Who doesn’t remember the Costa Concordia disaster, which killed 32 people in Jan. 2012? That was swiftly followed by a blaze on board sister liner Costa Allegra, which knocked out the power supply. Companies take time to recover from that kind of brand damage. Worse, the mishaps have continued this year — with three cruise liners all suffering technical problems
Should I Buy Carnival? Motley Fool
No such thing as bad publicity for cruises? -TravelMole
After the Costa Concordia wrecked off the Tuscany coast in January, killing 32 people, lobby spending by its corporate parent soared. Carnival’s lobby bill in Washington last quarter totaled $522,000 – three times the amount spent the prior quarter. In its lobby reports to Congress, the company listed three areas of concern: unearned passenger revenue (advance payments for voyages), emission control and cruise ship safety.
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ShareCast
LONDON (SHARECAST) – Insurance group Lancashire Holdings’ performance was hurt by the Costa Concordia shipwreck in the first quarter, while pay costs have rocketed. The main way insurance companies are judged is by something called the “combined ratio”
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Live Insurance News
Carnival has announced that “substantially all” of the amount recovered through insurance are connected to the Costa Concordia disaster, which occurred on January 13, when the cruise ship ran aground and then capsized off of the Italian island of Giglio.
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Mainichi Daily News
MIAMI (AP) — Cruise industry leaders gathered Tuesday for their first annual convention since the Costa Concordia disaster, emphasizing their commitment to safety and expressing confidence that business will return. The Concordia accident, in which 32 people died when the ship ran aground off the coast of Italy in January, cast a long shadow over this year’s Cruise Shipping Miami conference, attended by thousands from the cruise and travel industries in more than 100 countries.
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InjuryBoard.com
I have recently been writing about Congressional Hearings addressing the Costa Concordia disaster, as well as other issues that have come to the attention of Congress as a result of the increased scrutiny of the cruise line industry. One of those issues that has come to light, despite the fact that it has been present for many years, is the fact that the major cruise ship companies that earn billions of dollars in revenues each year carrying millions of United States passengers, as well as utilizing United States ports and governmental services, do not pay United States income taxes on their profits.
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Sun-Sentinel
That reassurance comes at a time when some operators are seeing weaker demand for cruises due to consumer pullback following the Costa Concordia accident. For some it’s a big reversal for a year that started with strong demand for cruises at higher prices than a year ago.
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USA TODAY
By Gene Sloan, USA TODAY The head of Costa Cruises’ parent company says he’s confident the brand can make a comeback in the wake of the Costa Concordia accident, and he has no plans to scale it back or change its name. “It is damaged. It will take some time (to rebound), but we’d be crazy to abandon such a powerful brand,” Carnival Corp. Chairman and CEO Micky Arison
DailyFinance
The tragic crash of the Costa Concordia in mid-January completely changed that. Perhaps more damaging than the actual crash itself will be the potential lawsuits and the lack of involvement by Mr. Arison that I described two weeks ago. To make matters worse, another Costa ship, the Allegra, experienced an engine fire just weeks later, leaving the ship and its passengers without the basic necessities of water and power for three days.
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The Options Insider
However, the sinking of the Costa Concordia put an end to Carnival’s New Year’s rally, sending shares down to a near six-month low in the days that followed. The stock is off the lows of the year, but continues to trade at a 12.0% discount to its pre-disaster level.
