Carnival Corporation & plc
|Carnival Cruise Line (an existing subsidiary; Carnival Corporation)|
P&O Princess Cruises (Carnival plc)
|Dual-listed public company|
|Traded as||NYSE: CCL|
S&P 500 Component (CCL)
FTSE 100 Constituent
|Founded||1972 (as Carnival Cruise Line, now a subsidiary)|
1993 (as Carnival Corporation)
2003 (as Carnival Corporation & plc)
Arnold W. Donald
(President and CEO)
|Revenue||US$18.88 billion (2018)|
|US$3.32 billion (2018)|
|US$3.15 billion (2018)|
|Total assets||US$42.40 billion (2018)|
|Total equity||US$24.44 billion (2018)|
Number of employees
Carnival Corporation & plc is a British-American cruise operator, currently the world's largest travel leisure company, with a combined fleet of over 100 vessels across 10 cruise line brands. A dual-listed company, Carnival is composed of two companies, Carnival Corporation and Carnival plc, which function as one entity. Carnival Corporation is listed on the New York Stock Exchange and Carnival plc is listed on the London Stock Exchange. As such, Carnival is the only company in the world to be included in both the S&P 500 and FTSE 100 indices.
- 1 History
- 2 Current operations
- 3 Brands and ships
- 3.1 AIDA Cruises
- 3.2 Carnival Cruise Line
- 3.3 Costa Cruises
- 3.4 Carnival CSSC
- 3.5 Cunard Line
- 3.6 Holland America Line
- 3.7 P&O Cruises
- 3.8 P&O Cruises Australia
- 3.9 Princess Cruises
- 3.10 Seabourn Cruise Line
- 3.11 Former brands
- 4 Repeated violations of environmental laws
- 5 Notable ships
- 6 References
- 7 External links
Carnival Corporation was founded as Carnival Cruise Line in 1972. The company grew steadily throughout the 1970s and 1980s, making an initial public offering on the New York Stock Exchange in 1987. The capital generated was used to finance acquisitions, and between 1989 and 1999, the company acquired Holland America Line, Windstar Cruises, Westours, Seabourn Cruise Line, Costa Cruises and Cunard Line. The name Carnival Corporation was adopted in 1993, to distinguish the parent company from its flagship cruise line subsidiary.
P&O Princess Cruises plc was formed in 2000, following the demerger of the cruise ship division of the P&O group. Originating as the Peninsular and Oriental Steam Navigation Company in England in 1837, P&O operated the world's first commercial cruise ships. Restructuring of the P&O group in the 20th century led to its cruise operations being rebranded as P&O Cruises and P&O Cruises Australia, with the company acquiring Princess Cruises in 1974. Following the demerger in 2000, the company also acquired AIDA Cruises, as well as establishing the A'Rosa Cruises and Ocean Village brands.
In 2003, Carnival Corporation acquired P&O Princess Cruises plc. It was agreed that P&O Princess Cruises plc would remain a separate company, listed on the London Stock Exchange and retaining its British shareholder body and management team. The company was renamed Carnival plc, with the operations of the two companies merged into one entity. Carnival Corporation and Carnival plc jointly own all the operating companies in the Carnival group. Prior to Carnival Corporation's acquisition, P&O Princess Cruises plc had agreed to a merger with Royal Caribbean Cruises Ltd. The deal unraveled as Carnival Corporation initiated a hostile takeover with improved terms for British shareholders.
In October 2015, CSSC Carnival Cruise Shipping, a joint venture between Carnival, the China Investment Corporation, and the China State Shipbuilding Corporation, was founded, with operations expected to commence in 2019.
In March 2018, Carnival Corporation announced its intention to invest in the construction of a new terminal in the port of Sasebo, Japan. It is expected to open in 2020. In June 2018, Carnival Corporation announced that it had acquired the White Pass & Yukon Route port, railroad and retail operations in Skagway, Alaska.
The Carnival group comprises nine cruise line brands and one cruise experience brand operating a combined fleet of 104 ships.
