Carnival Cruise Line’s Carnival Venezia was officially registered with the Bahamas Maritime Authority (BMA) during a ceremony in Cadiz, Spain. The ship, set to sail from New York’s Manhattan Cruise Terminal later this year, promises to bring “Fun Italian Style” to cruising.

Carnival Venezia Registration with Bahamas Maritime Authority

Carnival Cruise Line’s Carnival Venezia officially joined the Bahamas Maritime Authority (BMA) registry at a ceremony held in Cadiz, Spain. The ship is scheduled to embark from New York’s Manhattan Cruise Terminal on June 15, 2023.

The registration ceremony in Cadiz saw Carnival Venezia‘s senior leadership team and the classification society completing all necessary processes and raising the Bahamian flag to designate the new ship registry.

Christine Duffy, president of Carnival Cruise Line, said: “We’re thrilled to celebrate another maritime milestone as Carnival Venezia joins the seven other ships we have registered in The Bahamas. The BMA is among the most respected administrations in international shipping, and we value their level of cooperation and professionalism aimed to achieve the highest safety standards.”

The cruise ship, officially handed over to Carnival Cruise Line last week, must now adhere to the laws and regulations of The Bahamas, including taxes and crew member employment.

Dry Dock Followed by Transatlantic Cruise

Presently in dry dock at Cadiz, Carnival Venezia is preparing to set sail on a 15-day transatlantic Carnival Journeys voyage from Barcelona, departing on May 29, 2023.

Carnival Venezia will embark on year-round cruises from Manhattan Cruise Terminal in New York starting June 15, 2023, providing passengers with various options across ten different cruise durations and 22 unique itineraries.

Cruises from New York City will visit 25 ports in 14 countries and include, amongst others, a 4-Night Bermuda Cruise, an 8-Night Eastern Caribbean Cruise with stops in Amber Cove in the Dominican Republic, Grand Turk in Turks and Caicos, and Half Moon Cay, and an 8-Night Eastern Caribbean Cruise with stops in San Juan in Puerto Rico, St. Thomas in the US Virgin Islands, and Grand Turk.

“Fun Italian Style” and Onboard Offerings

Carnival Venezia, formerly known as Costa Venezia, was part of an expansion plan that included the delivery of seven ships to the Costa Group by 2023.

In 2019, at 135,500 gross tons, she was the largest ship Costa Cruises had ever introduced to the Chinese market. The ship accommodates up to 5,145 guests and 1,393 crew members. 

Carnival Venezia will be the first ship to feature “Carnival Fun Italian Style,” combining Italian theming with Carnival’s signature fun. New dining options will focus on Italian flavors, including La Strada Grill, which serves classic Italian street food, and Tomororo, a Mexitalian fusion restaurant.

Carnival Cruise Line favorites, such as Guy’s Burger Joint, Fahrenheit 555 Steakhouse, and Bonsai Sushi & Teppanyaki, will also be available, with some menus adapted to reflect the ship’s Italian influence.

Activities on Carnival Venezia will include an Italian Street Party and Captain’s Venetian Toast, offering Italian-inspired programming for children and teens. The ship will also feature Camp Ocean and Club O2 for young guests, while its SportSquare will be set up with Italian favorites such as bocce ball and foosball.

Carnival Corporation, the world’s largest cruise company, has released its business update for the first quarter of 2023, reporting a record-breaking quarter with exceptional booking volumes and strong financial performance.

The company’s first-quarter revenue was almost equivalent to the levels achieved in 2019, and it exceeded its guidance for the quarter, surpassing expectations. Carnival’s Q1 earnings before interest, taxes, depreciation, and amortization, also outperformed its guidance by more than $30 million. However, the outlook for 2023 could be something that investors are not overjoyed with.

Strong Q1 2023 for Carnival Corporation

Carnival Corporation has started 2023 on a high note, exceeding the guidance it had put out during Q4 of 2022 by a considerable margin. The world’s largest cruise company also set a record for the highest number of bookings in a single quarter in history. At the same time, earnings before interest, taxes, depreciation, and amortization exceeded expectations by more than $30 million. 

Carnival Corporation reported a US GAAP net loss of $693 million and an adjusted net loss of $690 million, significantly better than the December guidance range of $750 to $850 million net loss for Q1 2023.

Adjusted EBITDA for the first quarter reached $382 million, outperforming the guidance range of $250 to $350 million. First-quarter revenue reached $4.4 billion, 95% of the company’s revenue in 2019.

CEO Josh Weinstein commented on the company’s performance: “In the first quarter, we outperformed our guidance on all measures. We achieved record first-quarter net per diems, exceeding the high end of our guidance, driven by improving ticket prices and sustained growth in onboard revenue while delivering an additional seven points of occupancy on higher capacity compared to the prior quarter.”

The significantly better numbers for the first quarter have ensured Carnival can also start using cash to pay back the enormous mountain of debt it has accumulated over the last three years. Much of that cash is coming from a record-breaking Wave Season.

Chief Financial Officer David Bernstein noted: “We believe our debt balance has peaked this quarter and will reduce over time based on our ample liquidity position of $8.1 billion and the expected cash flow strength of our business.”

