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Tag Archives: Carnival
Coast Guard rescues man who went overboard on Carnival cruise ship
A 28-year-old man who went overboard while on a Carnival cruise ship in the Gulf of Mexico was rescued by the U.S. Coast Guard almost 20 hours after he was reported missing.
The guest, according to a representative with Carnival Cruise Line, was at a bar with his sister on the Carnival Valor and left to use the bathroom at around 11 p.m. Wednesday night. He never returned and his sister reported him missing the following day. The Coast Guard received the call at approximately 2:30 p.m. Thursday.
Carnival crew searched the ship Thursday but were unsuccessful, later deciding to retrace the ship’s route to find the missing guest.
In this March 3, 2022 file photo The Carnival Valor cruise ship sets sail from the Port of New Orleans in New Orleans.
Luke Sharrett/Bloomberg via Getty Images, FILE
The U.S. Coast Guard assisted the Carnival crew with search and rescue and told ABC News they found the man in the water shortly after 8 p.m. Thursday. He was rescued approximately 20 hours since he was last seen.
The man was reported to be in stable condition, the U.S. Coast Guard said Friday.
“The Jayhawk aircrew hoisted the man onto the helicopter and transferred him to awaiting emergency medical services at the New Orleans Lakefront Airport,” a statement from the Coast Guard read.
The ship was on its way to Cozumel, a Mexican island in the Caribbean, and was released by the Coast Guard to continue to its destination.
“We are beyond grateful that this case ended with a positive outcome,” said Lt. Seth Gross, a Sector New Orleans search and rescue mission coordinator. “It took a total team effort from Coast Guard watchstanders, response crews, and our professional maritime partners operating in the Gulf of Mexico to locate the missing individual and get him to safety. If not for the alert crew aboard the motor vessel Crinis, this case could have had a much more difficult ending.”
US Coast Guard rescues Carnival Cruise ship passenger reported missing in Gulf of Mexico
(CNN) — In the first hours after the Carnival Valor set sail from New Orleans on Thanksgiving eve, a brother and sister set off for a place apropos of a holiday mood: They headed to an onboard bar.
Predictably, the man at one point stepped away to use the restroom.
But he didn’t come back.
Hours passed.
He wasn’t in his stateroom.
The 28-year-old had, quite simply, vanished.
What happened next has astonished at least one seasoned mariner who, with hours of hindsight, declared the stunning outcome unlike anything he’s ever witnessed — and nothing short of “one of those Thanksgiving miracles.”
A search is launched by air and sea
It was around 11 p.m. when her brother walked off, the sister recalled, Carnival spokesperson Matt Lupoli told CNN on Thursday in a statement.
At noon the next day — Thanksgiving Day — she reported him missing, the statement said. Officials haven’t identified either one.
Announcements echoed through the ship for the missing passenger to check in with guest services, passenger Mike Anderson CNN on Thursday, and people “noticed security starting to search the boat with a photo of the missing (passenger) in their phones.”
At around 2 p.m., a final check-in request was issued, he said.
Passengers were told the arrival time to their port of call in Cozumel, Mexico, would be delayed, Anderson said, but no official announcement went out about what had happened.
The ship, he said, then turned around.
“Carnival Valor retraced its route to support the search and rescue,” Lupoli explained.
Then around 2:30 p.m., the Coast Guard got a call from the ship, Coast Guard Lt. Phillip VanderWeit said in a statement.
A cruise passenger was missing.
Soon, a multi-crew search for the man — by air and by sea — was underway, he said.
A 200-mile zone and a critical mission
An alert went out to all mariners in the gulf, and the Coast Guard “launched all available resources,” Lt. Seth Gross, a search and rescue coordinator for the USCG told CNN on Friday morning.
That included a small boat from Venice, Florida, a helicopter based in New Orleans and airplanes from Clearwater, Florida, and Mobile, Alabama, he said.