The following operating companies have full executive control of the Carnival brands in their portfolio, with the exception of CSSC Carnival Cruise Shipping in which 40% is controlled:
Carnival of the Americas
- Carnival Cruise Line - headquarters in Miami, Florida, USA
Carnival United Kingdom
Holland America Group
- Holland America Line - headquarters in Seattle, Washington, USA
- Princess Cruises - headquarters in Santa Clarita, California, USA
- Seabourn Cruise Line - headquarters in Seattle, Washington, USA
- P&O Cruises Australia - headquarters in Sydney, Australia
- Carnival Australia - headquarters in Sydney, AU
- Carnival Cruise Shipping - headquarters in Hong Kong, China
Brands and ships
AIDA Cruises originated from the state-owned German shipping conglomerate Deutsche Seereederei, established in Rostock, Germany in 1952. The company entered the passenger market in the 1960s, but after the unification of Germany in 1990, the company was privatised and its passenger ships acquired by Deutsche Seetouristik. In 1996, the company launched its first new cruise ship AIDA, but after failing to achieve a profit, the ship was sold to Norwegian Cruise Line, continuing operations under a charter agreement. In 1999, Deutsche Seetouristik was acquired by British shipping company P&O, with the AIDA name being repurchased from NCL. P&O subsequently formed AIDA Cruises as a subsidiary brand, with two new ships ordered to form a fleet. AIDA was renamed AIDAcara, with AIDAvita and AIDAaura launched in 2002 and 2003 respectively.
AIDA Cruises ships
Carnival Cruise Line
Carnival Cruise Line was founded in 1972 as a subsidiary of American International Travel Service (AITS), by Ted Arison and Meshulam Riklis. Due to mounting debts, Riklis sold his stake in the company to Arison for $1 in 1974. However through the acquisition of existing ships, the company continued to grow and, in 1980, Carnival ordered its first new commission, the Tropicale, which was completed in 1981/2. Three further ships were commissioned during the 1980s, the Holiday (1985), Jubilee (1986) and Celebration (1987). In 1987, Carnival completed an initial public offering of 20 percent of its common stock on the New York Stock Exchange, raising approximately $400m in capital. The capital raised was used to finance acquisitions, so in 1993 the business was restructured as a holding company, under the name Carnival Corporation, with Carnival Cruise Line becoming its principal subsidiary.
Carnival Cruise Line ships
- Carnival Breeze
- Carnival Conquest
- Carnival Dream
- Carnival Ecstasy
- Carnival Elation
- Carnival Fantasy
- Carnival Fascination
- Carnival Freedom
- Carnival Glory
- Carnival Horizon
- Carnival Imagination
- Carnival Inspiration
- Carnival Legend
- Carnival Liberty
- Carnival Magic
- Mardi Gras (future)
- Carnival Miracle
- Carnival Panorama (future)
- Carnival Paradise
- Carnival Pride
- Carnival Sensation
- Carnival Spirit
- Carnival Splendor
- Carnival Sunshine
- Carnival Triumph
- Carnival Valor
- Carnival Victory
- Carnival Vista
Costa Cruises originates from a cargo shipping company founded by Giacomo Costa fu Andrea in Genoa, Italy in 1854. Better known as Costa Line or C Line by the 1920s, its first passenger carrier was Maria C, a former U.S. Navy stores ship that was partly converted for passenger use and served various routes to North and South America from 1947 to 1953. The company's first dedicated passenger ship was the Anna C, a cargo vessel that was requisitioned for war time use by the Royal Navy and refitted as an accommodation ship before returning to merchant use. Costa purchased the ship in 1947 and it operated between Italy and South America from 1948, later converting to full-time cruising and serving with the company until 1971. From the late 1960s until the 1980s, Costa rapidly developed its passenger operations into what we now recognise as modern cruise ships. Subsequently, in 1987, it consolidated its cruise ship operations into a new company, Costa Cruises, which at its peak, was the largest cruise ship operator in the world. The takeover of Costa Cruises by Carnival Corporation began in 1997, as a 50/50 deal between Carnival and the British tour operator Airtours.
