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Cruise ship company sinks to first-quarter loss

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The Celebrity Summit, a regular caller to the island, at King's Wharf (Photograph by Akil Simmons)

The Royal Caribbean Group has reported a net loss for the first quarter of the year of $47.9 million.

That compares with a net loss of $1.2 billion in the prior-year period.

Royal Caribbean wholly owns three cruise lines — Royal Caribbean International, Celebrity Cruises and Silversea Cruises.

Regular callers to the island include Vision of the Seas, Liberty of the Seas and Celebrity Summit.

Occasional callers include Mariner of the Seas, Odyssey of the Seas, Jewel of the Seas, Anthem of the Seas, Celebrity Beyond, Celebrity Apex, Silver Shadow, and Silver Nova.

Total revenues for the quarter were $2.9 billion.

Adjusted earnings before interest, taxes, depreciation and amortisation were $641.7 million, and operating cashflow was $1.3 billion.

"We knew that demand for our business was strong and strengthening, but we have been pleasantly surprised with how swiftly demand further accelerated well above historical trends and at higher rates," said Jason T Liberty, president and chief executive officer of the Royal Caribbean Group.

"Leisure travel continues to strengthen as consumer spend further shifts towards experiences. Demand for our brands is outpacing broader travel due to a strong rebound and an attractive value proposition."

As of March 31, the group's customer deposit balance was at a record $5.3 billion.

Jason T Liberty, president and chief executive of the Royal Caribbean Group

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Published May 05, 2023 at 7:46 am (Updated May 05, 2023 at 7:46 am)

Cruise ship company sinks to first-quarter loss

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