It will take time—maybe years–to get back to “the good old days of 2019,” said Norwegian Cruise Line Holdings Ltd. CEO Frank Del Rio during a candidly blunt earnings call on Thursday.

NCL Holdings reported a first quarter loss and forecast further losses in the second quarter and the full year. While new bookings have continued since the travel shutdown and are increasing, Del Rio called 2020 a “wasted year” and said that at minimum, the company’s lines, Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas will go through the second quarter of the year without a penny of income.

Read it all in the Cruisington Times