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Friday, January 19, 2018

Carnival Corp News

Another Takeover for Carnival Corp.?

The world's largest travel group Preussag AG on Monday declined to comment on reports that Carnival Corp was considering a bid for its Hapag-Lloyd cruise division. Carnival was reportedly considering the move to gain a foothold in the European market. A spokeswoman for Germany's Preussag declined to comment on the report. "We don't comment on market rumors," she said. Carnival Corp. officials were not immediately available for comment.

Carnival Faces Penalties Over ADA Compliance

Carnival Breeze (Photo: Carnival Corp.)

Justice Department Reaches Agreement with Carnival Corp. The U.S. Justice Department and Carnival Corp. have reached a comprehensive, landmark settlement agreement under the Americans with Disabilities Act (ADA) to advance equal access for individuals with disabilities who travel on cruise ships, the Justice Department announced Wednesday. The settlement agreement, which addresses accessibility on 62 ships among Carnival Corp. brands including Carnival Cruise Line, Holland America Line and Princess Cruises…

Carnival Sues Over Deepwater Horizon Spill

According to a Miami Herals Wire report, Carnival Corp. is seeking compensation for damages and losses it incurred as a result of last April's Deepwater Horizon oil rig explosion and major oil spill in the Gulf of Mexico. Carnival Corp. filed suit last week on the anniversary of the oil spill against BP PLC and several other companies related to the oil rig's operations.   (Source: Miami Herald Wire Report)

Carnival Corp. Appoints Banks for Euro Bond

Carnival Corp the world's biggest cruise line, has mandated UBM and JP Morgan as lead managers for a debut euro-denominated issue, the banks said on Thursday. The transaction is expected to be launched in the near future following European Investor presentations arranged for February 27, 28 and March 1, according to the lead managers.

Analysts Rate Carnival Corp. Neutral

Morgan Stanley Dean Witter said one of its analysts started coverage of cruise line Carnival Corp. with a neutral rating on Friday. The analyst set a $37 price target. Further details were not immediately available. The shares closed on Thursday at $29.12.

Pimentel Steps Down From Top Post At Cunard Line

Carnival Corp. announced the resignation of Larry Pimentel, president and CEO of its Cunard Line Limited unit. Pamela Conover, COO of Cunard, has been given the additional title of president and will replace Pimentel as head of the luxury cruise operator. Both management changes are effective immediately. Pimentel has served at the helm of Cunard Line, which is comprised of both the Cunard and Seabourn cruise brands, since 1998, when the Miami-based combined entity was formed, following Carnival Corp.'s acquisition of Cunard. Prior to that he spent six years as president and COO of Seabourn Cruise Line, formerly based in San Francisco. Pimentel resigned for personal reasons, citing a desire to spend more time with his family.

Cruise Line Maintains Coast Guard Help Free of Charge

Carnival Corp, resists reimbursement of costs incurred by US Government through assistance rendered to their disabled 'Carnival Triumph'. Carnival Corp. says all maritime interests must assist without question those in trouble at sea, a duty that would not include reimbursing the U.S. government nearly $780,000 for costs associated with the rescue of the crippled Triumph cruise ship, reports the Associated Press. Carnival recently released letters replying to an inquiry by U.S. Sen. Jay Rockefeller, a West Virginia Democrat who chairs the Senate Commerce Committee, about the Triumph stranding and the cruise line's overall safety record.

Warburg Slashes Earnings of Top Cruise Players

UBS Warburg on Tuesday cut its earnings estimates for the cruise operators it covers, including Royal Caribbean and Carnival Corp. A UBS analyst cut the full-year 2001 earnings estimate for Royal Caribbean to $1.87 from $2.21, and lowered the 2002 estimate to $2 from $2.36. Farley assigned Royal Caribbean shares a 12-month price target of $23, down from $27. The analyst lowered estimates on Carnival Corp. to $1.74 from $1.78 for 2001 and $1.96 from $2.00 for 2002. "We believe that the stock's recent weakness already reflects concerns about the economy and particularly given that we expect the stock will take a hit in Tuesday's trading, the risk/return at these levels still makes the stock attractive, in our view.