The search extended more than 200 miles in the gulf, Gross said, adding the water temperature there Thursday night was just above 70 degrees — and somewhat colder in the Mississippi River.
Given the time difference between when the man was last seen and when the Coast Guard was alerted, “we knew that communication with the mariners in the Gulf of Mexico was going to be critical,” Gross said.
The mission intensified.
About 20 miles south of Southwest Pass, Louisiana, the crew of bulk carrier CRINIS was scanning the water, the Coast Guard said Friday in a news release.
Then, around 8:25 p.m., they spotted something.
‘Unlike anything I’ve been part of’
It was the man.
A Coast Guard MH-60 Jayhawk helicopter aircrew out of New Orleans headed to the spot — and “hoisted the man onto the helicopter,” VanderWeit said.
And he was responsive, USCG Petty Officer Ryan Graves said.
“He was able to identify his name, confirmed that he was the individual that fell overboard,” Gross told CNN’s Boris Sanchez on Friday afternoon. “He was showing signs of hypothermia, shock, dehydration” but could walk and communicate.
He “gave no really no clear indication of why he fell overboard or what time specifically,” he added.
“The fact that he was able to keep himself afloat and above the surface of the water for such an extended period of time, it’s just something you can’t take for granted and certainly something that’ll stick with me forever,” Gross said.
Rescuers haven’t been able to determine exactly how long he was in the water, Gross told “CNN This Morning” — but it could have been more than 15 hours.
If it was that long, it’s “the absolute longest that I’ve heard about — and just one of those Thanksgiving miracles,” he said.
In his 17-year career, “this case is unlike anything I’ve been a part of,” Gross said. “I think it kind of blows the norm, the normalcy, out of the water here, and really just shows the will to live is something that you need to account for in every search-and-rescue case.”
“If not for the alert crew aboard the motor vessel CRINIS, this case could have had a much more difficult ending,” he said in the news release. “It took a total team effort from Coast Guard watchstanders, response crews, and our professional maritime partners operating in the Gulf of Mexico to locate the missing individual and get him to safety.”
The rescued man was transferred to awaiting emergency medical personnel at New Orleans Lakefront Airport, Graves said.
He’s being evaluated at a hospital, Gross said, and was reported in stable condition late Friday morning by the Coast Guard.
Back aboard the Carnival Valor, an announcement Thursday evening over the PA system informed guests there had been a man-overboard incident, Anderson said.
The ship, though, had been released from the search, Anderson recalled hearing, and again was sailing toward Cozumel.
CNN’s Melissa Alonso, Dave Alsup, Amanda Jackson, Jose Lesh and Theresa Waldrop contributed to this report.
Walmart, Taiwan Semiconductor, Netflix, Carnival and more
Bing Guan | Bloomberg | Getty Images
Check out the companies making the biggest moves midday.
Walmart — Shares of retailer Walmart jumped more than 7% after reporting quarterly earnings that beat Wall Street’s expectations and raising its forward guidance. The company reported adjusted earnings per share of $1.50 on $152.81 billion in revenue, where analysts expected adjusted earnings per share of $1.32 and $147.75 billion in revenue, per Refinitiv.
Retail stocks — Retail stocks rose following Walmart and Home Depot‘s stronger-than-expected financial reports for the third quarter. Home Depot rose 1%, while Target shares rallied more than 3%. Kohl’s and Bed Bath & Beyond added roughly 3%. Macy’s and Nordstrom advanced about 5% and 3%, respectively.
Taiwan Semiconductor — Shares of the Taiwanese chipmaker soared more than 12% after Warren Buffett’s Berkshire Hathaway built a $4 billion new stake in the company. Berkshire added more than 60 million shares of the Taiwanese chipmaker’s American depositary receipts, by the end of the third quarter, making Taiwan Semi the conglomerate’s 10th biggest holding at the end of September.
