Royal Caribbean Cruises has agreed a $2.2 billion loan facility with banks to shore up cashflow as the coronavirus pandemic hits travel companies.

The cruise giant said it has “borrowed the full amount available under the term loan to further bolster its liquidity”.

Royal said it has more than $3.6 billion in cash and has committed financing for all of its new ships on order.

“This is a period of unprecedented disruption for the cruise industry,” said chief finance officer Jason T. Liberty.

“We continue to take decisive actions to protect the company’s financial and liquidity positions as they enable us to keep focused on our guests, our crew and our long-term plans.”

Royal, which owns Celebrity Cruises, Azamara and Silversea, suspended sailings earlier this month along with other cruise lines around the world as travel restrictions were imposed globally.