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Carnival Corporation & plc
Type Public (NYSECCL, LSE: CCL, NYSECUK)
Founded 1972
Headquarters Carnival Corp.: Incorporated in Panama Panama, with headquarters in Southampton, United Kingdom United Kingdom &
Doral, Florida, United States United States
Key people Micky Arison, Chairman & CEO
Howard S. Frank, Vice-Chairman & COO
Industry Entertainment
Revenue $13,157 million (2009)[1]
Operating income $2,154 million (2009)[1]
Net income $1,790 million (2009)[1]
Website www.carnivalcorp.com
Carnival Place, Carnival Corporation headquarters in Doral, Florida

Carnival Corporation & plc (NYSECCL, LSE: CCL, and NYSECUK), a British-American-Panamanian corporation, is the world's largest cruise operator, comprising 11 cruise brands, including Carnival Cruise Lines, Princess Cruises, Holland America Line and Seabourn Cruise Line in North America; P&O Cruises, Cunard Line and Ocean Village in the United Kingdom; AIDA Cruises in Germany; Costa Cruises in Italy and P&O Cruises Australia in Australia. Combined, it operates a fleet of 88 ships, totaling more than 160,000 berths with a further 18 ships to be delivered by 2012.[2]

Carnival Corporation & plc is a dual listed company, with headquarters in Carnival Place in the Miami, Florida suburb of Doral, Florida, USA and in the Mountbatten 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.

Its stock is currently traded on the London Stock Exchange (LSE: CCL) and the New York Stock Exchange (NYSECUK and NYSECCL) as the second holding of the dual listed company.

Contents

History

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Carnival Corporation

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[5] and Costa Cruises in 2000.[6]

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 (NYSECCL). 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.[7] 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,[8] 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.[9]

Carnival plc

The business, formerly known as P&O Princess Cruises, goes back to the 1840's, when it was seen as the backbone of the British Empire, operating routes around the globe. From established positions in the United Kingdom and Australia it improved its position in North America with the acquisitions of Princess Cruises and Sitmar Cruises in the 1970s and 1980s.

In 1999 P&O Princess Cruises entered the German market with the acquisition of a majority stake in AIDA Cruises and bought it out-right in 2000 by acquiring the remaining minority stakes.[10]

In October 2000 P&O Princess Cruises plc was separated from the Peninsular & Oriental Steam Navigation Company.[11]

In 2002, the company announced the introduction of a new cruise brand in the United Kingdom with Ocean Village which commenced operations in May 2003.[12] 2010 is said to be the final season of the Ocean Village brand, both of its ships transferring to P & O Australia.[13]

Merger

Carnival Corporation and P&O Princess Cruises plc merged on 17 April 2003 creating one of the world's largest leisure travel companies: at the time P&O Princess Cruises was renamed Carnival plc.[14]

Recent developments

Carnival sold Windstar to Ambassadors International Cruise Group[15] and Swan Hellenic to Lord Sterling in 2007.[16]

Operations

Carnival Corporation & plc have various notable ships as follows:

See also


References

External links


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