Carnival to remove 2 more cruise ships from its fleet that previously expected
Carnival Corp. disclosed Wednesday that it expects to remove two more cruise ships from its fleet that previously projected. In an 8-K filing with the Securities and Exchange Commission, Carnival said it evaluated the two additional ships for impairment, and decided their carrying values are "no longer recoverable" when compared with their estimated future cash flows. On July 10, Carnival had said it planned to remove nine ships from its fleet in the next 90 days, in addition to the sale of four ships which were announced before fiscal 2020. Including the additional removals, the company expects to record impairment charges of $600 million to $650 million in its third quarter. "These decisions are intended to align the fleet with the expected phased restart of guest cruise operations while also generating cost savings," Carnival stated in the 8-K. Wednesday's disclosure comes a week after Carnival said it was extending its sailing pause in some regions, including Asia, South America, the California coast, Hawaii and Mexico, through Dec. 15. The stock, which rose 1.2% in midday trading, has tumbled 71.5% year to date, while the S&P 500 has gained 0.4%.
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