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Disney Cruise Line Adjusts Going Forward

Disney Magic in Croatia

Disney Cruise Line (DCL) has adjusted the delivery dates of its three newbuilds, according to its recently released 2020 fiscal year annual.

Deliveries have been extended due to the shipyard being affected by COVID-19. Previous delivery dates set for 2022, 2023 and 2024 have been pushed to 2022, 2024 and 2025.

The development of a second private island destination, Lighthouse Point in Southern Eleuthera in the Bahamas, previously scheduled to open in late 2022 or early 2023, is being reassessed in conjunction with ship delivery dates, the report stated. The new destination is intended to complement Castaway Cay.

The annual report also noted that DCL contributes some $70 million towards the Bahamas gross domestic product annually.

Since March 2020, DCL has also supported four female cadets to attend the LJM Maritime Academy in Nassau. The program includes two years of study and one year aboard a Disney ship.

DCL/Magical Cruise Company showed a loss of $255.9 million for its fiscal 2020, compared to net income of $406.2 million for 2019. (Magical Cruise Company is registered in London and thus required to file an annual report in the UK.)

DCL also reported that it has been able to meet all its liquidity requirements with internal funding within The Walt Disney Company (TWDC). As of October 2020, internal funding had reached $551.8 million and was anticipated to continue for the next 12 month.

DCL has since resumed service with Disney Magic in July, the Dream in August, the Fantasy in September and the Wonder on Oct. 1.

In other transactions, inter-company sales of the Disney Wonder and Magic, at predetermined values of $303.9 million and $278.7 million, were financed by the internal issuing of additional shares valued at $1.3 billion that also covered an inter-company amount of $900 million.

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