Carnival moving away from China

[jimbo5544]

While we have seen some fo the fallout already, still interesting.

 

https://cruiseindustrynews.com/cruise-news/2024/10/carnival-not-pursing-any-china-plans/

[BlerkOne]

Did Carnival unload their 40% interest in Adora?

[jimbo5544]

38 minutes ago, BlerkOne said:

Did Carnival unload their 40% interest in Adora?

Would seem it would be a lot easier to move some of their own ships out…..

[BlerkOne]

4 minutes ago, jimbo5544 said:

Would seem it would be a lot easier to move some of their own ships out…..

Yep. Carnival is still going to profit off of China without risking bad publicity that RCL might get..

[CruiseAdict218]

1 hour ago, BlerkOne said:

Did Carnival unload their 40% interest in Adora?

That’s what I wanna know, some users on here have said Carnival offloaded their share, which is how they took and resold Atlantica. I would think the article above would have mentioned something but outside of that, I also can’t find much if they are still involved or not. 

[tidecat]

23 hours ago, CruiseAdict218 said:

That’s what I wanna know, some users on here have said Carnival offloaded their share, which is how they took and resold Atlantica. I would think the article above would have mentioned something but outside of that, I also can’t find much if they are still involved or not. 

It was disclosed in Carnival's 10-K for 2023 (page 16):

 

"During 2023, we completed the exit of our noncontrolling interest in Adora Cruises Limited, formerly CSSC Carnival Cruise Shipping Limited, a China-based cruise company (“Adora Cruises”), and recognized
losses on exit of $21 million within other income (expense). As of November 30, 2022, our investment in Adora Cruises was $70 million. We provided an immaterial amount of services to Adora Cruises during 2023, 2022 and 2021 and we paid Adora Cruises a total of $55 million for the lease of ships during 2021. During 2021 we made capital contributions to Adora Cruises in the amount of $90 million."

[CruiseAdict218]

1 hour ago, tidecat said:

It was disclosed in Carnival's 10-K for 2023 (page 16):

 

"During 2023, we completed the exit of our noncontrolling interest in Adora Cruises Limited, formerly CSSC Carnival Cruise Shipping Limited, a China-based cruise company (“Adora Cruises”), and recognized
losses on exit of $21 million within other income (expense). As of November 30, 2022, our investment in Adora Cruises was $70 million. We provided an immaterial amount of services to Adora Cruises during 2023, 2022 and 2021 and we paid Adora Cruises a total of $55 million for the lease of ships during 2021. During 2021 we made capital contributions to Adora Cruises in the amount of $90 million."

Thank you for that.