The coronavirus pandemic came as a hammer blow for many cruise operators as they needed to cease all operations for a considerable period of time. Carnival Corp (NYSE: CCL), which is the biggest cruise company, suffered as well.
However, over the past two weeks, the Carnival stock has been on fire and gained as big as 25%. Hence, it is necessary to take a look at some of the recent developments. First and foremost, it should be noted that the company has pushed back the departure of cruises from the United States to April.
While some of the ships are going to cruise in March, the ones in Australia have been canceled up until the middle of May. Hence, it is safe to say that it would not be until later on in 2021 that Carnival’s operations are going to gather steam. The company had earlier stated that it was going to raise $3.5 billion by way of unsecured notes. The debt is going to mature in 2027 and will carry an interest of 5.75% annually.