Port Canaveral predicts $43 Million loss due to lack of cruising

Disney Cruise Line, along with the rest of the cruise industry, has been shut down in the US since March of last year. Cruise lines are trying to resume sailing but need to meet the CDC’s new health and safety requirements. Due to this ongoing shut down, Port Canaveral’s officials are predicting a major financial loss.

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Port Canaveral Chief Financial Officer Michael Poole is projecting $32.59 million in operating revenue and a $43.12 million loss for the port in the current budget year that ends Sept. 30. This projection is due to the real possibility that cruising will not resume until July.

Port Canaveral Chief Executive Officer John Murray says this projection is a worst-case scenario. He also emphasized that the port’s projections are based only on its own estimates, taking into account the work needed by the cruise lines and the CDC to get the cruise industry restarted.

Related-Disney Cruise Line suspends cruises through April

As of right now, Disney Cruise Line, Carnival, Norwegian and Royal Caribbean won’t be sailing before May. The port does still receive some revenue from Disney and Royal Caribbean cruise ships that stop briefly at Port Canaveral to take on fuel and supplies, or for maintenance work.

“There’s light at the end of the tunnel,” Canaveral Port Authority Chairman Wayne Justice said. “We have to ride it out and get on with it.”

Source

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