MSC Cruises has reported net income of 405 million euros on revenues of 3.2 billion euros for 2019, compared to net income of 348 million euros on revenues of 2.7 billion euros for 2018.

MSC also reported more than 2.7 million passengers, which it said was an increase of 16.2 percent from the previous year. Occupancy was 112.3 percent, up from 111.6 percent in 2018. Cruise capacity was said to be up 14.4 percent year-over-year.

Fuel expenses increased 24.1 percent to 244 million euros from 196 million euros the year before, mainly driven by the additional capacity and price increases, according to MSC.

Interest expenses decreased to 121 million euros from 127 million euros.

Because of the COVID-19 outbreak, MSC said it has suspended all cruise departures for 45 days, until April 30.

Meanwhile, the company said it has put into place measures to preserve its cash position and referred to credit facilities and other sources of liquidity it may activate if needed, amounting to some 900 million euros, in addition to its current cash position of 183 million euros.

In addition, with ships in lay up, operating costs are being reduced.

Furthermore, MSC stated it is collaborating with key providers and stakeholders to improve its working capital position and is pursuing additional actions by postponing capital expenditures for business initiatives planned in the coming 18 months.

MSC said that because of the circumstances it cannot provide guidance on its financial performance for the year 2020.