Asia/Pacific News
Carnival Cuts Fuel Use as Q3 Profits Drop 30%
Carnival Corp. & Plc (Carnival) reports that for the third quarter of 2013 it managed to reduce its bunker consumption as it slightly increased revenues year-over-year to $4.7 billion, while profits of $934 million were down 30 percent compared to the same period last year.
The cruise company said the prices it paid for fuel rose 2.3 percent to $674 per metric tonne, but its fuel consumption per available lower berth day (ALBD) fell 5.2 percent.
Recently appointed President and CEO Arnold Donald said the company's plan to introduce emission scrubbers, which won approval from U.S. and Canadian authorities earlier this month, will put Carnival in a leading position in the development of the anti-pollution technology.
"In addition to exceeding stricter air emission standards, this technology will help us mitigate escalating fuel costs," he said.
Donald also said Carnival made progress on strategic initiatives to broaden its customer base.
"Asia is a key focus of our international expansion," he said.
"During the third quarter, we opened five additional sales offices in China, following the establishment of a corporate office in Singapore earlier this year."
The company will have five vessels dedicated to guests from Asia next year.
Carnival said it expects its net revenue yields for 2013 to be down about 3 percent compared with 2012 partly due to "geopolitical events" in the Eastern Mediterranean.
