Royal Caribbean Cruises Ltd. and its global brands, Royal Caribbean International, Celebrity Cruises, Azamara, and Silversea Cruises (collectively, “RCL” or “We”), are committed to doing business in an ethical and responsible manner.
RCL recognizes and embraces its responsibility, alongside that of governments, domestic and international organizations, and other companies, to respect, uphold, and promote human rights, and is committed to do so in its business operations. In furtherance of this commitment, RCL endorses the principles contained within the United Nations Declaration of Human Rights and the fundamental fair labor principles recognized by the International Labor Organization.
We are dedicated to employing a diverse shoreside and shipboard workforce and to enriching the places we visit and do business, and the lives of the people who live there. We are committed to ensuring that our workforce is treated with dignity and respect, and in accordance with fundamental fair labor principles as recognized by the International Labor Organization core conventions on Labor Rights.
We subscribe to the following principles, which are accorded to all employees of RCL worldwide, both shoreside and shipboard. Where local legislation conflicts with this Statement, RCL will comply with the law while promoting best practices in accordance with these principles. RCL expects that its suppliers and business partners uphold these principles in their business operations and in their conduct of business for or on RCL’s behalf.
Forced Labor & Human Trafficking
We condemn the use of all forms of forced labor, including prison labor, indentured labor, bonded labor, and any form of human trafficking.
We condemn the use of child labor and prohibit the recruitment of individuals under the age of eighteen (18) unless the engagement is otherwise in accordance with applicable international standards and local law.
Harassment or Abuse
Every employee should be treated with respect and dignity. We prohibit harassment of others, whether verbal, physical or sexual, in the workplace.
We promote and are committed to attracting, developing, and fostering the inclusion of, a diverse workforce without regard to race, color, age, religion, national origin, gender, sexual orientation, and disability. No person shall be subject to any discrimination in respect of employment and occupation.
Health and Safety
We provide a safe and healthy working environment with opportunities for our employees to express their opinions without fear of retaliation.
Freedom of Association and Collective Bargaining
We recognize and respect the right of employees to freedom of association and collective bargaining.
Working Hours, Wages and Benefits
We do not require employees to work more than legally permitted limits. We recognize that wages are essential to meeting employees’ basic needs. We guarantee employees will receive fair compensation and benefits in accordance with applicable law and/or union negotiated agreements.
RCL encourages employees to report if they know of or suspect conduct that is contrary to the above principles through the Compliance & Ethics AWARE Hotline, Human Resources, or the Global Compliance and Ethics contacts listed in the Code of Business Conduct and Ethics. RCL prohibits retaliation of any form against any employee who, in good faith, makes a report or cooperates in an investigation.
Certain statements in this release relating to, among other things, our future performance estimates, forecasts and projections constitute forward-looking statements under the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to: statements regarding revenues, costs and financial results for 2020 and beyond. Words such as “anticipate,” “believe,” “could,” “driving,” “estimate,” “expect,” “goal,” “intend,” “may,” “plan,” “project,” “seek,” “should,” “will,” “would,” “considering”, and similar expressions are intended to help identify forward-looking statements. Forward-looking statements reflect management’s current expectations, are based on judgments, are inherently uncertain and are subject to risks, uncertainties and other factors, which could cause our actual results, performance or achievements to differ materially from the future results, performance or achievements expressed or implied in those forward-looking statements. Examples of these risks, uncertainties and other factors include, but are not limited to the following: the impact of the global incidence and spread of COVID-19, which has led to the temporary suspension of our operations and has had and will continue to have a material adverse impact on our business and results of operations, or other contagious illnesses on economic conditions and the travel industry in general and the financial position and operating results of our Company in particular, such as: the current and potential additional governmental and self-imposed travel restrictions, the current and potential extension of the suspension of cruises and new additional suspensions, guest cancellations; our ability to obtain sufficient financing, capital or revenues to satisfy liquidity needs, capital expenditures, debt repayments and other financing needs; the effectiveness of the actions we have taken to improve and address our liquidity needs; the impact of the economic and geopolitical environment on key aspects of our business, such as the demand for cruises, passenger spending, and operating costs; incidents or adverse publicity concerning our ships, port facilities, land destinations and/or passengers or the cruise vacation industry in general; concerns over safety, health and security of guests and crew; further impairments of our goodwill, long-lived assets, equity investments and notes receivable; an inability to source our crew or our provisions and supplies from certain places; the incurrence of COVID-19 and other contagious diseases on our ships and an increase in concern about the risk of illness on our ships or when traveling to or from our ships, all of which reduces demand; unavailability of ports of call; growing anti-tourism sentiments and environmental concerns; changes in US foreign travel policy; the uncertainties of conducting business internationally and expanding into new markets and new ventures; our ability to recruit, develop and retain high quality personnel; changes in operating and financing costs; our indebtedness, any additional indebtedness we may incur and restrictions in the agreements governing our indebtedness that limit our flexibility in operating our business, including the significant portion of assets that are collateral under these agreements; the impact of foreign currency exchange rates, interest rate and fuel price fluctuations; the settlement of conversions of our convertible notes, if any, in shares of our common stock or a combination of cash and shares of our common stock, which may result in substantial dilution for our existing shareholders; our expectation that we will not declare or pay dividends on our common stock for the near future; vacation industry competition and changes in industry capacity and overcapacity; the risks and costs associated with protecting our systems and maintaining integrity and security of our business information, as well as personal data of our guests, employees and others; the impact of new or changing legislation and regulations or governmental orders on our business; pending or threatened litigation, investigations and enforcement actions; the effects of weather, natural disasters and seasonality on our business; emergency ship repairs, including the related lost revenue; the impact of issues at shipyards, including ship delivery delays, ship cancellations or ship construction cost increases; shipyard unavailability; and the unavailability or cost of air service.
In addition, many of these risks and uncertainties are currently heightened by and will continue to be heightened by, or in the future may be heightened by, the COVID-19 pandemic. It is not possible to predict or identify all such risks.
More information about factors that could affect our operating results is included under the caption “Risk Factors” in our most recent quarterly report on Form 10-Q, as well as our other filings with the SEC, and the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our most recent annual report on Form 10-K, copies of which may be obtained by visiting our Investor Relations website at www.rclinvestor.com or the SEC’s website at www.sec.gov. Undue reliance should not be placed on the forward-looking statements in this release, which are based on information available to us on the date hereof. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.