Mailbag: Should I book flights for my cruise if I'm not sure my cruise ships will sail?

In:
25 Feb 2021
By: 
Matt Hochberg

The uncertainty of when cruises might actually restart sailings again has a trickle down effect on second guessing a lot of other vacation decisions, including should you buy flights for a cruise that may or may not sail.

Every week I pull a popular question that RoyalCaribbeanBlog readers have been asking in case others are curious about the answer.

With the uncertainty of the Alaska cruise sailings this year, how close to our sail date should we have airline and hotel reservations? - Jamie H.

While Jamie asked about Alaska, this question can be applied to anyone with a cruise booked for later this year and trying to decide whether or not to make additional travel plans.

The issue with booking flights or hotels is laying out money for a cruise that may or may not happen, and getting a refund for it later.

Hotels are the easy answer, so let's begin there.

Most hotels allow for refundable deposits, so make sure you are only booking a refundable hotel rate.  In many cases, you many not have to put any money down in advance until either much closer to your check-in date or the day you check-in.

Your best bet is to keep tabs on hotel prices, because prices fluctuate constantly. Book only refundable rates, so you can easily cancel if the cruise ends up being cancelled.

Airfare is a bit more complicated and requires more money upfront compared to hotels.

Before the cruise industry shutdown, locking in flights for your cruise was a game of trying to time prices without risking the perfect flight times selling out.

Today, you have to balance price with flexibility.

Assuming you are willing to go on the cruise you have booked, yes, it is a good idea to book a flight to ensure you can make it to the cruise, but with a few caveats.

First and foremost, you want to book a flight that you will not be penalized for if you have to cancel.

Most airlines have pretty flexible cancellation terms these days, but make very certain there is no penalty for canceling the flight.

Unfortunately, most airlines will not refund you the money if you cancel.  Rather, you will get a credit for a future flight to use later.

Getting an airline credit is fine if it is an airline you fly regularly, but if your flight is on a different airline, this complicates the issue.  Getting a credit for an airline you will never fly is essentially throwing money away.

You could get a full refundable airfare, but refundable airfares tend to be extremely expensive.

An alternative is to book your flight directly with Royal Caribbean through their Air2Sea program.

Air2Sea is Royal Caribbean's airfare option for guests to purchase flights in conjunction with their cruise.

The nice thing about Air2Seas is because you are booking through Royal Caribbean, if the cruise line cancels the sailing, your airfare is fully refundable and the cruise line takes care of the cancellation process.

The cost of airfare will be added onto the cruise amount and payment will follow cruise payment guidelines (90 days prior to sailing).

The downside of using Air2Sea is there is an extra cost for going through the airline, but if you are considering booking international air travel and/or a flight on an airline you never fly, this might still be your best option.

Maximum flexibility is king right now, and the last thing you want to do is spend money on any aspect of your vacation that you have a good chance of never using. 

Whatever you book, be sure to consider the worst case scenario to ensure you don't regret it later.

Waiting to book

Another option is to wait a little bit longer until your cruise is closer.

Air travel is still depressed, and that means less people are flying than before the global health crisis began. 

There is a good argument to be made that waiting a few more weeks or months and perhaps paying a bit more for the flight is worth it to get a better sense of if your cruise will happen or not.

If your flight options are limited because of where you live, or where your cruise is sailing from, then you may not have a choice in waiting things out.  But if you live in a place where flights are plentiful, you might want to give it a little bit more time before pulling the trigger on a flight.

More mailbag questions:

Congress sends bipartisan letter to Canada asking for compromise on cruise ship ban

In:
25 Feb 2021
By: 
Matt Hochberg

Canada's ban of cruise ships for an entire year has compelled the United States Congress to work together in trying to find a better answer.

Members of the House Transportation and Infrastructure Committee sent a bipartisan letter to the Canadian Ambassador to the United States yesterday, concerning the one year extension of the cruise ban in Canada.

On February 4, 2021, Canada's Minister of Transport announced a ban of all cruise ships from Canadian waters until February 28, 2022.

The letter was signed by  Congressman Peter DeFazio (D-OR), Congressman Sam Graves (R-MO), Congressman Salud Carbajal (D-CA), Congressman Bob Gibbs (R-OH), and  Congressman Don Young (R-AK).

In the letter, the congressmen shared their concern regarding Canada's ban, and encouraged Canada to "find a mutually agreeable solution."

