Profile: Carnival Corp (CCL)
11 Mar 2014
Carnival Corporation, incorporated on November 21, 1974, is a cruise company. The Company operates in two segments: North America and Europe, Australia & Asia (EAA). Its North America segment cruise brands include Carnival Cruise Lines, Holland America Line, Princess Cruises (Princess) and Seabourn. Its EAA segment cruise brands include AIDA Cruises (AIDA), Costa Cruises (Costa), Cunard, Ibero Cruises (Ibero), P&O Cruises (Australia) and P&O Cruises (United Kingdom). In addition to its cruise brands, it has a Cruise Support segment that includes its cruise port and related facilities located in Cozumel, Mexico; Grand Turk, Turks and Caicos Islands and Roatn, Honduras. In addition to its cruise operations, it owns Holland America Princess Alaska Tours, a tour company in Alaska and the Canadian Yukon. As of November 30, 2012, tour company owned and operated, among other things, 12 hotels or lodges, over 300 motorcoaches and 20 domed rail cars. As of January 22, 2013, the Company had signed agreements in place for the construction of nine cruise ships with three shipyards.
During the fiscal year ended November 30, 2012 (fiscal 2012), the Company was involved in the development, enhancement and/or financing of Government-owned and operated cruise port facilities in Galveston, Texas; Miami, Florida; New York City, New York; Port Everglades, Florida; San Juan, Puerto Rico and St. Maarten, Kingdom of the Netherlands. It also operated, leased or owned port facilities or had interests in joint ventures that operate leased or owned port facilities in Barcelona, Spain; Civitavecchia, Naples, Savona and Trieste, Italy; Hamburg, Germany; Juneau, Alaska; Long Beach, California and Marseilles, France for the benefit of its cruise brands. The Company also operated, leased or owned port facilities that it developed as destinations in Cozumel, Mexico; Grand Turk, Turks and Caicos Islands and Roatan, Honduras, which are all included in its Cruise Support segment, as well as private island destinations in The Bahamas. It owns a 40% interest in Grand Bahamas Shipyard Ltd. (GBSL), which is the cruise ship dry-dock repair facility, to support its ship maintenance programs.
As of January 22, 2013, the Company’s North America brands represented 61% of its total passenger capacity. As of January 22, 2013, four ships under construction, with almost 13,800 lower berths, have been designated for its North America brands. The Company’s Carnival Cruise Lines operated 24 ships as of November 30, 2012. Carnival Cruise Lines is the provider of year-round Caribbean cruises and also operates seasonal cruises in Mexico, Europe, New England, Canada, Alaska, the Baltics, Hawaii, South America, the British Isles and Panama. Princess is a cruise line in destinations, including Europe, Alaska, Australia, Asia, Panama Canal, Hawaii and South America. Some of Princess’ Caribbean cruise offerings feature a private island destination that Princess leases and operates, known as Princess Cays, which is located on the island of Eleuthera in The Bahamas.
As of November 30, 2012, Holland America Line operated a fleet of 15 ships. Holland America Line calls on 371 destinations in 99 countries and territories on all seven continents, including Antarctica. Holland America Line offers Grand Voyages up to 75 days, plus an annual Grand World Voyage of over 100 days. All of Holland America Lines’ ships have Culinary Arts Centers presented by Food & Wine magazine, where it provides cooking demonstrations, private cooking lessons, wine tastings and lifestyle seminars. Seabourn provides cruising vacations on smaller ships. Seabourn’s ships cruise to destinations worldwide, including Europe, Asia, the South Pacific Islands, Australia and the Americas, with cruises generally from seven to 14 days, with some of longer length, including a 100-plus-day world cruise. As of November 30, 2012, Seabourn operated three 450-passenger capacity and three 212-passenger capacity ships.
