Royal Caribbean increases its revolving credit capacity

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Written by Teijo Niemelä Teijo Niemelä

Category: Top Headlines Top Headlines

Published: 10 March 2020 10 March 2020

Royal Caribbean Cruises Ltd today announced that due to the spread and recent developments related to the COVID-19 outbreak, the company has increased its revolving credit capacity by $550 million bolstering the company’s liquidity. The company is pursuing additional actions to improve its liquidity by reducing capital expenditures, operating expenses and taking other actions to improve liquidity by at least a further $1.7 billion in 2020. The company is also planning reductions to the 2021 capital expenditures and operating expenses.

The company had previously communicated that its 2020 guidance did not include the impact of the COVID-19 outbreak. Given the recent government actions and the heightened impact and uncertainty of changes in the magnitude, duration and geographic reach of COVID-19, the company is withdrawing its first quarter and full-year 2020 guidance.

“These are extraordinary times and we are taking these steps to manage the company prudently and conservatively,” said Richard D. Fain, chairman and CEO. “I am proud of the work our teams are doing to address this unprecedented situation.”

Celebrity Edge sails with all-female bridge and leadership team

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Written by Teijo Niemelä Teijo Niemelä

Category: Top Headlines Top Headlines

Published: 09 March 2020 09 March 2020

For the first time in maritime history, an all-female bridge and onboard leadership team set sail yesterday, commemorating International Women’s Day. Led by Captain Kate McCue, the first American female cruise ship captain, who was accompanied by 26 other women representing 16 different countries, the award-winning Celebrity Edge sailed out of Port Everglades and began its 7-night Caribbean journey. Retiring Pilot Boat Captain Cheryl Phipps, one of only a few female pilot boat captains in the country, led the ship out to sea.

Also, in celebration of International Women’s Day, Celebrity Edge lit up the high seas with a vibrant purple glow, the color associated with the day, to further celebrate change-making women everywhere.

Around the world, only 2% of the world’s mariners are women. Celebrity Cruises made it a priority to #BRIDGEthegap, leading the maritime industry into a more diverse future and growing the number of women on their bridge teams from 3% to nearly 25% over the last few years, ultimately, making this historic moment possible.

“I fell in love with cruise ships at age 12 when my family took its first cruise vacation. At the end of the trip, I asked my Dad if he thought I could be a cruise director someday and he replied that I could drive the ship, if I wanted to. Five years later, I enrolled at the California Maritime Academy and nineteen years later I became a Captain,” said Captain Kate McCue. “I firmly believe that you have to see it, to be it. My hope is that today we inspire a new generation of young girls and women to chart their own course of pushing boundaries and breaking barriers to be whatever it is they want to be.”

“To ‘man the bridge’ with 100% women and to fill every leadership role on board with women is truly significant. I am so proud of these accomplished women, who worked tirelessly to be the best person for the job in a traditionally male-dominated industry and I am honored to work alongside them,” said Lisa Lutoff-Perlo, president and CEO, Celebrity Cruises. “Advancing gender equality in our industry takes a purposeful and focused commitment because it is not easy. This is such meaningful progress and we’re just getting started.”

On board for the history-making sailing are trailblazing women in other fields including Madeline Stuart, the first Supermodel with down syndrome; Kellee Edwards, the first black woman to host a national adventure travel show; and child prodigy artist Autumn de Forest; international jewelry designer Reout Kallati; and world-renowned fashion designer Mary Frances. The historic seven-night sailing will celebrate other female achievements through a variety of events including panel discussions, gallery exhibitions featuring female artists, excursions to women-led businesses in the ports the ship visits, and a cinema series putting female directors, actors and inspirational narratives center stage.

Celebrity Edge, which debuted in late 2018, was brought to life by a team of visionary architects and designers and features an array of stunning industry-first innovations – such as the transformational Edge Stateroom with Infinite Veranda and Magic Carpet, the world’s first cantilevered platform that travels up to 16 decks alongside the ship. Building on Celebrity Edge’s incredible momentum, Celebrity Apex debuts in 2020, followed by three additional sister ships in 2021, 2022 and 2024, respectively.