Analysts Speculate Possible Carnival / Hapag-Lloyd Deal

Tuesday, May 29, 2001
Carnival Corp said on Tuesday its growing cash holdings were spurring market speculation that the world's largest cruise group was on the acquisitions trail.

A spokesman for the Miami-based operator of 45 cruise ships, declined to speak directly to reports that Carnival may be working on a bid for Hapag-Lloyd cruises. "It is our policy not to comment on market rumors," he said.

Hapag-Lloyd, a unit of the world's largest travel group Preussag AG, operates five ships in German-speaking countries. A spokesman for Hapag-Lloyd said on Monday he knew of no bid for the company.

With pricing pressure in its core North American markets, Carnival has been looking to Europe for growth.

Just last week, the cruise line announced the sale of a 25 percent equity stake in British travel group Airtours Plc in a transaction expected to yield gross proceeds of nearly $500 million. In addition, the company raised about $900 million in bond offerings in March and April. Some of that money was to repay bridge loans for the purchase last year of the 50 percent portion of Costa it had not owned.

But analyst Robin Farley of UBS Warburg said in a research note that Carnival had now raised more than $1 billion without any pressing needs for capital expenditures.

"Obviously, our recent debt offerings and the sale of our Airtour holdings has added substantially to our cash. That is prompting market speculation," the Carnival spokesman said.

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter February 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Cruise Ship Trends

Interior Facelift for Queen Mary 2

Cunard’s luxurious flagship, the iconic 2,620 passenger ocean liner Queen Mary 2, will undergo an interior refit at the hands of McCue Marine during a 25-day multimillion-pound

USCG to Inspect Storm-damaged Anthem of the Seas

The storm-damaged Royal Caribbean cruise ship Anthem of the Seas is scheduled to return to New York Harbor Wednesday evening where it will be met by a team of inspectors from U.

Royal Caribbean Ship Thrashed by Storm Returns on Wednesday

A Royal Caribbean cruise ship forced to turn back early after being battered by an Atlantic storm was expected to return to its New Jersey port at 9 p.m. on Wednesday (0200 GMT Thursday),

Finance

SunEdison Restrained from 'Unusual' Asset Transfers

Solar company SunEdison Inc said a U.S. court has restrained the company from making any unusual asset transfers until a hearing in a lawsuit brought on by investors

Paragon Offshore to File for Bankruptcy

Paragon Offshore Plc said it will file for Chapter 11 bankruptcy on or before Feb. 14, becoming the first U.S. energy-related company to seek court protection from

Philippines Mulls Bilateral Sea Talks with China

The Philippines may consider two-way talks with China to resolve a territorial dispute in the South China Sea but only if it wins its case with Beijing at an arbitration tribunal in The Hague,

 
 
Maritime Security Navigation Pipelines Pod Propulsion Port Authority Salvage Ship Electronics Ship Repair Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0581 sec (17 req/sec)