Posts Tagged ‘#royalcaribbeannews’

Royal Caribbean Group Unveils 2021 Seastainability Report

Report revamps Environmental, Social and Governance (ESG) Framework, highlights efforts to reduce emissions on ship and at port

MIAMI, May 13, 2022 /PRNewswire-HISPANIC PR WIRE/ — Today Royal Caribbean Group (NYSE: RCL) released its 14th annual sustainability report, providing a comprehensive update on the company’s Environmental, Social and Governance (ESG) framework and activities across its three wholly owned brands: Royal Caribbean International, Celebrity Cruises and Silversea Cruises.

New for 2021, Royal Caribbean Group revamped its ESG framework to better reflect the company’s contributions to a more sustainable cruise industry. The ESG framework focuses on five distinct ways to deliver great vacation experiences responsibly: Champion communities and the environment; provide unforgettable cruise experiences; foster human rights and be an employer of choice; advance net zero innovation; and govern responsibly.

“All of us at Royal Caribbean Group are focused on delivering the best vacations possible and doing so responsibly,” said Jason Liberty, CEO, Royal Caribbean Group. “This report reflects our commitment to continuous innovation and building a sustainable cruise industry while growing our business for good.”

The release of the 2021 Seastainability Report follows the recent announcement that Royal Caribbean Group has committed to another five-year partnership with World Wildlife Fund (WWF). A flagship partner, WWF will help the company continue to establish sustainable business practices in areas including emissions, sustainable tourism and more.

This year’s ESG report highlights the company’s unrelenting efforts to decarbonization, especially through the company’s Destination Net Zero strategy, which aims to establish Science-Based Targets (SBT) and achieve net zero emissions by 2050.

Destination Net Zero, along with other ESG initiatives, will ensure Royal Caribbean Group develops ambitious and measurable goals for continued carbon emissions reduction, sustainable business development and growth, sustainable tourism, and waste management. Destination Net Zero encapsulates Royal Caribbean Group’s focus on serving as a catalyst for innovation in the industry, with developments that include:

  • Introducing a fuel-cell hybrid design that allows for zero emission in port.
  • Future-proofing the company’s ship-building portfolio through fuel flexibility and innovation that ensure each new ship class is 20% more energy efficient than its predecessor.
  • Developing waste management technologies that can convert waste to energy. Currently 100% of the fleet is equipped to be landfill-free.
  • Being ready, through shore power, to connect to local power grids as soon as it becomes available.

This year’s report was shaped by RCG’s 2021 materiality assessment and references the Global Reporting Initiative’s (GRI) 2020 core reporting standards. The report is also aligned, to the extent possible, with the Sustainable Accounting Standards Board (SASB) standards.

To view Royal Caribbean Group’s 2021 sustainability report and learn more about the company’s efforts, visit: www.royalcaribbeangroup.com/sustainability.

About Royal Caribbean Group

Royal Caribbean Group (NYSE: RCL) is one of the leading cruise companies in the world with a global fleet of 63 ships traveling to approximately 1,000 destinations around the world. Royal Caribbean Group is the owner and operator of three award winning cruise brands: Royal Caribbean International, Celebrity Cruises, and Silversea Cruises and it is also a 50% owner of a joint venture that operates TUI Cruises and Hapag-Lloyd Cruises. Together, the brands have an additional 11 ships on order as of March 31, 2022. Learn more at www.royalcaribbeangroup.com or www.rclinvestor.com.

Forward-Looking Statements

Certain statements in this press release constitute forward-looking statements under the Private Securities Litigation Reform Act of 1995. These statements relate to, among other things, the company’s expectations, estimates, forecasts and projections regarding environmental, social and governance (ESG) initiatives and the company’s ability to achieve its ESG goals. Forward-looking statements reflect management’s current expectations and are subject to risks, uncertainties and other factors that could cause our actual results, performance or achievements to differ materially from the future results, performance or achievements expressed or implied in those forward-looking statements. Factors that could affect our results include, among others, those discussed under the caption “Risk Factors” in our most recent quarterly report on Form 10-Q, as well as our other filings with the SEC, copies of which may be obtained by visiting our Investor Relations website at www.rclinvestor.com or the SEC’s website at www.sec.gov. Undue reliance should not be placed on the forward-looking statements in this release, which are based on information available to us on the date hereof. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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13 May 2022

by caribpr

Cruise

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Royal Caribbean Group provides update on COVID-19, Omicron variant impact

MIAMI, Dec. 30, 2021 /PRNewswire-HISPANIC PR WIRE/ — Today, Royal Caribbean Group provided an update on the status of its business and the impact of the Omicron variant.

Knowledge about COVID-19 and how to deal with it have been in a constant state of flux for the last two years. Omicron has significantly altered the COVID-19 landscape for everyone, and the Royal Caribbean Group is no exception.

