Americas News
Boost for Cruise Industry as Saudi Fund Takes Stake in Carnival
The beleaguered cruise industry received a vote of confidence on Monday after months of negative press during the COVID-19 pandemic as the Saudi sovereign wealth fund revealed it has taken a stake in Carnival Corporation.
Saudi Arabia's Public Investment Fund has taken an 8.2% stake in Carnival, the world's largest cruise company, as of March 25, the fund said in a filing to the US Securities and Exchange Commission published Monday.
The cruise industry has been one of the worst hit by the pandemic, with several vessels reporting outbreaks on board and ports around the world banning cruise ships from docking.
The cruise industry is responsible for about 4% of global bunker demand. With much of it currently at a standstill, ports like Miami that are heavily reliant on cruise ship calls will be noticing a particularly sharp drop in bunker consumption.
Carnival's share price has collapsed this year, dropping from $50.83 per share at the end of 2019 to just $10.21 by Monday's close.
