Royal Caribbean Group, the world’s second largest cruise shipping company, cut its second quarter net loss to $1.3 billion compared to a $1.6 billion loss in the same period last year.

The average monthly cash burn rate for the second quarter of 2021 was approximately $330 million, slightly higher than the prior quarter as the company returned additional ships into operation.

"As we look forward, there is very positive momentum with our ships resuming operations and a healthy demand environment" said Jason T. Liberty, Executive Vice President and CFO, in a statement.

"We are very optimistic with our accelerated start in the United States and globally. We anticipate 80% of our fleet to be back in service by year-end delivering the world's best vacations.  That is the first step on our pathway back to delivering superior returns."

Since the suspension of operations in March 2020, the group has raised approximately $13 billion through a combination of bond issuances, common stock offerings and other loan facilities. These actions have positioned the Group well with current liquidity of approximately $5.0 billion.