COVID-19 outbreak spells disaster for Carnival Cruise Ship
In February of 2020, a passenger on the Carnival Diamond tested positive for COVID-19 (coronavirus). Afterwards, 700 people on the ship tested positive, making it the largest outbreak at the time outside of China. By March, Carnival shut down operations, which drastically impacted operating income and revenue during 2020, culminating in exceptional operating income losses for 2020. Revenue and operating income declined 73.9% and 362.6%, respectively, due to health and safety regulations halting boat travel. Operations resumed in July of 2021 and in January of 2022, with 67.0% of its total capacity resuming cruise operations. Carnival states that it expects to have its entire fleet in operation by the summer of 2022.
COVIDIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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