Health Care

Carnival suffers $2.2bn loss in fourth quarter

Carnival suffers $2.2bn loss in fourth quarter”

The coronavirus has been devastating for the cruise industry, which had expected to welcome 30 million passengers worldwide in 2020. Carnival said the bookings were achieved with little advertising and that this demonstrated the long-term popularity of cruises.

Carnival Corporation on Monday reported a U.S. We took aggressive actions to implement and optimize a complete pause in our guest cruise operations across all brands globally, and developed protocols to begin our staggered resumption, first in Italy for our Costa brand, then followed by Germany for our AIDA brand.

The company has been trying to rejuvenate the fleet throughout its separate cruise brands lately.

Miami-based Carnival said it is working on resuming cruises in Asia, Australia and the USA over the course of this year. Carnival Cruise Line, the company's biggest brand, has cancelled all US sailings through March 31. That said, at December 20, 2020, cumulative advanced bookings for the second half of 2021 are within the the company's historical range.

Carnival warned that in both the first fiscal quarter of 2021 and the entire fiscal year ending November 30, it expects to make a net loss.

In the quarter ended November 30, the net loss of the world's largest cruise operator, Carnival, hit $2.2 billion, according to provisional statistics on the company's website. The adjusted net loss amounted to $1.9 billion. That compares to earnings of $427 million in the same period the year before.

Carnival is funding operations with a mix of loans, equity offerings and other financial transactions.

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The company said it is still exploring opportunities for shrinking its monthly cash burn rate.

To raise cash and bring its fleet in line with anticipated demand, Carnival has accelerated the removal of less efficient ships.

Instead of the 18 ships that were previously reported to be sold or scrapped, the company says it will be getting rid of 19 vessels.

"The company now expects to dispose of 19 ships, 15 of which have already left the fleet".

Carnival is also adding fewer ships than planned to its fleet.

Carnival will now only take delivery of one more new cruise ship in 2021 out of five that were originally scheduled for delivery.

Carnival expects a phased reentry for their cruise ships throughout 2021.

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