"We would like to encourage the Government of Canada to work with the U.S. government and industry stakeholders to find a mutually agreeable solution."

The group suggest Canada allowing cruise ships to conduct a "technical stop" whereby Canada would permit cruise ship stops in Canada without disembarking passengers.

"It is our hope that this solution would both address the important health concerns of Canadian authorities and allow cruises to resume with the approval of U.S. Government authorities when it is deemed safe to do so."

Due to U.S. laws, cruise ships that are foreign flagged (which is pretty much every cruise ship on major cruise lines) must stop in a foreign port if they sail from the United States. By Canada denying entry into their waters, that leaves no foreign ports for cruise ships to sail to within the vicinity of Alaska or New England.

The letter includes optimism that the global health crisis is starting to subside, and vaccine rollout will be the impetus for the U.S. Centers for Disease Control (CDC) to allow cruise ships to start sailing again.

The Cruise Lines International Association (CLIA) thanked Congress for acting on behalf of the cruise industry in sending the letter.

CLIA issued this statement after the letter was sent to the Canadian Ambassador, as well as U.S. Secretary of State Antony Blinken.

"We thank Chairman DeFazio, Ranking Member Graves and other signatories of the House Transportation and Infrastructure Committee for their leadership in facilitating dialogue with the Canadian government to determine a path for resumption of cruises to Alaska should cruising resume in the U.S. this year."

"CLIA looks forward to working with the Canadian and U.S. authorities on a solution that addresses the public health needs of Americans and Canadians alike, while responsibly restarting a critical economic driver for the Pacific Northwest and Alaska."

The bipartisan letter is the second notable act by Congress to compel Canada to alter the ban.  

Earlier this month, a joint statement by Alaska's Senators and Congressmen called the Canadian cruise ship ban, "unacceptable".

Royal Caribbean has not made an official change to any of its Alaska cruises it has scheduled for 2021.

"At this time, we have decided not to cancel any sailings scheduled to visit Canada," the line said in a letter sent to travel advisors.

"This includes cruises embarking/debarking from Canada ports, as well as those itineraries touching on Canadian ports of call. It's our hope that your clients will maintain their existing reservations with us as we work with the government and CLIA on potential alternatives."

Passengers currently booked on Alaska sailings have several options:

  • Leave their bookings as they are, and wait to see what happens. All final payment dates have been extended to just 45 days prior to embarkation day.
  • Request a 100% refund of the amount they've paid, to the original form of payment, to be processed by June 30, 2021.
  • Choose a 125% future cruise credit (for sailings booked by April 30, 2022, and departing through September 30, 2022). Credits will be issued by April 16, 2021.
  • Select a modified Lift & Shift, allowing the reservation to be moved to the same date next year (plus or minus one week) on the same ship with the same itinerary.

Carnival cancels May 2021 cruises

In:
24 Feb 2021
By: 
Matt Hochberg

While Royal Caribbean has not, another cruise line has cancelled its May 2021 cruises.

Carnival Cruise Line announced on Wednesday it will continue their suspension of sailings through May 31, 2021.

Cruises from U.S. ports are cancelled through May, but Carnival added that it is unsure when cruises might resume.

In their announcement, Carnival said, "A date for the return of guest cruising operations from U.S. ports has not yet been determined."

Carnival said in a statement that they will continue to work on plans to resume operations, and the vaccine progress is encouraging.

"We continue to work on plans to resume operations and are encouraged by the focus to expedite vaccine production and distribution which are having a demonstrated impact on improving public health."

Prior to today's announcement, cruises had been cancelled through April 30, 2021.

As it has done throughout the pause, Carnival is providing guests on cruises cancelled today the choice of a future cruise credit plus onboard credit package, or a full refund.

Carnival joins a few other cruise lines in canceling their May 2021 cruises, including Norwegian Cruise Line, Disney Cruise Line and Azamara.

What will Royal Caribbean do?

Royal Caribbeans want to know if/when Royal Caribbean may announce a new set of cancellations to match what the other cruise lines have done.

Royal Caribbean rarely gives any kind of warning when a new set of cancellations are going to occur.

Read moreIs there a pattern to when Royal Caribbean cancels cruises?

With final payment dates coming up, many cruise fans are eager to know what will happen to these sailings, as well as how many more of these cancellations we can expect to deal with.

Royal Caribbean Group Chairman and CEO Richard Fain said in a recent interview that cruise lines and the government will consider a variety of factors before cruises can restart.

