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Company CEO Richard D. Fain explained the move as "the best way to reward all of our shareholders is to continue to position the company for future earnings growth and enhance our liquidity during this period of heightened economic and financial market volatility."
He added that Royal Caribbean "has been proactive in arranging financing commitments or government guarantees for all of its remaining ship orders." Fain said that the "financing arrangements will be adequate to meet our ongoing operations and capital expenditure requirements."
Fain also said that Royal Caribbean has been "aggressive" in the last several months in taking actions to improve both its profitability and liquidity, including reductions in running costs, general and administrative expenses and capital expenditures.
The firm has recently declared quarterly dividends at a rate of $0.15 per share, totaling around $130 million per year.
Miami-based Royal Caribbean International is a cruise brand with twenty ships currently in service and two under construction. The line also offers cruisetour vacations in Alaska, Asia, Australia, Canada, Europe, South America and New Zealand.
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