BREAKING: Royal Caribbean Extends Suspension of Cruising For the 4th Time – Until July 31st

During this morning’s investors conference call, CEO Michael Bayley announced that the suspension for voyages has been extended until July 31st.

“Our plan is this afternoon we’ll be announcing further suspension for voyages until the end of July, until July 31st. The only exception to the suspension will be our China operations.”

Michael Bayley, CEO of Royal Caribbean International

This is the 4th time the suspension has been extended.

1st Suspension – Sunday, March 13, 2020

Sunday, March 13, 2020 Royal Caribbean first announced the suspension of cruising in the US for 30 days, 2 days later the company included their fleet globally. The expected return to service was April 11, 2020.

2nd Suspension – Tuesday, March 24, 2020

Tuesday, March 24, 2020 the global suspension was extended until May 12, 2020 with expected return to service for Alaska, Canada and New England sailings on July 1, 2020.

3rd Suspension – Thursday, April 16, 2020

Thursday, April 16, 2020, Royal Caribbean Cruises Ltd. decided to extend the suspension of sailings of their global fleet through June 11, 2020.

4th Suspension – Wednesday, May 20, 2020

And today until until July 31st.

Updated with Royal Caribbean’s official press release:

“Given ongoing global public health circumstances, Royal Caribbean Cruises Ltd. has decided to extend the suspension of most sailings through July 31, 2020, with the exception of sailings from China, which will be suspended through the end of June.

We are working with our guests and travel partners to address this disruption to their vacations, and we are genuinely sorry for their inconvenience.

We expect to return to service on August 1.”

Royal Caribbean International, press release

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Royal Caribbean Extends Global Suspension of Cruising an Additional 30 Days

Royal Caribbean announced today that they have extended the suspension of sailings another 30 days.

Given global public health circumstances, Royal Caribbean Cruises Ltd. has decided to extend the suspension of sailings of our global fleet.

We are working with our guests to address this disruption to their vacations, and we are genuinely sorry for their inconvenience. We are also working with our crew to sort out the issues this decision presents for them.

We expect to return to service on May 12, 2020. Because of announced port closures, we expect to return to service for Alaska, Canada and New England sailings July 1, 2020.

Royal Caribbean is offering 125% future cruise credit to come back and sail with them by December 31, 2021.

For more information visit RoyalCaribbean.com

SOURCE Royal Caribbean Cruises Ltd.

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Royal Caribbean Announces a $2.2 Billion Loan

Royal Caribbean Cruises Ltd (NYSE: RCL) today announced that it has entered into a $2.2 billion 364-day secured term loan facility, further enhancing the company’s liquidity position.  The facility can be extended at the company’s option for an additional 364 days.  The company has borrowed the full amount available under the term loan to further bolster its liquidity.

Including this new financing, the company has over $3.6 billion of liquidity comprised of cash deposits and its existing undrawn revolving credit facilities (net of outstanding commercial paper).  In addition, the company has committed financing for all of its new ships on order.

“This is a period of unprecedented disruption for the cruise industry,” said Jason T. Liberty, executive vice president and CFO.  “We continue to take decisive actions to protect the company’s financial and liquidity positions as they enable us to keep focused on our guests, our crew and our long-term plans.”

Morgan Stanley, J.P. Morgan, Bank of America, BNP Paribas and Goldman Sachs acted as joint lead arrangers and bookrunners on the secured term loan facility.  Morgan Stanley is acting as an Administrative Agent and Collateral Agent on the facility.  Perella Weinberg Partners LP served as financial advisor and Skadden Arps, Slate, Meagher & Flom LLP served as legal advisor to the company in connection with the secured term loan facility.

SOURCE Royal Caribbean Cruises Ltd.

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UPDATED: Royal Caribbean Expands Suspension of Cruising Globally

As we reported yesterday that Royal Caribbean was suspending all US sailings, this has now been updated to include all sailings world wide for the next 30 days.