"We just we're in the midst of a huge surge...over the end of last year," Mr. Fain explained. "Nobody was going to suggest that we start operating in that kind of environment."

"But as that's coming down, as the numbers get better, as the prevalence in society gets better, as the vaccine gets out there more, I think that's when we can start having serious conversations to restart."

Royal Caribbean's second cruise ship to restart sailing "could be outside the U.S."

In:
24 Feb 2021
By: 
Matt Hochberg

Royal Caribbean has been successfully sailing Quantum of the Seas in Singapore since December 2020, so what will be the next cruise ship to restart operations?

While Quantum will remain in operation from Singapore for a little while longer, further restart plans are still ambiguous.

During Royal Caribbean Group's fourth quarter earnings call with investors, the next ship to restart operations could be outside the United States.

Royal Caribbean Group CFO Jason Liberty noted the company could add a second ship outside of the U.S. soon, "We are already operating Quantum of the Seas in Singapore, and our second ship in the water could also be outside of the US."

The fact Royal Caribbean may be able to resume sailings outside of the United States is not surprising, considering the success it has had with Quantum of the Seas in Singapore and its TUI brand of cruise ships in Europe.

"These early returns to service not only provide vacations, but they provide an opportunity to demonstrate proof of concept as well," Royal Caribbean Group Chairman and CEO Richard Fain said during the call

"They provide important learnings on how we can coordinate most effectively with governments, port authorities, travel partners, and others to protect our guests, crew, and the destinations we visit."

Thus far, Royal Caribbean International President and CEO Michael Bayley said about 35,000 Singaporeans have sailed on Quantum of the Seas and he says the customer satisfaction increased with the new health protocols compared to before.

"The customer satisfaction ironically is higher with our protocols than it was before our protocols, which is quite funny in a way. And our revenue has exceeded our expectations both from a ticket and an onboard revenue perspective."

Which ship and where would it sail from?

Royal Caribbean cruises are shutdown in North America, Europe, and Australia through at least April.  Even May sailings look to be questionable at this point.

The ship with the best odds for that to occur is Spectrum of the Seas, since is scheduled to potentially restart sailings in China in April 2021.

Whether or not Spectrum sailings are able to restart in China remains to be seen, as throughout 2020 sailings from China looked like they might be able to restart sooner, but that never materialized.

Australia remains closed to cruise ship traffic, so that essentially leaves Europe.

Jason Liberty told investors during the call his company is working with governments around the world about opening back up, "With regards to ship starting in Australia or China or Europe or elsewhere, for example, we literally are in discussions globally around the world with different governments and looking at where they are with COVID and vaccines, et cetera, et cetera."

"I think the point is that there's a lot of opportunity that's starting to open up globally in terms of what's occurring with COVID. And so we are in discussions around the world."

Last, but not least, we have to remember the "second ship" that Mr. Liberty mentioned did not specify if that would be a Royal Caribbean International cruise ship, or a ship from one of the other brands operated under the Royal Caribbean Group corporate umbrella.

Azamara cancels all cruises through June 2021

In:
24 Feb 2021
By: 
Matt Hochberg

Royal Caribbean Group just sold its Azamara cruise line, and the new owners have cancelled cruises through June 30, 2021.

Azamara announced it has decided to extend its global suspension of cruises through June 30, 2021.

In a statement, Azamara said the cruise line wants to ensure it can sail safely, "As the world continues to confront the many challenges resulting from COVID-19, our primary goal continues to be a healthy return to service for our guests, crew and the communities we visit. "

Despite being sold, Azamara also said it is "working diligently with Royal Caribbean Group's Healthy Sail Panel to create a small-ship cruising experience that will protect the wellbeing of our guests and crew yet stay true to the Azamara spirit."

Royal Caribbean currently has its cruises cancelled through the end of April 2021.

Sycamore Partners recently acquired Azamara from Royal Caribbean Group in January 2021.

Royal Caribbean created Azamara in 2007 and operates a fleet of three small cruise ships.

During the earnings call with investors, Royal Caribbean Group CFO Jason Liberty said the sale of Azamara made sense given the opportunity, "This opportunity came our way here with Sycamore. It gives Azamara an opportunity to grow. And I think that it's a great brand that we think will do quite well under this other -- this other venture."