As widely reported, the Omicron variant is significantly more infectious than its predecessors and has already become the dominant form of COVID-19 in the U.S. and elsewhere. Fortunately, Omicron also appears to cause significantly less severe symptoms than earlier variants, especially for people who are vaccinated. Cruising remains one of the few places one can vacation knowing that almost everyone you meet is fully vaccinated.

The recent experience on Royal Caribbean Group ships is consistent with these observations. The numbers indicate an increase in people testing positive without a corresponding increase in people becoming ill. Since cruising restarted in the U.S. in June 2021, the Royal Caribbean Group has carried 1.1 million guests with 1,745 people testing positive – a positivity rate of 0.162%.  Furthermore, the vast majority of those cases had no symptoms or only mild symptoms, with only 41 people needing hospitalization. None of the Omicron cases have been severe or needed to be taken to a hospital. These figures are a result of almost everyone onboard having been vaccinated and having a negative test before boarding.

“Omicron is having a big short-term impact on everyone, but many observers see this as a major step towards COVID-19 becoming endemic rather than epidemic,” said Richard Fain, Chairman & CEO. “We don’t like to see even one case, but our experience is a fraction of the comparable statistics of virtually any other comparable location or industry. Few businesses are subject to such intense scrutiny, regulation, and disclosure requirements by so many authorities, and we welcome that scrutiny because of our commitment to safety. We intend to maintain our goal of delivering the safest vacation on land or sea and will constantly adjust our procedures to accomplish this even in the face of Omicron’s amazing transmissibility.”

Royal Caribbean Group’s Chief Medical Officer Dr. Calvin Johnson emphasizes: “The company is navigating through the ever-evolving information on the Omicron variant.  Our case count has spiked, but the level of severity is significantly milder. We will remain nimble and in constant contact with health authorities. For example, even before Omicron, we have been giving all our crewmembers booster shots as they became eligible.”

Following a very strong Cyber weekend, the company experienced a decline in bookings and increased cancellations for near-term sailings but to a lesser degree than that experienced with the Delta variant. Load factors for sailings in the first half of 2022 remain below historical levels, as expected. However, sailings for the second half of 2022 continue to be booked within historical ranges, at higher prices with and without Future Cruise Credits (FCCs), with strong demand from the critical U.S. market.

The travel industry is experiencing significant disruptions by air transport and other service providers due to the spread of Omicron.  Such disruptions are particularly impactful during the holiday season as the need increases and the labor supply is impacted by the current spike in cases.  Similar issues are impacting the company’s onboard service capabilities.  In addition, the company is experiencing service disruptions at selected destinations and to date has cancelled or significantly modified 16 destination calls out of 331. The company expects these disruptions to continue in the near term and then decline as the world adjusts to the current trends.

Fain concluded, “We are constantly learning and adjusting as Omicron appears to be ushering in a new phase in the fight against COVID-19. We expect these factors to have a negative impact in the short term but are optimistic they will lead us to a more pervasive but less severe health environment. Taken together, this should enable us to produce a strong transitional year in 2022 and a very strong 2023.”

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About Royal Caribbean Group

Royal Caribbean Group (NYSE: RCL) is one of the leading cruise companies in the world with a global fleet of 60 ships traveling to more than 800 destinations around the world. Royal Caribbean Group is the owner and operator of three award-winning cruise brands: Royal Caribbean International, Celebrity Cruises, and Silversea Cruises, and it is also a 50% owner of a joint venture that operates TUI Cruises and Hapag-Lloyd Cruises. Together, the brands have an additional 13 ships on order as of September 30, 2021. Learn more at www.royalcaribbeangroup.com or www.rclinvestor.com.

