Carnival Corporation & plc

Carnival Corporation & PLC

Type	Publicly Traded Company
Traded as	NYSE: CCL LSE: CCL NYSE: CUK
Industry	Cruise line
Founded	1972, Ted Arison
Headquarters	Carnival Corporation: Miami, Florida, US Carnival plc: Southampton, England, UK
Key people	Micky Arison Chairman and CEO Howard S. Frank Vice Chairman and COO Robert H. Dickinson Senior Director of the Board David Bernstein[disambiguation needed ] Chief Financial Officer
Revenue	US$ 14.469 billion (2010)[1]
Operating income	US$ 2.347 billion (2010)[1]
Net income	US$ 1.978 billion (2010)[1]
Total assets	US$ 37.490 billion (2010)[1]
Total equity	US$ 23.031 billion (2010)[1]
Employees	10,200 employees (2010) 75,000 crew (2010)
Website	CarnivalCorp.com

House flag of Carnival Cruise Line and corporate logo of Carnival Corporation & plc

Carnival Corporation & plc (NYSE: CCL, LSE: CCL, and NYSE: CUK), is a American-British Company, and the world's largest cruise ship operator. It is a dual listed company, with headquarters at Carnival Place in the Miami suburb of Doral, Florida, USA, and at Carnival House in Southampton, England, UK.^[2][3][4] Carnival Corporation and Carnival plc are separate listed companies and have different shareholder bodies, but they jointly own all the operating companies in the group. Carnival Corporation owns the majority stake, however as a condition of the merger between Carnival Corporation and P&O Princess Cruises PLC in 2002, it was agreed that P&O Princess would be relisted as Carnival plc in London, remaining as a separate company with a predominantly British shareholder body and largely retaining the P&O Princess executive team.^[5][6] Carnival Corporation and Carnival plc stocks are currently traded on the London Stock Exchange (LSE: CCL) and the New York Stock Exchange (NYSE: CUK and NYSE: CCL)

Overview

Carnival Corporation & plc comprises eleven individual cruise line brands, operating a combined fleet of over 100 ships, totalling over 190,000 lower berths, and with new ships on order.^[7][2] Executive control of each brand is by geographical location, with Carnival Corporation controlling operations in North America, Carnival UK controlling operations in the United Kingdom and Costa Cruises Group controlling operations in the rest of Europe. P&O Cruises Australia is operated by Carnival UK as a sister company of P&O Cruises.

• AIDA Cruises, Germany
• Carnival Cruise Lines, United States
• Costa Cruises, Italy
• Cunard Line, United Kingdom
• Holland America Line, United States
• Ibero Cruises, Spain
• P&O Cruises, United Kingdom
• P&O Cruises Australia, Australia
• Princess Cruises, United States
• Seabourn Cruise Line, United States

The combined brands of Carnival Corporation control a 51.6% share of the total worldwide cruise market.^[8]

Carnival Corporation

Carnival Place, Carnival Corporation headquarters in Doral, Florida

Carnival Corporation was initially formed in 1972 under the name Carnival Cruise Lines by the late cruise industry pioneer Ted Arison. After achieving its position as one of the world's most popular cruise lines, it made an initial public offering of 20% of its common stock in 1987. This provided an influx of capital that allowed the company to begin its expansion through acquisition. In 1989 its first acquisition was made with the premium operator Holland America Line (this included Windstar Cruises and Holland America Tours) and its second in 1992, of the operator Seabourn Cruise Line. Following this acquisition in 1993, the company changed its name to Carnival Corporation and continued its expansion further into virtually every market segment of the cruise industry with the acquisitions of Cunard Line in 1998 and Costa Cruises in 2000.^[9][10]

Carnival Corporation is the larger of the two holding companies and is incorporated in Panama with its primary stock listing on the New York Stock Exchange (NYSE: CCL). Prior to 17 April 2003 it was a separate company and the market leader in the United States cruise market. CEO Micky Arison, son of the company's founder, and his family own 47% of Carnival Corporation.

