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Cruise ship operator Carnival posts $ 3 billion loss amid coronavirus pandemic: CityAM

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Cruise ship operator Carnival said it would register a loss of $ 2.9 billion in the third quarter due to the impact of the coronavirus crisis on the travel industry.

The loss includes a non-cash impairment charge of $ 0.9 billion, the company said.

Read more: Cunard, owned by Carnival, suspends all cruises until March of next year

Carnival, which has already raised billions of dollars in debt, also today announced plans to raise an additional $ 1 billion through a stock offering.

The operator said its 18 less efficient vessels, which represented around 12% of pre-pandemic capacity but only 3% of operating profit in 2019, have left or are expected to leave the fleet.

The cruise industry has been hit by the coronavirus pandemic after operators were forced to cancel their services from March.

Carnival has resumed cruises for its Italian brand Costa, although other services like Duck are on hold until the spring of next year.

Carnival Managing Director Arnold Donald said: “Just six months after the suspension of cruise operations in our global fleet, last weekend we successfully completed our first seven-day cruise on our Italian brand. Costa.

Soon a second of our nine leading cruise brands will resume operations as a client, our German brand AIDA.

Our business relies entirely on leisure travel which we believe has historically proven to be much more resilient than business travel and cannot easily be replaced by video conferencing and other technological means. Our portfolio includes many regional brands that clearly position us for a phased return to service in today’s environment.

Read more: CMV cruise line seeks bailout deal or risks bankruptcy

We continue to take aggressive steps to emerge a leaner, more efficient business. We are accelerating the exit of 18 less efficient vessels from our fleet. This will result in a 12% reduction in capacity and a structurally lower cost base, while retaining the most cash-generating assets in our portfolio.

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