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Royal Caribbean Group has reported a net loss of $1.6bn (£1.2bn) for the second quarter of the year, after the coronavirus pandemic caused the cruise operator to cancel all sailings during that period, writes Joanna Partridge for the Guardian business desk.

The group, which operates brands including Royal Caribbean and Celebrity Cruises, made a $473m net profit during the same period in 2019.

The company, which suspended all of its voyages globally on 13 March, said the Covid-19 pandemic was posing an “unprecedented challenge” to the cruise industry.

Royal Caribbean is burning through between $250m and $290m cash a month, while its ships are not sailing, because of ongoing costs including operating and administrative expenses, and commitments to build new vessels.

Read the original article at The Guardian

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