Cruise Companies Slump On EPA Report
Wednesday, March 01, 2000
Cruise shipping lines, which were already weathering a slump to start 2000, were smacked with more bad news on Wednesday when it was revealed that six cruise ship companies -- Holland America Line, Princess Cruises, Celebrity Cruises, Norwegian Cruise Lines, Carnival Cruise Lines - were cited for emitting illegal amounts of smoke in scenic areas of Alaska, the U.S. Environmental Protection Agency said.
Princess Cruises reportedly plans to review the allegations and to request a conference with EPA on the issue.
Shares in Carnival, the world's largest cruise shipping company, were down $1 per share, or nearly 3.5% in trading at mid-day. Carnival shares have been hard hit for the last two months, as the company has watched its per share valuation cut nearly in half. Meanwhile, Royal Caribbean was being slammed even harder, with its shares down more than $5 per (about 15%), at trading mid-day on Wednesday.