Meanwhile, Carnival’s fleet has shrunk by 11 per cent as older and less fuel-efficient ships were sold or retired. Passenger capacity is about the same, as newly added ships are larger.
Carnival shares trade as if more trouble lies ahead. The stock is down more than 80 per cent since December 2019 — the worst performer among the three big cruise companies — and recently touched a 30-year bottom. Chief executive Ethan Brown maintains that plant-based meat will eventually replace the real thing. Investors are far from convinced; the stock has fallen about 95 per cent from its peak in 2019 and short interest accounts for around 40 per cent of the available shares.Carvana Co.
In the past 12 months, used-vehicle prices have tumbled 14 per cent, according to Manheim, the U.S.’s largest wholesale car auction. Manheim owner Cox Automotive Inc. expects pre-owned sales and prices to fall even more in 2023.