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About NavArch64

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    HAL, Princess, RCCL
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  1. So … the company hopes that the actions being taken will provide enough liquidity for the next 12 months. But … there are so many unknowns and uncertainties that the company does not know what lies ahead. We, as loyal guests, can only wish them well.
  2. Here is one more citation …. Funding Needs and Sources Historically, we relied on a combination of cash flows provided by operations, draw downs under our available credit facilities, the incurrence of additional debt and/or the refinancing of our existing debt and the issuance of additional shares of equity securities to fund our obligations. The impact of COVID-19 resulted in our previously announced voluntary suspension of global cruise operations from March 13 through at least July 31, 2020 and China sailings until at least June 30, 2020. This suspension of operations has strained our sources of cash flow and liquidity, causing us to take actions resulting in reductions in our operating expenses, reductions in our capital expenses and new financings and other liquidity actions. The Company continues to identify and evaluate further actions to improve its liquidity. These include and are not limited to: further reductions in capital expenditures, operating expenses and administrative costs and additional financings. See further discussion on these liquidity actions at Recent Developments - COVID-19. We have significant contractual obligations of which our debt service obligations and the capital expenditures associated with our ship purchases represent our largest funding needs. As of March 31, 2020, we had $8.8 billion of committed financing for final delivery installments on our ships on order. Based on our assumptions and estimates and our financial condition, we believe that the liquidity resulting from the actions mentioned above will be sufficient to fund our liquidity requirements over at least the next twelve months. However, there is no assurance that our assumptions and estimates are accurate due to possible unknown variables related this unprecedented suspension of our operations and, as such, there is inherent uncertainty in our ability to predict future liquidity requirements.
  3. Here is just one brief citation …. Recent Developments: COVID-19 The disruptions to our operations resulting from the COVID-19 pandemic (“COVID-19”) have had, and continue to have, a material negative impact on our financial condition and results of operations. The outbreak of COVID-19 has resulted in an unprecedented global response to contain the spread of the disease. These global efforts have resulted in travel restrictions and created significant uncertainty regarding worldwide port closures and availability. As part of the global containment effort, the Company previously announced a voluntary suspension of its global cruise operations from March 13 through at least July 31, 2020 and China sailings until at least June 30, 2020. Continued disruptions to travel and port operations in various regions may result in further suspensions. The Company has been developing a comprehensive and multi-faceted program to address the unique public health challenges posed by COVID-19. This includes, among other things, enhanced screening, upgraded cleaning and disinfection protocols and plans for social distancing. The Company will continue to work with the Centers for Disease Control and Prevention, global public health authorities and national and local governments to enhance measures to protect the health, safety and security of guests, crew and the communities visited when we are out of service and once operations resume.
  4. There was a typo in the Title … should be 10Q instead of 10K. In any event … this is the reference to the SEC filing. Quarterly report which provides a continuing view of a company's financial position. https://www.rclinvestor.com/financial-info/sec-filings/ Click on 10Q May 21, 2020.
  5. I just read/scanned the 10K ... Very revealing ... Very complete ... Very transparent ... Very complex. What a challenge for RCCL going forward. It seems like 12 months is the planning horizon for now.
  6. PS 2K of the 2.4B is mine. Small for them ... not so small for me.
  7. Of course ... only if they actually pay the deposit refunds. Now we can clearly see why RCCL will delay payment as long as they can. But your point is well taken ... if the 2.4B had to be paid back immediately ... then current liquidity drops to only 0.9B.
  8. From the SEC filing of May 20 ... 3.3B of current liquidity minus 3.0B cash burn per 12 months minus 0.4B debt repayment end of 2020 equals 100M cash deficit one year from now .... unless cumulative operational net positive cash flows return by then. Simple analysis indicates difficult sailing ahead for RCCL. Probably more liquidity needed in the near future. .
  9. Two simple things … put the Half Moon back on the logo and remove the "Nieuw" in the Pinnacle Class MS Statendam. Two more complex things … restore the simple elegance and guest service where it has been lost or compromised.
  10. I just watched the video from the Chief Medical Officer re Diamond Princess. I was very impressed by the professional and compassionate style and content of the presentation. It reinforces my support for the management team in Santa Clarita during this very challenging time for Princess.
  11. Our best wishes to all aboard Westerdam for a safe trip home.
  12. Does anyone know what the starting time is for the Platinum/Elite Lounge in Skywalkers?
  13. Back to history a bit … This all began in Lloyd's Coffee House, owned by Edward Lloyd, sometime in 1686 on Tower Street in the City of London. This establishment was a popular place for sailors, merchants, and ship-owners, and Lloyd catered to them with reliable shipping news. The coffee house soon became recognised as an ideal place for obtaining marine insurance. I guess that no one could imagine an azipod at Edward Lloyd's coffee shop. All they knew was sail.
  14. To Jersey42 …. excellent observation. Could be that they will represent ABB and oversee the starboard azipod unit removal and replacement at the Grand Bahama shipyard on Feb 2-7 in Freeport.
  15. The HQ of Lloyds of London on Lime Street is about 500 feet from the HQ of Lloyds Register on Fenchurch Street in the City of London. We can probably call them organizational cousins … descendant from the same coffee shop roots. Must have been interesting to watch back in 1760 or so.
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