Carnival Corp ended last year more than $10bn in the hole as a result of a global pandemic that has put the entire cruise industry into a complete deep freeze since March.
The world's largest cruiseship owner on Monday posted $10.2bn in losses for 2020, according to regulatory filings and news releases.
"2020 has proven to be a true testament to the resilience of our company," chief executive Arnold Donald said in a preliminary report on fourth-quarter earnings.
He said Carnival has taken "aggressive actions" to adhere to Covid 19-related regulations while planning staggered resumptions of its nine brands in 2021.
"With the aggressive actions we have taken, managing the balance sheet and reducing capacity, we are well positioned to capitalize on pent up demand and to emerge a leaner, more efficient company, reinforcing our industry leading position," he said.
More delays
The New York-listed owner of 87 ships has further delayed voyage suspensions as of last week, pushing restarts for AIDA Cruises to the end of February, Holland America Line to the end of April and Princess Cruises through mid-May.
Flagship Carnival Cruise Line has been laid up through March, while P&O Cruises brands for Australia and UK will remain at anchor through at least April and Cunard's three vessels may stay put into early June.
Costa Cruises is the only brand expected to sail again in the coming weeks, holding a re-sail date of 1 February.
Carnival is evaluating the requirements set forth in the US Centers for Disease Control and Prevention's Framework for Conditional Sailing Order effective as of 30 October 2020.
The Miami-based cruise behemoth posted a $2.2bn loss for the fourth quarter, adjusted to a $1.9bn deficit.
Total customer deposits balance at 30 November 2020 was $2.2bn in future cruise credits and new bookings for 2021 sailings.
"We ended the year with $9.5bn in cash and have the liquidity in place to sustain ourselves throughout 2021, even in a zero-revenue environment," chief financial officer David Bernstein said in a statement.
Surviving in a zero-revenue business
Since March, Carnival has raised $19bn in capital through debt and equity and borrowing money to stay afloat during the pandemic.
"Currently, the company is unable to predict when the entire fleet will return to normal operations, and as a result, unable to provide an earnings forecast," Carnival said.
"The pause in guest operations continues to have a material negative impact on all aspects of the company's business, including the company's liquidity, financial position and results of operations."
The company, which expects a net loss for this year's first quarter, maintained a monthly average cash burn rate of $500m for the fourth quarter and expects it to reach $600m per month during the first quarter.
