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SAFETY4SEA

Carnival reports cruise bookings down after Costa Concordia accident

by The Editorial Team
January 31, 2012
in Shipping
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The financial impact of the Costa Concordia tragedy

Costa Concordia sunken.jpgIn its annual Form 10K filing with the SEC, Carnival Corporation & plc, whose brands, of course, include Costa Cruises, gives more insights into the likely financial impact of the Costa Concordia tragedy.

“After the incident,” says Carnival “we significantly reduced our marketing activities. Excluding Costa, our fleetwide booking volumes, subsequent to the incident through January 25, 2012, declined in the mid-teens compared to the prior year, after bottoming out on January 16, 2012.

“Costa’s booking activity is difficult to interpret because of the significant re-booking activity stemming from the loss of the ship’s use and related re-deployments, however we believe it to be down significantly. Despite these recent trends, we believe the incident will not have a significant long-term impact on our business.”

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Carnival says that “as a result of Costa Concordia’s incident, we anticipate other financial impacts to our business, including lower net revenue yields, that are not possible to reasonably determine at this time.”

It says that “in March 2012, we expect to provide revised 2012 full year earnings guidance, including these financial impacts.”

DAMAGE ASSESSMENT

In the 10K, Carnival notes “the net carrying value of this euro denominated ship, including ship improvements, at December 31, 2011 was $490 million (at the December 31, 2011 exchange rate or 379 million). We have euro-denominated insurance coverage of $510 million (at the December 31, 2011 exchange rate or 395 million) for damage to the ship with a potential deductible of approximately $30 million as well as insurance for third party personal injury liability subject to an additional deductible of approximately $10 million for this incident.

“A damage assessment review of the ship is being undertaken to determine whether the ship can be repaired and what the total cost would be. If the ship is repairable, it is expected to be out-of-service for the remainder of fiscal 2012 if not longer. We self-insure for loss of use of the ship, which we expect to impact the 2012 full year net income by approximately $85 million to $95 million. Furthermore, we anticipate approximately $30 million to $40 million of other incident related costs.”

LEGAL SUITS

The 10 K notes that, as a result of the Costa Concordia accident, “litigation claims, enforcement actions and regulatory actions and investigations, including but not limited to those arising from personal injury, loss of life, loss of or damage to personal property, business interruption losses or environmental damage to any affected coastal waters and the surrounding area, may be asserted or brought against various parties including us.”

It also says that “on January 26, 2012, a purported class action was filed by Gary Lobaton in the United States District Court for the Northern District of Illinois (Eastern Division) naming as defendants Costa Crociere, S.p.A., Carnival Corporation and Carnival plc (Gary Lobaton v Carnival Corporation, Carnival plc and Costa Crociere S.p.A. et. al., No. 12-cv-00598). The plaintiff purports to represent an alleged class of the passengers and crew of Costa Concordia who were onboard the ship on January 13, 2012.The complaint alleges that the defendants violated the Athens Convention Relating to the Carriage of Passengers and their Luggage by Sea, breached contracts with employees and passengers and acted negligently. The plaintiff also alleges unjust enrichment. The complaint seeks unspecified monetary and punitive damages, interests and costs, among other things.”

Source: MarineLog

Carnival reports cruise bookings down after Costa Concordia accidentCarnival reports cruise bookings down after Costa Concordia accident
Carnival reports cruise bookings down after Costa Concordia accidentCarnival reports cruise bookings down after Costa Concordia accident
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