Why Carnival, Royal Caribbean, and Norwegian Cruise Line Stocks Rose as the Market Crashed
Cruise ship stocks climbed on Thursday even as U.S. financial markets sank. As of 2:10 p.m. EDT, shares of Carnival (NYSE: CCL) (NYSE: CUK), Royal Caribbean (NYSE: RCL), and Norwegian Cruise Line Holdings (NYSE: NCLH) were up 6%, 4%, and 4%, respectively. The gains were driven in part by Carnival's plans to resume sailings out of Italy this weekend.
Carnival-owned Costa Cruises will restart voyages out of Italy on Sep. 6. Carnival also plans for its AIDA Cruises brand to resume operations out of Germany on Nov. 1. The restart will be gradual, with limited ships, reduced passenger capacity, and enhanced safety measures -- all of which are designed to reduce the probability of more COVID-19 outbreaks aboard Carnival's ships.
Cruise ships are preparing to set sail once again. Image source: Getty Images.
Source Fool.com
