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Seabourn also began offering expedition sailings with a couple of vessels that were built specifically for cruises to rugged, far-flung and less-traveled destinations that include the Arctic and the Galapagos. The Carnival parent company took over a majority stake in Cunard in 1998, but the brand's history began in 1840, when a Canadian war veteran established a fleet of steam-powered ferries and, later, ocean liners. Carnival Corp. took full ownership of Italian line Costa Cruises in 2000 after originally obtaining just 50% in 1997. The brand largely serves the Italian cruise demographic in the Mediterranean. In 2022, following the COVID-19 pandemic shutdown, Carnival Corp. transferred some of Costa's ships to Carnival Cruise Line, touting "Fun Italian Style" and offering North Americans a taste of what Costa has to offer. The order drought, moreover, comes on top of the early retirement of 23 vessels across Carnival Corporation's nine brands during the pandemic as the company slashed costs to survive.
Brands and ships
A decade after passenger services began, Costa delved into the cruising market, with leisure trips offered throughout the Mediterranean and Caribbean. By the time that Carnival purchased 50% of the line, in 1997, Costa was the leading cruise line in Europe. Seabourn is another cruise line that was one of the first that Carnival Corporation purchased after going public. However, unlike Holland America Line, Seabourn doesn’t boast hardly as long a history. Instead, Seabourn was founded only a few years before Carnival’s acquisition, as the first Seabourn ship entered service in 1988.
Former brands
Carnival Cruise Lines Set To Sell Headquarters Near Miami - CoStar Group
Carnival Cruise Lines Set To Sell Headquarters Near Miami.
Posted: Tue, 16 Apr 2024 04:41:15 GMT [source]
Disaster preparedness is a critical aspect of Carnival Corporation & PLC’s operations. The company recognizes the importance of comprehensive planning and training to effectively respond to emergencies and unexpected events. Carnival Corporation & PLC operates in an industry subject to various regulations and standards. These regulations govern safety protocols, health measures, environmental sustainability, and labor practices, among other aspects. As a responsible cruise line, Carnival Corporation & PLC ensures compliance with these regulations to provide a safe and enjoyable experience for its passengers while treading thoughtfully on the environment and respecting the rights of its employees.
Noteworthy Financials
Which cruise lines does Carnival own? Here’s a list of Carnival Corp. brands - The Points Guy
Which cruise lines does Carnival own? Here’s a list of Carnival Corp. brands.
Posted: Thu, 01 Feb 2024 08:00:00 GMT [source]
As a result, the line appeals to a variety of passengers of all ages, including couples hoping to share a romantic vacation. Carnival refers to its fleet as the "fun ships," offering a lively onboard atmosphere that focuses on pool parties, game shows and original entertainment. It prides itself on friendly service and a plethora of casual yet delectable dining venues. The line is an excellent choice for families, and it offers both short and long voyages at a variety of price points that make cruising affordable for most travelers. Up until the pandemic, Carnival Corporation and its major rivals such as Royal Caribbean Group had long pursued a strategy of ambitious growth that involved ordering new ships almost as fast as they could be built.
Royal Caribbean Cruises Ltd. (RCL): Richard Fain, chairman and CEO; Liberia
The stock is now trading below $10 a share, down nearly 90% from highs set four years ago and significantly below the level where it was trading when Donald took over as CEO nine years ago. As a result, Carnival Corporation has continued to lose massive amounts of money in recent quarters — $1.83 billion in just the three months ending May 31, a magnitude of quarterly loss that once was unthinkable for the company. "The onboard experience has to match what that promise is, and if we do that well, we are going to end up with [cruiser ratings] off the chart," he says. Weinstein is quick to point out that the "happiness" that he envisions each of the brands providing their customers will come in different forms. It's a transition that is unlikely to bring major changes to the way the company operates — at least at first.
After the second and third Spirit-class ships launched, it debuted its next class -- Conquest class -- which marked the return of big ships for the line. After dipping its toes into 100,000-plus-ton ships, they returned to building slightly smaller Carnival ships -- with a new Spirit Class spearheaded by the 88,500-ton Carnival Spirit. Carnival Spirit became the first new cruise ship ever positioned in Alaska and cruise ports of Hawaii. During Carnival Cruise Line’s extensive 50 years in business, it has had five presidents. The company began with Ted Arison from 1973 to 1981, who was one of the founders of the cruise line. Arison co-founded Norwegian Cruise Line in 1966 and left to establish Carnival Cruise Line in 1972.
Current fleet
Even if the economy proves to be stronger than some expect in the next year or two, Weinstein is facing some tough decisions, including whether and how extensively to begin ordering new ships again. As long as the company delivers on providing that happiness to customers that is his focus, the good times will return, and the company can start paying down the high levels of debt, he suggests. Perhaps more troubling, Carnival Corporation is now saddled with a substantial pile of debt — $35.1 billion as of the end of May — that it mostly issued in the past three years to raise money to stay in business. The interest on the debt alone is costing the company more than $120 million a month.
Company structure
"Our ability to, over time, rebuild the balance sheet, get back to that fortress [balance sheet], that's the path that we want to get on," he says. "I think we can do that in a way that still allows us to grow and to order more ships over time. I don't look at them as mutually exclusive. But we absolutely have a priority that we're going to use our cash to ... reduce financial leverage." Four of the brands, including Holland America and Costa, do not have a single ship on order. He notes that the company is determined to get its debt level down and rebuild the "fortress balance sheet" that it once had. To do that, the company will have to divert a significant chunk of any profits it generates in the coming years to paying down debt, not buying more ships.
Princess Cruises
Carnival may be synonymous with its cruise line by the same name, but Carnival is actually so much more than just its budget-friendly, fun-geared cruise line for families that it’s most well-known for.
Over the course of its history, Carnival Corporation & PLC has undergone various ownership changes resulting from mergers and acquisitions. These strategic moves have allowed the company to expand its footprint, enter new markets, and strengthen its competitive position within the cruise industry. Mergers and acquisitions have been instrumental in shaping the Carnival Corporation & PLC we know today, enabling it to offer a diverse range of cruise experiences through multiple brands. Carnival's leading brand is Carnival Cruise Line, which was founded in 1972 by entrepreneur Ted Arison.
The arrival of new ships at major brands, often with new features, seemed to be always around the corner, and it drove both excitement and bookings among cruising fans. Perhaps more significantly, cruise lines historically haven't seen as severe a downturn in business during recessions as other travel providers. Weinstein notes that's because cruises tend to be perceived as value options in the travel space. And in doing so, they sometimes end up switching from a land-based trip to a cruise. The question may seem extreme, given the way Carnival Corporation's brands have begun bouncing back.
That will increase to 28 when a fourth Excel class ship arrives from the Meyer Werft shipyard in 2027. Carnival Corporation & PLC’s stock performance is an essential aspect of its financial assessment. The company’s stock price reflects market sentiment, investor confidence, and the overall perception of its future prospects.
These investors include banks, insurance companies, and asset management firms, reflecting the broad appeal and investment potential of the company within the institutional investment community. These professionally managed investment funds allow individual investors to gain exposure to a diversified portfolio of stocks, with Carnival Corporation & PLC being one of the prominent holdings. The involvement of mutual funds underscores the market appeal and investment potential of the company. The company is multinational and, although they are best known for Caribbean cruises, also sails to Mexico, Alaska, the Bahamas, Europe, and Hawaii.
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