Carnival Starts Selling Its Ships to Reduce Costs
Still battling the economic riptides and shoals of the COVID-19 pandemic, Carnival (NYSE: CCL) is currently in the process of selling six of its cruise ships and intends to divest itself of more, according to an update today. The troubled cruise line is attempting to cut costs as sailing dates get postponed and bookings fail to rebound quickly to pre-coronavirus levels.
Maintaining cruise ships in operation is a costly matter, with expenses running at around $1 billion per month when the whole fleet is operational versus $250 million monthly when docked and shut down. Currently, about 60% of Carnival's fleet is paused, with the remainder still on the ocean, though the situation is somewhat improved from mid-May when 100,000 cruise line employees were trapped at sea.
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Source Fool.com