Costa Cruises ships
- Costa Atlantica
- Costa Deliziosa
- Costa Diadema
- Costa Fascinosa
- Costa Favolosa
- Costa Firenze (future)
- Costa Fortuna
- Costa Luminosa
- Costa Magica
- Costa Mediterranea
- Costa neoRiviera
- Costa neoRomantica
- Costa Pacifica
- Costa Serena
- Costa Smeralda (future)
- Costa Toscana (future)
- Costa Victoria
- Costa Venezia
CSSC Carnival Cruise Shipping (Carnival China) is a Chinese-American cruise line that is scheduled to begin operation in 2019. CSSC Carnival was founded in October 2015 as a joint venture, worth about $4 billion over ten years, between American cruise line Carnival Corporation & plc, Chinese sovereign wealth fund China Investment Corporation, and Chinese shipbuilder China State Shipbuilding Corporation (CSSC). CSSC Carnival is headquartered in Hong Kong and is majority owned by the Chinese shareholders, which collectively own 60% of the company, with Carnival holding the remainder.
The second oldest brand in the Carnival group after P&O Cruises, Cunard Line originates from 1840 and celebrated its 179th anniversary in 2019. It was founded by Samuel Cunard, who was awarded the first trans-Atlantic mail contract in 1837 and established the British and North American Royal Mail Steam-Packet Company in 1840. After initially dominating the trans-Atlantic route, the need for new capital led to the company being re-organised as the Cunard Steamship Company Ltd in 1879. The early 1900s saw increased competition for speed, particularly from Germany, which led the British government to subsidise the building of Mauretania and Lusitania, which both won the Blue Riband. Competition continued to increase however and by the early 1930s, Cunard was experiencing financial difficulties. To secure further government subsidy, it agreed to merge with its chief rival White Star Line, to form Cunard-White Star Line in 1934. Cunard later purchased the remaining White Star shares in 1947, reverting to the name Cunard Line in 1949. Cunard continued to operate independently until 1971, when it was acquired by the conglomerate Trafalgar House, which was in turn taken over by the Norwegian company Kværner in 1996. In 1998, Carnival Corporation purchased a controlling stake in Cunard, completing the acquisition in 1999 to become sole shareholder. Since that time, Cunard has been one of Carnival's most high-profile brands, with the continued popularity of the famous Queen Elizabeth 2 and the development of the world's largest trans-Atlantic Ocean liner Queen Mary 2, which continues to be the flagship of the fleet.
Cunard Line ships
Holland America Line
Holland America Line originated as Plate, Reuchlin & Company, founded in Rotterdam, Netherlands, in 1871. Initially struggling to survive, the company went public in 1873, renamed Nederlandsch Amerikaansche Stoomvaart Maatschappij (NASM). The company grew quickly in the early years, acquiring several new ships, including SS Rotterdam, which operated the company's first passenger cruise in 1895. The company also quickly became known by its shortened English name, Holland America Line, which was officially adopted in 1869. By the early 1900s, the company had separated its cargo and passenger operations, with its passenger ships being identifiable by names ending with dam, a tradition which continues with Holland America cruise ships today. The development of container shipping in the 1960s, forced the company to make a decision between investing in new cargo ships, or cruise ships. It ultimately sold its cargo operations, becoming exclusively a cruise ship company in 1973. Holland America continued to thrive well into the 1980s, consolidating its business with the acquisitions of Westours, Windstar Cruises and Home Lines. In 1989 however, it was itself the subject of an acquisition, when it was purchased in full by Carnival Corporation.
Holland America Line ships
P&O Cruises was founded in 1977 as a subsidiary of the shipping and logistics company P&O, which was founded in 1837 and first operated cruises in 1844. Therefore P&O Cruises, along with its sister company P&O Cruises Australia, has the oldest heritage of any cruise line in the world. In 2000, P&O Cruises de-merged from P&O, becoming a subsidiary of P&O Princess Cruises, which in 2003 merged with Carnival Corporation to form Carnival Corporation & plc. P&O Cruises is based in Southampton, England, and operates a fleet of six ships, dedicated to serving the British market.
