PortandTerminal.com, April 1, 2020
MIAMI, FL – We all knew that this day was coming and sure enough, that day is here. Carnival Corp, the world’s largest owner of cruise ships, wants the United States to bail it out. Loan guarantees, bailout money, you name it, Carnival is happy to take it.
Yesterday, Carnival Corp CEO, Arnold Donald said in an interview with CNN that the company is looking for at least $6 billion dollars from the government to help it weather an unprecedented crisis that has decimated its business.
Carnival’s request for money comes just hours before the United States Coast Guard was forced to make a heartbreaking decision on the fate of thousands of people on cruise ships still at sea – ordering that “all cruise ships prepare to treat any sick passengers and crew on board while being sequestered indefinitely offshore during the coronavirus pandemic.”
Just as galling is the nerve of sending Arnold Donald to make the request on Carnival’s behalf. Literally anyone at Carnival Corp would have elicited more sympathy than the increasingly despised Arnold Donald, who earned over $13 million dollars in 2018, making him the third highest-paid cruise CEO.
In a recent interview with Axios aired on HBO, Donald downplayed the risk of catching COVID19 on a cruise ship and defended his company’s decision to continue cruising — with deep discounts — after the State Department explicitly warned against it.
READ: #COVIDIOTS – Carnival CEO says cruise ship not a riskier environment for COVID19
Meanwhile, passengers onboard Holland America Lines’ Zaandam, a Carnival Corp company, were literally dying and coming down with “flu-like symptoms”. Those passengers have now been ordered to by the Coast Guard to remain at sea indefinitely thanks Holland America’s greed and shortsightedness. It is possible many more will die as a result. Their deaths will be on the hands of Holland America and its parent company Carnival Corp’s CEO, Arnold Donald.
Twitter has erupted in fury at the news of Carnival’s brazen request for money.
“Carnival should get a U.S. bailout proportional to the income vs taxes paid to the U.S.” commented one person, highlighting the fact that Carnival Corp exploits tax loopholes that allow them to pay almost no taxes in the United States.
Here are some other comments from Twitter users:
“For god’s sake DO NOT allow ANY bailout $$ to go to Carnival Cruise lines (or any other) ! Not one Penny! they are NOT a US company, and they HELPED spread the virus!”
“Dear @CarnivalCruise please go fuck yourself with your foreign flags. Sincerely, America”
“Carnival Cruise line wants 6 billion bailout from the US flying convenience flags of Panama, Bahamas, and Malta. Go get screwed“
Carnival’s financial situation
The cruise operator announced on Tuesday that it intends to raise $3 billion of secured notes and $1.75 billion of convertible notes — both due in three years — as well as $1.25 billion of new shares.
Wedbush analyst James Hardiman said in a note on Tuesday that Carnival is suffering “a monthly cash burn of approximately $500 million” and the fresh injection of cash should keep the company afloat for the next 12 to 13 months.
Shares in Carnival (CCL) fell 2% in after-hours trading. The stock is down 74% for the year.
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