Cruise operators’ stocks are slumping after Carnival Corp. CCL, -7.89% on Friday warned of rising fuel prices that impacted the company’s earnings. Carnival’s stock plunged 8% in early-afternoon trading, while shares of Royal Caribbean Group RCL, -3.06% dipped 3%. Norwegian Cruise Line Holdings’ stock tumbled 5%.
“While we’ve experienced volatility in fuel prices before, there’s only been one other period in the last 15 years that our fuel price has been this level,” Carnival Chief Executive Josh Weinstein told analysts on a conference call. The company is working on reducing fuel use by making its fleet more efficient and the routes of its voyages less fuel intensive, he added.
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Carnival earnings to focus on margins, fuel costs amid cruise travel boomA surge in global oil prices, as well as higher labor and marketing costs, could eat further into profits for the world’s biggest cruise line operator.
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