Paramount Global — Shares of the media company jumped more than 9% after a filing revealed that Berkshire Hathaway increased its holding to $1.7 billion at the end of the third quarter. Paramount is still down more than 30% this year as it suffered from cord cutting and a drop in advertising revenue.
Louisiana-Pacific — The lumber maker saw its stock jump more than 10% after Omaha-based Berkshire took new positions in the company last quarter. The conglomerate’s stake was worth $297 million at the end of September.
Bath & Body Works — Bath and Body Works rose 4% after an SEC filing revealed that Dan Loeb’s Third Point bought $265 million in the retailer’s stock in the third quarter.
Netflix — The streaming giant added 3.8% after Bank of America double-upgraded the stock to a buy from underperform. He said the new ad tier and crackdown on password sharing could help the stock’s value increase 23.6%.
Fulcrum Therapeutics — Shares of the biotechnology company gained 8.6% after Goldman Sachs initiated coverage of the stock as a buy and said it could see an upside of 61.5% if its main experimental drugs kept performing well.
Vodafone — Vodafone’s stock dropped 6.8% after the company cut its earnings guidance and cash flow forecast. The mobile operator cited a challenging economic environment.
Getty Images — Getty Images’ stock plummeted 12% after revenue for the recent quarter missed Wall Street’s expectations.
Albemarle — Shares of the lithium miner dropped 6%. Rumors that an unnamed Chinese cathode manufacturer was cutting its production targets was putting pressure on U.S. lithium stocks, according to FactSet.
Signature Bank — Shares of the crypto bank jumped more than 10% after Signature reported minimal exposure to FTX and any potential destruction that could come from its collapse. Signature said it has only a deposit relationship with the exchange — it does not lend crypto or invest in it on behalf of clients — representing less than 0.1% of its overall deposits.
Mobileye Global — The autonomous vehicle systems software company rallied 4% after Baird initiated coverage of the stock with an outperform rating. Analyst Luke Junk called Mobileye a market leader, writing, “Net, we recommend purchase/would lean into any volatility, for this premier franchise/longer-term optionality.”
Sunnova Energy — Shares of solar company rose 7.5% after Deutsche Bank initiated coverage of Sunnova Energy, First Solar and Enphase Energy with buy ratings. First Solar was up 3.2%, and Enphase Energy rose 2%.
Capital One Financial — The regional bank’s stock sank 5% after it was downgraded by Bank of America to neutral from buy. Analyst Mihir Bhatia also cut his price target to $113 per share from $124.
Carnival — Shares of the cruise operator rose 6% after another report hinted inflation could be slowing. Royal Caribbean Cruises and Norwegian Cruise Line were also higher, up 4.9% and 2.5% respectively.
Chinese stocks — Chinese companies listed on the U.S. stock market rose following President Joe Biden’s meeting with China President Xi Jinping and despite disappointing retail sales data. Tencent Music Entertainment, which also posted beats on the top and bottom lines, soared about 30%. Alibaba rose roughly 12%. Pinduoduo and Baidu both rallied about 10%, and JD.com rose nearly 8%.
— CNBC’s Yun Li, Carmen Reinicke, Alex Harring, Samantha Subin and Tanaya Macheel contributed reporting.
6 people injured after driver of Porsche Cayenne crashes through street carnival in South Los Angeles, police say
SOUTH LOS ANGELES (KABC) — At least six people were injured after a driver crashed through a street carnival in South Los Angeles Saturday night.
The incident was reported at around 8 p.m. in the 3000 block of South Trinity Street near Martin Luther King Boulevard.
According to police, officers tried to pull over the driver of a white Porsche Cayenne, but he refused to stop. That’s when he continued driving, plowing through a cement rail and into the carnival setup on the street.
The driver, who has not yet been identified, struck at least six people, who are all between all between 30 and 50 years old, according to police.
“It was kind of upsetting because he hit a couple of my guards,” said one witness. “He actually gave one of the guards a concussion and broke his leg. It shouldn’t have happened, man.”
