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Carnival Seeks to Have All Ships on the Water by Next Spring

'Forty-two ships, representing over half of our capacity, have been scheduled to return' by Nov. 30, Carnival CEO Arnold Donald says.
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Cruise giant Carnival  (CCL) - Get Report said Thursday that it sought to return all 91 of its ships to the water by next spring.

"We are working aggressively on our path to return our full fleet to operations by next spring,” Chief Executive Arnold Donald said in a statement.

“So far, we have announced that 42 ships, representing over half of our capacity, have been scheduled to return to serving guests by this fiscal year end.” That would be Nov. 30.

“We are currently evaluating various deployment options with a focus on maximizing cash flow, while delivering a great guest experience and serving the best interests of public health,” the Miami company's CEO said.

Carnival stock recently traded at $27.71, down 1.6%.

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The entire cruise industry was shut down during the coronavirus pandemic.

The company estimates a net loss of $2.1 billion for its fiscal 2021 second quarter, ended May 31.

And it sees an adjusted loss of $2 billion. The adjusted loss compares with the Bloomberg analyst forecast range of $1.14 billion to $2.09 billion.

Carnival ended the latest quarter with $9.3 billion of cash and short-term investments, which it said was sufficient liquidity to return to full cruise operations.

Earlier this month, the company confirmed plans to restart passenger voyages in July. Carnival said cruises from its port in Galveston, Texas, will begin on July 3 via its Carnival Vista vessel, with the Carnival Breeze launching on July 15 from the Port of Miami.

On June 14, TheStreet.com Founder Jim Cramer cited Carnival as a candidate for buying on a dip.