Carnival's (CCL) Seabourn Puts Voyages on Hold for 3 Cruises
Due to the circumstances surrounding the coronavirus pandemic, Carnival Corporation & Plc's Seabourn CCL has suspended cruise operations for three of its ships, namely Seabourn Odyssey, Seabourn Ovation and Seabourn Encore.
In particular, operations for Seabourn Odyssey, Seabourn Ovation and Seabourn Encore were effectively suspended until January 15, April 18 and May 28, 2021, respectively. Seabourn had previously announced that Seabourn Ovation, Seabourn Encore and Seabourn Quest would be discontinued until January 3, January 6 and May 10, 2021, respectively.
As the risk of a pandemic cannot be ruled out, management stated that the decision is in line with the company's initiative to ensure the health, safety and well-being of its guests and crew.
In the meantime, Seabourn is offering future cruise credits for its canceled voyages. Specifically, guests are eligible for 125% future cruise credit depending on the method of payment. With a validity of 12 months, the credits can be used to book departures up to December 31, 2022. However, guests can request a refund upon request.
Value for money
In terms of price performance, Carnival stocks are down 70.1% compared to the industry's 41.5% decline. In particular, the company was severely affected by the coronavirus outbreak. While the company is currently unable to gauge the impact of the outbreak, it is likely that the pandemic will have a material adverse impact on its operations by 2020. In particular, earnings estimates for 2020 have fallen 1.5% in the past 30 days, analysts worried about the stock's growth potential.
Carnival - the space with Norwegian Cruise Line Holdings Ltd. NCLH and Royal Caribbean Cruises Ltd. RCL in the Zacks Leisure and Recreation Services industry shares - currently has a Zacks rank 5 (Strong Sell).
A key selection
A better placed recreational stock is Twin River Worldwide Holdings, Inc. TRWH, which has a Zacks Rank 1 (Strong Buy). The full list of today's Zacks # 1 Rank stocks can be found here.
Twin River 2021 earnings are expected to grow 331.3%.
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Carnival Corporation (CCL): Free Stock Research Report
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