According to Bloomberg, the largest player in the cruise industry is reducing investments and expenses and looking for additional financing.

The company reported in a press statement that it will borrow about $3 billion for six months under an existing credit facility, fully drawing down the credit line to meet working capital, general corporate and other needs.

Overall, the cruise industry has been a sector struggling with the COVID-19 pandemic; The Cruise Lines International Association (CLIA) recently announced the voluntarily and temporal suspension of cruise ship operations from US ports of call for 30 days as public health officials and the US Government continue to address COVID-19.

Concluding, it is added that Carnival shares fell as much as 18% to $14.50 in New York trading Monday.