Cautionary Statement Concerning Forward-Looking Statements

Certain statements in this press release relating to, among other things, our future performance estimates, forecasts and projections constitute forward-looking statements under the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements regarding revenues, costs and financial results for 2021 and beyond. Words such as “anticipate,” “believe,” “could,” “driving,” “estimate,” “expect,” “goal,” “intend,” “may,” “plan,” “project,” “seek,” “should,” “will,” “would,” “considering,” and similar expressions are intended to help identify forward-looking statements. Forward-looking statements reflect management’s current expectations, are based on judgments, are inherently uncertain and are subject to risks, uncertainties and other factors, which could cause our actual results, performance or achievements to differ materially from the future results, performance or achievements expressed or implied in those forward-looking statements. Examples of these risks, uncertainties and other factors include, but are not limited to, the impact of COVID-19 and other contagious illnesses on economic conditions, industries and societies generally, the travel industry and the financial position and operating results of our Company; required or voluntary travel restrictions, including current and potential suspensions of cruises; guest cancellations; the pace and effectiveness of our return to service; our ability to satisfy the Framework for the Conditional Sailing Order issued by the U.S. Centers for Disease Control and Prevention; the impact of state regulation and litigation regarding proof of passenger vaccination; our ability to obtain sufficient financing, capital or revenues to satisfy liquidity needs, capital expenditures, debt repayments and other financing needs; the effectiveness of the actions we have taken to improve and address our liquidity needs; the impact of the economic and geopolitical environment on key aspects of our business, such as the demand for cruises, passenger spending and operating costs; supply chain disruptions; incidents or adverse publicity concerning our ships, port facilities, land destinations and/or passengers or the cruise vacation industry in general; concerns over safety, health and security of guests and crew; the cost and effectiveness of our safety protocols relating to COVID-19; impairments of our goodwill, long-lived assets, equity investments and notes receivable; difficulties sourcing crew, provisions and supplies; the occurrence of COVID-19 and other contagious diseases on our ships and concerns about the risk of illness when traveling to, on or from our ships; unavailability of ports of call; growing anti-tourism sentiments and environmental concerns; changes in U.S. foreign travel policy; uncertainties relating to conducting business internationally and expanding into new markets and new ventures; our ability to recruit, develop and retain high quality personnel; changes in operating and financing costs; the impact of our current and future indebtedness; the impact of foreign currency exchange rates, inflation and interest rate and fuel price fluctuations; labor shortages; the impact of conversions of our convertible notes, if any, in shares of our common stock or a combination of cash and shares of our common stock; our expectation that we will not declare or pay dividends on our common stock for the foreseeable future; vacation industry competition and changes in industry capacity and overcapacity; the risks and costs related to cyber security attacks, data breaches, protecting our systems and maintaining data security and integrity, as well as personal data of our guests, employees and others; the impact of new or changing legislation and regulations or governmental orders on our business; pending or threatened litigation, investigations and enforcement actions; the effects of weather, natural disasters and seasonality on our business; emergency ship repairs, including the related lost revenue; the impact of issues at shipyards, including ship delivery delays, ship cancellations or ship construction cost increases; shipyard unavailability; the unavailability or cost of air service; and uncertainties of a foreign legal system as we are not incorporated in the United States.

In addition, many of these risks and uncertainties are heightened and will continue to be heightened, or in the future may be heightened, by the COVID-19 pandemic. It is not possible to predict or identify all such risks.

More information about factors that could affect our operating results is included under the caption “Risk Factors” and elsewhere in our most recent annual report on Form 10-K and quarterly report on Form 10-Q, as well as our other filings with the SEC, copies of which may be obtained by visiting our Investor Relations website at www.rclinvestor.com or the SEC’s website at www.sec.gov. Undue reliance should not be placed on the forward-looking statements, which are based on information available to us on the date hereof. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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30 Dec 2021

by caribpr

Cruise

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Royal Caribbean Group Announces “Destination Net Zero” — Program to Achieve Net Zero Emissions by 2050

Comprehensive plan includes pledge to pursue Science-Based Targets, the delivery of a net zero emissions cruise ship, and a path to net zero emissions by 2050

MIAMI, Oct. 28, 2021 /PRNewswire-HISPANIC PR WIRE/ – Today Royal Caribbean Group (NYSE: RCL) announced a giant step on its sustainability journey: Destination Net Zero, a comprehensive decarbonization strategy that includes pledging to establish Science-Based Targets (SBT) and achieving net zero emissions by 2050.

Royal Caribbean Group Announces “Destination Net Zero” — Program to Achieve Net Zero Emissions by 2050

“Decades ago, we set out on a course to advance sustainability; our vision now is to realize carbon-free cruising over the next two decades,” said Richard Fain, chairman and CEO, Royal Caribbean Group. “Today we are announcing the most important destination of all in our company’s history – Destination Net Zero – an ambitious strategy to cut emissions, protect our oceans, and ensure the viability of the hundreds of destinations that our guests and crew members care deeply about.”

INTRODUCING DESTINATION NET ZERO

Royal Caribbean Group’s Destination Net Zero builds on decades of progress and a deep sense of responsibility to embed sustainability throughout the organization.

Over 18 to 24 months, the cruise company will develop goals to be validated by the Science Based Targets initiative (SBTi), the first such pledge for the cruise industry. The work will begin following the publication of SBTi’s marine transport methodology. Science-based targets show companies how much, and how quickly, they need to reduce their greenhouse gas (GHG) emissions to help limit global warming.

Along the journey to net zero, key milestones will be critical to making progress. One of the most ambitious milestones includes the delivery of a net zero cruise ship by 2035. To achieve these ambitions, the company will rely on strong partnerships with governments, suppliers and shipyards to develop alternative and accessible fuels and technology.

The company’s focus on achieving these measurable goals builds on its track record of designing and operating some of the most energy efficient ships on the seas. Thanks to optimized hull design and system upgrades such as AC chillers utilizing 30-40% less energy, Royal Caribbean Group has consistently delivered a new generation of ships 20-25% more efficient than their predecessors.

