Two Costa Ships Set for Sale or Lay Up

The Voyager is among the smaller, older Costa ships

According to Carnival Corporation’s third quarter earnings release, net income included $176 million of impairment charges related to two smaller Costa ships “which are intended to be laid up or sold, and $27 million of impairment charges related to Ibero trademarks and other items.”

On the earning’s call, company Chairman Micky Arison said that this has been part of the plan for some time, as newbuilds also include replacement capacity.

“Our intention is to sell off older, less-efficient ships,” Arison said. He also noted that the second-hand ship market was weak, and that Carnival would consider laying ships up, scrapping, or even selling at low prices.

For now, one of the unidentified Costa ships is set to be laid up later this year while the “other one is clearly on the market.”

Thus, Carnival is in the process of aggressively moving out older tonnage, and Arison explained that apart from these two ships, all the other tonnage contributes positively to cash flow.

COO and Vice President Howard Frank added that the two vessels in question came through company acquisitions; and the brand would have not built them.

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