Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

Carnival signs deal for new LNG-powered cruise ship

EditorRachael Rajan
Published 13/02/2024, 19:06
Updated 13/02/2024, 19:06
© Reuters.

MIAMI - Carnival (NYSE:CCL) Corporation & plc (NYSE/LSE: CCL; NYSE: CUK), the largest cruise operator globally, has finalized an agreement with Meyer Werft, a prominent German shipbuilder, to construct a new Excel-class cruise ship. The vessel is scheduled to join the Carnival Cruise Line fleet and commence service in Spring 2027.

The yet-to-be-named 180,000-ton ship will become the fourth Excel-class vessel under the Carnival Cruise Line brand, following Mardi Gras, Carnival Celebration, and Carnival Jubilee. It will have the capacity to accommodate over 6,400 guests and will be powered by liquefied natural gas (LNG), aligning with the industry's shift towards cleaner energy sources.

This marks the first new ship order by Carnival Corporation in five years. The company's president, Christine Duffy, highlighted the popularity of the Excel-class ships among guests, expressing that the new addition will enable the brand to continue its growth and attract both repeat and new cruisers.

Carnival Corporation's CEO, Josh Weinstein, emphasized the company's strategic approach to capital management, with plans to utilize free cash flow for balance sheet improvements, debt reduction, and shareholder value enhancement. He also mentioned a measured capacity growth strategy, with the introduction of one to two ships annually starting in 2027, targeting cruise lines within the corporation that demonstrate strong demand.

The partnership between Carnival Corporation and the MEYER Group is set to continue with this new contract, as acknowledged by MEYER Group CEO, Bernd Eikens.

Carnival Corporation & plc has a diverse portfolio of cruise lines, including AIDA Cruises, Costa Cruises, Cunard, Holland America Line, P&O Cruises (Australia), P&O Cruises (UK), Princess Cruises, and Seabourn. This order is the only expected newbuild for the year 2027 and is a part of the company's long-term growth and sustainability strategy.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

The information for this report is based on a press release statement.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.