Cruise Powerhouse Carnival Corp. Commences Intermediate Ratings

Merrill Lynch said on Monday it had started coverage of Carnival Corp., the world's largest cruise line operator, with "intermediate" and "long term accumulate" ratings. Merrill said in a research note Carnival had a leading and growing market share in the expanding cruise industry, and both the company's and industry's prospects are reinforced by high consumer satisfaction levels and strong value ratings. It added that it had a 12-18 month price objective of $32 for Carnival - whose shares closed on Friday at $27.59 on the New York Stock Exchange and have a 52-week range of $18.31 to $34.93.

Carnival Sails to Profit

Image:  Carnival Corporation & plc

The world's largest cruise company Miami-based Carnival Corp reported a net profit of $49 million, or 6 cents per share in the first quarter ended Feb. 28. That compared with a loss of $20 million, or 3 cents per share, in the 2014 quarter. Earnings, adjusted for non-recurring costs, were 20 cents per share. The profit beats analysts’ estimates, spurred by lower fuel costs and higher passenger spending. The shares jumped the most since August 2011. "The year is off to a strong start achieving significantly higher earnings than the prior year and our previous guidance," Carnival Corp.

Carnival Corp. Charters Former AMCV Ship To Louis Cruises

The latest in the saga surrounding the remaining vessels of the American Classic Voyages' (AMCV's) fleet involves the vessel, which was formerly known as M/S Patriot. Carnival Corp.'s Holland America Line brand has entered into a long- term agreement to charter the cruise ship, which was also once known as m/s Nieuw Amsterdam, to Cypress-based Louis Cruises, which will subcharter the vessel to Thomson Holidays in the U.K. The vessel will be marketed as the Thomson Spirit. Holland America sold the vessel to U.S. Lines, a subsidiary of AMCV in 2000, which operated the ship in Hawaii under the name Patriot, however, it was reclaimed by Holland America in foreclosure proceedings earlier this year. The charter became effective yesterday.

Costa Concordia: Lawyers Maintain Owners Criminally Liable

Photo credit Wiki CCL 2

Ronai & Ronai, LLP, a New York law firm that represents victims, including Sandor Feher, a musician who lost his life while trying to evacuate passengers, believes that the criminality of the deaths should also be placed on Costa Crociere/Carnival Corp., which was able to escape criminal liability simply because of their ability to pay a monetary fine. On July 20, 2013, five crew members of the Costa Concordia cruise ship were convicted of manslaughter for their role in the shipwreck in January 2012, which resulted in the deaths of 32 people.

Carnival Sees Delay In Delivery Of New Cruise Ship

The Carnival Cruise Lines unit of Carnival Corp. reportedly expects technical difficulties to delay the delivery of its new 102,000-ton cruise ship Carnival Triumph.

Finnish Company Exits Masa-Yards Negotiations

The Finnish group bidding for Kvaerner's Masa-Yards shipyards has decided to halt negotiations on the sale, due Carnival Corp.'s decision not to take part in the bid. The Finnish group originally planned to take a 25 percent stake in the Finnish shipyards, while Carnival and Royal Caribbean were expected to buy a 25 percent stake, but Carnival decided in March not to take part in the sale. Polish Gdynia shipyard is not withdrawing its bid, and the timetable for talks with Kvaerner is still open, officials said.

Carnival Says It Is Not In Talks With P&O

Carnival Corp. officials said the company is not currently in talks with rival cruise operator P&O, whose shares rose yesterday amid talk of a buyout bid from Carnival. A Carnival spokesperson previously said the company had held talks with P&O but gave no details and declined comment on a news report it had offered $11 billion for the owner of Princess Cruises.