Europe, Australia & Asia
As of January 22, 2013, its Europe brands represented 39% of its total passenger capacity. As of January 22, 2013, five ships under construction, with over 16,000 lower berths, have been designated for its Europe brands, with three for AIDA and one each for Costa and P&O Cruises United Kingdom. Cunard sources its guests from the United Kingdom, North America and Germany. P&O Cruises (UK)’s ships visit over 200 destinations worldwide, with cruises generally from seven to 15 days, with a number of longer voyages, including three world cruises of over 80 days. P&O Cruises (UK)’s summer cruises primarily depart from Southampton, England to the Mediterranean, Scandinavia and the Baltic Sea, New England and Canada, the Atlantic Isles and the Caribbean. In the winter, P&O Cruises (UK) offers world cruises, cruises from the Caribbean, cruises departing from Southampton, England primarily to the Mediterranean Sea and the Canary Islands and world cruises. Cunard, operates three ships, Queen Elizabeth, Queen Mary 2 and Queen Victoria. Most of Cunard’s voyages are from 7 to 14 days with two world cruises of over 105 days. In addition, Cunard ships have British-styled shipboard amenities, such as libraries, traditional British pubs and theaters.
The Company’s Costa and Ibero cruise brands market to, and provide cruise vacations in, South America, principally during the Northern Hemisphere’s winter months. Costa is Italy’s and Europe’s cruise line. In fiscal 2012, Costa took delivery of one new cruise ship, Costa Favolosa, and operated 14 contemporary ships. In Germany, where the Company owns and operates AIDA, Costa offers a cruise product catering to an older age. Costa calls on 250 ports around the world, with 150 different itineraries, with cruises from seven to 11 days. In the summer, Costa deploys its ships in the Mediterranean and Northern Europe areas. In the winter, Costa deploys its ships in South America, the Mediterranean, the Caribbean, the Arabian Gulf and the Red Sea. AIDA operated nine contemporary ships during fiscal 2012. AIDA offers its guests cruises generally from 5 to 14 days, while calling on approximately 185 ports. During the summer, the AIDA ships sail in the North Sea, the Baltic Sea, the Mediterranean, the Black Sea, New England and Canada. During the winter, AIDA ships sail in the Caribbean, Central America, South America, the Atlantic Isles, the Western Mediterranean, the Far East, the Arabian Gulf and the Red Sea.
The Company’s Ibero cruise operated three contemporary cruise ships during fiscal 2011. Primarily all of Ibero’s guests are sourced from Spain, Brazil and Argentina. Ibero’s ships are tailored for Spanish-speaking guests, including Spanish-speaking crew, as well as Mediterranean and Spanish-style food and entertainment. From spring until fall, Ibero’s ships offer seven-day Mediterranean and Northern European sailings. For the Northern Hemisphere’s fall and winter, all of Ibero’s ships are repositioned to South America and offer cruises along the Brazilian and Argentine coasts. Cruises from South America occur during the Southern Hemisphere summer months of November through March. Costa and Ibero operate an aggregate of seven ships from home ports in Brazil and Argentina from November 2012 through March 2013.
Princess deploys two ships on a year-round basis and two ship on a seasonal basis on cruises departing from home ports in Australia. These ships visit the South Pacific Islands, Australia, New Zealand and Asia and the cruises generally are from 11 to 17 days, with one world cruise of over 100 days. During fiscal 2012, Costa Asia operated Costa Classica, a 1,928-passenger capacity cruise ship. Costa Asia’s ship is for Chinese-speaking guests. During the summer months, Costa Asia offers cruises departing from Shanghai and calling on ports in South Korea and Japan, appealing destinations for its Chinese guests. During the winter, Costa Asia sails from Hong Kong calling on ports in Vietnam and Taiwan. During the non-peak Chinese vacation months, Costa Asia offers longer Far East cruises primarily to Europeans.
The Company competes with Royal Caribbean Cruises Ltd., Celebrity Cruises, Azamara Club Cruises, CDF Croisieres de France, Pullmantur, Norwegian Cruise Line and MSC.
3655 N.W. 87th Avenue
MIAMI FL 33178-2428
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