From Silversea Cruises’ ‘Project Evolution’ – the cruise industry’s first hybrid-powered ship set to debut summer 2023 – to the wind farm in Kansas that will offset up to 12% of our scope 1 and 2 emissions per year, Royal Caribbean Group is already executing on its Destination Net Zero strategy to drive the development of emissions-reducing technology and alternative fuel solutions.

“Royal Caribbean Group has a history of innovating in every aspect and level of the company,” said William K. Reilly, chairman, Royal Caribbean Group’s board of directors’ safety, environment, and health committee. “This is another important step on the serious and ambitious path to preserve the health and allure of the sea and the beauty of the oceans.”

Destination Net Zero’s four-pronged approach includes:

  1. Modernization of our global brands fleet through the introduction of 13 new energy-efficient and alternatively fueled vessels, including its recently announced ‘Project Evolution’ — the industry’s first ship to remove all local emissions while at port.
  2. Continued investment in energy efficiency programs for its fleet, including energy saving technologies, enhanced data systems and digitalization.
  3. Development of alternative fuel and alternative power solutions.
  4. Optimized deployment and integration of strategic shore-based supply chains.

THE NEXT CHAPTER OF A 30-YEAR VOYAGE

Royal Caribbean Group’s journey to reducing its environmental footprint began nearly 30 years ago with Save the Waves, an ambitious effort that grew from a recycling program into a company-wide approach to embedding challenging, achievable, measurable sustainability targets into the bedrock of the company’s culture. Over the ensuing three decades, protecting the planet’s finite natural resources evolved organically from a choice to a way of life for the company and its employees.

In 2016, the Group built on this legacy of progress and commitment by embarking on a partnership with World Wildlife Fund (WWF). With the goal of ensuring the long-term health of the oceans and fulfilling a vision of more sustainable cruising, Royal Caribbean Group established ambitious initial 2020 targets to reduce its environmental footprint, support ocean conservation globally and raise awareness among the company’s more than 5 million passengers about the importance of ocean conservation. Earlier this year, it announced it had met or exceeded its 2020 goals, with the exception of a sustainable seafood sourcing target (now expected to be met by 2022) that was impacted by the travel suspension from the pandemic.

“Destination Net Zero will help guide our decision-making in the years to come and builds on Royal Caribbean Group’s continuous improvement mantra,” said Silvia Garrigo, Royal Caribbean Group chief Environmental Social Governance (ESG) Officer. “While we may not have all the answers now, this comprehensive company-wide strategy amplifies our focus on long-term emissions reduction and provides us a roadmap for how to get there.”

“Ensuring the long-term health of our oceans requires collective action to effectively address climate change and limit warming to 1.5C,” said Carter Roberts, president & CEO of WWF. ”Through our partnership, Royal Caribbean Group has been on a journey to improve their overall sustainability. Achieving net zero emissions no later than 2050 will require innovation and collaboration at scale, and WWF looks forward to working together to make progress toward this milestone.”

To learn more about Royal Caribbean Group’s sustainability efforts, visit https://sustainability.rclcorporate.com/.

About Royal Caribbean Group
Royal Caribbean Group (NYSE: RCL) is one of the leading cruise companies in the world with a global fleet of 60 ships traveling to more than 800 destinations around the world. Royal Caribbean Group is the owner and operator of three award-winning cruise brands: Royal Caribbean International, Celebrity Cruises, and Silversea Cruises, and it is also a 50% owner of a joint venture that operates TUI Cruises and Hapag-Lloyd Cruises. Together, the brands have an additional 13 ships on order as of June 30, 2021. Learn more at www.royalcaribbeangroup.com or www.rclinvestor.com.

Forward-Looking Statements
Certain statements in this press release constitute forward-looking statements under the Private Securities Litigation Reform Act of 1995. These statements relate to, among other things, the company’s expectations, estimates, forecasts and projections regarding environmental, social and governance (ESG) initiatives and the company’s ability to achieve its ESG goals. Forward-looking statements reflect management’s current expectations and are subject to risks, uncertainties and other factors that could cause our actual results, performance or achievements to differ materially from the future results, performance or achievements expressed or implied in those forward-looking statements. Factors that could affect our results, performance and achievements include, among others, the cost and availability of alternative fuels and emissions-reducing technologies and solutions and the development and applicability of science-based target methodologies, as well as those factors discussed under the caption “Risk Factors” in our most recent annual report on Form 10-K, as well as our other filings with the SEC, copies of which may be obtained by visiting our Investor Relations website at www.rclinvestor.com or the SEC’s website at www.sec.gov. Undue reliance should not be placed on the forward-looking statements in this release, which are based on information available to us on the date hereof. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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28 Oct 2021

by caribpr

Cruise

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Royal Caribbean Group Releases 2020 “Seastainability” Report

MIAMI, Sept. 22, 2021 /PRNewswire-HISPANIC PR WIRE/ — Today Royal Caribbean Group (NYSE: RCL) published its 13th annual sustainability report, providing a comprehensive update on the company’s sustainability efforts. In particular, the 2020 report documents that the company has met or exceeded nearly all of its 2020 sustainability targets.

