Carnival Corporation Announces Additional Steps to Further Strengthen Ability to Manage through Extended Pause in Guest Operations

MIAMI, May fourteen, 2020 /PRNewswire/ — Carnival Company & plc (NYSE/LSE: CCL NYSE: CUK), the world’s largest leisure travel enterprise and cruise operator, announced currently a variety of added actions it is using to more improve its liquidity place in the function of an prolonged pause in visitor functions thanks to COVID-19.

Carnival Company was the first to pause the visitor cruise functions of some of its brands in the confront of the effects of the COVID-19 international pandemic, followed on March thirteenth by the relaxation of its brands and the other cruise firms. That action was taken ahead of stay-at-household or shelter-in-location was implemented in the U.S. and ahead of U.S. accommodations, airways, eating places and other varieties of community accumulating or transportation began shutting down or restricting services.

Last month the enterprise accomplished a thriving funding effort with a greatly oversubscribed offering of senior secured notes, senior convertible notes and frequent stock, netting $6.four billion of added liquidity. To more improve liquidity, Carnival Company and its brands are saying a combination of layoffs, furloughs, lowered function weeks and salary reductions throughout the enterprise, which includes senior administration. These moves will add hundreds of thousands and thousands of bucks in income conservation on an annualized foundation.

Because the enterprise paused its visitor cruise functions in early March, workforce alterations had been mainly placed on maintain, even in the confront of no significant revenue, to forestall the monetary effects on its staff although still assembly its fiscal duties – deferring personnel actions over and above that of many other individuals in related situations all through this pandemic. The enterprise continues to guidance its travel agent associates by shelling out commissions on canceled cruises and on future cruise credits when guests rebook. 

In addition to its continuing efforts to repatriate the many thousands of crew users still on its ships to their household nations around the world, the enterprise is also working closely with governments, regulatory businesses, health and fitness and infectious sickness care experts around the globe to create the ideal follow community health and fitness protocols to address the menace of COVID-19 for when visitor functions resume. Repatriation efforts incorporate chartered flights as perfectly as rerouting its ships to crew household ports wherever individuals ships would not have otherwise sailed. The enterprise is also working closely with its many place associates as it continues to appraise the ideal selections and safety protocols for return to services.

“Using these extremely difficult personnel actions involving our really focused workforce is a really rough factor to do. Sadly, it’s needed, given the present lower stage of visitor functions and to more endure this pause,” reported Carnival Company & plc President & CEO Arnold Donald. “We care deeply about all our staff and knowledge the effects this is acquiring on so many strengthens our resolve to do everything we can to return to functions when the time is suitable. We glimpse ahead to the day when many of individuals impacted are returning to function with us and we glimpse ahead to the day, when acceptable, that at the time once again our ships and crew are delighting thousands and thousands of folks at sea and we can be there for the many nations and thousands and thousands of folks who depend on the cruise business for their livelihood.

Included Donald, “We also want to thank our guests for their many thoughtful notes and all round outpouring of guidance. It is distinct there is large anticipation for a return to cruising. It truly is also encouraging to take note that the bulk of guests influenced by our routine alterations want to sail with us at a afterwards date, with much less than 38 per cent requesting refunds to date. Our reserving trends for the first half of 2021, which continue being inside of historical ranges, show the resilience of our brands and the power of our loyal recurring purchaser foundation, of which 66% are repeat cruisers.  In addition, we approach to stagger fleet reentry to enhance demand from customers and running efficiency above time.”

The cruise business is a significant contributor to the U.S. and international tourism sectors, in accordance to the Cruise Lines Worldwide Association (CLIA), with financial effects in the U.S. exceeding perfectly above $50 billion in whole contributions. On a international scale, the financial output thanks to the cruise business continues to develop new positions and money, generating a whole international output of above $a hundred and fifty billion and supporting above one.two million whole positions.

About Carnival Company & plc
Carnival Company & plc is the world’s largest leisure travel enterprise with a portfolio of nine of the world’s foremost cruise strains. With functions in North America, Australia, Europe and Asia, its portfolio capabilities Carnival Cruise Line, Princess Cruises, Holland America Line, Seabourn, P&O Cruises (Australia), Costa Cruises, AIDA Cruises, P&O Cruises (British isles) and Cunard.

Added details can be found on www.carnival.com, www.princess.com, www.hollandamerica.com, www.seabourn.com, www.pocruises.com.au, www.costacruise.com, www.aida.de, www.pocruises.com and www.cunard.com.

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Resource Carnival Company & plc

Roger Frizzell, Carnival Company, [email protected], (305) 406-7862 Mike Flanagan, LDWW, [email protected], (727) 452-4538