Royal Caribbean quantifies financial impact of the Grandeur of the Seas fire

MIAMI, Fla. – Royal Caribbean Cruises Ltd. today quantified the financial impact of the Grandeur of the Seas fire.

On May 27, 2013, Royal Caribbean Cruises Ltd.’s vessel Grandeur of the Seas experienced a fire in an industrial area on the aft of the ship. The company has taken the vessel out of service and expects that it will take approximately six weeks to complete the repair efforts. The company estimates that the direct financial impact of this event, net of insurance, is a reduction of $0.10 per share. “The extent of the financial impact was relatively high because the affected sailings were during the premium summer season,” said Jason Liberty, senior vice president and chief financial officer. The ship is expected to return to service for its July 12, 2013 sailing date.

“We are gratified that no one was hurt and that the safety and comfort systems performed exactly as designed,” said Adam Goldstein, president and chief executive officer of Royal Caribbean International. “I extend my appreciation to our crew who performed so well, as well as to our guests who have been cooperative, understanding and highly complimentary of the shipboard team throughout,” Goldstein continued.

Royal Caribbean Cruises Ltd. is a global cruise vacation company that owns Royal Caribbean International, Celebrity Cruises, Pullmantur, Azamara Club Cruises and CDF Croisieres de France, as well as TUI Cruises through a 50 percent joint venture. Together, these six brands operate a combined total of 41 ships. They operate diverse itineraries around the world that call on approximately 460 destinations on all seven continents.