Guests with affected sailings have three options – accept a 125% future cruise credit to book a cruise by April 30, 2022 for departure before September 30, 2022; “lift and shift” the booking to a 2022 equivalent within four weeks of original sailing date; or request a full refund by May 20.

Royal Caribbean releases Short Caribbean 2022-2023 cruise sailings

In:
24 Feb 2021
By: 
Matt Hochberg

Royal Caribbean has released its Short Caribbean sailings for Summer 2022 - Winter 2023, which are now available for booking.

Royal Caribbean's website has been updated with the new itineraries, which are available to book immediately.

The most noticeable change for these short sailings is all three Freedom Class cruise ships will sail from Florida.

Freedom of the Seas will sail 3- and 4-night cruises from Miami to Nassau and top-rated Perfect Day at CocoCay in The Bahamas.

Independence of the Seas will sail 3- and 4-night cruises from Port Canaveral to The Bahamas, with full-day visits in Nassau and Perfect Day at CocoCay. 

Liberty of the Seas will move to Fort Lauderdale, Florida to sail alternating 3- and 4-night cruises to The Bahamas, including Perfect Day at CocoCay and Grand Bahama Island – a new destination for the ship.

Read moreWhat is the best time to cruise to the Caribbean?

Mariner of the Seas will remain in Port Canaveral as well, now with southbound 4- and 5-night cruises to the western Caribbean and Perfect Day at CocoCay.offering short sailings.

In addition, Adventure of the Seas and Grandeur of the Seas will offer short cruises from Galveston. 

Over in Tampa, Brilliance of the Seas and Rhapsody of the Seas will offer 4- and 5- night Western Caribbean cruises.

View the full Short Caribbean 2022-2023 sailings:

Something else new for these itineraries are stops at Grand Bahama Island, which points to Royal Caribbean's port project in Freeport, Bahamas.

Royal Caribbean is in talks to purchase the Grand Lucayan resort, although those plans are currently stalled as the terms of the agreement have changed due to the global health crisis.

Assuming it does go through, Freeport could be transformed to offer guests a variety of experiences.

The original plans called for a first phase to be a world-class beachfront destination with a 526-room hotel, shopping village, spa and wellness center, water-based family entertainment including a massive water and adventure theme park, a 40,000-square-foot convention center, adventure activities such as zip lines and off-roading, restaurants and bars, entertainment and lively nightlife.

Royal Caribbean and the ITM Group have proposed a revised deal/plan to purchase the Grand Lucayan Resort and redevelopment of Freeport Harbour. 

The release of the Summer 2022 - Winter 2023 Short Caribbean cruises is the third deployment to be released this winter, following Northeast and China & Hawaii sailings a few weeks ago.

Over the next few weeks, more sailings will be released for the 2022-2023 season, although changes to the deployment schedule are possible.

Planning on booking a 2022 cruise? These stories will help:

Why did Royal Caribbean's stock go up after losing a billion dollars?

In:
23 Feb 2021
By: 
Matt Hochberg

Royal Caribbean Group announced it lost $1.4 billion in the fourth quarter of 2020, but its stock price jumped up by 9% and perplexed quite a few people.

How could a company that loses so much money get investors to want to buy that stock?

Many cruise fans openly wondered how this could be the case.

On the RoyalCaribbeanBlog Facebook page, a few readers were curious why Royal Caribbean's stock shot up following the announcement of the loss.

Frank Vogt wrote, "And yet their stock is up $7.88 today...I'm happy but just don't understand why it keeps going up."

Profits and losses aren't everything

The reason Royal Caribbean's stock went up after posting a big loss is a reflection of how the stock market works, and what investors look for in any company.

Dan Kline, lead advisor/host of 7investing Now, explained why stocks do not always go the way you might think based on quarterly results, "Stocks don’t always behave logically after earnings.

"Apple, for example, posted an amazing quarter and its share price went down. In the longer-term, it will go up."

Investors consider a wide range of variables and benchmarks when looking at any stock. Given the information they have access to, investors might make certain estimates on what seems reasonable and/or likely for that company to achieve.

They not only consider the profits and losses now, but also the long-term future of the stock.

Generally, analysts predict a company's earnings per share (EPS) and revenue numbers for the quarter, fiscal year, and future fiscal years.

What did Royal Caribbean do right?

Mr. Kline explains why Royal Caribbean's stock jumped, despite the loss."In the case of RCL, the loss was expected but the picture going forward looks optimistic. People are buying shares based on that optimism."

