Outlining Norwegian Cruise Line Holdings’ roadmap for returning to service, CEO Frank Del Rio said on the company’s second quarter earnings call that the earliest he envisions full deployment of the fleet would be in the second quarter of 2021.

NCLH’s roadmap focuses on developing enhanced health and safety protocols, addressing the global availability of ports and travel restrictions, planning sales and marketing to stimulate demand, and anticipating a gradual, phased return to service.

Meanwhile, the company has been repatriating crew, moved ships into layup and executed its financial action plan by securing additional capital, improving its debt maturities and reducing its operating expenses and capital expenditures.

And these efforts will continue, according to Del Rio. He cited what he called incredible support from export credit agencies, shipyards and suppliers.

Having raised nearly $4 billion in capital since Spring, Mark Kempa, CFO and executive vice president, noted that the approximate average interest expense is 5 percent.

Kempa said that NCLH has available net liquidity of $2.5 billion as of July 31, 2020, and has an approximate cash burn of $160 million per month going forward.

The average cash burn per ship per month is $5.7 million.

According to Kempa, NCLH needs to generate 40 percent of net revenue to cover ship operating expenses and 60 percent of net revenue to cover ship operating expenses and corporate overhead.

When starting up, Del Rio noted that he would anticipate sailing at 50 to 60 percent occupancy and eventually averaging 75 percent occupancy for the full year of 2021.

Del Rio also added that with a young fleet and nine new ships order, he has no plans to divest of any vessel.