News

Saudi fund takes 8.2% stake in Carnival Corporation – report

Details: Written by Kari Reinikainen Kari Reinikainen; Category: Top Headlines Top Headlines; Published: 06 April 2020 06 April 2020

Saudi Arabia’s Public Investment Fund has acquired an 8.2% stake in Carnival Corporation, the Panama domiciled and US listed holding company in the Carnival Corporation & plc group, the Bloomberg news agency reports.

Shares in the company and in its UK counterpart soared on the news.

The fund had acquired 43.5 million shares in the company that were worth $369.4 million at their closing price on Friday.

However, the shares soared to trade 22% higher at $10.41 at around midday, New York time.

Carnival plc, the UK listed and domiciled holding company in the group, closed 16.5% higher at £7.16.

Fred. Olsen Cruise Lines donates 17.6 tonnes of food to Barbados charities

Details: Written by Kari Reinikainen Kari Reinikainen; Category: Top Headlines Top Headlines; Published: 06 April 2020 06 April 2020

Fred. Olsen Cruise Lines, the UK based destination focused cruise line, said it has been working with its Port Agent in Barbados, Caribbean, Platinum Port Agency Inc. and the Barbados Port to support local charities with a donation of fresh produce from a container of food supplies intended for its ship, Braemar, which was left in Bridgetown after the port call had to be cancelled.

“Fred. Olsen decided to donate the container – comprising 18 pallets / 17,598kg of chilled fruit and vegetables – to a number of deserving local charities, with the kind co-operation of the Barbados Port. These included the YWCA, Barbados Homeless Society and The Red Cross, as well as the Salvation Army and St. Dominic’s Catholic Church children’s feeding program,” the company said in a statement.

Peter Deer, Managing Director of Fred. Olsen Cruise Lines, said: “We did not want this container of perfectly good fresh produce to go to waste, as there are so many deserving causes in Barbados, and we knew that they could make use of it to benefit a great many local people in these difficult and challenging times. We are just happy that we were able to help to make a difference on the island in this small way, and we thank our partners in Barbados for making this happen.”

Senator Lisa Cummins, Chairman of the Barbados Port, said: “We very much appreciate this donation and engaged with local partners like the YWCA, who have local feeding programs. We have been able to provide food supplies for 130 families and boosted The Red Cross ‘Meals on Wheels Program’, giving valuable support to our most vulnerable families. During this crisis, we have had no end of traumatic stories. But we have also had wonderful stories of people helping others in difficult times. This is one of those wonderful stories. Thank you to the Fred. Olsen team on behalf of the Barbados Port and our local communities for making this special donation.”

Saga expects Spirit of Adventure delivery within 12 months

Details: Written by Kari Reinikainen Kari Reinikainen; Category: Top Headlines Top Headlines; Published: 02 April 2020 02 April 2020

The delivery of Spirit of Adventure, the second of two 58,250 gross ton cruise ships for Saga Cruises in the UK from Meyer Werft in Germany, is likely to be delayed but to take place within the next 12 months, parent company Saga plc said in a statement

“While there is uncertainty over the delivery date for Spirit of Adventure as a result of the COVID-19 crisis, the Group's expectation is that this will be completed within the next 12 months. This will complete the transformation of the Cruise business,” Saga said in a statement.

A delay of the delivery has been considered within planning scenarios and is not anticipated to significantly change the Group's financial position.

“Successful launch of Spirit of Discovery; financial performance in the first six months of operation wasconsistent with a full year objective of £40m of EBITDA. As at 31 January 2020, forward Cruise bookings for 2020/21 were at 80% of the full year target, ahead of internal expectations,” Saga stated.