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 September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Cruise Ship Trends

Wärtsilä Expects 5% Sales Growth

Wärtsilä announced its third quarter results, reporting that it sees good development in order intake and profitability. According to Wärtsilä, third quarter

Holland America Line & Seabourn names Kammerer is V.P

Mark Kammerer has been named vice president, international marketing and sales for Holland America Line and Seabourn. In this role, he will be responsible for the companies’ sales offices in the U.

Cruise Ship Returns to Texas after Ebola Concern

The Carnival Magic cruise ship was en route back to the United States on Saturday with a passenger from Texas who might have handled specimens of the first Ebola

Finance

New York, London Juxtaposed by New Maritime Event

On November 13, the newly formed New York Maritime Consortium, a coalition of leaders from New York Maritime Inc. (NYMAR), the Society of Maritime Arbitrators (SMA),

Caterpillar: Q3 Results Show Improvement

Caterpillar Inc. today announced its third-quarter results, in which it reported profit per share of $1.63 for the third quarter of 2014, an increase from third-quarter 2013 profit per share of $1.

Wärtsilä Expects 5% Sales Growth

Wärtsilä announced its third quarter results, reporting that it sees good development in order intake and profitability. According to Wärtsilä, third quarter

 
 
Maritime Contracts Maritime Security Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Repair Ship Simulators Sonar
rss | archive | history | articles | privacy | terms and conditions | 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: 0.2110 sec (5 req/sec)