Royal Caribbean Cruises operates cruise lines including its namesake Royal Caribbean International and Celebrity Cruises, one of the largest cruise operators in the world carrying passengers on vacation voyages to destinations worldwide. The cruise industry is highly capital-intensive, requiring enormous upfront investment in ships that then operate for decades, with profitability depending on filling cabins at prices that cover both operating costs and the debt used to finance the fleet. Royal Caribbean's business was severely disrupted when the COVID-19 pandemic halted cruise operations entirely for an extended period, forcing the company to take on significant additional debt to survive, a burden that affected its balance sheet well after operations resumed. The company's results are sensitive to fuel costs, since ships consume large amounts of fuel, along with broader consumer discretionary spending trends and demand for leisure travel and vacations.