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Carnival Corp (NYSE:CCL) shares are trading higher Tuesday. The company announced late Monday that it will consolidate its P&O Cruises Australia brand’s Australia operations into Carnival.
What To Know: After the market close on Monday, Carnival said it will sunset the P&O Cruises Australia brand to further optimize its brand portfolio. The realignment is expected to strengthen the company’s performance in the South Pacific through numerous operational efficiencies.
“Despite increasing Carnival Cruise Line’s capacity by almost 25% since 2019 including transferring three ships from Costa Cruises, guest demand remains incredibly strong so we’re leveraging our scale in an even more meaningful way by absorbing an entire brand into the world’s most popular cruise line,” said Josh Weinstein, CEO of Carnival Corporation.
“In 2019, Carnival Cruise Line was 29% of our total capacity, and when we complete this move early next year, Carnival Cruise Line – our highest-returning brand – will make up approximately 35% of our total global capacity. While our company’s overall growth between 2019 – 2028 is projected to be less than 2% (CAGR), the majority will be for Carnival Cruise Line, which will grow by approximately 50% over that time period.”
The move is the latest in a series of strategic decisions aimed at increasing guest capacity for Carnival. It’s expected to result in the addition of eight new ships to Carnival Cruise Line’s fleet since 2021. The company also recently placed its first new ship order in half a decade for two new Excel-class cruise ships, which will join Carnival Cruise Line in 2027 and 2028.
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CCL Price Action: Carnival shares were up 1% at $16.17 at the time of publication, according to Benzinga Pro.
Photo: Viola from Pixabay.
Posted In: CCL
