Lenders to the Ritz-Carlton Yacht Collection, a luxury cruise line backed by Oaktree Capital Management, have agreed to push back repayment dates and relax debt terms as the company struggles with occupancy and financial performance.
The group has faced low occupancy rates for several years and has accumulated significant losses since its launch. Despite heavy marketing spend and ongoing investment, profitability has remained elusive and is not expected until at least 2027.
The company operates ultra-luxury yachts such as Evrima, Ilma, and Luminara, offering high-end cruise experiences with premium pricing, but is now facing increased competition from other luxury cruise entrants including Four Seasons, Accor’s Orient Express Corinthian, and Regent’s new ships.
Recent developments include lenders extending repayment timelines and shareholders injecting additional equity to stabilize finances.
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