Carnival Corp. Reports First Quarter Earnings

Carnival Corp. reported net income of $128 million ($0.22 diluted EPS) on revenues of $1 billion for its first quarter ended February 28, 2001, compared to net income of $171.5 million ($0.28 diluted EPS) on revenues of $824.9 million for the same quarter in 2000. For the first quarter of 2001, revenues increased 22.2 percent over the comparable quarter in 2000 primarily because of the consolidation of Costa's results of operations starting in the first quarter of 2001 and the introduction of new ships to the company's Carnival Cruise Lines and Holland America Line fleets.Earnings for the first quarter of 2001 decreased compared to 2000 primarily because last year's results included significantly higher net revenue yields…

Carnival To Swap Ships

Carnival Corp., which is working to revive profitability at its Seabourn luxury cruise line, said that next year it will shift a ship now sailing for Seabourn to the company's Holland America Line. The Seabourn Sun, at 38,000 tons the largest of the six Seabourn ships, will move to Holland America in April 2002 after the vessel finishes an around-the-world tour. Carnival, the world's biggest cruise group with 44 ships among its half a dozen lines, last month changed top managers at its jointly run Seabourn and Cunard lines.

Carnival Ratings Cut

Deutsche Bank Alex Brown, Salomon Smith Barney and Credit Suisse First Boston have all cut their ratings for top cruise group Carnival Corp. Deutsche Bank Alex Brown and Credit Suisse First Boston downgraded the company to buy from strong buy while Salomon Smith Barney cut ratings to outperform from buy.The downgrades follow Carnival's announcement that second-quarter earnings look weak, in part due to higher fuel costs. First-quarter earnings were in line with Wall Street estimates.

Carnival To Allow NCL Bid To Expire

Carnival Corp. plans to allow its tender to buy Norwegian line NCL Holding to expire on the December 22 deadline without making any adjustments. Carnival had bid 30 crowns per share for NCL, which had consistently rejected the bid as too low. Earlier on Thursday, Star Cruises Plc said that it had bought 39.3 percent of NCL, just below the 40 percent limit before a formal takeover bid would have to be launched under Norwegian law.

NCL Retains Financial Advisers

NCL Holding ASA appointed Orkla Finans and Morgan Stanley as financial advisers following a takeover bid from Carnival Corp. Carnival, the world's largest cruise operator, has offered 30 Norwegian crowns per share for NCL, the fourth biggest operator. Miami-based NCL has rejected the bid as too low and has hinted that rival bids might be in the pipeline.

CCL: Would Seek Oslo Listing With Successful NCL Bid

Carnival Corp. would seek an additional listing on the Oslo stock exchange if it succeeded in its bid to take over Norwegian cruise firm NCL Holding ASA. Carnival last week offered 30 crowns per share for NCL in a hostile takeover bid which valued NCL at 7.15 billion crowns ($884 million).

Carnival Profits Fall, Costly Second Quarter

According to a report from the Miami Herald, soaring fuel costs, deployment changes and steep discounting took a chunk out of Carnival Corp.’s second-quarter profits, despite higher revenues year over year. The company earned $206m for the period that ended May 31, an 18% drop from $252m during the same time in 2010, but Carnival’s stock still gained $1.51, or 4.23%, to end trading at $37.24.   Source: Miami Herald    

Carnival Purchases Remainder Of Cunard

Carnival Corp. has exercised its option to purchase the remaining 32 percent minority interest in Cunard Line Ltd. in a deal worth about $205 million. Carnival acquired a 68 percent interest in Cunard Line Ltd. in May 1998. With the purchase of the 32 percent minority interest, Carnival will own 100 percent of Cunard. Under its option, Carnival said it has the right to purchase the minority interest for shares of Carnival common stock. In exercising its option, Carnival also offered the minority shareholders a cash alternative of $39.50 per Carnival share. Cunard Line Ltd. owns two luxury cruise lines - Cunard Line and Seabourn Cruise Line, which together operate eight luxury ships, including the world-renowned Queen Elizabeth 2. According to Carnival Corp.

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