Royal Caribbean updates its name to modernize corporate identity
Company still facing rough seas as cruise ban remains in place
Royal Caribbean Cruises, facing severe headwinds since the advent of the coronavirus pandemic, has officially changed its corporate name. The word cruises is gone from its moniker and it will now go by Royal Caribbean Group.
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The move was quietly made earlier this month as reported by travel industry watcher The Points Guy, with the Miami-based leisure company making the change official on Thursday.
"The name is simpler, fresher and more modern,” Royal Caribbean Group’s Chairman and CEO Richard Fain said in a statement. “It's also more descriptive—Royal Caribbean Group sounds like a parent company name."
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The company does boast several brands: Celebrity Cruises, Azamara and Silversea. It also is a 50 percent owner of a joint venture that operates TUI Cruises and Hapag-Lloyd Cruises.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| RCL | ROYAL CARIBBEAN GROUP | 241.46 | +3.94 | +1.66% |
But no matter the name of the cruise line, all are suffering since the Centers for Disease Control put a sailing ban on all large cruise ships in March. Earlier this month the ban was extended until fall. On Wednesday, rival Norwegian Cruise Lines announced it was canceling all of its voyages through Oct. 31.
For Royal Caribbean and its 63 ship fleet, it has been rough seas even though the boats are docked in port. The company's stock is down more than 62 percent year-to-date. When it reported first-quarter earnings in May it had a loss of $1.4 billion.