Tag Archives: RCG

‘EXCEPTIONAL’ Q1 BOOKINGS HELP RCG UPGRADE 2023 PROFIT PROJECTIONS

Posted on by
Reply

Independence of the Seas in the port of Southampton, photo credit Spacejunkie2 (Flickr).

Royal Caribbean Group (RCG) saw booking volumes in the first quarter of 2023 perform “considerably” better than expected, enabling the company to “significantly” improve its revenue expectations for all three remaining quarters of 2023.

In a recent trading update covering the three months to 31 March, the group, which owns Royal Caribbean, Silversea and Celebrity Cruises, saw an earlier start to an extended wave period generate a record level of bookings.

The strong trends resulted in an acceleration of the group’s booked position in relation to prior years, with the company generating “significantly” more bookings at “meaningfully” higher prices.

This year’s wave resulted in strong close-in demand at higher prices for the first quarter and enabled a significant improvement in revenue expectations for all three remaining quarters.

The increase in yield expectations for the year is predominantly related to higher load factors in the first quarter and higher prices for all four quarters, especially for Caribbean sailings.

Consumer spending onboard, as well as pre-cruise purchases, continue to exceed 2019 levels driven by greater participation at higher prices. The company expects load factors to reach “historical” levels by late spring.

“We knew that demand for our business was strong and strengthening, but we have been pleasantly surprised with how swiftly demand further accelerated well above historical trends and at higher rates,” said Jason Liberty, president and chief executive of RCG.

“Leisure travel continues to strengthen as consumer spending further shifts towards experiences. Demand for our brands is outpacing broader travel due to a strong rebound and an attractive value proposition.”

The company reported a net loss for the first quarter of $47.9 million compared to a net loss of $1.2 billion for the same period in the prior year. 

The group also experienced particularly strong close-in demand for Caribbean itineraries, which accounted for close to 80% of first-quarter capacity. Load factors in the first quarter were 102%.

Adjusted earnings per share for the full year are expected to be in the range of $4.40 to $4.80 per share.

Royal Caribbean’s New Terminal to Feature Galveston-Inspired Sculpture

Posted on by
Reply

Royal Caribbean Group’s soon-to-be-opened terminal at the Port of Galveston will display the Galveston Beach Trio sculpture, designed by Brad Oldham Sculpture, according to a press release.

The cruise line’s initiative to feature the sculpture in its new terminal is aimed at strengthening ties with the local community and celebrating local art and culture. Travellers will be able to enjoy the sculpture when the terminal opens on November 9, 2022, according to Royal Caribbean Group.

“Showcasing the history and culture of Galveston was our top priority in establishing this art installation in our new terminal, and we’re thrilled to partner with Brad Oldham Sculpture to bring this vision to life,” comments Joshua Carroll, vice president, of destination development, Royal Caribbean Group.

The sculpture, fashioned in stainless steel and lost-wax bronze, depicts a musical trio inspired by the port city’s musical heritage, which includes Barry White, Joyce Fields and guitarist Joe Pena.

The Royal Caribbean Group team enlisted the help of Piper Faust Public Art to compile a list of Texas artists to be considered for the project and ultimately selected Brad Oldham and Christy Coltrin of Brad Oldham Sculpture.

“Some of our best memories are from travelling together. We are honoured to create a permanent installation that cultivates the vacation vibe with an approachable music theme using native animals to make up the band,” said Brad Oldham.

This community-inspired feature is the most recent addition to Royal Caribbean Group’s Blue Green Promise. The RCG has committed to engaging the Galveston community through the development and operation of its new terminal, with the incorporation of local arts and culture serving as the first step in this effort.