Royal Caribbean Cruises Ltd (RCCL), the world's second largest cruise shipping group, says it  conducts an analysis of the carrying value of its assets on a regular basis and in the past has pointed out the risks related to Pullmantur and the Spanish economy. 

While the 2013 WAVE season is broadly off to a promising start, booking volumes and pricing are down substantially in Spain due to the impact of additional austerity measures there, the lingering impact of the Costa Concordia tragedy and other factors, the company said in a statement. 

Accordingly, the company has recorded a total impairment charge of $413.9 million. 

Of this amount, approximately $319.2 million relates to goodwill and the balance relates to a valuation allowance for deferred tax assets, a reduction in the value of the trademarks and an impairment charge related to three aircraft that Pullmantur owns and operates.

Regarding the impairment charge, Richard D. Fain, chairman and chief executive officer commented, "While it is appropriate that we record this impairment charge now, we remain confident in and committed to the Pullmantur brand.  Despite terribly challenging multi-year economic headwinds, Pullmantur's management team has done an excellent job in maintaining the brand's market-leading position while simultaneously diversifying guest sourcing into new markets