Carnival to sell $500m in shares as cruises restart

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Carnival has posted record operating income and revenue despite the closure of Baltimore port following the collapse of the Francis Scott Key Bridge.
Carnival has posted record operating income and revenue despite the closure of Baltimore port following the collapse of the Francis Scott Key Bridge.

Cruise giant Carnival today said that it would sell $500m (£359.6m) worth of shares as it seeks to raise yet more cash amid the coronavirus pandemic.

Over the last year the firm has already raised $2.5bn in order to stay afloat while sailings were cancelled due to travel restrictions.

As of last week, however, Carnival has begun to restart cruise operations in the US, with both staff and passengers fully vaccinated.

But due to enhanced hygiene measures, cruise operators are expected to burn yet more cash in the coming season.

Carnival said that it would use the proceeds from the raise to buy shares in UK subsidiary Carnival Plc, and for “general corporate purposes”.

Shares in Carnival Corp dropped 4.8 per cent today.