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Carnival | 8-K: Carnival Corporation & Plc Provides Update on Strong Bookings Momentum, Reroutes Red Sea Transits and Redeems All Remaining Second Lien Debt

SEC announcement ·  Jan 30 22:22
Summary by Futu AI
On January 30, 2024, Carnival Corporation & plc, the world's largest cruise operator, announced a rerouting of itineraries for 12 ships across seven of its brands that were scheduled to transit the Red Sea through May 2024. This decision, made in consultation with global security experts and government authorities due to recent developments in the region, is expected to have a financial impact of $0.07 to $0.08 on the company's full-year 2024 earnings per share, primarily affecting the second quarter. Despite this, Carnival has not observed any negative effect on booking trends from the Red Sea situation and reports an exceptionally strong start to the wave season, with record-high booking volumes since November and the first half of 2024 nearly fully booked. The company's booked position for 2024 is the strongest on record, with higher pricing and occupancy compared to 2023. Carnival also announced the redemption of its remaining second lien debt, valued at $571 million, as part of its strategy to reduce interest expenses and leverage towards achieving investment grade credit metrics.
On January 30, 2024, Carnival Corporation & plc, the world's largest cruise operator, announced a rerouting of itineraries for 12 ships across seven of its brands that were scheduled to transit the Red Sea through May 2024. This decision, made in consultation with global security experts and government authorities due to recent developments in the region, is expected to have a financial impact of $0.07 to $0.08 on the company's full-year 2024 earnings per share, primarily affecting the second quarter. Despite this, Carnival has not observed any negative effect on booking trends from the Red Sea situation and reports an exceptionally strong start to the wave season, with record-high booking volumes since November and the first half of 2024 nearly fully booked. The company's booked position for 2024 is the strongest on record, with higher pricing and occupancy compared to 2023. Carnival also announced the redemption of its remaining second lien debt, valued at $571 million, as part of its strategy to reduce interest expenses and leverage towards achieving investment grade credit metrics.
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