Royal Caribbean Group Releases 2020 “Seastainability” Report

“We believe that what gets measured gets better. Sustainability is a core area for our business, and this report reflects our successes and challenges over the past year,” said Richard Fain, Chairman and CEO, Royal Caribbean Group. “While I’m proud of the progress we have achieved, the importance of this area has grown exponentially. Consistent with our mantra of continuous improvement, we have significantly expanded our aspirations in this critical area and are setting even more aggressive goals for the coming years.”

The report is organized into four main sections conveying Royal Caribbean Group’s strategic approach to sustainability, from emissions reductions to supporting employees and crew in the wake of the COVID-19 pandemic. This year’s report also includes the latest Materiality Assessment as well as additional disclosures in line with the Sustainability Accounting Standards Board (SASB) reporting metrics.

“We are living in an era of profound and interconnected changes, which call for bold and positive action. Our ESG work and goals are focused on ensuring we play a leadership role in contributing to a healthy and thriving workplace, society and environment,” said Silvia M. Garrigo, Chief Environmental, Social and Governance (ESG) Officer, Royal Caribbean Group.

In 2016, in partnership with World Wildlife Fund (WWF), the company set specific, ambitious and measurable 2020 sustainability targets to reduce its environmental footprint, increase sustainable tourism, respect for coastal communities and cultural heritage, and support WWF’s global ocean conservation work. As of this year, Royal Caribbean Group has met or exceeded all of its 2020 goals, with the exception of the sustainable seafood sourcing target, which was impacted by global suspension of service from the pandemic.

The company is working to develop a new set of targets around the reduction of carbon emissions, the sustainable growth and development of our business, sustainable commodity sourcing and tourism, the elimination of single-use plastics, and waste management.

Highlights from the Report
Throughout the pandemic, Royal Caribbean Group continued to address several key issues important to stakeholders, including:

  • Emissions reduction: Royal Caribbean Group achieved its carbon reduction target of 35% and has committed to further reduce emissions 25% by 2025.
    • Royal Caribbean Group’s wind farm project in Kansas, developed in partnership with Southern Power, began operations and generated approximately 242,000 tons of CO2 offsets. It is expected that the wind farm will offset up to 12% of the company’s global emissions each year.
    • Celebrity Apex joined the fleet with shore power connectivity and with an energy efficiency standard (EEDI) 39% more efficient than the current International Maritime Organization (IMO) requirement.
    • Our next class of ships, Icon-Class, expected to launch in 2023, will use cleaner-burning liquefied natural gas and fuel cell technology, which reduces ship emissions.
  • Sustainable sourcing: The company has a commitment to source 90% of wild-caught seafood and 75% of farmed seafood, served on Royal Caribbean Group ships from certified sustainable sources, afirst for the cruise industry.
    • While the global suspension of service delayed this goal, as cruise operations resume, Royal Caribbean Group remains committed to tracing back to its origin the sustainable seafood served across the company’s fleet.
    • Additionally, the company is constantly working to identify sustainable products, from cage-free eggs to humanely raised pork.
  • Circular economy: The company is working to achieve zero waste across the Royal Caribbean Group fleet.
    • Today, 100% of the company’s fleet is equipped to be landfill-free. Only 0.50 pounds of waste are sent to landfill per passenger each day — 80% less than the U.S. average on shore.
    • Whenever possible, the waste on Royal Caribbean Group ships is reused, recycled or converted to energy.
    • The company has removed 60% of single-use plastics from its supply chain.
  • Water and wastewater: Royal Caribbean Group ships work to ensure fresh water on their ships is used sparingly and efficiently.
    • 90% of fresh water is produced on board its ships in order to not deplete local resources.
    • On average, only 66 gallons of water per person per day are used, compared with the U.S. average of 100 gallons per person.
    • Each ship is equipped with a water treatment plant. Advanced wastewater purification systems are designed to be twice as stringent as U.S. federal standards, with a company policy of no untreated waste released into the ocean.

To view Royal Caribbean Group’s 2020 sustainability report and learn more about the company’s efforts, click here.

About Royal Caribbean Group
Royal Caribbean Group (NYSE: RCL) is one of the leading cruise companies in the world with a global fleet of 60 ships traveling to more than 800 destinations around the world. Royal Caribbean Group is the owner and operator of three award-winning cruise brands: Royal Caribbean International, Celebrity Cruises, and Silversea Cruises, and it is also a 50% owner of a joint venture that operates TUI Cruises and Hapag-Lloyd Cruises. Together, the brands have an additional 13 ships on order as of June 30, 2021. Learn more at www.royalcaribbeangroup.com or www.rclinvestor.com.

