World News
Carnival Q2 Profits Jump Despite Higher than Predicted Bunker Prices
Cruise giant Carnival Corp. & Plc reports its second-quarter profits jumped to $106 million on revenues of $2.7 billion, from profits of $41 million and revenues of $2.6 billion in Q2 2013, as reduced fuel consumption, along with higher-than-expected revenues, boosted results above the level the company had expected.
"We benefited from effective marketing initiatives, which combined with a gradually improving economic environment, led to revenue yield improvement for our continental European brands in the quarter compared to the prior year and is expected to continue through the remainder of the year," said President and CEO Arnold Donald.
"In addition, we achieved a six percent improvement in fuel consumption."
The price the company paid for fuel fell 3.7 percent year-over-year to $657 per metric tonne, although they were higher than the $649 per metric tonne level that the company had predicted in March.
Carnival expects revenues for the full year 2014 will be higher than the previous year's results, but it is now predicting lower profits than it expected in March due to changes in fuel prices and currency exchange rates.
Carnival has been implementing a number of changes to reduce fuel consumption and emissions from its ships.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 646.50 | 5.50 | 773.50 | 11.50 |
| Rotterdam | 604.00 | 5.00 | 756.00 | 5.00 |
| Houston | 630.50 | 1.00 | 798.50 | 4.00 |
| Fujairah | 650.50 | 3.00 | 897.00 | 13.50 |
| Global 20 Ports Average | 662.50 | 1.00 | 858.50 | 0.50 |
| Global 4 Ports Average | 633.00 | 3.50 | 806.00 | 6.50 |
| Global Average Bunker Price | 718.50 | 0.50 | 914.00 | 1.00 |
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