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Published on Wednesday, September 16, 2020

Carnival Corp selling off more ships






Carnival Corp is reducing its fleet even further after announcing it expects to post a third quarter loss of nearly $3 billion.


That will translate into an adjusted loss of $1.7 billion, and the company plans to raise another $1 billion through a stock offering.


To further help its bid to stay afloat, another three ships will be sold.


That makes a total of 18 ships since the pandemic started, as Carnival strives to become a 'leaner, more efficient company.'


"We are accelerating the exit of 18 less-efficient ships from our fleet. This will generate a 12% reduction in capacity and a structurally lower cost base, while retaining the most cash generative assets in our portfolio," Carnival CEO Arnold Donald said.


Eight of the 15 ships previously announced as being sold or scrapped have already left the fleet.


It hasn't said which additional three ships would be sold off.


Carnival is confident of a successful yet gradual resumption of business with the Costa Cruises brand's recent return to service and AIDA Cruises to follow soon.


"The initial cruises will continue to take place with adjusted passenger capacity and enhanced health protocols developed with government and health authorities, and guidance from our roster of medical and scientific experts," it said in a SEC filing.


 


Written by Ray Montgomery, US editor

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