Carnival Corporation reports loss of $2.1 billion in Q2 2021

Tuesday, June 29, 2021

Carnival Corporation has reported a net loss of $2.1 billion the second quarter of 2021. The group ended the period with $9.3 billion of cash and short-term investments, however, which the company believes is sufficient liquidity to return to full cruise operations. Cash burn rate in the first half of 2021 was better than forecasted primarily due to the timing of proceeds from ship sales and working capital changes, Carnival said.

The group still lost around $500 million a month though. The figures come as Carnival charts a course to restart cruise operations over the coming months. In a statement to markers, Carnival said booking volumes for all future cruises during the second quarter of 2021 were 45 per cent higher than booking volumes during the first quarter of the year. Cumulative advanced bookings for full year 2022 are ahead of a very strong 2019, despite minimal advertising or marketing, the group added.

Arnold Donald, Chief Executive, Carnival Corporation said in a statement that the line is working aggressively to return full fleet to operations by next spring. He said so far the line has announced that 42 ships, representing over half of our capacity, have been scheduled to return to serving guests by this fiscal year end. He also mentioned that the company is evaluating various deployment options with a focus on maximising cash flow, while delivering a great guest experience and serving the best interests of public health.

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