Carnival upped to ‘hold’ but Berenberg questions cash generation ability
The broker said the cruise ship owner “will struggle to generate cash given the debt it has accrued and the need for sustained investment” in its fleet
Company
Carnival PLC
LON:CCL
Carnival Corporation & plc is a global cruise company and one of the largest vacation companies in the world.
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Carnival unveils new cruise ship delivery schedule and cancellations following pandemic disruption
The cruise operator said its newest ship, the Mardi Gras, will now enter service from on February 6, 2021, while the US$200mln refurbishment of its other ship, Carnival Radiance, has been delayed until next spring
Carnival cancels all North America cruises to end of September
The cruise operator has extended its operational pause three times after the initial announcement in March
Carnival sinks to US$4.4bn loss in second quarter
The cruise operator has effectively been on pause since March as the coronavirus pandemic caused the global travel industry to grind to a halt
Carnival share price exists in a 'parallel universe' with no COVID, says broker
Berenberg analysts said they consider the cruise operator “is in need of a fresh injection of equity, the valuation highly unattractive and the shape and extent of the recovery of the industry far from certain”
Carnival’s P&O arm extends cruise schedule hiatus until October
The Southampton-based firm is just one of the latest brands in the group to announce further cancellations
Carnival cancels more cruises until October, November or next year
Carnival is being investigated by the US Centers for Disease Control and Prevention over how quickly it reacted to the coronavirus outbreak
Carnival on backfoot over plans to resume cruises in August
The FTSE250-listed group yesterday said it intended to phase-in services from Miami, Port Canaveral and Galveston from 1 August
Carnival ups fundraising but cuts equity element
The cruise operator's banks have underwritten the placing of 62.5mln shares at a price of US$8 per share
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Nowhere to run, nowhere to hide (except maybe Ocado and the utilities)
Just one FTSE 100 stock has increased in share price since the coronavirus outbreak started to get out of hand in Italy. Hardest hit have been travel-related stocks.
Carnival points to $11.7bn of liquidity as cruise bookings dry up
Booking volumes in recent weeks have been “meaningfully behind” the prior year on a comparable basis as a result of the effects of coronavirus
Carnival warns of "material negative impact" after cruises stopped for coronavirus
Rather than due to a drop in demand, the cruise operator said it was pausing US operations “to support the global effort to contain the spread of the COVID-19 coronavirus”
Carnival cancels Princess cruises for next two months due to coronavirus
Some cruises currently at sea will be finished early
Carnival a sector loser for Berenberg over prolonged coronavirus hit
The cruises company is expected to see a 26% and 12% hit to annual earnings per share in 2020 and 2021 respectively
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Carnival Ship in Italy Lockdown as Suspect Virus Traps 7,000
This article by Alberto Brambilla and Jonathan Levin for Bloomberg may be of interest to subscribers. Here is a section: The ship was bound for La Spezia in the Liguria region, with 1,000 crew and 6,000 passengers, 750 of whom came from Chi
Investments and investor services
FTSE 100 closes lower as traders catch breath after recent excitement
After being in the black for much of the day, the Footsie has slipped into the red
Carnival sinks as Cuba travel ban and cruise ship repairs force it to slash guidance
Carnival is having to deal with a travel ban to one of its most lucrative destinations and troubles with its Carnival Vista cruise ship, while ticket sales in Europe are coming under pressure
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FTSE 100 closes firmly higher; Ashtead Group top dog
Britain's blue-chip benchmark closed up nearly 86 points at 7,443, while the FTSE 250 added over 154 points at 19,311
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United Utilities and Intertek Group to be in focus on a busy Thursday
United Utilities, Intertek, Mitchells & Butlers, TalkTalk Group, and Tate & Lyle are all in the schedule for Thursday.
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Still no opportunities to sell in May, with Royal Mail and M&S set to deliver updates
The Week Ahead will also bring news from power firm SSE and water groups Severn Trent and United Utilities, plus the latest UK inflation and retail sales numbers