Carnival Loses $4.4 Billion As Coronavirus Sinks Cruise Industry

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Carnival reported a record $4.4 billion in quarterly losses on Thursday, as the COVID-19 pandemic crippled the world’s biggest cruise operator and forced it to take major write-downs on the disposal of now redundant ships.

The Florida-based company said it had $7.6 billion available at the end of May, but was burning $650 million a month as it awaits regulatory approvals for the resumption of some lines in the hope that customers will come back later this year.

The cruise business globally has collapsed after several liners, including some owned by Carnival’s Princess Cruises, became coronavirus hotspots, killing some on board and forcing port quarantines for hundreds more crew and staff.

Read more at THE NY POST.

{Matzav.com}

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