Video obtained by Eyewitness News showed several people running to safety. All six patients were rushed to the hospital with non-life threatening injuries, police said.
Police said officers found the suspect’s vehicle a few blocks away and a person of interest has been detained.
“It looks like he tried to get out of the fair, but because of the barricades, he was unable to get out of the fair so he continued westbound MLK, continuing through the crowd of people, which we estimate was between a thousand to 2,000 people,” said Sgt. Robert Leary with LAPD.
Given how busy the street fair was, Leary said the outcome could’ve been much worse.
“It is a blessing that no one actually got severely injured,” he said. “I think that they heard the car, I’m not sure if he was honking, obviously people were screaming. It was quite hectic, so I think people saw this car coming in and thankfully they got out of the way in time.”
It’s unclear if the driver of the Cayenne was under the influence of some sort of substance or alcohol. The incident remains under investigation.
Copyright © 2022 KABC Television, LLC. All rights reserved.
6 people injured after driver of Porsche Cayenne crashes through street carnival in South Los Angeles, police say
SOUTH LOS ANGELES (KABC) — At least six people were injured after a driver crashed through a street carnival in South Los Angeles Saturday night.
The incident was reported at around 8 p.m. in the 3000 block of South Trinity Street near Martin Luther King Boulevard.
According to police, officers tried to pull over the driver of a white Porsche Cayenne, but he refused to stop. That’s when he continued driving, plowing through a cement rail and into the carnival setup on the street.
The driver, who has not yet been identified, struck at least six people, who are all between all between 30 and 50 years old, according to police.
“It was kind of upsetting because he hit a couple of my guards,” said one witness. “He actually gave one of the guards a concussion and broke his leg. It shouldn’t have happened, man.”
Video obtained by Eyewitness News showed several people running to safety. All six patients were rushed to the hospital with non-life threatening injuries, police said.
Police said officers found the suspect’s vehicle a few blocks away and a person of interest has been detained.
“It looks like he tried to get out of the fair, but because of the barricades, he was unable to get out of the fair so he continued westbound MLK, continuing through the crowd of people, which we estimate was between a thousand to 2,000 people,” said Sgt. Robert Leary with LAPD.
Given how busy the street fair was, Leary said the outcome could’ve been much worse.
“It is a blessing that no one actually got severely injured,” he said. “I think that they heard the car, I’m not sure if he was honking, obviously people were screaming. It was quite hectic, so I think people saw this car coming in and thankfully they got out of the way in time.”
It’s unclear if the driver of the Cayenne was under the influence of some sort of substance or alcohol. The incident remains under investigation.
Copyright © 2022 KABC Television, LLC. All rights reserved.
Carnival borrows $2bn as investors clamour for cruise ship-backed bond
Carnival, the world’s largest cruise operator, borrowed $2bn through a bond offering that used a dozen of its ships as collateral, as it works to refinance its huge debt pile amassed during the pandemic.
The company was able to borrow more than the $1.25bn it had initially planned to raise and at a lower interest rate than Carnival was prepared to stomach just hours earlier, according to two people briefed on the deal.
The new debt was discounted and priced with a coupon of 10.375 per cent, offering a yield to investors of 10.75 per cent. That was markedly below the 11.5 per cent yield bankers had marketed to credit investors on Tuesday morning, with the company citing “strong investor demand” for the bonds.
The issuance is the company’s first foray into the junk bond market since May, when a 10.5 per cent bond coupon spooked the stock market.
The double-digit coupon underscored the rapid increase in borrowing costs as the Federal Reserve has lifted interest rates this year. Similarly rated corporate bonds traded on average on Tuesday with a yield of 9.64 per cent, according to Ice Data Services.
Carnival is not the only one paying a premium due to the turmoil in financial markets. Junk-rated companies have had to offer an average yield of 12.25 per cent to raise new debt in October, PitchBook LCD data showed. Last week cinema operator AMC borrowed $400mn at a yield of 15.1 per cent to finance a subsidiary.
