Royal Caribbean Group 'confident' despite 2020 loss

The result, for the calendar year, compares with a net profit of $1.9 billion in 2019 and includes a 2020 fourth-quarter loss of $1.4 billion.

Passenger cruise days fell from 44.8 million in 2019 to 8.7 million last year and passengers carried from 6.5 million to 1.3 million.

"These results reflect the staggering impact that the pandemic brought to our company and the whole industry during 2020," said Jason Liberty, executive vice-president and chief finance officer, who branded 2020 “the toughest year in Royal Caribbean’s history”.

During the year, Royal Caribbean Group raised $9.3 billion of new capital and sold the Azamara brand for $201 million.

It estimated current cash burn at $250-$290 million a month including interest but has liquidity of $4.4 billion, including $3.7 billion in cash.

The group said it “cannot reasonably estimate its financial or operational results” for 2021 but expected to record a loss.