Royal Caribbean CEO: You're Safer on a Cruise Ship Than on Main Street
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"Just when you thought it was safe to go back into the water" was the tag line for the movie Jaws 2. But the words may apply to the cruise industry now, given surging infections in cities worldwide. Yet, if you've spent any time with frequent cruise-goers, you know they'll be back booking as soon as it's safe.
Royal Caribbean International is one of the world's largest cruise companies, but it transported only 1,230 passengers in the three months ending September 30. The pandemic has devastated a company that, in the same period a year ago, carried 1,728,997 passengers.
With only a trickle of revenue but many bills, Royal Caribbean has joined its peer companies Carnival and Norwegian Cruise Line in slashing costs to service costly borrowings and stay afloat until cruise ships can roam the seas again. The companies had hoped for a 2021 rebound, but a surge in coronavirus infections worldwide has prompted companies to push back plans to restart limited sailing.
"We're beginning to see the light at the end of the tunnel," said Richard Fain, chairman and CEO of Royal Caribbean International during an earnings call Thursday. "That light needs new batteries, but the light is
