NEW YORK (AP) — Cruise giant Royal Caribbean lost $392.8 million in the fourth quarter because of losses associated with its Spanish cruise line, Pullmantur.

The world’s second-largest cruise line wrote down $413.9 million due to a substantial drop in bookings and prices in Spain following the government’s austerity measures there. Royal Caribbean also blamed the January 2012 sinking of the Costa Concordia, owned by rival Carnival Corp., for a drop in traffic.