Royal Caribbean Group, which is the second largest cruise shipping company in the world, remained deeply loss making in the first quarter as it was ramping up its operations.

Net loss of $1.17 billion was roughly the same as the figure of $1.13 billion the company had reported for the first three months of 2021, but revenues rose to $1.06 billion from a mere $42 million a year earlier.

“The Group made significant progress in its recovery trajectory in the first quarter mainly due to continued strong demand for cruising and nimble execution in a challenging operating environment,” the company said in a statement. 

During the first quarter, four additional ships resumed operations. The company continues to thoughtfully ramp up the fleet and ships that operated the group's core itineraries in the first quarter achieved a load factor of 59%. Core itineraries exclude sailings during the early ramp-up period of up to four weeks.  

First quarter load factor was 57% with month-over-month sequential improvements. March load factors were 68%. 

“Total revenue per Passenger Cruise Day in the first quarter was up 4% versus record 2019 levels driven by continued strong onboard revenue performance. Cash flow from ships in operation was positive in the first quarter. The Groups' cruise operating expenses per Available Passenger Cruise Days (APCD) improved in the first quarter 2022 from the fourth quarter 2021 despite inflationary pressures and elevated health protocol costs,” the company said.