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

MIAMI, May well fourteen, 2020 /PRNewswire/ — Carnival Company & plc (NYSE/LSE: CCL NYSE: CUK), the world’s major leisure vacation firm and cruise operator, introduced right now a range of added steps it is using to further more reinforce its liquidity placement in the event of an extended pause in visitor operations due to COVID-19.

Carnival Company was the first to pause the visitor cruise operations of some of its models in the experience of the effects of the COVID-19 world pandemic, adopted on March thirteenth by the rest of its models and the other cruise corporations. That action was taken in advance of continue to be-at-household or shelter-in-spot was executed in the U.S. and in advance of U.S. inns, airlines, dining establishments and other sorts of community gathering or transportation started shutting down or restricting service.

Very last thirty day period the firm finished a profitable funding work with a seriously oversubscribed providing of senior secured notes, senior convertible notes and prevalent inventory, netting $6.four billion of added liquidity. To further more reinforce liquidity, Carnival Company and its models are announcing a blend of layoffs, furloughs, reduced function weeks and wage reductions across the firm, including senior administration. These moves will add hundreds of tens of millions of dollars in dollars conservation on an annualized basis.

Given that the firm paused its visitor cruise operations in early March, workforce changes had been largely positioned on keep, even in the experience of no meaningful revenue, to forestall the economic effects on its workers even though continue to meeting its fiscal tasks – deferring worker steps past that of quite a few other individuals in very similar predicaments throughout this pandemic. The firm carries on to support its vacation agent associates by paying out commissions on canceled cruises and on long term cruise credits when visitors rebook. 

In addition to its continuing attempts to repatriate the quite a few thousands of crew users continue to on its ships to their household international locations, the firm is also operating carefully with governments, regulatory agencies, health and fitness and infectious sickness care experts around the world to acquire the finest practice community health and fitness protocols to address the danger of COVID-19 for when visitor operations resume. Repatriation attempts include things like chartered flights as perfectly as rerouting its ships to crew household ports exactly where individuals ships would not have if not sailed. The firm is also operating carefully with its quite a few place associates as it carries on to evaluate the finest alternatives and safety protocols for return to service.

“Using these really hard worker actions involving our very focused workforce is a quite tough factor to do. Regretably, it can be needed, offered the existing very low degree of visitor operations and to further more endure this pause,” claimed Carnival Company & plc President & CEO Arnold Donald. “We care deeply about all our workers and understanding the effects this is obtaining on so quite a few strengthens our solve to do every little thing we can to return to operations when the time is proper. We seem ahead to the working day when quite a few of individuals impacted are returning to function with us and we seem ahead to the working day, when proper, that the moment once again our ships and crew are delighting tens of millions of people today at sea and we can be there for the quite a few nations and tens of millions of people today who depend on the cruise marketplace for their livelihood.

Extra Donald, “We also want to thank our visitors for their quite a few thoughtful notes and over-all outpouring of support. It is obvious there is tremendous anticipation for a return to cruising. It is also encouraging to be aware that the the greater part of visitors afflicted by our agenda changes want to sail with us at a afterwards date, with less than 38 p.c requesting refunds to date. Our booking trends for the first fifty percent of 2021, which continue being within historic ranges, exhibit the resilience of our models and the strength of our loyal recurring client base, of which sixty six{46dd52bca0123ad67b2d1222819e83fd0a56e45ca5068239f05f0c514f1e20f9} are repeat cruisers.  In addition, we approach to stagger fleet reentry to optimize desire and functioning efficiency more than time.”

The cruise marketplace is a substantial contributor to the U.S. and world tourism sectors, in accordance to the Cruise Traces Worldwide Affiliation (CLIA), with economic effects in the U.S. exceeding perfectly more than $50 billion in overall contributions. On a world scale, the economic output due to the cruise marketplace carries on to make new work and earnings, generating a overall world output of more than $a hundred and fifty billion and supporting more than 1.2 million overall work.

About Carnival Company & plc
Carnival Company & plc is the world’s major leisure vacation firm with a portfolio of nine of the world’s leading cruise strains. With operations in North America, Australia, Europe and Asia, its portfolio characteristics Carnival Cruise Line, Princess Cruises, Holland America Line, Seabourn, P&O Cruises (Australia), Costa Cruises, AIDA Cruises, P&O Cruises (United kingdom) and Cunard.

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Supply Carnival Company & plc

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