Ritz‑Carlton Yacht Collection faces cash strain as its mega‑yachts sit largely empty. Creditors Crédit Agricole and Spain’s CaixaBank have agreed to stretch repayment dates and loosen debt terms, a move designed to keep the business afloat while it rebuilds demand.

The lenders have pushed back $171mn of repayments on the Ilma and Luminara yachts to 2028 and 2033 respectively, while CaixaBank deferred a $299mn payment due in 2025. In return, shareholders injected $275mn of equity, lifting total capital injections past $1bn since 2017 to sustain operations.

The deal comes after RCYC posted $104mn in marketing spend for 2025 and accumulated losses of almost $700mn since its 2017 launch. Management warned that profitability would not materialise until 2027, a gap that has forced repeated shareholder injections and aggressive debt restructuring to support growth.

With ultra‑luxury cruises growing worldwide, competition intensifies as Four Seasons, Accor and Norwegian launch new yachting brands. RCYC’s ability to refinance debt and secure equity now hinges on filling cabins, a challenge that will test whether the brand can convert its prestigious image into sustainable revenue for guests.