Royal Caribbean Reports 1Q Results

Wednesday, April 24, 2002
Royal Caribbean Cruises Ltd. reported that its net income for the first quarter was $53 million, essentially the same as the first quarter of 2001.

Earnings per share were $0.27 for the first quarter in both 2002 and 2001. Net income for the quarter was negatively impacted by $5 million in guest and travel agent related expenses due to the unanticipated drydock of two ships.

Revenues for the first quarter of 2002 were up 10%, at $800 million compared to $727 million in 2001. The increase in revenues was due primarily to an increase in capacity, offset by a decline in yields (net revenues per available passenger cruise day). Yields were down seven percent for the first quarter of 2002 compared to the first quarter of 2001, primarily as a result of pricing actions taken in the months immediately following the terrorist attacks of September 11. Bookings during these months were taken at significantly discounted prices. By January, pricing on new bookings for the first quarter was only marginally lower than during the same period the prior year.

In recent weeks, pricing has returned to pre-September 11 levels. Looking forward, based on current pricing trends and booking levels, yields are expected to be down 5-7 percent in the second and third quarters relative to 2001.

The company will introduce Constellation, the fourth Millennium-class ship, in May, and Brilliance of the Seas, the second of the Radiance-class series, in July. The company is also considering asking the shipyard to accelerate by a few weeks the delivery of Navigator of the Seas, the fourth Voyager-class ship. If so, the ship would be delivered in December 2002 in time to take advantage of the holiday sailings. The company has also announced that it will deploy six ships in the Europe next year, more than doubling its product offerings there.

Maritime Reporter October 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Bulk Carrier Trends

Ice to Close Upper Mississippi from Nov. 20

The shipping season on the upper Mississippi River will end on Thursday as ice surrounding locks and dams near Minnesota's Twin Cities forced the earliest winter

Mombasa's 2014 Port Cargo to Soar 14 pct

East Africa's biggest port, Mombasa, expects to handle at least 14 percent more cargo this year, helped by its expanded capacity and a marketing drive, its management said on Thursday.

Great Lakes Coal Up 9% in October

Shipments from Lake Erie nearly double that of a year ago Coal shipments on the Great Lakes topped 3 million tons in October, an increase of 9 percent compared to a year ago,

Finance

Time-out for Kwanza Drilling

Statoil has decided to cancel the Stena Carron rig contract after fulfilling the work commitments in the Statoil-operated blocks 38 and 39 in the Kwanza basin offshore Angola.

Oil Deal Between Iraqi Kurdistan & Baghdad Welcomed

The United States welcomes an agreement between Iraq's central government in Baghdad and its northern Kurdistan region over the management of oil exports, U.

Nigeria to Cut Petrol Subsidy by Half

Nigeria plans to cut subsidies on petroleum products by half next year after sharp falls in global crude prices, spurred the government to revise its 2015 budget downwards,

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Pipelines Salvage Ship Simulators Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1185 sec (8 req/sec)