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Extended Suspension Pushes Norwegian Cruise Line To A Second-Quarter Loss

In just three months to June 30th, Norwegian Cruise Line suffered a revenue fall to $16.9 million, as the sector was affected during the Covid-19 pandemic. Compared to the revenue of $1.7 billion recorded last year at the same time, the cruise has gone under major loss due to the suspension of voyages in the quarter.

GAAP net income losses a total of $715 million

GAAP net income losses a total of $715 million, compared to the profit of $240 million in 2019. An adjusted net income loss of $666 million, reported by the company, included $48.8 million of adjustments primarily consisting of expenses related to non-cash compensation and losses on extinguishment and modification debt.

cruise ships

The President and Chief Executive Officer of Norwegian Cruise Line Holdings, Frank Del Rio, said: “In recent weeks, we have taken further action to bolster our liquidity position in response to the Covid-19 global pandemic, including our highly successful $1.5 billion gross triple-tranche capital raise in July, which we believe positions us to withstand a scenario of prolonged voyage suspensions.” He also mentioned: “Our guests continue to demonstrate their desire for cruise vacations in the future.”

Further, he added: “Looking ahead, we made significant progress in our roadmap to relaunch with the formation of our healthy sail panel, comprised of globally recognized public health experts, which is tasked with providing recommendations to advance our public health response to Covid-19 and inform us on the development of a science-backed plan for a safe and healthy return to cruising.”

Until at least October 31st, all Norwegian Cruise Line voyages are suspended but substantial sailing is unlikely to return till the spring of next year.

Also Read: Domestic Passenger Traffic To Decline By 41- 46% In FY21

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