The company reported a 99% decline in revenue during the second quarter.
Since its last earnings report, the company has extended its suspension of voyages three times,doing so earlier this week until at least November, along with other major cruise operators in the Cruise Lines International Association.
With that latest delay, that means major cruise operators like Norwegian, Royal Caribbean Cruises and Carnival will not have set sail for over six months, resulting in massive financial losses. Despite Norwegian reporting a monthly cash burn rate of around $160 million amid the coronavirus pandemic, CEO Frank Del Rio admitted on the latest earnings call that he was “astonished how well bookings are coming in, given the fact the industry is suspended.”
While Norwegian’s earnings numbers are bleak, Del Rio was optimistic that the cruise industry’s “very loyal customer base” would translate to “a lot of pent-up demand,” as the company has already reported $1.2 billion of advanced ticket sales as of June 30, 2020. What’s more, Norwegian raised a total of $1.5 billion in July to bolster liquidity and cover financial losses, “which we believe positions us to withstand a scenario of prolonged voyage suspensions,” Del Rio said.“If you had told me that we were going to be facing these set of circumstances, and your question is, ‘Frank, would you be taking any bookings?’ I would have laughed at you.
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