Posted on January - 17 - 2012
Carnival’s shares hit by cruise ship disaster
Counting the cost: The cruise group is expected to lose millions after the grounding of the Costa Concordia
Shares in the FTSE 100-listed Carnival Corporation – owner of the cruise ship which capsized off the Italian coast – fell as much as 23% today after it said the disaster could cost it at least $135 million (88.2 million).
The capsizing of the Costa Concordia came at the peak time for the cruise industry, with around one third of all bookings taking place between January and March.
Carnival today said it expects to lose between $85 million and $95 million in earnings for the year to November on the basis that the Concordia will be out of action at least that long.