Miami, Florida-based Royal Caribbean Cruises Ltd. is pulling out of Latin America amid worries that the region is weakening in terms of market share values.
The company released its fourth quarter earnings, revealing a net income of $228.8 million or $1.03 per share, down from $490.2 million or $2.19 per share during the same period last year. Royal Caribbean chief financial officer Jason Liberty, who noted that Latin America consists of 10% of the company’s business, said that “these economies are lackluster at best,” with Brazil “becom[ing] problematic.”
Royal Caribbean is optimistic that China, which is currently its third-largest market, will jump up to its second-largest market in 2016 behind North America.
Fellow Florida-based Carnival Cruise Lines also has its eye on China, according to an October 13 announcement that it will launch its Carnival Cruise and AIDA Cruises brands there by 2017, increasing its exposure to the region by 58%.
While these recent announcements indicate potential growth in the cruise ship market, these companies are frequently set back by major outbreaks of illness, injuries, and wrecks that cause harm to their passengers. If you have been the victim of such an incident, the attorneys at Louis A. Vucci, P.A., want you to understand that you have rights when it comes to recovering compensation for your suffering. Call us at (786) 375-0344 to discuss your legal options today.