Norwegian Cruise Line has reported a net loss of $1.9 billion for the first three months of financial 2020, down from a profit of $118 million for the same period last year.

Revenue for the period decreased 11.2 per cent to $1.2 billion, compared to $1.4 billion in 2019.

As cruise lines around the world came to a standstill in March, capacity also fell by 12.6 per cent.

However, cancellations were partially offset by the addition of Norwegian Encore and Seven Seas Splendour to the fleet, Norwegian added.

Looking ahead, Frank Del Rio, chief executive officer of Norwegian Cruise Line Holdings, said the company was positioned to weather the storm caused by Covid-19.

“In recent weeks, we have taken decisive action to significantly strengthen our financial position in response to the Covid-19 global pandemic, including our highly successful and oversubscribed $2.4 billion gross simultaneous quad-tranche capital raise announced last week,” he explained.

“We believe this capital raise, coupled with other ongoing liquidity-enhancing initiatives, makes us well-positioned to weather an unlikely scenario of over 18 months of suspended voyages.

“Our guests continue to demonstrate their desire for cruise vacations, and we continue to experience demand for voyages further in the future across our three brands.

“As we prepare to resume sailings, we are working around the clock alongside United States and global public health agencies and governments to develop and implement the next level of enhanced cruise health and safety standards.”

While no Norwegian vessels are expected to sail before July 24th, Del Rio said he was hopeful the line could see all its ships back at sea within five to six months.

Norwegian Cruise Line Holdings has 28 ships, which are spread across its three brands: flagship Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises.

The company said it was expecting to make a loss for the second quarter, ending June 30th, and the year ending December 31st, but was unable to more specific given the uncertainty around the ongoing coronavirus pandemic.