With its shares up by a whopping 127% this year, Carnival Corp. (NYSE: CCL) is no doubt making a lot of shareholders happy. But while the international cruise operator has made great strides since the depths of the pandemic, it is still far from reaching safe waters. That's because while growth and profitability are improving, management of its huge debt load remains an uphill battle.

Let's explore what's ahead for the cruise line and whether it has a chance to navigate to a better place next year.

The COVID-19 pandemic hit few industries harder than ocean cruising -- particularly after a no-sail order by the Centers for Disease Control and Prevention (CDC) grounded U.S. operations for much of 2020 and 2021. That said, Carnival's third-quarter earnings demonstrate how far the company has recovered from this challenging period.

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Source Fool.com