P&O Cruises ships
P&O Cruises Australia
- Caribbean Princess
- Coral Princess
- Crown Princess
- Diamond Princess
- Emerald Princess
- Enchanted Princess (future)
- Golden Princess
- Grand Princess
- Island Princess
- Majestic Princess
- Pacific Princess
- Regal Princess
- Royal Princess
- Ruby Princess
- Sapphire Princess
- Sea Princess
- Sky Princess (future)
- Star Princess
- Sun Princess
Seabourn Cruise Line
- Seabourn Encore
- Seabourn Odyssey
- Seabourn Ovation
- Seabourn Quest
- Seabourn Sojourn
- Seabourn Venture (future)
- A'Rosa Cruises - Established by P&O Princess in 2001, sold following the Carnival merger in 2003
- Fathom - Established by the Carnival Corporation in 2015 - Ended cruise operations in 2017. Its functions were reduced to operating as a tour group until the end of 2018.
- Fiesta Marina Cruises - Established by Carnival Corp in 1993, liquidated in 1994. The sole ship was sold to the Epirotiki Line.
- Ibero Cruises - Established by Carnival Corp in 2003, liquidated in 2014 with ships transferred to Costa Cruises and Cruise & Maritime Voyages.
- Ocean Village - Established by P&O Princess in 2003, liquidated in 2010 with ship transferred to P&O Cruises Australia
- Swan Hellenic - P&O Princess subsidiary since 1983, liquidated in 2007 with ship transferred to Princess Cruises
- Windstar Cruises - Carnival subsidiary since 1989, sold to Ambassadors International in 2007.
Repeated violations of environmental laws
In 2002 the Carnival Corporation pleaded guilty in United States District Court in Miami to criminal charges related to falsifying records of the oil-contaminated bilge water that six of its ships dumped into the sea from 1996 through 2001. The Carnival Corporation was ordered to pay $18 million in fines and perform community service, received five years' probation and must submit to a court-supervised worldwide environmental-compliance program for each of its cruise ships.
For dumping oiled waste into the seas and lying to cover it up Princess Cruise Lines was fined $40 million in 2016. According to federal authorities, it was the "largest-ever criminal penalty" for intentional vessel pollution. Officials said that these practices began in 2005 and persisted until August 2013, when a newly hired engineer blew the whistle. As part of its plea agreement, ships of the parent company Carnival Cruise lines were subjected to a court supervised environmental compliance plan for five years.
For violation of the probation terms of 2016 Carnival and its Princess line were ordered to pay an additional $20 million penalty in 2019. The new violations included discharging plastic into waters in the Bahamas, falsifying records and interfering with court supervision.
Carnival has various notable ships, including:
- Queen Mary 2 – The largest in a line of 'Cunard Queens', the prestigious transatlantic ocean liners.
- Carnival Destiny – The first cruise ship to be built over 100,000-GT and also the first cruise ship to exceed the largest ocean liner in size.
- Star Princess – Received media attention when a large fire ripped through berths in March 2006.
- Aurora – The last ship with an original design to be built for and enter the UK market.
- Britannia – Based on the Royal Princess, the largest cruise ship ever built for the UK market.
- Carnival Magic – The line's 100th ship when it debuted in May 2011.
- Carnival Splendor – Suffered Engine Room Fire on 8 November 2010, which left it without power and drifting in the Pacific Ocean, off the coast of Mexico. Later towed to San Diego, CA.
- Carnival Triumph – Suffered Engine Room Fire on 10 February 2013, which left it without power and drifting in the Gulf of Mexico, off the coast of Mexico. Later towed to Mobile, AL.
- AIDAnova – First Full LNG-powered cruise ship.
- Queen Elizabeth 2 – The flagship of Cunard Line when acquired by Carnival Corporation. She was sold to Istithmar World in 2008.
- Rotterdam – The flagship of Holland America Line for 40 years. She was sold to Premier Cruises in 1997 and renamed Rembrandt. She currently operates under her original name as a floating hotel and museum in Rotterdam, Netherlands.
- Costa Concordia – She struck a rock and sank off the coast of Isola del Giglio, Italy in 2012, in the Costa Concordia disaster. 32 passengers and crew members were killed, along with 1 salvage operator, while 64 other people were injured.
- Adonia – First cruise ship to sail to Cuba from the United States mainland since the United States embargo against Cuba over 40 years ago. She was sold to Azamara Club Cruises in 2018 and renamed Azamara Pursuit.
- Oriana – The first cruise ship commissioned for the UK market. She was sold to Astro Ocean in 2019 and renamed Piano Land.
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- Carnival Corporation website
- Business data for Carnival Corporation & plc: