Shares in Royal Caribbean Cruises were holding firm today as analysts began running their numbers following the collapse of a shipyard crane onto one of the company’s flagship vessels.
Eight people were injured after the 225,000-gt Oasis of the Seas (built 2009) was struck by a crane and damaged at the Grand Bahama yard.
Analysts at UBS suggested the shipowner could face lost revenue of around four weeks on the vessel and speculated the shipyard’s insurance would pick up the repair tab.
According to analysts led by Robin Farley the gap in income from the ship could tally at between $0.12 and $0.15 per share, which runs at between 1% and 2% of its annual bottom line.
“And that seems like a worst-case scenario,” the analysts wrote in a report on the incident today.
“We would think it likely that the yard insurance covers the cost of any damage and that the yard insurance may even be responsible for some of the cancelled sailings since they were contracted to have the ship back in service,” the report added.
“So we emphasize that our estimate of EPS impact, which is fairly immaterial to the full year, may be a more negative scenario than the actual impact once insurance coverage is resolved.”
Royal Caribbean shares shifted up 0.29% to $115.94 each in New York at the time of writing today.
The Oasis of the Seas was undergoing routine maintenance when the incident took place.
