estimates that the cruise ship industry lost over $77 billion in global economic activity, and half a million people employed in the industry lost their jobs. Cruise ship tourism, to select destinations, resumed in July 2020, with over 200 sailings taking place during the second half of the year. The journeys took place following strict protocols, including 100% passen- ger and crew testing, masking and social distancing in shared areas, and stronger medical communication and pre-arranged response lo- gistics. The year 2020 end up with 5.8 million passengers (CLIA). During the beginning of 2021 the peak of COVID cases around the world, the spread of new COVID variants and the requisites stablish in the U.S by the CDC (Center for Disease Control) trough the “Con- ditional Sailing Order” delayed the resume of operations until the second half of the year. In 2021 the ocean cruise passengers world- wide totaled around 4.8 million, dropping by nearly 84 percent com- pared to 2019 and hitting the lowest figure in more than a decade. Between 2019 and 2021 more than 30 ships were withdrawn from ser- vice in a readjustment process done by cruise lines, which strategically reorganized their assets and got rid of their oldest, less-efficient, ships. Monthly average cash burn rate - world’s three largest cruise com- panies are mowing through just over $1 billion per month to keep their ships operational and companies intact. As an example, Royal Caribbean Ltd. has sold its Azamara luxury brand - with its three- ship fleet - for $201 million to Sycamore, a private equity fund. Moreover, since most of the ships are registered in Panama, Ber- muda or elsewhere and are staffed with employees hired outside of the U.S. to avoid paying U.S. taxes and abiding by U.S. employment SPAIN-US CHAMBER MARKET REPORT 55