Page 195 - Finanancial Management_2022

Recovery at sea

he cruise industry could
re-emerge strongly after being
hit hard by COVID-19. There are
estimates that by the end of
T 2023 passenger numbers could
surpass those in 2019 — the year before the
disease disrupted the sector. However,
companies’ borrowing during the
pandemic remains difficult — it was a
period when they also issued new equity
and sold and scrapped ships.
Developing sustainable operations in
the move to net zero by 2050 is a further
challenge: to shift away from oil-based to
alternative marine fuels such as liquefied
natural gas and increase the use of
shoreside electricity in ports. A total of
66% of the global fleet will be equipped to
connect to ports’ infrastructure in this way
by 2027, according to industry body Cruise
Lines International Association. PHOTO BY JESUS MERIDA/SOPA IMAGES/ LIGHTROCKET VIA GETTY IMAGES

Royal Caribbean’s cruise ship Wonder
of the Seas moors after arriving at
Málaga Port in southern Spain. When
completed this year it was the world’s
largest cruise ship, carrying up to
6,990 passengers and 2,300 crew.