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 Reporter July 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Cruise Ship Trends

Pearl Seas Cruises Adds Voyages to Cuba

Pearl Seas Cruises plans to launch a series of “cultural voyages” from the United States to Cuba beginning in the spring of 2016, the cruise line announced today.

First Cruise Ship Docks at Teignmouth Port

History was made at ABP’s Port of Teignmouth with the visit of its first ever cruise ship. The Hebridean Princess, a luxury cruise ship, arrived from Dartmouth carrying 50 passengers.

Furuno's Bridge Systems for Holland America Cruise Ships

The extensive global network of Furuno service centers, subsidiaries and distributors was one of the reasons that Holland America Line (HAL) chose Furuno when

Finance

SBM Offshore Completes $1.55 bln FPSO Financing

SBM Offshore announced it has today completed the project financing of FPSO Cidade de Saquarema for a total of $1.55 billion, marking the largest project financing in the company's history.

NAT Buys 2 Suexmax Tankers

Nordic American Tankers Limited (NAT) acquires two modern Suezmax tankers, increasing the fleet to 26 vessels    Tanker shipping company NAT announced that it

Rolls-Royce Bolsters R&D for MTU Engines

New R&D test facilities in Friedrichshafen already in service; 40 million euros invested for greater fuel economy and lower emissions    Rolls-Royce Power Systems

 
 
Maritime Contracts Maritime Security Maritime Standards Navigation Offshore Oil Pod Propulsion Port Authority Salvage Ship Electronics Sonar
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: 0.1944 sec (5 req/sec)