"This remains a very risky play as lots of things could prevent a return to cruising. I own some RCL and some CCL, but they are less than 2% of my portfolio combined."

Helping Royal Caribbean's cause was a bullish call with investors, where cruise line executives provided encouraging news and a positive outlook on where things are going.

Read moreRoyal Caribbean talks vaccine impact, Cruises to Europe in 2021, Cuba and more

Specifically, Royal Caribbean pointed to strong demand for cruises in 2021 and 2022, as well as imminent progress being made with the U.S. Center for Disease Control (CDC) which could lead to test cruises starting.

The amount of cruises booked for the second half of 2021, as well as 2022, was a good start.  On top of that, executives said bookings are higher than 2019 both including and excluding the dilutive impact of future cruise credits.

Mr. Kline added the company's comments gave him more confidence in the direction Royal Caribbean is going, "I think that I'm confident that RCl won't go bankrupt after what their CEO said."

"They have significant cash on hand and booking trends ae encouraging. I'm surprised that Richard Fain went out of the way to say that it had future bookings from a fair amount of new customers. I would have expected mostly returning regulars like me."

"It's still a lot of risk, but it does seem like a comeback is more possible, even likely, than it was even a few weeks ago and investors are picking that up. This is a very long-term investment, however, as the financial hole is deep."

CDC asks Royal Caribbean to share covid safety technology from its cruise ships

In:
23 Feb 2021
By: 
Ashley Kosciolek

As the cruise industry inches ever closer to restarting operations, the U.S. Centers for Disease Control and Prevention has asked Royal Caribbean to share some of its safety technology, a cruise line executive revealed Monday.

On a Royal Caribbean Group earnings call, Michael Bayley, president and CEO of Royal Caribbean International, said the CDC has asked the line to share the technology behind two new tools on which it is heavily relying during Quantum of the Seas voyages, which resumed from Singapore on December 1, 2020, with no port calls.

"...that technology development is really, we think, groundbreaking and very sophisticated," Bayley said. "And in our conversations that we had the week before last with the CDC, they specifically asked us to share that technology and what we've been doing in Singapore with them, which we've subsequently done."

"There are two technologies that have come from Quantum that really are game-changing. One is the e-mustering, which completely transforms the whole process of lifeboat mustering," Bayley explained.

Muster 2.0 -- otherwise known as "e-mustering" -- is a system that helps to keep large groups of passengers from congregating for what, previously, was an in-person safety drill prior to sailaway on each cruise.

Now, passengers can simply watch safety briefings via a cell phone app or their in-cabin televisions. They will have a four-hour window in which to do so and then report, in person, to a designated area where a crew member will verify completion.

Read moreTop 10 questions about Royal Caribbean's new Muster 2.0

Bayley then discussed a second innovation used on Quantum of the Seas -- contact tracing.

"The second is, we've really developed technology for contact tracing, using a combination of technologies. One of them is a Tracelet, which basically each guest wears, and you can tell exactly how long they've been in contact with everybody else who's wearing a Tracelet.

"Then, we have artificial intelligence connected into basically CCTV cameras that use facial and body recognition to then double check and verify contact tracing in the event that somebody did have covid onboard the ship."

Although Royal Caribbean filed a patent for Muster 2.0 in 2019, months before the pandemic was declared, the Traclet's patent was filed in October 2020 as a means to help track covid cases onboard.

Read moreHow cruising changed on Royal Caribbean's first cruise back

Similar to Royal Caribbean's WOWBands, Tracelets are made of silicone. The latter use tracking technology to determine who came in contact with any person found to test positive for covid during a sailing. This information allows proper action to be taken in terms of isolating and quarantining to avoid further spread.

Royal Caribbean's new rules state the following:

"Contact tracing is an important part of our enhanced protocols to keep all our guests and crew safe. Each guest will be provided with a wearable device that allows rapid tracing in the event it is necessary. If you have found to have come within 6 feet of a covid-positive person, for at least 15 minutes, certain actions may be required for your safety and the safety of your fellow guests."

Currently, cruise lines are implementing a slew of new protocols in line with the CDC's conditional sail framework. They include improved air filtration systems and cleaning procedures, as well as plans for isolating, quarantining and disembarking ill passengers if necessary.

In order to test these protocols, cruise ships will soon be required to undergo test sailings with volunteer passengers. If all goes well, each vessel would then be required to receive authorization from the CDC in order to resume revenue voyages.