As part of the bond deal, Carnival’s parent company has transferred 12 vessels, most of which became operational in the past two years and have a combined value of $8.2bn, to a subsidiary which ultimately issued the bond, using the ships as collateral.
John McClain, a high-yield portfolio manager at Brandywine Global Investment Management, said the bond showed Carnival was “getting creative” with collateral to avoid paying “eye-watering” interest rates. “Without the ships, I don’t believe that they would have access to capital at a price they would have been comfortable with,” he said.
Its share price is down 62 per cent this year to just above $8 but rallied more than 11 per cent on Tuesday after the bond was announced.
The structure of the bond, which matures in 2028, puts the lenders “at the front of the line” for any claim on the 12 vessels in the event that Carnival is unable to meet payments, said Ross Hallock, head of high-yield research at Covenant Review.
Carnival has had to contend with a ballooning debt pile, totalling about $35bn as of early September, in the wake of the pandemic. Meanwhile, recovery in cruise bookings has lagged. Last month, the Miami-based company reported a net loss of $770mn for its fiscal third quarter.
Carnival’s dollar-denominated senior unsecured bonds maturing in 2026 rose as much as 4.7 per cent on Tuesday, in a sign of reassurance about the company’s cash flow, but they continue to trade well below face value, according to bond trading platform MarketAxess. At the start of the pandemic, the company offered bonds secured against its 80-plus fleet to entice investors.
Still, some traders said the cruise sector’s vulnerability to economic downturns and Carnival’s high level of debt meant the double-digit yield on offer was not high enough.
“When I see 11.5 per cent for highly cyclical, highly levered US corporates and compare it with others in the market [that are offering similar yields], I’m not impressed,” one investor said. “North of 15 per cent is when it becomes interesting . . . It’s not difficult to find yield in this market.”
Hasbro, Salesforce, Carnival, Lockheed Martin & more
Hasbro Inc. toys from based on “Marvel’s The Avengers” movie sit on the shelf at a Target Corp. store in Union, New Jersey, U.S., on Wednesday, Aug. 22, 2012.
Bloomberg | Bloomberg | Getty Images
Check out the companies making headlines in midday trading Tuesday.
Hasbro — Shares of the toy company dipped 2.3% after the company reported third-quarter earnings that missed expectations. CEO Chris Cocks blamed “increasing price sensitivity” among consumers and inventory gluts.
Salesforce — Salesforce shares gained 5.2% after Starboard Value revealed to CNBC that it has taken a “significant” stake in the software giant. Starboard founder Jeff Smith did not reveal the exact amount but said he sees a big opportunity after the shares fell more than 40% this year.
Carnival Corporation — Shares of the cruise company jumped more than 12% after one of Carnival’s subsidiaries began an offering of $1.25 billion of senior priority notes due 2028. The company plans to use the net proceeds of the offering to make principal payments on debt and for other general corporate expenses, according to a regulatory filing. Norwegian Cruise Line Holdings and Royal Caribbean also rose 8.8% and 7.6%, respectively, on the news.
Goldman Sachs — Goldman Sachs rallied 3% after beating third-quarter analyst expectations for profit and revenue on better-than-expected trading results. The company also announced a corporate reorganization that combines the firm’s four main divisions into three.
Target — Shares of the retailer jumped 5% after Jefferies upgraded Target to a buy from hold, saying they can rally about 20% from current levels and benefit from both an easing of supply chain issues and improved inventory positioning.
Lockheed Martin — Shares of the aerospace company jumped 8.5% after Lockheed reported third-quarter earnings of $6.87 per share excluding items, which was higher than a Refinitiv estimate of $6.66 per share.
Amazon — Amazon added 2.7% after Citi named it a top pick for both a hard and soft economic landing, saying it would perform well under either scenario.
