Carnival Corporation, Royal Caribbean Group and Norwegian Cruise Line Holdings are burning through over US$1 billion per month without revenue-generating cruises in service.
According to the 2020 Cruise Industry News Annual Report the three companies account for approximately 73.8% of the global cruise market share.
Carnival Corporation said that during its pause in guest operations, the monthly average cash burn rate for the second half of 2020 is estimated to be approximately US$ 650 million per month.
At Royal Caribbean Cruises, the company said it estimates its cash burn to be, on average, in the range of approximately US$ 250 million to US$ 290 million per month during a prolonged suspension of operations.
Norwegian Cruise Line Holdings, which has the smallest fleet of the three companies, said its cash burn is approximately US$ 160 million per month during the suspension of operations. The average cash burn per ship per month is US$ 5.7 million.