The world’s largest cruise companies are still burning through around $1 billion a month for the fourth quarter while ships sit still in various stages of layup, according to financial reports.

Carnival Corporation: $530,000,000 Per Month

Carnival Corporation, the world’s biggest cruise operator with nine brands, is burning through $530 million per month for the fourth quarter, which has been cut drastically from over $700 million a month in the third quarter.

The drastic cut in cash burn is attributed to vessels leaving the Carnival fleet, as the corporation has shedded 18 less efficient ships in recent months.

Royal Caribbean Group: $270,000,000 Per Month

Royal Caribbean Group opted not to provide an exact cash burn figure in its latest earnings release, instead offering a range, which averages out to $270 million per month. Apart from one TUI ship, and the planned start up of the Quantum of the Seas in Singapore, the company does not have any ships sailing

“Our cash burn rate for the quarter was consistent with our previously announced range when excluding cash refunds of customer deposits, commissions, debt obligations, cash inflows from new and existing bookings and fees and collateral postings related to our financing and hedging activities,” the company said.

Norwegian Cruise Line Holdings: $175,000,000 Per Month

Norwegian has the highest cash burn rate on a per ship basis, with three brands and 28 vessels to look after. The company’s fourth quarter estimated cash burn is actually up to $175 million, from $150 million in the third quarter.

For comparative purposes, assuming vessels remain at minimum manning status, fourth quarter 2020 average cash burn rate would be higher at approximately $175 million per month, primarily driven by the timing of interest expense, Norwegian said.

The company also said that due to the fluidity of the voyage resumption schedule and associated expenses, the company estimates its actual cash burn rate for the fourth quarter 2020 will be higher than the comparative number referenced above. Average monthly cash burn is expected to increase as vessels are prepared to return to service due to additional costs associated with re-staffing, re-positioning and provisioning of vessels, implementation of new health and safety protocols and a disciplined ramp-up of demand-generating marketing investments.