Odyssey of the Seas construction photo update - February 23, 2021

In:
23 Feb 2021
By: 
Matt Hochberg

There is a new photo of Royal Caribbean's next new cruise ship for all of us to enjoy.

The Meyer Werft shipyard shared a new webcam photo of Royal Caribbean's next new cruise ship, Odyssey of the Seas.

There was a flurry of activity over the weekend as the ship was moved away from the pier, and her lifeboats were tested. 

This is likely a sign that Odyssey of the Seas is being prepared for her journey down the Ems River, which is known as her conveyance.

Read moreOdyssey of the Seas should begin her conveyance soon

The movement of Odyssey of the Seas away from the pier also gave cruise ship photographer Björn Haß the opportunity to give us a closer look at some of the ship's signature features.

Photos by Björn Haß

After her conveyance, the ship will conduct sea trials.

Odyssey of the Seas will be among the largest cruise ships in the world when she launches, but she will not claim the title of the largest.

The 169,000 GT cruise liner has an overall length of 347.1 meters, is 41.4 meters wide and can accommodate more than 5000 passengers.

This means she is smaller than the Oasis Class cruise ships, which currently hold the title for the largest in the world.

Read moreWhat Is the Biggest Royal Caribbean ship?

Royal Caribbean Group confirmed in its business update yesterday that Odyssey of the Seas will be delivered in the first quarter of 2021, although no specific date has been announced.

Due to the global health crisis, it is likely the handover ceremony will be a virtual one. Royal Caribbean Group held a virtual delivery of Celebrity Apex when it was delivered.

More information

Royal Caribbean Group CEO talks when we can start having serious conversations to restart

In:
22 Feb 2021
By: 
Matt Hochberg

The one dominant question in the cruise industry is when will cruise ships be able to sail again.

Royal Caribbean Group Chairman and CEO Richard Fain spoke to CNBC following his company's fourth quarter 2020 earnings call about a variety of topics, but when cruises might restart was the primary concern.

While Royal Caribbean Group reported another billion dollar loss, they were quite pleased with strong demand for cruises in the second half of 2021 and into 2022.

CNBC Global Markets Reporter Seema Mody put it bluntly when she said, "all the demand in the world is no help. Richard, if the industry is not given the clearance from the CDC."

Mr. Fain pointed to restarting cruises will take a lot, and both the cruise industry and the CDC are looking at a variety of factors before cruises can restart.

"We just we're in the midst of a huge surge...over the end of last year," Mr. Fain explained. "Nobody was going to suggest that we start operating in that kind of environment."

"But as that's coming down, as the numbers get better, as the prevalence in society gets better, as the vaccine gets out there more, I think that's when we can start having serious conversations to restart."

Read moreRoyal Caribbean expecting CDC's technical instructions "any day"

So where is that point, exactly?

Mr. Fain said there is no single percentage or data point to look for, "I think the CDC, and we ourselves and our healthy sales panel, would say no one statistic is the determining factor."

"Unfortunately, there's no one magic threshold that says, 'now is the day. If we reach this point, we can go.'"

Read moreRoyal Caribbean talks vaccine impact, Cruises to Europe in 2021, Cuba and more

Passengers worst fear: infection or isolated?

Richard Fain also talked about the distinction between passengers fearing getting infected versus being stuck on a cruise ship as the result of a case.

"People aren't so much worried about getting sick on a ship, they're worried that somebody else gets sick and that that destroys their whole vacation.

"That's why the protocols that we've come up with, a big focus of them, is how do we isolate cases when we have a case because there will be cases on the ship just as there are always cases in society. Our job is to make sure that it stays cases and doesn't become an outbreak."

"That's a lot of our discussion with the with the CDC and others, and that the vaccines are a big part of that."

Can Royal Caribbean borrow even more money?

Seema Mody ended the interview by asking Richard Fain does Royal Caribbean have more resources to borrow if the shutdown continues.

"We have a quiver of things full of actions we could take if we needed."

"We have been methodical about this and always looking fairly far out so that we're not dealing with an imminent issue. We always want to be dealing with if something goes wrong, we have time to fix it."

"And in this case, we've built up enough of our liquidity. We've built up enough of our ammunition so that we have the luxury of not having to deal with the crisis, but to gradually improve our liquidity, our financial health, because we want to get back to investment grade as quickly as we can."