In 1988, Carnival Cruise Lines expanded into the world of charter airlines, with the purchase of Pacific Interstate Airlines, which was subsequently renamed Carnival Air Lines in 1989.^[11] The company flew Airbus A300's, Boeing 727's and Boeing 737's on routes between San Juan, Orlando, Miami International Airport and Islip, along with other charter services. In September 1997 the company was purchased by the Pan Am Corporation,^[12] however its rapid expansion and economic troubles led to both Pan Am and Carnival Air Lines filing for bankruptcy and ceased scheduled flights in February 1998.^[13]

Brands & ships

• Carnival Cruise Lines – Carnival Breeze, Carnival Conquest, Carnival Destiny, Carnival Dream, Carnival Ecstasy, Carnival Elation, Carnival Fantasy, Carnival Fascination, Carnival Freedom, Carnival Glory, Carnival Imagination, Carnival Inspiration, Carnival Legend, Carnival Liberty, Carnival Magic, Carnival Miracle, Carnival Paradise, Carnival Pride, Carnival Sensation, Carnival Spirit, Carnival Splendor, Carnival Triumph, Carnival Valor, Carnival Victory
• Holland America Line – Amsterdam, Eurodam, Maasdam, Nieuw Amsterdam, Noordam, Oosterdam, Prinsendam, Rotterdam, Ryndam, Statendam, Veendam, Volendam, Westerdam, Zaandam, Zuiderdam
• Princess Cruises – Caribbean Princess, Coral Princess, Crown Princess, Dawn Princess, Diamond Princess, Emerald Princess, Golden Princess, Grand Princess, Island Princess, Ocean Princess, Pacific Princess, Royal Princess, Ruby Princess, Sapphire Princess, Sea Princess, Star Princess, Sun Princess
• Seabourn Cruise Line – Seabourn Legend, Seabourn Pride, Seabourn Spirit, Seabourn Odyssey, Seabourn Sojourn, Seabourn Quest

Costa Cruises Group

Prior to its acquisition by Carnival Corporation, Costa Cruises was one of the largest cruise ship operators in Europe. As part of the Carnival Corporation and plc, it is now one of the primary operating companies in the group, and is responsible for the group's operations in Europe. It has executive control of Costa Cruises in Italy, AIDA Cruises in Germany and Ibero Cruises in Spain. Control of AIDA Cruises was transferred to Costa following the merger of Carnival and P&O Princess Cruises, the company having previously been part of the P&O Princess portfolio. Ibero Cruises is a new cruise brand created by Carnival Corporation in 2007.

Brands & ships

• Costa Cruises – Costa Allegra, Costa Atlantica, Costa Classica, Costa Concordia, Costa Deliziosa, Costa Fascinosa, Costa Favolosa, Costa Fortuna, Costa Luminosa, Costa Magica, Costa Marina, Costa Mediterranea, Costa Pacifica, Costa Romantica, Costa Serena, Costa Victoria, Costa Voyager
• AIDA Cruises – AIDAaura, AIDAbella, AIDAblu, AIDAcara, AIDAdiva, AIDAluna, AIDAsol, AIDAvita
• Ibero Cruises – Grand Mistral, Grand Celebration, Grand Holiday

Carnival plc

Carnival plc is the UK listed holding company of the Carnival Group. It was formed as a result of the merger between Carnival Corporation and P&O Princess Cruises PLC in 2003.^[14] As a condition of the merger, it was agreed that P&O Princess would remain as a separate company, with a predominantly British shareholder body and largely retaining the P&O Princess executive team. Subsequently, P&O Princess was simply re-listed as Carnival plc, creating a dual listed company. Carnival plc is typically associated with Carnival UK operations, but it also has responsibility for Costa Cruises, Carnival Cruises and Holland America Line, with these companies having offices at Carnival plc headquarters in Gainsford Street, London.

History

See also: Peninsular & Oriental Steam Navigation Company and P&O Princess Cruises PLC

Carnival UK was formed as a result of the merger in 2002, between Carnival Corporation and P&O Princess Cruises PLC. At the time, P&O Princess was the largest cruise ship operator in the United Kingdom, owning the P&O Cruises, P&O Cruises Australia, Princess Cruises, Ocean Village and AIDA Cruises brands. Formerly a constituent of the Peninsular & Oriental Steam Navigation Company, the company originated from the early 19th century and as such, was the oldest cruise ship operator in the world, a title which continues to be applied to the P&O Cruises brand to this day.

