{"id":7593,"date":"2020-04-08T00:56:34","date_gmt":"2020-04-07T21:56:34","guid":{"rendered":"https:\/\/www.al-sindbad.net\/saudi-arabia-buys-8-2-pct-stake-in-carnival-corporation\/7593\/"},"modified":"2020-04-08T00:56:34","modified_gmt":"2020-04-07T21:56:34","slug":"saudi-arabia-buys-8-2-pct-stake-in-carnival-corporation","status":"publish","type":"post","link":"https:\/\/www.al-sindbad.net\/saudi-arabia-buys-8-2-pct-stake-in-carnival-corporation\/7593\/","title":{"rendered":"Saudi Arabia Buys 8.2 Pct Stake in Carnival Corporation"},"content":{"rendered":"<p><strong>The Public Investment Fund from Saudi Arabia <a href=\"https:\/\/www.carnivalcorp.com\/node\/61031\/html\" target=\"_blank\" rel=\"noopener noreferrer\">has taken 8.2 percent stake<\/a> in the world\u2019s largest cruise shipping company Carnival Corporation.<\/strong><\/p>\n<p>The fund bought 43,508,895 of the class securities offered as part of Carnival\u2019s debt and equity offerings aimed at lifting the company\u2019s liquidity.<\/p>\n<p><\/p>\n<p>The move helped push the company\u2019s stocks up to USD 10 on Monday after the company\u2019s stocks dropped by a head-spinning 81 percent.<\/p>\n<p><\/p>\n<p>The cruise shipping giant has been in dire straits since the suspension of its global operations following the outbreak of the coronavirus.<\/p>\n<p><\/p>\n<p>The extent of the economic impact on the company\u2019s operations is very hard to determine at this point.<\/p>\n<p><\/p>\n<p>However, initial estimates from Carnival indicate that the first quarter of 2020 will result in a U.S. GAAP net loss of USD 781 million, a major downturn from a profit of USD 336 million in Q1, 2019.<\/p>\n<p><\/p>\n<p>The cruise liner major expects to put a vast majority of its ships in prolonged layups during the global pause of its cruise operations, costing approximately USD 1 million per month per ship.<\/p>\n<p><\/p>\n<p>The company expects to incur additional costs from planned warm layups as well as\u00a0incremental COVID-related costs associated with sanitizing its ships and defending lawsuits.<\/p>\n<p>world maritime news<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Public Investment Fund from Saudi Arabia has taken 8.2 percent stake in the world\u2019s largest cruise shipping company Carnival Corporation. The fund bought 43,508,895 of the class securities offered as part of Carnival\u2019s debt and equity offerings aimed at lifting the company\u2019s liquidity. The move helped push the company\u2019s stocks up to USD 10 &hellip;<\/p>\n","protected":false},"author":1,"featured_media":7594,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[64],"tags":[2998,1274,1505,1147,2681,947,1254],"class_list":["post-7593","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-maritime-news","tag-arabia","tag-buys","tag-carnival","tag-corporation","tag-pct","tag-saudi","tag-stake"],"_links":{"self":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts\/7593","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/comments?post=7593"}],"version-history":[{"count":0,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts\/7593\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/media\/7594"}],"wp:attachment":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/media?parent=7593"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/categories?post=7593"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/tags?post=7593"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}