What occupancy does Royal Caribbean Group need on its ships to be at a break even point for cashflow?

Somewhere between 35 and 50 percent, depending on the ship, according to Jason Liberty, executive vice president and CFO.

“The ships are accretive to us around that 35% to 50% mark,” he said, on the company’s second quarter earnings call.

“And obviously, the newer, larger ships are closer to 35%. And older, smaller ships are closer to that 50%.”

Ramping up operations in the last few months, Liberty also noted the company is that after a few weeks of getting ships up and running, they get to occupancy levels “in which the ships are accretive to our overall cash position.”