Royal Caribbean Group has reported a net loss of $5.8 billion for financial 2020.

This compares to the net profit of $1.9 billion reported last year by the cruise giant.

The company implemented a voluntary suspension of cruises on March 13th last year and has yet to set sail again.

Royal Caribbean currently hopes to return to operation at the end of April, but the deadline has been repeatedly pushed back.

Richard Fain, chief executive of Royal Caribbean Group, said: “The Covid-19 pandemic is having a painful and profound impact on our world and our business; unquestionably, this crisis is the most difficult in the company’s history.

“But we have been impressed and grateful for the resourcefulness and agility of our team in responding to these unprecedented challenges.

“More importantly, we remain confident about the ability of our company to recover and return to the positive trajectory we were on previously.”

He added: “We are encouraged to see the sharp decline in cases and the growing availability of vaccines.

“We can’t wait to get back to the business of showing people the world and making great memories.”

Losses in the fourth quarter were $1.4 billion, against a net profit last year of $273 million.

In January, the group announced it had entered into an agreement to sell its three-ship Azamara brand for more than $200 million.

The company still operates Royal Caribbean International, Celebrity Cruises and Silversea Cruises.

During 2020, the group raised approximately $9.3 billion of new capital through a combination of bond issuances, common stock public offerings and loans.