Royal this week said strong demand across its Royal Caribbean International, Celebrity Cruises and Silversea Cruises brands had resulted in the group recording the seven biggest booking weeks in its history since its last earnings update in November.

"We are experiencing a record-breaking wave season, resulting in a booked position approaching previous record highs and at higher prices," said group president and chief executive Jason Liberty.

The company on Tuesday (7 February) reported a full-year net loss of $2.2 billion for 2022, an improvement from the $5.3 billion net loss it posted in 2021. Royal said load factors of 95% were in line with guidance, with Caribbean sailings reaching 100%.

S&P said the group’s strong booked position and better pricing versus 2019 should support "a significant increase" in revenue, earnings and cash flow.

It added the "stable outlook" took account of anticipated growth in revenue and earnings, and an expectation that occupancy will return to pre-pandemic levels by the summer, as operating conditions normalise.