Carnival is selling 6 cruise ships after a $4.4 billion loss, a sign of the industry's bleak future in the coronavirus pandemic
The Coral Princess, part of Carnival Cruises' Princess Cruise line.
Carnival Cruises, which includes brands like P&O, Princess Cruises and Cunard, is said to sell 6 ships, while the coronavirus crisis is causing a downturn.
The industry was hit by COVID-19 after several outbreaks occurred at sea and ports around the world were closed to cruise ships.
Carnival said it had lost $ 4.4 billion in the past three months and doesn't know when it can resume normal operations.
You can find more stories on the Business Insider homepage.
Carnival plans to sell 6 of its cruise ships after a $ 4.4 billion loss in the second quarter of 2020 as the coronavirus crisis continues to affect the cruise industry.
The company, which includes major cruise lines such as Cunard, P&O and Princess Cruises, reported Thursday that it was "accelerating" the planned sale of the ships.
The Guardian reported a massive drop in revenue over the three-month period ending May 31, and raised $ 700 million, a fraction of its $ 4.8 billion in the same period in 2019, The Guardian reported.
The company said it was "unable to definitively predict" when the cruises would return to normal, making it impossible to make a profit forecast.
All cruises were discontinued in mid-March after outbreaks were reported on board. Throughout the industry, coronavirus outbreaks occurred on 36 cruise ships worldwide by March 25, Business Insider reported.
Although Carnival offered customers the option to pause their bookings for a later date, half of them requested a cash refund, the company said.
Managing and surviving ships still costs the company $ 250 million a month.
An estimated 21,000 ship crews are still stuck on 49 ships that are unable to dock due to government restrictions.
Read the original article about Business Insider
How The CEO of Zscaler Jay Chaudhry Turned His Passion Into Billions
The search for answers continues as Rickie Fowler begins 12th year on PGA Tour
Attorneys call for Giuliani to lose law license over false claims, mob incitement
The Latest: Florida limits vaccinations to state residents
'grown-ish' Star Yara Shahidi Talks Zoey's Complicated Life, Saweetie Joining the Series, and More
Bradford William Davis: If Sandy Alderson wants to change baseball’s broken culture, he should start with himself