2023 Year in Review: Carnival Corporation

Carnival Venezia

With its entire fleet back in service and continuing positive developments, Carnival Corporation had a big year in 2023.

Return to Profit

Carnival Corporation also improved its financial position in 2023, with milestones that include an all-time high revenue of $6.9 billion in the third quarter and a debt reduction of nearly $4 billion.

For the first time since the resumption of guest cruise operations, U.S. GAAP net income turned positive during the third quarter, generating $1.07 billion, marking a significant milestone.

Greener Operations

Continuing to build on its efforts for greener cruise operations, Carnival Corporation reached new milestones in 2023.

In December the company announced it achieved a 38 percent reduction in food waste per passenger, bringing it closer to the target 40 percent reduction per person by 2025 and 50 percent by 2030.

Carnival is also moving in other fronts, introducing initiatives that include the Service Power Package program, a set of updates led on the corporate level from HVAC to lighting to engine improvements, being installed on ships across the fleet at all nine brands.

Newbuilds

The Carnival Corporation fleet saw three additions during 2023. In service for Seabourn since August, the Seabourn Pursuit was the first newbuild to debut for one of the group’s nine brands.

Carnival Cruise Line debuted the Carnival Jubilee. Third in the brand’s XL class of vessels, the ship was delivered by the Meyer Werft shipyard in early December, ahead of a maiden season sailing from Galveston, Texas.

Fleet Optimization

Carnival Corporation’s fleet optimization strategy saw new chapters in 2023 with the sale of four vessels: the Costa Magica, the Seabourn Odyssey, the AIDAaura and the Costa Atlantica.

After three years laid up in Europe, the Costa Magica was sold to Seajets in February. The AIDAaura was sold to Celestyal Cruises a few weeks after leaving the AIDA Cruises fleet in November.

The Seabourn Odyssey was also sold in 2023. In March, the 2009-built vessel was acquired by Japan-based MOL Group, who chartered it back to Seabourn through September 2024.

The fleet optimization also included transferring ships to markets with higher demand, with the Costa Venezia and the Costa Firenze joining the Carnival fleet in North America. While the first is already in service for the U.S.-based brand, the second is set to follow suit in early 2024.

Restart Program Completed

While most of Carnival Corporation’s fleet had already resumed service in 2022, the company’s restart program was finally completed in 2023.

After selling the Costa Magica and transferring the Costa Venezia to Carnival, Costa Cruises also market the full return of its fleet in early 2023.

New Corporate Structure

After going through several leadership changes in 2022, Carnival Corporation introduced a new corporate structure in 2023.

The company was reorganized into operating units that replaced the previous groupings, such as the Costa Group and the Holland America Group.

Instead, Carnival is now structured across six operating units: Carnival Cruise Line (which also includes Carnival Australia and P&O Australia), Carnival UK (which includes Cunard Line and P&O Cruises), AIDA Cruises, Costa Cruises, Holland America Line (which also comprises Seabourn), and Princess Cruises.

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