Given global public health circumstances, Royal Caribbean Cruises Ltd. has decided to suspend the sailings of our fleet globally at midnight tonight.

We will conclude all current sailings as scheduled and assist our guests with their safe return home.

As with our announcement yesterday regarding U.S. sailings, we expect to return to service on April 11, 2020.

SOURCE Royal Caribbean Cruises Ltd.

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VIDEO: Royal Caribbean Cancels and Suspends US Cruises

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Royal Caribbean Has Officially Announced Suspension of Cruising from US

Today Royal Caribbean Cruises Ltd. announced that it is suspending cruising in the United States for 30 days.

We understand the gravity of the public health crisis confronting the country. And this is our part to play. So, beginning at midnight tonight, we are pausing the fleet’s US sailings for 30 days. 

We are reaching out to our guests to help them work through this disruption to their vacations, and we are truly sorry for their inconvenience. We are also communicating with our crew to work out the issues this decision presents for them. We know this adds great stress to our guests, employees and crew, and we are working to minimize the disruption.

Our business is providing great vacations and creating great memories. We look forward to getting back to work as soon as we can.

SOURCE Royal Caribbean Cruises Ltd.

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Will the Coronavirus Pandemic Destroy The Cruise Industry?

Even before President Trump’s address last night, the stock market was extremely low and the cost to sail for the next few months was at an enticing low. Despite your opinions on this virus or whether the media is inducing false fear, the world, more specifically the travel industry, is being negatively affected by the Coronavirus. As of this afternoon, the cost per share of Royal Caribbean stock was as low as $29. The first thought that came to mind was “maybe it’s time to buy some stocks,” but the honest truth is we don’t know what is going to happen.

When Princess Cruises’ ships, Diamond Princess and Grand Princess, were quarantined for fear of spreading the virus, at least 21 people tested positive after being on Grand Princess. Other ships have been turned away from ports for fear of the virus, including Holland America’s MS Westerdam, which found itself in limbo in February.

disnbark princess
Passengers disembark from the Princess Cruises Grand Princess cruise as it is docked in the Port of Oakland on March 9, 2020 in Oakland, California. Justin Sullivan, Getty Images

Every Facebook group we are part of are being filled with questions and concerns about the Coronavirus. “Should I cancel my cruise?” “Think we should book because the prices are so low?” Will Disney World be closed?” “Who’s buying stocks?” “Should I cancel my trip?”

Princess Cruises, a Carnival Cruise Line company, announced this morning that they will be suspending all sailings for 60 days. All operations will be suspended March 12 to May 10 according to a statement from the cruise line shared with USA TODAY by spokesperson Negin Kamali.

“It is our intention to reassure our loyal guests, team members and global stakeholders of our commitment to the health, safety and well-being of all who sail with us, as well as those who do business with us, and the countries and communities we visit around the world,” Jan Swartz president of Princess Cruises, said in the release.

viking

Viking chairman Torstein Hagen also announced it is cancelling cruises in a letter to passengers Wednesday that the company had made the “difficult decision to temporarily suspend operations” for river and ocean cruises beginning Thursday through April 30.

“This is a decision we made with a heavy heart, but with present circumstances what they are, we are unable to deliver the high-quality Viking experience for which we are known,” Hagen added. “We will stand by our guests, employees and partners in these challenging times and hope that they in turn will stand by us.”

As of Thursday morning, coronavirus had infected more than 127,749 people and killed 4,717 globally, according to Johns Hopkins data.

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Royal Caribbean launched the new “Cruise With Confidence” policy allowing passengers to cancel any cruise up to 48 hours before you sail and not get charged a penalty but with our upcoming sailing in April, we are sure we speak for all loyal to Royal and shareholders alike, what will happen? Will someone get sick on board and we be quarantined? Or, will RCL follow suit and halt sailings? How long will this pandemic last and will the travel industry survive?

Comment bellow.


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