Carnival Lowers Its 2017 Bunker Price Forecast

by Ship & Bunker News Team
Thursday March 30, 2017

Carnival Corporation & plc (Carnival), in its report of the groups' Q1 2017 earnings, has lowered its previously forecasted average price its expects to pay for bunkers in FY2017 by $12/mt to $362 per metric tonne (pmt).

As Ship & Bunker reported in January, Carnival had earlier forecasted the average price it would pay for bunkers in 2017 to rise by 32 percent year-on-year to $374 pmt, compared to a $283 pmt average for the 12 months to November 2016.

Carnival says it expects to consume 3.31 million mt of bunkers for the FY 2017, up from its previous estimate of 3.29 million mt.

In terms of fiscal performance, Carnival reported a net income of $352 million, compared to $142 million for the same period of 2016, while adjusted net income during Q1 2017 declined to $279 million, compared to $301 million in Q1 2016.

"We are off to a good start delivering another quarter of operational improvement on top of a very strong first quarter last year," said Arnold Donald, President and CEO of Carnival.

"Our performance was driven by increased demand, particularly for our core Caribbean itineraries, leading to higher year-over-year ticket prices which enabled us to overcome the significant negative impact of both fuel and currency to exceed the high end of our guidance range."

Ship & Bunker News Team
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