Carnival Cruise Lines (CCL  ) has reported a dizzying second-quarter loss of $4.4 billion for the second quarter, adding to the company's substantial losses in Q1. In addition to scaling back its initial return to operation, the company is planning on selling several older vessels.

The headlines of Carnival cruise ships stuck wandering the seas with nowhere to dock due to coronavirus infections are still fresh in the minds of consumers and investors alike as the company reports a staggering loss for the second quarter. The $4.4 billion loss at Q2 compounds with the company's dismal first quarter; at Q1, Carnival lost $1.4 billion, which translates to a loss of $6.91 per share. Carnival suffered an adjusted loss of $310 million, or $1.48 per share. At Q2, Carnival's losses of $4.4 billion translate to losses of $6.07 per share. For comparison, Carnival reported an income of $451 million with earnings of $ 0.65 per share in Q2 of last year.

Due to the substantial pinch from the pandemic, Carnival is accelerating the retirement of older vessels. The company had already been planning a phased return to normal operations, with some destinations opening only after others. The retirement of older ships ahead of schedule falls in line with the company's previously announced strategy.

"In connection with its capacity optimization strategy, the company intends to accelerate the remove [sic] of ships in fiscal 2020, which were previously expected to be sold over the ensuing years. The company already has preliminary agreements for the disposal of six ships which are expected to leave the fleet in the next 90 days and is currently working toward additional agreements." Said Carnival CEO Arnold Donald.

Despite the last two quarters being dismal and a resurgence in coronavirus cases potentially threatening a return to normal operations, Carnival investors are at least somewhat confident in the cruise operator. Reassurance in the health of Carnival is its considerable liquidity, which will help the company keep steaming along even amid a lack of income. While the downturn over the last two quarters has done Carnival's stock little favors, at the very least, investors seem confident that the company should be able to come through the pandemic intact.