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Carnival says first half 2021 bookings slowed down in March

Details: Written by Kari Reinikainen Kari Reinikainen; Category: Top Headlines Top Headlines; Published: 20 March 2020 20 March 2020

Cruise bookings for the first half of 2021 ran slightly ahead of the previous year up to the beginning of March, but in the two weeks to 15 March, the pace of bookings fell significantly behind the pace of a year before, Carnival Corporation & plc, the world’s largest cruise shipping group said.

“For the first half of 2021, booking volumes since its last conference call in mid-December through March 1, 2020, have been running slightly higher than the prior year,” the company said in a statement.

“Also for the first half of 2021 and during the two weeks ended March 15, 2020, the Corporation booked 546,000 Occupied Lower Berth Days (“OLBD”), albeit considerably behind the prior year pace,” Carnival said.

“As of March 15, 2020, cumulative advanced bookings for the first half of 2021, are slightly lower than the prior year,” the company concluded.

Carnival says 2020 bookings lower at lower prices, ship deliveries to be delayed and full year loss looms

Details: Written by Kari Reinikainen Kari Reinikainen; Category: Top Headlines Top Headlines; Published: 20 March 2020 20 March 2020

Carnival Corporation& plc, the world’s largest cruise shipping group, said that bookings for the rest of the year were lower at much lower prices, while ship deliveries were likely to be delayed due to the COVID-19 epidemic.

The company said as of 15 March, cumulative advanced bookings for the remainder of 2020, are meaningfully lower than the prior year at prices that are considerably lower than the prior year on a comparable basis, reflecting the impact of COVID-19.

It also said it expects a net loss for the financial year to 30 November 2020.

“The Corporation previously announced a voluntary, temporary pause of its global fleet operations across all brands. The Corporation believes the ongoing effects of COVID-19 on its operations and global bookings will have a material negative impact on its financial results and liquidity,” the company said in a statement.

Carnival said it also believes the effects of COVID-19 on the shipyards where its ships are under construction, will result in a delay in ship deliveries. “The Corporation is taking additional actions to improve its liquidity, including capital expenditure and expense reductions, and pursuing additional financing,” Carnival stated.

“Given the uncertainty of the situation, the Corporation is currently unable to provide an earnings forecast, however it expects a net loss on both a U.S. GAAP and adjusted basis for the fiscal year ending November 30, 2020," Carnival said.

Carnival reports $781 million first quarter net loss

Details: Written by Kari Reinikainen Kari Reinikainen; Category: Top Headlines Top Headlines; Published: 20 March 2020 20 March 2020

Carnival Corporation & plc, the world’s largest cruise shipping group, has reported a deep loss for the first quarter of its financial year and it said a full year loss appears likely.

Net loss amounted to $781 million in US GAAP terms for the three months to 28 February compared to a profit of $336 million in the same period year earlier. Revenues rose by $100 million to $4.8 billion.

“First quarter 2020 net loss includes $932 million of goodwill and ship impairment charges, reduced by net gains on ship sales,” the company said in a statement.

“The impact of COVID-19 on the first quarter 2020 net loss is approximately $0.23 per share, which includes cancelled voyages and other voyage disruptions, and excludes the impairment charges described above. Other previously disclosed voyage disruptions, noted during the Corporation’s December earnings conference call, also impacted first quarter 2020 results by approximately $0.12 per share,” Carnival said.