The Peninsular & Oriental Steam Navigation Company was founded in 1822 by Brodie McGhie Willcox, a London ship broker, and Arthur Anderson, a sailor from the Shetland Isles in Northern Scotland. It became one of the world's largest shipping and logistics companies and also began operating the world's first passenger liners; the forerunner of modern cruise ships. P&O expanded its passenger services in the post war era after 1945, most notably commissioning fifteen purpose built passenger vessels, including SS Himalaya, SS Chusan, SS Arcadia (1954), SS Iberia (1954) and culminating in it last and largest, SS Canberra in 1961. P&O continued to expand throughout the latter half of the 1900s, most notably expanding its passenger and cruise operations with the acquisitions of Princess Cruises and Sitmar Cruises in the 1970s and 1980s. In 1999, the company entered the German cruise market with the acquisition of a majority stake in AIDA Cruises, completing a buy-out of the company in 2000.^[15]

On 23 October 2000, P&O demerged its cruise ship operations, to form P&O Princess Cruises PLC.^[16] The newly formed company immediately became the largest cruise ship operator in the United Kingdom and in 2002, it announced the introduction of the Ocean Village brand, which commenced operations in May 2003.^[17] However, by this time, the company had already agreed to merge with Carnival Corporation, and as a result, P&O Princess Cruises PLC was re-registered as Carnival plc and its operations integrated with Carnival Corporation, taking control of the groups UK operations. Control of its North American based Princess Cruises brand was transferred to Carnival Corporation, control of German based AIDA Cruises was transferred to Costa Cruises, and Carnival UK took control of Southampton based Cunard Line, which had been acquired by Carnival Corporation in 1998/99.^[18][19]

Carnival UK

Carnival House, Southampton, England. Headquarters of Carnival UK

Carnival UK is the primary operating company of Carnival PLC and one of the major operating companies within the Carnival Group. It consists mainly of the former P&O Princess brands and has executive control of P&O Cruises, P&O Cruises Australia, Cunard Line and until 2010 Ocean Village, it also markets and sells the Princess Cruises & Yachts of Seabourn brands in the UK. The Managing Director and CEO of Carnival UK is David Dingle CBE.^[20] Since July 2009, the company has been based in purpose built corporate headquarters at Carnival House in Southampton, England.^[21] Carnival Corp & PLC has other offices in the UK for other operating companies.

Brands & ships

• P&O Cruises – Adonia, Arcadia, Aurora, Azura, Oceana, Oriana, Ventura
• P&O Cruises Australia – Pacific Dawn, Pacific Jewel, Pacific Sun, Pacific Pearl
• Cunard Line – Queen Mary 2, Queen Victoria, Queen Elizabeth
• Ocean Village – Brand ceased trading October 2010

Developments

• In 2007, Carnival sold Windstar to Ambassadors International Cruise Group^[22] and Swan Hellenic to Lord Sterling in 2007.^[23]
• In 2009, Carnival UK announced that the Ocean Village brand will cease trading in 2010, with its two ships transferring to P&O Cruises Australia.^[24]
• In 17 February 2010, Carnival and Fincantieri reached an agreement for the construction of a pair of cruise ships for its Princess Cruises brand.^[25] The contract was then finalized on 4 May 2010.^[26] These ships are expected to have a tonnage of 141,000-GT with a capacity for 3,600 passengers. These ships will be the largest ever built for Princess Cruises and the second largest build for Carnival; Queen Mary 2 being the largest RMS Queen Mary 2. These ships are expected to enter service in Spring 2013 and 2014 respectively.^[26]
• October 2010, Ocean Village cruise line discontinued.

Notable ships

Carnival Corporation & plc have various notable ships as follows:

• Queen Mary 2, the latest in a line of 'Cunard Queens', the prestigious transatlantic ocean liners (Cunard Line)
• Carnival Destiny, the first cruise ship to be built over 100,000-GT (Carnival Cruise Lines)
• Star Princess, received media attention when a large fire ripped through berths in March 2006 (Princess Cruises)
• Caribbean Princess, the first cruise ship to have an outdoor movie theater (Princess Cruises)
• Ventura, the largest cruise ship ever built for the British market (P&O Cruises)

Former Ships

• Queen Elizabeth 2 was the flagship of Cunard Line when Carnival acquired the line. She was sold in 2008 to Nakheel.^[27]