XPO Logistics — XPO Logistics fell 1.7% after the freight transportation company released disappointing preliminary quarterly results ahead of its earnings release. The company said Monday that it expects revenue to come in lower than analysts expect, but that earnings before interest, taxes, depreciation and amortization will be higher. The company reports Oct. 31.
Nordstrom — The retailer’s shares added more than 3% after the company announced its chief financial officer, Anne Bramman, will step down in December. Nordstrom has begun its search for her successor and said accounting chief Michael Maher will serve that role in the interim.
Enviva — The wood pellet maker rose 4.7% after Raymond James said its value as a more environmentally and socially responsible energy provider is misunderstood.
— CNBC’s Carmen Reinicke, Alex Harring and Michelle Fox contributed reporting
Carnival shares fall on ballooning costs, dragging cruise stocks lower
The brand new Carnival Cruise Line ship Mardi Gras, docked at Port Canaveral, Florida, on July 30, 2021.
Joe Burbank | Orlando Sentinel | Tribune News Service | Getty Images
Shares of Carnival fell below their pandemic lows Friday after the cruising company posted third-quarter earnings that revealed higher costs associated with inflation, supply chain disruptions and the maintenance of health and safety protocols.
Shares of Carnival were down around 20% in late morning trading. The stock fell to a 52-week low of $7.01 earlier in the session, below the stock’s pandemic plunge lows in April 2020, when shares traded around $7.80 intraday.
If Friday’s losses hold, it would knock almost $3 billion off Carnival’s market value. Shares of Norwegian and Royal Caribbean also fell Friday, down 14% and 11%, respectively.
Carnival reported adjusted net losses of $770 million, or 65 cents per share, on $4.3 billion in revenue. Operating costs and expenses totaled $3.4 billion during the quarter, compared with costs of $1.6 billion in the third quarter 2021.
Carnival said bookings improved 15 percentage points from the prior quarter to 84%. That compares with 54% occupancy during the same period in 2021. Despite governments relaxation of pandemic-era protocols in both the U.S. and, more recently, Canada, the company is projecting fourth-quarter bookings below 2019 levels — at lower prices.
Cruise companies across the board are struggling with massive debts taken on during Covid lockdowns, made more expensive by rising interest rates. Carnival on Friday morning reported $1 billion in principal payments so far for 2022 and a total of $9 billion due by 2025.
Carnival drops exemption request for unvaxxed guests, eases testing policy
Carnival Cruise Line is easing its testing requirements for vaccinated passengers and allowing unvaccinated guests to travel without an exemption.
The cruise company will no longer demand testing for vaccinated passengers staying onboard for under 16 nights. Additionally, unvaccinated guests will no longer be required to file exemption requests.
“Carnival is pleased to announce new guidelines effective for cruises departing on Sept. 6, 2022, or later, which will make it easier for more guests to sail with simplified vaccination and testing guidelines, including no testing for vaccinated guests on sailings less than 16 nights and eliminating the exemption request process for unvaccinated guests, who will only need to show a negative test result at embarkation,” the company announced Saturday.
Vaccinated guests “must continue to provide evidence of their vaccination status prior to embarkation,” according to the new guidelines.
But unvaccinated passengers “are welcome to sail and are no longer required to apply for a vaccine exemption, except for cruises in Australia or on voyages 16 nights and longer.”
Unvaccinated passengers will be required to present a negative COVID-19 test from within three days of departure.
Cruises lasting more than 16 nights will continue to be subject to their own restrictions.
The cruise industry is sailing choppy waters yet again as it contends with a storm of labor problems, red-hot inflation and a threat of recession after barely steadying itself from the blows of an 18-month shutdown due to the pandemic.
The industry employs about 250,000 workers from over 100 countries, and their jobs range from a ship’s captain to a cocktail mixer, according to the Cruise Lines International Association.
Cruise operators, however, are still confident about the industry’s recovery in the longer term, although the strength of the summer sailing season, which typically accounts for a big chunk of operating income, is still under a cloud.