Situation: From "Floating Petri Dish" to "Safer than Main Street"
During March 2020, Royal Caribbean Group suspended operations after achieving record-high financial results in January 2020. At the time, Royal Caribbean Group, including its brands Royal Caribbean International, Celebrity Cruises, Azamara, Silversea Cruises, and its joint ventures TUI Cruises and Hapag-Lloyd Cruises, operated 61 ships with 17 more on order. The cruise company carried 6 million guests annually to 800+ ports of call and employed 85,000+ employees from 126 countries.
As a result of the COVID-19 pandemic, the company spent 15 months navigating uncertain waters without revenue. The company was...