The three major cruise companies continue to burn through cash with most ships still out of service.

Following their first quarter earnings reports, the combined cash burn rate for Carnival Corporation, Royal Caribbean Group and Norwegian Cruise Line holdings is approximately $990 million per month.  

Carnival Corporation originally predicted its cash burn rate for the first quarter of 2021 to be $600 million, but reported it was $500 million, beating estimates.

Royal Caribbean Group on the other hand, had predicted a range of $250 million to $290 million per month, but ultimately came in above that, at $300 million, citing fleetwide restart expenses and timing.

Norwegian Cruise Line Holdings held steady at its estimated $190 million burn rate per month.