Cruise company Carnival swung to a deep third-quarter loss after it was forced to cancel services due to the pandemic. Net losses for the three months through August amounted to $2.86bn, compared to a profit of $1.78bn on-year, and included $0.9bn of impairment charges. Carnival said 18 less efficient ships had left or were expected to leave its fleet, representing about 12% of pre-pause capacity and 3% of operating income in 2019. Cumulative advanced bookings for 2021 second-half capacity currently available for sale were at the higher end of the historical range, despite minimal advertising or marketing, it added. Italian cruise division Costa resumed guest cruise operations on September 6, while German unit Aida had announced plans to restart guest cruise operations during the fall 2020. 'With two thirds of our guests repeat cruisers each year, we believe the reduction in capacity leaves us well positioned to take advantage of the proven resiliency of, and the pent up demand for cruise travel - as evidenced by our being at the higher end of historical booking curves for the second half of 2021,' chief executive Arnold Donald said. 'We will emerge with a more efficient fleet, with a stretched out newbuild order book and having paused new ship orders, leaving us with no deliveries in 2024 and only one delivery in 2025, allowing us to pay down debt and create increasing value for our shareholders.' At 1:57pm: (LON:CCL) Carnival PLC share price was -19.5p at 1082.5p
Sign up to our
Subscribe to the latest investing news by entering your email address below
You can opt out at any time.
For five days a week you will get
- The latest company news
- Insight into investment trends
- Round-up of director's buys and sells
- Articles from Shares magazine
Plus more useful investment content and occasional promotional offers.
UK 350 Risers and Fallers
Tweets not available.