Record Booking Volumes

Carnival Corporation experienced its highest booking volumes for any quarter in its history, breaking records for North American, Australian, and European cruises. 

Weinstein continued: “We are enjoying a phenomenal wave season, achieving our highest-ever quarterly booking volumes and breaking records in North America and Europe. Our strong performance has extended into March, and we expect this favorable trend to continue based on the success of our efforts to drive demand.”

Total customer deposits reached a first-quarter record of $5.7 billion as of February 28, 2023, surpassing the previous first-quarter record of $4.9 billion as of February 28, 2019, by 16%.

Is Carnival Corporation on the Way Back?

Carnival expects to return to 100% occupancy levels by the summer, where it already achieved 98% over the last quarter. It is also continuing to slim down, even removing Seabourn Odyssey from the fleet, a move that Carnival expects to make a gain on. 

Moving three Costa Cruises cruise ships from Costa to the hugely successful Carnival Cruise Line looks like it will be a tremendously successful strategic decision, with interest in cruises onboard Carnival Luminosa, Carnival Venezia, and Carnival Firenze peaking. 

The financial results announced today could signal the turnaround investors have been waiting for. In the past two years, the hope had been that Carnival Corporation could show the same performance as the competition, Royal Caribbean Group, in particular. However, while Royal has gained nearly $40 in its stock price since March 2020, Carnival Corporation has been lagging. 

With occupancy levels returning to the 100% barrier and possibly going beyond, and bookings exceeding all expectations for 2023, Carnival Corporation could be returning to being the golden goose it once was. However, investors don’t seem to agree.

Carnival Corporation’s outlook for Q2 and the remainder of 2023 seems to be too negative, despite the company reporting better-than-expected fiscal first-quarter results and record bookings.

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The company’s downbeat outlook for Q2 and the full-year losses caused the stock to turn lower, losing 6% after a strong opening, overshadowing the phenomenal revenue increase. The company expects a per-share loss of 42 cents to 34 cents for Q2 and adjusted per-share losses of 44 cents to 28 cents for the fiscal year 2023.

Carnival Valor rescued three stranded boaters on Sunday, March 26, 2023, after being alerted to the emergency situation by the United States Coast Guard. The incident happened in the morning on the second day of the ship’s sailing, as the vessel had departed New Orleans on Saturday, March 25 for a 5-night Western Caribbean cruise.

Carnival Valor Rescue

Carnival Valor was contacted by the United States Coast Guard (USCG) shortly after 7 a.m. on Sunday, March 26, 2023, alerting the cruise ship to a vessel taking on water 386 miles (621 kilometers) offshore of Alabama.

The vessel in distress was the 44-foot recreational boat Snail Mail, with three boaters onboard, and had activated emergency gear on board to signal its condition.

The USCG received the emergency alert, and reached out to Carnival Valor as the nearest vessel able to assist the craft in distress. At the time, Carnival Valor was approximately 35 nautical miles (40 miles / 65 km) from the Snail Mail. An Aviation Training Center Mobile HC-144 Ocean Sentry aircrew was also mobilized.

The Conquest-class cruise ship diverted slightly from its route to intercept the distressed craft. Carnival Valor was en route to its first port of call on the 5-night Western Caribbean itinerary, Costa Maya, where the ship will be docked on Monday, March 27.

A rescue boat – one of the cruise ship’s lifeboats – was launched, and the three boaters – all males from Honduras – were safely taken aboard and transferred to the cruise ship. They have received appropriate medical care, food, and water, and are reported in good condition.

“Special thanks to the crew of the Carnival Valor for rescuing all three people aboard the sinking vessel,” said Lt. j.g. Gretchen Gochnour, a command duty officer at the District Eight Command Center. “The Coast Guard urges the boating public to emulate the Snail Mail by having an EPIRB and geolocating devices onboard before taking to the sea.”

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“Moreover, the Coast Guard encourages commercial mariners to participate in AMVER [automated mutual-assistance vessel rescue system] and self-report their location as this played a pivotal role in this rescue.”

Next Steps

Because the rescued boaters were taken aboard during a day at sea, they will remain aboard Carnival Valor until the ship calls on Costa Maya on Monday. The ship is scheduled to be in port from 1-8 p.m., during which time the boaters will be transferred to the appropriate authorities.

A statement from Carnival Cruise Line confirms “Carnival Valor’s itinerary is unaffected.” Current tracking data also shows the ship on course as planned for Costa Maya.

After Costa Maya, the ship will visit Cozumel, Mexico on Tuesday, before enjoying Wednesday as another day at sea and arriving back to New Orleans on Thursday, March 30.

This is not the first rescue or emergency situation that Carnival Valor has been involved with. In November 2022, the ship made worldwide headlines for an overboard passenger who was rescued by another craft after nearly a full day in the water.

The ship is homeported year-round from Louisiana, offering 4-5 night Western Caribbean cruises. The shorter sailings only visit Cozumel, while the longer cruises also include Costa Maya or Progreso, depending on the departure date.

The 110,000-gross-ton Carnival Valor joined the Carnival fleet in 2004. The ship has a guest capacity of 2,980 passengers at double occupancy, and up to 3,756 guests when fully booked with all berths filled. Approximately 1,200 international crew members are also onboard to offer excellent service.