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Commitments and Contingencies | 9 Months Ended
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Sep. 30, 2019
Commitments and Contingencies Disclosure [Abstract] |
Commitments and Contingencies | Commitments and Contingencies Ship Purchase Obligations Our future capital commitments consist primarily of new ship orders. As of September 30, 2019, our Global Brands have the following ships on order:
Ship |  | Shipyard |  | Expected to Enter Service |  | Approximate Berths
Royal Caribbean International — |  |  |  |  |  |
Oasis-class: |  |  |  |  |  |
Wonder of the Seas |  | Chantiers de l’Atlantique |  | 2nd Quarter 2021 |  | 5,700
Quantum-class: |  |  |  |  |  |
Odyssey of the Seas |  | Meyer Werft |  | 4th Quarter 2020 |  | 4,200
Icon-class: |  |  |  |  |  |
Unnamed |  | Meyer Turku Oy |  | 2nd Quarter 2022 |  | 5,600
Unnamed |  | Meyer Turku Oy |  | 2nd Quarter 2024 |  | 5,600
Celebrity Cruises — |  |  |  |  |  |
Edge-class: |  |  |  |  |  |
Celebrity Apex |  | Chantiers de l’Atlantique |  | 2nd Quarter 2020 |  | 2,900
Celebrity Beyond |  | Chantiers de l’Atlantique |  | 4th Quarter 2021 |  | 3,250
Unnamed |  | Chantiers de l’Atlantique |  | 4th Quarter 2022 |  | 3,250
Silversea Cruises — (1) |  |  |  |  |  |
Silver Origin |  | De Hoop |  | 4th Quarter 2020 |  | 100
Muse-class: |  |  |  |  |  |
Silver Moon |  | Fincantieri |  | 4th Quarter 2020 |  | 550
Silver Dawn |  | Fincantieri |  | 1st Quarter 2022 |  | 550
Evolution-class: |  |  |  |  |  |
Unnamed |  | Meyer Werft |  | 3rd Quarter 2022 |  | 600
Unnamed |  | Meyer Werft |  | 2nd Quarter 2023 |  | 600
Total Berths |  |  |  |  |  | 32,900
(1) | The "Expected to Enter Service" dates for Silversea Cruises' new ships takes into consideration the three-month reporting lag. Refer to Note 1. General for further information.
In June 2019, Silversea Cruises entered into a $300 million unsecured term loan facility for the financing of Silver Moon to pay a portion of the ship's contract price through a facility guaranteed by us. We expect to draw upon this loan when we take delivery of the ship. The loan will be due and payable at maturity in June 2028. Interest on the loan will accrue at LIBOR plus 1.50%. In September 2019, Silversea Cruises entered into two credit agreements, guaranteed by us, for the unsecured financing of the first and second Evolution-class ships for an amount of up to 80% of each ship's contract price through facilities to be guaranteed 95% by Euler Hermes Aktiengesellschaft, the official export credit agency of Germany. The maximum loan amount under each facility is not to exceed the United States dollar equivalent of €351.6 million in the case of the first Evolution-class ship and €359.0 million in the case of the second Evolution-class ship, or approximately $383.3 million and $391.4 million, respectively, based on the exchange rate at September 30, 2019. Each loan, once funded, will amortize semi-annually and will mature 12 years following the delivery of each ship. At our election, interest on each loan will accrue either (1) at a fixed rate of 4.14% and 4.18%, respectively (inclusive of the applicable margin) or (2) at a floating rate equal to LIBOR plus 0.79% and 0.83%, respectively. As of September 30, 2019, the aggregate cost of our ships on order presented in the table above, was $11.1 billion, of which we had deposited $705.5 million. Approximately 57.9% of the aggregate cost was exposed to fluctuations in the Euro exchange rate at September 30, 2019. Refer to Note 14. Fair Value Measurements and Derivative Instruments for further information. In addition, as of September 30, 2019, we have the following agreements in place for new ships on order for our Global Brands, which are contingent upon completion of conditions precedent and financing:
Ship |  | Shipyard |  | Expected to Enter Service |  | Approximate Berths
Royal Caribbean International — |  |  |  |  |  |
Oasis-class: |  |  |  |  |  |
Unnamed |  | Chantiers de l’Atlantique |  | 4th Quarter 2023 |  | 5,700
Icon-class: |  |  |  |  |  |
Unnamed |  | Meyer Turku Oy |  | 2nd Quarter 2025 |  | 5,600
Celebrity Cruises — |  |  |  |  |  |
Edge-class: |  |  |  |  |  |
Unnamed |  | Chantiers de l’Atlantique |  | 4th Quarter 2024 |  | 3,250
Litigation On August 27, 2019, two lawsuits were filed against Royal Caribbean Cruises Ltd. in the U.S. District Court for the Southern District of Florida under Title III of the Cuban Liberty and Democratic Solidarity Act, also known as the Helms-Burton Act. The complaint filed by Havana Docks Corporation alleges it holds an interest in the Havana Cruise Port Terminal and the complaint filed by Javier Garcia-Bengochea alleges that he holds an interest in the Port of Santiago, Cuba, both of which were expropriated by the Cuban Government. The complaints further allege that Royal Caribbean Cruises Ltd. trafficked in those properties by embarking and disembarking passengers at these facilities. The plaintiffs seek all available statutory remedies, including the value of the expropriated property, plus interest, treble damages, attorneys’ fees and costs. Royal Caribbean Cruises Ltd. filed its answer to each complaint on October 4, 2019. We believe we have meritorious defenses to the claims, and we intend to vigorously defend ourselves against them. We believe that it is unlikely that the outcome of these matters will have a material adverse impact to our financial condition, results of operations or cash flows. However, the outcome of litigation is inherently unpredictable and subject to significant uncertainties, and there can be no assurances that the final outcome of this case will not be material. We are routinely involved in claims typical within the cruise vacation industry. The majority of these claims are covered by insurance. Although the outcome of any litigation is inherently unpredictable and subject to significant uncertainties, we believe it is unlikely that the outcome of such claims, net of expected insurance recoveries, will have a material adverse impact on our financial condition, results of operations and cash flows. Other If any person acquires ownership of more than 50% of our common stock or, subject to certain exceptions, during any 24-month period, a majority of our board of directors is no longer comprised of individuals who were members of our board of directors on the first day of such period, we may be obligated to prepay indebtedness outstanding under our credit facilities, which we may be unable to replace on similar terms. Our public debt securities also contain change of control provisions that would be triggered by a third-party acquisition of greater than 50% of our common stock coupled with a ratings downgrade. If this were to occur, it would have an adverse impact on our liquidity and operations.

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