The crane collapse that damaged Royal Caribbean's Oasis of the Seas is expected to cost the parent company about $52 million in net income this year.

Royal Caribbean Cruises Ltd. said most of the amount will come from lost cruise revenue. Royal Caribbean canceled three sailings after the accident at the Grand Bahama Shipyard on April 1. RCCL also has an ownership stake in the shipyard.

The ship was in drydock when the crane collapse occurred. RCCL sent the ship to Spain for further repairs. The Oasis is due to return to service on May 5.

The costs of the accident were disclosed as RCCL reported first-quarter net income of $256.8 million, up from $218.6 million a year earlier. Revenue rose 20.2% to $2.44 billion.

RCCL forecasted that adjusted net income for 2019 will range between $2.02 billion and $2.06 billion. For all of 2018, adjusted net income was $1.9 billion.

Although RCCL's forecast for 2019 was down from the one issued three months ago, due largely to the accident and higher expected fuel prices, investors were cheered by the strong first quarter, which benefited from increased onboard spending and better-than-expected close-in demand.

JDS Travel News JDS Viewpoints JDS Africa/MI