Royal Caribbean Cruises still needs cash, according to Wells Fargo Analyst Tim Conder, in a recent note to investors.

“We believe (Royal Caribbean Cruises) still needs to raise an additional $2.5B-$3B to weather a ‘no sail’ scenario through the end of 2021,” Conder wrote. “We expect the raise will likely occur over the next two to three weeks and lean toward convertible debt and equity.”

Up to $3 billion would go along with a recent note offering from the company that raised $3.3 billion that was used to repay a secured loan term.

The company currently has roughly $2.3 billion of cash on hand, giving it 10 months of liquidity with suspended operations, according to Conder. 

Ships in cold lay up are estimate to run a cost of $3 million per month, per vessel; while warm lay ups could cost upwards of $5 million per month, per ship.