Forward-Looking Statements
Certain statements in this press release constitute forward-looking statements under the Private Securities Litigation Reform Act of 1995. These statements relate to, among other things, the company’s expectations, estimates, forecasts and projections regarding environmental, social and governance (ESG) initiatives and the company’s ability to achieve its ESG goals. Forward-looking statements reflect management’s current expectations and are subject to risks, uncertainties and other factors that could cause our actual results, performance or achievements to differ materially from the future results, performance or achievements expressed or implied in those forward-looking statements. Factors that could affect our results include, among others, those discussed under the caption “Risk Factors” in our most recent annual report on Form 10-K, as well as our other filings with the SEC, copies of which may be obtained by visiting our Investor Relations website at www.rclinvestor.com or the SEC’s website at www.sec.gov. Undue reliance should not be placed on the forward-looking statements in this release, which are based on information available to us on the date hereof. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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22 Sep 2021

by caribpr

Cruise

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Royal Caribbean Group Enters Definitive Agreement to Sell its Azamara Brand to Sycamore Partners

MIAMI, Jan. 19, 2021 /PRNewswire-HISPANIC PR WIRE/ — Royal Caribbean Group (NYSE: RCL) today announced it has entered into a definitive agreement to sell its Azamara brand to Sycamore Partners, a private equity firm specializing in consumer, retail and distribution investments, in an all-cash carve-out transaction for $201 million, subject to certain adjustments and closing conditions. Sycamore Partners will acquire the entire Azamara brand, including its three-ship fleet and associated intellectual property. The transaction is subject to customary conditions and is expected to close in the first quarter of 2021.

Royal Caribbean Group noted the transaction allows it to focus on expanding its Royal Caribbean International, Celebrity Cruises and Silversea brands.

“Our strategy has evolved into placing more of our resources behind three global brands, Royal Caribbean International, Celebrity Cruises and Silversea, and working to grow them as we emerge from this unprecedented period,” said Richard D. Fain, Chairman and Chief Executive Officer of Royal Caribbean Group. “Even so, Azamara remains a strong brand with its own tremendous potential for growth, and Sycamore’s track record demonstrates that they will be good stewards of what the Azamara team has built over the past 13 years.”

“We are pleased that Royal Caribbean Group has entrusted Sycamore to support Azamara in its next phase of growth,” said Stefan Kaluzny, Managing Director of Sycamore Partners.  ”We are excited to partner with the Azamara team and build on their many years of success serving the brand’s loyal customers.  We believe Azamara will remain a top choice for discerning travelers as the cruising industry recovers over time.”

Azamara’s value proposition and operations will remain consistent under the new arrangement, and Royal Caribbean Group will work in close collaboration on a seamless transition for Azamara employees, customers and other stakeholders. In conjunction with the transaction, Azamara Chief Operating Officer Carol Cabezas has been appointed President of the brand.

The transaction will result in a one-time, non-cash impairment charge of approximately $170 million. The sale of Azamara is not expected to have a material impact on Royal Caribbean Group’s future financial results.

Perella Weinberg Partners LP served as financial advisor to Royal Caribbean Group and Freshfields Bruckhaus Deringer LLP provided legal counsel. Kirkland & Ellis LLP provided legal advice to Sycamore Partners.

About Royal Caribbean Group
Royal Caribbean Cruises Ltd., doing business as Royal Caribbean Group (NYSE: RCL), is a cruise vacation company that owns four global brands: Royal Caribbean International, Celebrity Cruises, Azamara and Silversea.  Royal Caribbean Group is also a 50% owner of a joint venture that operates TUI Cruises and Hapag-Lloyd Cruises. Together, our brands operate 61 ships with an additional 15 on order as of December 21, 2021.  Learn more at www.rclcorporate.com or www.rclinvestor.com.

About Sycamore Partners
Sycamore Partners is a private equity firm based in New York. The firm specializes in consumer, distribution and retail-related investments and partners with management teams to improve the operating profitability and strategic value of their business. With approximately $10 billion in aggregate committed capital raised since its inception in 2011, Sycamore Partners’ investors include leading endowments, financial institutions, family offices, pension plans and sovereign wealth funds. For more information on Sycamore Partners, visit www.sycamorepartners.com.

