Norwegian Cruise Line Holdings Ltd. struck optimistic notes in a conference call with analysts, highlighting its ability to weather up to 18 months of zero revenue due to the COVID-19 pandemic.

“What the team at Norwegian has done is nothing short of extraordinary,” NCLH President and CEO Frank Del Rio said during the call after releasing the company’s first-quarter earnings report.

The company reported an adjusted loss of $211.3 million, or 99 cents per share, compared to income of $181.8 million, or 83 cents, in the first quarter of 2019.

In recent weeks, NCLH engineered the “highly successful execution of over $3 billion of capital raises, which the company believes will allow it to withstand an unlikely scenario of over 18 months of no operations,” according to first-quarter documents released May 14.

During the conference call with analysts, Del Rio said the company’s three brands — Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises — would likely return to service in phases. When cleared to relaunch, he said it’s possible to begin operating five vessels per month, so it could take about six months before the company’s 28 vessels are back in service.

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