Royal Caribbean Group reports record-breaking wave season
Will PayneRoyal Caribbean Group has reported a record-breaking wave season as demand for North American and European sailings grows, despite the organisation posting a net loss of $500.2 million for the final quarter of 2022.
In a recent trading update covering the full year to 31 December 2022, the group, which operates Royal Caribbean International, Celebrity Cruises and Silversea Cruises, said strong demand has driven its seven biggest booking weeks, which have all occurred since the last earnings call in November 2022.
North America sailings are leading the way and are booked in line with record 2019 levels for the full year and ahead for the second quarter through the fourth quarter.
Bookings for European itineraries have been accelerating since the start of the year and are now higher than 2019 levels.
The company’s booking window has continued to move back to normal, providing further confidence in forward-looking business as guests plan for the future.
Consumer spending onboard and pre-cruise purchases continue to exceed prior years driven by greater participation at higher prices.
"Leisure travel strength continues as consumer spend is shifting towards experiences, with cruising remaining an attractive value proposition," said Jason Liberty, president and chief executive of RCG.
"The quality demand trends further exhibit the strength of our brands and the growing propensity to cruise."
For the full year, the company reported a net loss of $2.2 billion compared with a net loss of $5.3 billion in 2021.
Load factors were in line with guidance at 95%, with Caribbean sailings reaching 100% and holiday sailings close to 110%.
"We are experiencing a record-breaking wave season, resulting in a booked position approaching previous record highs and at higher prices," Liberty added.
"This, along with the normalisation of our booking window, provides the visibility for us to provide annual guidance."
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Place of registration: England and Wales.
Company number 08723341.
Registered address: 6th Floor, 2 London Wall Place, London EC2Y 5AU
