Royal Caribbean Cruises Ltd (NYSE: RCL) today announced that due to the spread and recent developments related to the COVID-19 outbreak, the company has increased its revolving credit capacity by $550 million bolstering the company’s liquidity.  The company is pursuing additional actions to improve its liquidity by reducing capital expenditures, operating expenses and taking other actions to improve liquidity by at least a further $1.7 billion in 2020.  The company is also planning reductions to the 2021 capital expenditures and operating expenses.

The company had previously communicated that its 2020 guidance did not include the impact of the COVID-19 outbreak.  Given the recent government actions and the heightened impact and uncertainty of changes in the magnitude, duration and geographic reach of COVID-19, the company is withdrawing its first quarter and full-year 2020 guidance.

“These are extraordinary times and we are taking these steps to manage the company prudently and conservatively,” said Richard D. Fain, chairman and CEO.  “I am proud of the work our teams are doing to address this unprecedented situation.” 

Royal Caribbean Cruises Ltd. (NYSE: RCL) is a global cruise vacation company that controls and operates four global brands: Royal Caribbean International, Celebrity Cruises, Azamara and Silversea Cruises.  We are also a 50% joint venture owner of the German brand TUI Cruises and a 49% shareholder in the Spanish brand Pullmantur Cruceros.  Together these brands operate a combined total of 61 ships with an additional 17 on order as of December 31, 2019.  They operate diverse itineraries around the world that call on all seven continents.  Additional information can be found on www.royalcaribbean.com, www.celebritycruises.com, www.azamara.com, www.silversea.com, www.tuicruises.com, www.pullmantur.es, or www.rclinvestor.com.

 

 

As part of Royal Caribbean, you wonder if this is going to have an impact on Celebrity's capital spending (or capex schedule) that is involved for the Revolution makeover and new ship construction. 

 

Edited by mahdnc
Link to post
Share on other sites
21 minutes ago, mahdnc said:

This press release was issued today on Royal Caribbean's website: Royal Caribbean Comments on Liquidity Actions and 2020 Outlook

 

Miami, FL – March 10, 2020 - Royal Caribbean Cruises Ltd (NYSE: RCL) today announced that due to the spread and recent developments related to the COVID-19 outbreak, the company has increased its revolving credit capacity by $550 million bolstering the company’s liquidity.  The company is pursuing additional actions to improve its liquidity by reducing capital expenditures, operating expenses and taking other actions to improve liquidity by at least a further $1.7 billion in 2020.  The company is also planning reductions to the 2021 capital expenditures and operating expenses.

The company had previously communicated that its 2020 guidance did not include the impact of the COVID-19 outbreak.  Given the recent government actions and the heightened impact and uncertainty of changes in the magnitude, duration and geographic reach of COVID-19, the company is withdrawing its first quarter and full-year 2020 guidance.

“These are extraordinary times and we are taking these steps to manage the company prudently and conservatively,” said Richard D. Fain, chairman and CEO.  “I am proud of the work our teams are doing to address this unprecedented situation.” 

Royal Caribbean Cruises Ltd. (NYSE: RCL) is a global cruise vacation company that controls and operates four global brands: Royal Caribbean International, Celebrity Cruises, Azamara and Silversea Cruises.  We are also a 50% joint venture owner of the German brand TUI Cruises and a 49% shareholder in the Spanish brand Pullmantur Cruceros.  Together these brands operate a combined total of 61 ships with an additional 17 on order as of December 31, 2019.  They operate diverse itineraries around the world that call on all seven continents.  Additional information can be found on www.royalcaribbean.com, www.celebritycruises.com, www.azamara.com, www.silversea.com, www.tuicruises.com, www.pullmantur.es, or www.rclinvestor.com.

 

 

As part of Royal Caribbean, you wonder if this is going to have an impact on Celebrity's capital spending (or capex schedule) that is involved for the Revolution makeover and new ship construction. 

 


Sounds to me like we can expect further cuts to the on-board experience. Reducing operating expenses means chopping! 

Link to post
Share on other sites

I think the biggest impact will be on capital spending, delaying the 4th & 5th Edge class ships, not sure if they can put a hold on the building of Beyond. Curtailing the Revolution of additional ships. Hopefully less of an impact to on board experience of current ships.  I don't follow RC or other brands, just commenting on Celebrity.

Link to post
Share on other sites
2 hours ago, TorontoSailor said:


Sounds to me like we can expect further cuts to the on-board experience. Reducing operating expenses means chopping! 

 

As long as they don't remove the footst...

Eh. Never mind.

Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • Forum Jump
    • Categories
      • Forum Assistance
      • SPECIAL EVENT: Q&A with Barbara Muckermann, CMO Silversea Cruises
      • ICYM Our Cruise Critic Live Special Event: Explore the Remote World with Hurtigruten!
      • New Cruisers
      • Cruise Lines “A – O”
      • Cruise Lines “P – Z”
      • River Cruising
      • ROLL CALLS
      • Digital Photography & Cruise Technology
      • Special Interest Cruising
      • Cruise Discussion Topics
      • UK Cruising
      • Australia & New Zealand Cruisers
      • Canadian Cruisers
      • North American Homeports
      • Ports of Call
      • Cruise Conversations
×
×
  • Create New...