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Royal Caribbean’s booking data indicates a positive recovery from Covid: CEO Richard Fain



Royal Caribbean CEO Richard Fain told CNBC on Monday that the cruise operator saw many signs of optimism in its early booking data, indicating a positive recovery from the coronavirus pandemic.

Fain said in an interview with CNBC’s Seema Mody: “We don’t think certain things will happen. They are better than we thought.”

According to Fain, the age of the customers who signed up for travel is an example of how reality is far from the company̵

7;s expectations. Fain said: “We really thought that the elderly would be more cautious. It turns out that they want to go out too.” He explained that one possible factor is that the elderly have given priority to the Covid vaccine.

Farn, who has led the Royal Caribbean for more than three decades, said that cruise ship history is another unexpected feature of customers booking travel.

Fehn said: “We think that almost everyone will become an experienced cruiser because they are people who understand cruising and are eager to come back.” “However, in our Singapore operations, 80% of our guests are visiting for the first time. Therefore, as things progressed, we got a lot of surprising data, and most of them were positive.”

In December, Royal Caribbean’s “Quantum Quantum” began operations outside of Singapore. Since November, TUI Cruises, a subsidiary of Royal Caribbean Airlines, has owned three ships in the Canary Islands. But in most cases, with the coronavirus sweeping the world and governments imposing navigation restrictions, the cruise industry has largely been idle for nearly a year. In the United States, operations are still suspended due to orders from the Centers for Disease Control and Prevention.

Royal Caribbean’s stock soared on Monday after the company released its fourth-quarter earnings report. In addition to lower-than-expected losses, investors also cheered for booking insights provided by Royal Caribbean Airlines. The Miami-based company said reservation prices are higher than pre-pandemic levels, but within the historical range of transaction volumes.

Royal Caribbean reported a net loss of nearly US$5.8 billion in 2020 and a total revenue of US$2.2 billion. The company raised approximately US$9.3 billion in new capital this year, including bond issuance and a US$1 billion stock sale in December. Last month, Royal Caribbean announced the sale of its Azamara brand to private equity firm Sycamore Partners for US$201 million.

“We have established sufficient liquidity… Therefore, we are fortunate not to have to deal with the crisis, but to gradually improve liquidity and financial conditions, because we hope to restore investment levels as soon as possible. Yes.” Fine said.

Fain said he believes that if the number of coronavirus cases in the United States continues to decrease, and as the majority of the U.S. population is vaccinated against Covid, a “serious conversation” about the resumption of cruise ships from US ports can begin.

The CEO said that the Royal Caribbean and its advisory body “Healthy Navigation Experts” and the US Centers for Disease Control and Prevention have agreed that no single Covid-related indicator can be unveiled again.

“All you want to see. What you want to see is the measures we can provide people with protection-the role of vaccines, the role of testing, and the combined effects of these factors. I think we are approaching an era when these factors work together, Fehn said “Unfortunately, there is no magic threshold that says’now is a day’. “

Fain said the main focus of the Royal Caribbean Health Agreement is what to do when a positive Covid case appears on board. Fehn said: “There will be cases on board, just like a common case in society. Our job is to ensure that the case remains as it is and does not break out.” “I think this is the origin of the Health Sail Team. This is us. A lot of discussions with the Centers for Disease Control and Prevention and other agencies, and vaccines are a large part of it.”


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