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Cruise Operator Carnival To Sell Shares Worth $500m

Published on Jun 30 2021 10:12 AM in General Industry tagged: Carnival / Carnival Corp

Cruise Operator Carnival To Sell Shares Worth $500m

Carnival Corp has said that it will sell shares worth $500 million, as the cruise operator restarts its operations after a long break due to the COVID-19 pandemic.

Money raised will be used to purchase ordinary shares of Carnival Plc, trading in the UK, and for general corporate purposes, the company said.

The cruise operator has raised over $2.5 billion by selling its shares over the past year as travel restrictions due to the pandemic brought its business to a standstill.

Expected To Burn More Cash

With cruises ordered to operate with fewer passengers onboard while following strict hygiene and sanitisation protocols, Carnival and others are expected to burn more cash to stay in business.

Cruises From US Ports

Cruise operators began sailing from US ports last week with mostly vaccinated passengers and crew.

Shares Down

Shares of Carnival and peers Royal Caribbean Group and Norwegian Cruise Holdings Ltd were down approximately 2% each.

News by Reuters, edited by Hospitality Ireland. Click subscribe to sign up for the Hospitality Ireland print edition.

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