Norwegian-parent reports of $2.2bn loss for full-year | News

Norwegian-parent reports of $2.2bn loss for full-year | News

Norwegian Cruise Line Holdings has reported an adjusted net loss of $2.2 billion for financial 2020 after nearly a year out of the water.

This compares to an adjusted profit of $1.1 billion for 2019.

The group – which owns Norwegian Cruise Lines, Oceania Cruises and Regent Seven Seas Cruises – halted all sailings in March last year as the Covid-19 pandemic spread and has yet to return to operation.

Revenue at the cruise giant decreased 80 per cent to $1.3 billion over the course of last year.

The adverse impact on revenue was due to the cancellation of the vast majority of sailings in 2020 as a result of the Covid-19 pandemic, which resulted in a 78 per cent decrease in capacity days.

“While 2020 has been without a doubt the most challenging year in the company’s 50-plus year history, our team responded to the unprecedented environment with swift and decisive action.

“Our company demonstrated once again its adaptability and resiliency, underscored by the unwavering commitment and dedication from our team members across the globe,” said Frank Del Rio, president and chief executive officer of Norwegian Cruise Line Holdings.

“Looking ahead, we are encouraged by the accelerating rollout of vaccines, the progress towards herd immunity and the strong demand for future cruise vacations.”

Norwegian Cruise Line Holdings currently hopes to return to operation on May 31st – but the deadline has repeatedly slipped in recent months.

Monthly average cash burn for the fourth quarter as the group was approximately $190 million.

This included approximately $15 million per month of additional relaunch-related expenses as Norwegian began preparing vessels for a potential return to service in early 2021.

However, following advice from the Centres for Disease Control & Prevention, the relaunch was postponed until at least early summer.



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