Royal Caribbean reports $1.4B loss

Pandemic crushes earnings for Miami-based cruise line

The coronavirus pandemic that has forced the cruise industry to a halt since March has hit one of the world’s largest cruise companies with a $1.44 billion loss in the first quarter.

The earnings report from Royal Caribbean Cruises Ltd. released Wednesday shows the Miami-based company lost $6.91 on a per share basis. Its stock is down 68% since Jan. 1.

The company is the parent to Royal Caribbean International, Celebrity Cruises, Azamara and Silversea Cruises including the world’s four largest cruise ships that sail out of Port Canaveral, PortMiami and Port Everglades.

“Responding to the dramatic change in business conditions caused by COVID-19 has required focus, dedication, ingenuity and improvisation from all our people, and their efforts have been nonstop,” said company Chairman and CEO Richard Fain in a press release. “We understand that when our ships return to service, they will be sailing in a changed world. How well we anticipate and solve for this new environment will play a critical role in keeping our guests and crew safe and healthy, as well as position our business and that of our travel agent partners to return to growth.”

The earnings release said the company’s revenue for the quarter ending March 31 was $2.03 billion compared with $2.44 billion in 2019.

Cruise lines globally halted service in mid-March and are currently under a “no