See also

	Miami portal
	England portal
	Companies portal

• Fiesta Marina Cruises
• Iberocruceros

References

1. ^ ^{a b c d e} "2010 Form 10-K, Carnival Corporation & plc". United States Securities and Exchange Commission. http://www.sec.gov/Archives/edgar/data/815097/000119312511018320/dex13.htm. 
2. ^ ^{a b} "Corporate Fact Sheet". Carnival Corporation & plc. http://phx.corporate-ir.net/phoenix.zhtml?c=200767&p=irol-factsheet. Retrieved 25 February 2009. 
3. ^ E-Mail Alerts / Privacy Policy. Carnival Corporation & plc. Retrieved on 9 January 2010.
4. ^ Map of the City of Doral. City of Doral. Retrieved on 9 January 2010.
5. ^ "The effect of the Sarbanes-Oxley Act of 2002 on Foreign Issuers listed on the US Capital Markets" (PDF). http://www1.law.nyu.edu/journals/lawbusiness/issues/uploads/3-2/shins.pdf. Retrieved 18 April 2011. 
6. ^ "Carnival cruises towards P&O deal". BBC News. 25 October 2002. http://news.bbc.co.uk/1/hi/business/2359839.stm. 
7. ^ http://www.webcitation.org/6299g6upW
8. ^ "Cruise Market Watch Announces 2011 Cruise Line Market Share and Revenue Projections". Cruise Market Watch. 11 December 2010. http://www.cruisemarketwatch.com/blog1/articles/cruise-market-watch-announces-2011-cruise-line-market-share-and-revenue-projections/. 
9. ^ "Cruise critic". Cruise critic. http://www.cruisecritic.co.uk/reviews/cruiseline.cfm?CruiseLineID=13. Retrieved 18 April 2011. 
10. ^ "Cruisemate". Cruisemates.com. http://www.cruisemates.com/articles/reviews/costa/index.cfm. Retrieved 18 April 2011. 
11. ^ "Airline data". Airline data. http://www.airlinedata.com/uscar.htm. Retrieved 18 April 2011. 
12. ^ "Pan Am in deal to acquire Carnival Air". New York Times. 22 March 1997. http://query.nytimes.com/gst/fullpage.html?res=9E0DE3DA153BF931A15750C0A961958260. Retrieved 18 April 2011. 
13. ^ Pan Am files for bankruptcy^{[dead link]}
14. ^ EC Clears Carnival and P&O Princess Merge Marinelink, 11 February 2003
15. ^ "P&O acquires leading position in German cruise market". Findarticles.com. 29 September 1999. http://findarticles.com/p/articles/mi_m0EIN/is_1999_Sept_29/ai_55904893. Retrieved 18 April 2011. 
16. ^ P&O plan to demerge its cruise division^{[dead link]}
17. ^ P&O Princess Cruises announces the launch of Ocean Village, a new contemporary brand for the UK, and revised ship deployments PR Newswire, 2003
18. ^ "Carnival in $500 million deal to buy Cunard". New York Times. 4 April 1998. http://www.nytimes.com/1998/04/04/business/company-news-carnival-in-500-million-deal-to-buy-cunard.html?pagewanted=1. 
19. ^ "Carnival to buy remaining share in Cunard". New York Times. 20 October 1999. http://www.nytimes.com/1999/10/20/business/company-news-carnival-to-buy-remaining-stake-in-cunard-line.html?pagewanted=1. 
20. ^ "Biography: David K. Dingle". Phx.corporate-ir.net. http://phx.corporate-ir.net/phoenix.zhtml?c=140690&p=irol-govBio2&ID=155624. Retrieved 18 April 2011. 
21. ^ "Carnival UK moves into new Southampton headquarters". Thisishampshire.net. 20 July 2009. http://www.thisishampshire.net/business/4501646.Opening_of_landmark_city_base_for_Carnival_UK/. Retrieved 18 April 2011. 
22. ^ "Carnival agrees to sell Windstar". Cruise-addicts.com. http://www.cruise-addicts.com/Cruise-News/carinval-agrees-to-sell-windstar-cruises.html. Retrieved 18 April 2011. 
23. ^ "The Quest for Adventure". Cybercruises.com. 7 July 2008. http://www.cybercruises.com/cruisecolumn_july7.htm. Retrieved 18 April 2011. 
24. ^ "Ocean Village to be phased out as Carnival rationalises brand portfolio". Oceanvillageholidays.co.uk. 1 January 2011. http://www.oceanvillageholidays.co.uk/press-release-ocean-village-announcement.aspx. Retrieved 18 April 2011. 
25. ^ Fincantieri to build two prototype ships for Princess Cruises. Cruise Industry News. 17 February 2010. Retrieved 9 May 2010
26. ^ ^{a b} Carnival Corp. finalizes contracts for two new Princess ships. Cruise Industry News. 4 May 2010. Retrieved 9 May 2010
27. ^ "QE2". http://www.chriscunard.com/qe2.php. Retrieved 21 October 2010. 

External links

• Carnival Corporation website
• Yahoo! Carnival Corporation company profile