Royal Caribbean Cruises Ltd. chairman Richard Fain told
investors that the effect of an announced change in the U.S. policy toward Cuba
was hard to determine.
In a teleconference call on first-quarter earnings, Fain
commented on two Cuba-related questions.
As far as the possible travel policy changes announced in a
speech by national security advisor John Bolton in Miami on April 17, Fain said,
"At this point, we don't know if there will be changes, what those changes
will be or to what extent they would impact us."
Fain pointed out that only 3% of RCCL itineraries currently
go to Cuba.
Bolton's comments led some to believe that travel to Cuba
will be further restricted, possibly including cruises, but until amendments to
the rules are published by the U.S. Treasury, the travel rules remain as is.
Fain also commented on the administration's changed stance
towards enforcement of the Helms-Burton law regarding pre-Castro era ownership
of property in Cuba. Fain said the change is likely to prompt litigation with
companies that do business in Cuba. "We believe we have solid defenses and
are not expecting to change our itineraries as a result," he said.