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Friday, October 21, 2016

'Grandeur of the Seas' Fire Impacts on Share Price

May 30, 2013

Grandeur of the Seas: Photo credit  Taxiarchos228 at the German language Wikipedia

Grandeur of the Seas: Photo credit Taxiarchos228 at the German language Wikipedia

Royal Caribbean Cruises Ltd. has quantified the financial impact of the recent fire on board their 'Grandeur of the Seas'.
The cruise ship, Grandeur of the Seas, experienced a fire in an industrial area on the aft of the ship.  The company has taken the vessel out of service and expects that it will take approximately six weeks to complete the repair efforts.  The company estimates that the direct financial impact of this event, net of insurance, is a reduction of $0.10 per share. 

"The extent of the financial impact was relatively high because the affected sailings were during the premium summer season," said Jason Liberty, senior vice president and chief financial officer. The ship is expected to return to service for its July 12, 2013 sailing date.

"We are gratified that no one was hurt and that the safety and comfort systems performed exactly as designed," said Adam Goldstein, president and chief executive officer of Royal Caribbean International.  "I extend my appreciation to our crew who performed so well, as well as to our guests who have been cooperative, understanding and highly complimentary of the shipboard team throughout," Goldstein continued.


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