The company says it is also reducing capital expenditures, operating expenses and taking other actions in an effort to improve liquidity by at least another $1.7 billion in 2020.The company is also planning reductions to the 2021 capital expenditures and operating expenses.

The entire industry has been under pressure due to high profile cases of coronavirus being connected to ships.  Royal Caribbean's stock has lost more than half of its value this year.

The industry was further damaged on Sunday when the State Department recommended that "U.S. citizens, particularly travelers with underlying health conditions, should not travel by cruise ship."

The company had previously said that its 2020 guidance did not include the impact of the COVID-19 coronavirus outbreak.