Norwegian Cruise Line Loses $1.8bn In First Quarter

 Norwegian Cruise Line has reported a net loss of $1.9 billion for the first quarter of 2020. Revenue for the period declined by 11.2% (around $1.2 bn) as in 2019 it was just $1.4bn. The coronavirus pandemic caused a cruise deadlock starting in March. This directly led to the capacity falling by 12.6 percent

Norwegian further said, with the addition of Norwegian Encore and Seven Seas Splendour to the fleet, cancellations were partly balanced. According to Frank Del Rio, chief executive officer of Norwegian Cruise Line Holdings, the company was disposed to weather the storm caused by Covid-19.

Norwegian wants to strengthen financial position

He added, “In recent weeks, we have taken decisive action to significantly strengthen our financial position in response to the Covid-19 global pandemic, including our highly successful and oversubscribed $2.4 billion gross simultaneous quad-tranche capital raise announced last week. We believe this capital raise, coupled with other ongoing liquidity-enhancing initiatives, makes us well-positioned to weather an unlikely scenario of over 18 months of suspended voyages.


“Our guests continue to demonstrate their desire for cruise vacations, and we continue to experience demand for voyages further in the future across our three brands. As we prepare to resume sailings, we are working around the clock alongside the United States and global public health agencies and governments to develop and implement the next level of enhanced cruise health and safety standards,” he adds. 

Before July 24th, the company is not expecting any ship to soar. According to Del Rio, he was hoping that the company could see all its vessels back at sea within five to six months. Norwegian Cruise Line Holdings has 28 ships which are dispersed across its three brands: flagship Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises.

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