Cautionary Statement Concerning Forward-Looking Statements
Certain statements in this release relating to, among other things, our future performance estimates, forecasts and projections constitute forward-looking statements under the Private Securities Litigation Reform Act of 1995.  These statements include, but are not limited to: statements regarding revenues, costs and financial results for 2020 and beyond.  Words such as “anticipate,” “believe,” “could,” “driving,” “estimate,” “expect,” “goal,” “intend,” “look into,” “may,” “plan,” “project,” “seek,” “should,” “will,” “would,” “considering”, and similar expressions are intended to help identify forward-looking statements.  Forward-looking statements reflect management’s current expectations, are based on judgments, are inherently uncertain and are subject to risks, uncertainties and other factors, which could cause our actual results, performance or achievements to differ materially from the future results, performance or achievements expressed or implied in those forward-looking statements.  Examples of these risks, uncertainties and other factors include, but are not limited to the following: the impact of the global incidence and spread of COVID-19, which has led to the temporary suspension of our operations and has had and will continue to have a material adverse impact on our business, liquidity and results of operations, or other contagious illnesses on economic conditions and the travel industry in general and the financial position and operating results of our Company in particular, such as: the current and potential additional governmental and self-imposed travel restrictions, the current and potential extension of the suspension of cruises and new additional suspensions, guest cancellations; our ability to obtain sufficient financing, capital or revenues to satisfy liquidity needs, capital expenditures, debt repayments and other financing needs; the effectiveness of the actions we have taken to improve and address our liquidity needs; the impact of the economic and geopolitical environment on key aspects of our business, such as the demand for cruises, passenger spending, and operating costs; incidents or adverse publicity concerning our ships, port facilities, land destinations and/or passengers or the cruise vacation industry in general; our ability to accurately estimate our monthly cash burn rate during the suspension of our operations; concerns over safety, health and security of guests and crew; any protocols we adopt across our fleet relating to COVID-19, such as those recommended by the Healthy Sail Panel, may be costly and less effective than we expect in reducing the risk of infection and spread of COVID-19 on our cruise ships; further impairments of our goodwill, long-lived assets, equity investments and notes receivable; an inability to source our crew or our provisions and supplies from certain places; the incurrence of COVID-19 and other contagious diseases on our ships and an increase in concern about the risk of illness on our ships or when traveling to or from our ships, all of which reduces demand; unavailability of ports of call; growing anti-tourism sentiments and environmental concerns; changes in US foreign travel policy; the uncertainties of conducting business internationally and expanding into new markets and new ventures; our ability to recruit, develop and retain high quality personnel; changes in operating and financing costs; our indebtedness, any additional indebtedness we may incur and restrictions in the agreements governing our indebtedness that limit our flexibility in operating our business, including the significant portion of assets that are collateral under these agreements; the impact of foreign currency exchange rates, interest rate and fuel price fluctuations; the settlement of conversions of our convertible notes, if any, in shares of our common stock or a combination of cash and shares of our common stock, which may result in substantial dilution for our existing shareholders; our expectation that we will not declare or pay dividends on our common stock for the near future; vacation industry competition and changes in industry capacity and overcapacity; the risks and costs associated with protecting our systems and maintaining integrity and security of our business information, as well as personal data of our guests, employees and others;  the impact of new or changing legislation and regulations or governmental orders on our business; pending or threatened litigation, investigations and enforcement actions; the effects of weather, natural disasters and seasonality on our business; emergency ship repairs, including the related lost revenue; the impact of issues at shipyards, including ship delivery delays, ship cancellations or ship construction cost increases; shipyard unavailability; the unavailability or cost of air service; and uncertainties of a foreign legal system as we are not incorporated in the United States.

In addition, many of these risks and uncertainties are currently heightened by and will continue to be heightened by, or in the future may be heightened by, the COVID-19 pandemic. It is not possible to predict or identify all such risks.

More information about factors that could affect our operating results is included under the caption “Risk Factors” in our most recent quarterly report on Form 10-Q, as well as our other filings with the SEC, and the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our most recent annual report on Form 10-K, as updated by our Current Report on Form 8-K dated May 13, 2020, copies of which may be obtained by visiting our Investor Relations website at www.rclinvestor.com or the SEC’s website at www.sec.gov. Undue reliance should not be placed on the forward-looking statements in this release, which are based on information available to us on the date hereof. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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19 Jan 2021

by caribpr

Cruise

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Royal Caribbean Group sets sail with updated corporate identity

MIAMI, July 30, 2020 /PRNewswire-HISPANIC PR WIRE/ – When a company is known for raising the bar on design and innovation, nothing is exempt from the mantra of continuous improvement—not even the company’s own name.

That’s why Royal Caribbean Cruises Ltd. is now known by a new moniker: Royal Caribbean Group (NYSE: RCL).

“The name is simpler, fresher and more modern. It’s also more descriptive—Royal Caribbean Group sounds like a parent company name, reflective of our growth and evolution since we last updated our identity more than 20 years ago,” said Royal Caribbean Group chairman and CEO Richard Fain.

The company’s flagship cruise line brands – Royal Caribbean International, Celebrity Cruises, Silversea, Azamara, TUI Cruises and Hapag-Lloyd Cruises – are all now proud members of Royal Caribbean Group.

Royal Caribbean Group’s logo has also been updated. The company’s iconic crown and anchor emblem has been sharpened and made more symmetrical, and now resides inside a circle at all times.

The Royal Caribbean Group identity was designed by Chermayeff & Geismar & Haviv.

