Carnival ships full steam ahead as bookings surge

Carnival Corporation (LSE: CCL) is riding a wave of surging demand, with booking volumes increasing sharply. The cruise operator posted a significantly narrowed loss for its latest financial year and said revenue soared 77% to $21.59 billion.

Shares in Carnival closed 3.9% higher at 1,383.50 pence on Thursday as the company delivered its latest trading update.

“We consistently outperformed in all four quarters of the year, buoyed by a strengthening demand environment across all our brands,” enthused Chief Executive Officer Josh Weinstein. He revealed that net yields in the fourth quarter continued rising and were “significantly higher” than pre-pandemic levels in 2019.

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Carnival is already ahead of its three-year financial targets and expects to deliver “another big step forward” in 2024. Weinstein said the company is “well positioned to obtain another year of record revenues and adjusted EBITDA.”

With nearly two-thirds of 2024 bookings already on the books, Carnival’s cruise ships look set to remain full as passengers continue returning after years of lockdowns. The company’s shares have steamed 133% higher year-to-date amid the demand resurgence.