Royal Caribbean loses $1.4 billion in 1st quarter as pandemic forces suspension of cruises

A worker paints the side of the Royal Caribbean Symphony of the Seas cruise ship, which is the world’s largest passenger liner, as it is docked at Port Miami after returning to port from a Eastern Caribbean cruise as the world grapples with the coronavirus outbreak on March 14, 2020 in Miami, Florida. (Joe Raedle/Getty Images)

by: Associated Press

Posted: May 20, 2020 / 09:50 AM PDT

Updated: May 20, 2020 / 09:53 AM PDT

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Royal Caribbean Cruises on Wednesday reported a first-quarter loss of $1.4 billion as the company had to suspend operations due to the global coronavirus pandemic.

Even though the loss was more than Wall Street expected, shares in the company’s stock rose more than 3% in early trading after the cruise ship company said its bookings for 2021 are within historical ranges.

Royal Caribbean suspended its global cruise operations on March 13, cancelling 130 sailings during the quarter.

Royal Caribbean plans to resume at least some sailings on June 12.