About Royal Caribbean Group
Royal Caribbean Group (NYSE: RCL) is the operating business name for Royal Caribbean Cruises Ltd. Royal Caribbean Group is the owner of four global cruise vacation brands: Royal Caribbean International, Celebrity Cruises, Silversea and Azamara. Royal Caribbean Group is also a 50% owner of a joint venture that operates TUI Cruises and Hapag-Lloyd Cruises. Together, our brands operate 63 ships with an additional 16 on order as of July 10, 2020. Learn more at www.rclcorporate.com or www.rclinvestor.com.

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30 Jul 2020

by caribpr

Travel

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Royal Caribbean Group reinvents cruise industry’s safety drill

- New patented approach helps guests sail away smoothly

- Technology licensed to other cruise lines to help eliminate crowding

MIAMI, July 24, 2020 /PRNewswire-HISPANIC PR WIRE/ — Royal Caribbean Group is replacing one of the least-loved but most important parts of a cruise vacation – the safety drill – with Muster 2.0™, an entirely new approach to delivering safety information to guests. The innovative program, the first of its kind, reimagines a process originally designed for large groups of people into a faster, more personal approach that encourages higher levels of safety.

With Muster 2.0, the key elements of the safety drill – including reviewing what to expect and where to go in case of an emergency, and instructions on how to properly use a life jacket – will be accessible to guests on an individual basis instead of a group approach that has been followed historically. New technology, eMuster™, will be used to help provide the information to guests via their mobile devices and interactive stateroom TVs. Travelers will be able to review the information at their own time prior to setting sail, eliminating the need for the traditional large group assemblies. The new approach also enables everyone on board to maintain better spacing as guests move about the ship, and it allows guests to enjoy more of their vacation with no interruption.

After reviewing safety information individually, guests will complete the drill by visiting their assigned assembly station, where a crew member will verify that all steps have been completed and answer questions. Each of the steps will need to be completed prior to the ship’s departure, as required by international maritime law.

“The health and safety of our guests and crew are our number one priority, and the development of this new muster process is an elegant solution to an outdated, unpopular process,” said Richard Fain, chairman and CEO, Royal Caribbean Group. “The fact that this will also save guests time and allow the ship to operate without pause means that we can increase health, safety and guest satisfaction simultaneously.”

“Muster 2.0 represents a natural extension of our mission to improve our guests’ vacation experiences by removing points of friction,” said Jay Schneider, Royal Caribbean Group’s senior vice president of digital. “In this instance, what’s most convenient for our guests is also the safest option in light of needing to reimagine social spaces in the wake of COVID-19.”

This marks the first dramatic change to the safety drill process in a decade, since Royal Caribbean’s Oasis of the Seas moved the life jackets from guest staterooms to the muster stations, which improved the evacuation process and has been widely followed throughout the industry. More than a year in the making, Muster 2.0 is also an initiative that will be part of the comprehensive set of protocols and procedures Royal Caribbean Group is developing along with the Healthy Sail Panel that was recently assembled in collaboration with Norwegian Cruise Line Holdings Ltd.

“This new process represents the kind of innovation that the Healthy Sail Panel is focusing on as part of its mission to enhance the health and safety of cruising,” said former Utah Gov. Mike Leavitt, co-chair of the Healthy Sail Panel. “It shows that we can accomplish a lot if we try to think outside the box on safety.”

“I’d like to extend my congratulations to Royal Caribbean Group on this innovative milestone. It’s exactly what our industry needs during these unprecedented times and we appreciate the generous offer to participate in this innovation,” said Frank Del Rio, President and CEO, Norwegian Cruise Line Holdings Ltd. “In this industry, we all work cooperatively to enhance health and safety, and this is an example of that.”

The distributed muster for ocean-going vessels concept is patented in the United States and is patent-pending in major markets around the world, including the various cruise industry flag states. The company has also worked with international regulators, the U.S. Coast Guard and other maritime and government authorities to ensure it meets all safety requirements.

In addition to introducing the new process on the ships of its own cruise lines – Royal Caribbean International, Celebrity Cruises and Azamara – Royal Caribbean Group is offering to license the patented technology to interested cruise operators and will waive patent license fees during the time the world and industry battle the global pandemic. Patent licenses have already been granted to the company’s joint venture, TUI Cruises GmbH, as well as Norwegian Cruise Line Holdings Ltd., the parent company of Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises.

Muster 2.0 was first tested on Royal Caribbean’s Symphony of the Seas in January 2020. Guests who took part in the mock process indicated a strong preference for the new approach and also reported better comprehension and retention of the safety information.

About Royal Caribbean Group
Royal Caribbean Group (NYSE: RCL) is a cruise vacation company comprising four global brands: Royal Caribbean International, Celebrity Cruises, Azamara and Silversea. Royal Caribbean Group is also a 50% owner of a joint venture that operates TUI Cruises and Hapag-Lloyd Cruises. Together, our brands operate 63 ships with an additional 16 on order as of July 10, 2020. Learn more at www.rclcorporate.com or www.rclinvestor.com.

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24 Jul 2020

by caribpr

Travel

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