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The Ritz-Carlton Yacht Collection has secured a debt restructuring agreement with its lenders while posting record quarterly bookings, according to the company's Q1 2026 bond report, published on May 29.
Adjusted EBITDA for the quarter of 2026 was negative $19 million, compared to negative $33 million for the first quarter of 2025.
The company confirmed that an agreement with Ilma and Luminara facility lenders closed on May 21, 2026, deferring $171 million in amortization payments originally due between December 2025 and December 2027.
Those payments will now be repaid on a linear basis between January 2028 and January 2033, according to the report.
The company also said in its bond report that the load factor was 51 percent, which it said was "broadly stable" against its increase in fleet capacity with a third ship entering service.
"Passenger cruise days increased to 54.5 thousand, up 63 percent year-over-year, driven by growth in existing itineraries and the contribution of new itineraries as the fleet expanded. The combination of stable occupancy on a significantly larger capacity base and stronger pricing supported revenue growth and improved vessel-level profitability during the quarter. Vessel contribution margin reached $41 million, an increase of $28 million (+215 percent YoY), while vessel contribution margin percentage improved to 42 percent, compared to 28 percent in the prior-year period," the company said.
"This significant improvement reflects the operating leverage generated by higher pricing, improved capacity utilization, and stronger revenue generation across the fleet, despite the higher cost base associated with operating a larger fleet."
Sales and marketing expenses totaled $31 million, up 16 percent year-over-year. Marketing investment as a percentage of booked revenue improved to 23 percent, compared to 32 percent in the prior year, the company said.
In connection with the lender agreement for the Ilma and Luminara, a $167 million equity injection was received from shareholders on May 22, 2026.
Combined with $25 million injected earlier in Q1 and Q2, total shareholder support reached $192 million at the time of the report.
The Financial Times reported that Crédit Agricole, the company's largest creditor with $918 million in outstanding debt, has also agreed to waive covenants relating to borrowing levels at the end of 2025.
FT also reported that CaixaBank has agreed to push back a $299 million repayment that had been due at the end of 2025, and that debt is secured against the Evrima, which entered service in 2022.
Fuente: cruise industry news
