Carnival Reports Financial Impact of Katrina

Tuesday, September 06, 2005
Carnival Corporation announced that the severe weather caused by Hurricane Katrina and subsequent port closures resulted in the cancellation of one voyage and the shortening of two voyages, as well as other voyage disruptions and related costs, for the company's Carnival Cruise Lines brand. In addition, Carnival Cruise Lines has two vessels, the Carnival Conquest and Sensation, which homeported out of New Orleans. Given the tremendous damage to New Orleans, the company does not expect these ships to operate from New Orleans for an extended period of time. The Carnival Conquest will relocate indefinitely to Galveston, Texas. Carnival Cruise Lines has chartered three vessels, including the Sensation, along with the Holiday and Ecstasy - to the Military Sealift Command (MSC) on behalf of the Federal Emergency Management Agency (FEMA) for a period of six months that will be used in the hurricane relief efforts. The charters will begin Monday, Sept. 5, aboard the Ecstasy and Sensation, docked in Galveston, and Thursday, Sept. 8, aboard the Holiday, docked in her homeport of Mobile, Ala. While it is difficult to determine the full financial impact resulting from the above hurricane related events, the company currently believes that these events will reduce earnings by between $0.01 and $0.03 per share with most of the impact expected to fall in the fourth quarter of 2005.

"Our thoughts and prayers go out to the people of New Orleans and all of the Gulf Coast who have been so terribly devastated by this catastrophic event," said Micky Arison, Carnival Corporation & plc's chairman and CEO. "We know that all of our loyal guests, shareholders and employees are very pleased that we were able to join forces with the federal government to participate in the extensive relief efforts that have been launched. We have every intention of re-launching cruise service from the great city of New Orleans as soon as the infrastructure is in place so that our ships may contribute to the economic recovery of the area," he added. "At the same time we apologize to those guests who have had their vacation plans disrupted by these cancellations but know that they will understand the extreme circumstances our country is facing and why this action is necessary," Arison said. He noted that the Holiday is currently operating a cruise from Mobile, which has quickly recovered from hurricane damage. The Holiday will resume cruise service from Mobile at the conclusion of the charter.

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

Finance

Diamond Offshore Shares on the Rise

Diamond Offshore Drilling Inc, one of the world's top five offshore rig contractors, reported a better-than-expected quarterly profit as it cut drilling costs and hiked prices,

Ecochlor Raises $10m for BWT Maket

Ecochlor, Inc. announced that it has completed a $10 million equity financing to support its growth into the burgeoning ballast water treatment market. Since its formation in 2001,

Offshore O&G: Cuts, Delays in Norway as Costs Soar

More oil and gas projects in Norway could be put on hold because of rising costs, adding to a growing list of developments that have been delayed or called off,

LNG

Imperial: Decision on Canadian LNG Project Distant

Imperial Oil Ltd said on Thursday it is not yet close to deciding on whether it will go ahead with a Canadian liquefied natural gas export plant it is exploring

ABS Approves Design for GTTNA’s LNG Bunker Barge

GTT North America (GTTNA), the Houston-based subsidiary of French engineering and technology company Gaztransport & Technigaz SA (GTT), received approval in principle from ABS for the design of a 2,

ISS to Support Petrobras Expansion

Inchcape Shipping Services (ISS)  has had its port agency and tanker husbandry services contract significantly enlarged by Petrobras.   The Brazilian government-owned energy giant,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Offshore Oil Port Authority Ship Repair Ship Simulators Shipbuilding / Vessel Construction 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: 0.0935 sec (11 req/sec)