Royal Caribbean extends cruise suspensions through April

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Shares of Royal Caribbean Group slipped 0.4% in afternoon trading Tuesday, after the cruise operator it will extend the suspension of its cruises for its global fleet through April 30, amid health concerns related to the COVID-19 pandemic. The company said its decision comes after consulting with Cruise Lines International Association, and in conjunction with the Centers for Disease Control and Prevention (CDC). The company had previously suspended cruises through February. Tuesday’s announcement comes after fellow cruise operator Carnival Corp. said last week that it would pause sailings of its Princess Cruises through May 14. Although the CDC isn’t suspending cruises, it currently recommends “all people avoid travel on cruise ships,” because the risk of COVID-19 on cruise ships is “very high.” Royal Caribbean said its new suspension excludes sailings onboard its Quantum of the Seas cruise ship in Singapore and Spectrum of the Seas in China. “Our plan is to resume further operation in May,” the company said. The stock has gained 2.9% over the past three months but has tumbled 46.0% over the past 12 months, while the S&P 500 has gained 16.3% over the past year.
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