After Accident, Oasis of the Seas to Return May 5

Royal Caribbean's Oasis of the Seas
Photo copyright by Susan J. Young

Royal Caribbean’s Oasis of the Seas will return in time for its normally scheduled May 5 sailing following the April 1 accident it suffered in the Grand Bahama Shipyard. The cruise line’s parent company, Royal Caribbean Cruises Ltd., made the announcement as part of its first quarter earnings report. 

The accident took place April 1 while the ship was undergoing maintenance at the Grand Bahama Shipyard. While in drydock, two construction cranes collapsed on the stern of the ship, causing extensive damage, the cruise line said. The Oasis then had to go to a dock in Europe for repairs, causing it to be taken out of service for almost a month. Royal Caribbean now reports that the ship is expected to return to service in time for its normally scheduled May 5 sailing. 

Royal Caribbean said that it estimates the direct financial impact of the accident, net of insurance, to be approximately $0.25 per share, mostly driven by lost revenue. Despite the accident, as well as an approximately $0.25 negative impact from a stronger dollar and higher fuel costs, Royal Caribbean’s results for the first quarter still set a record, the company said, as the impacts were offset by better first quarter revenue results and an improved revenue outlook. 

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Overall, the company’s booked position remains at a record level in both rate and volume, the company said. In a written statement, Royal Caribbean Cruises Ltd. EVP and CFO Jason T. Liberty said that the company is driving toward record earnings for the year. 

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