As the cruise industry continues to wrestle with the fallout from COVID-19, Carnival (NYSE: CCL) (NYSE: CUK) announced this morning it's canceling more cruises, including some as far out as 2023. The most far-reaching cancellations were for voyages out of San Diego aboard the Carnival Miracle, the majority of which have been dropped, including those booked as far out as April 2023. The sailings are now canceled until further notice, except for seven Hawaiian cruises.
Cruise line stocks are tanking as the trading week gets under way. As of noon EST Monday, shares of Norwegian Cruise Line Holdings (NYSE: NCLH) are down 4%, Carnival Corporation (NYSE: CCL) (NYSE: CUK) is down 5.9%, and Royal Caribbean (NYSE: RCL) is down an even 6%. This morning, the world's biggest publicly traded cruise line announced a new slew of "ship-specific cruise cancellations and movements."
Things should get better for the world's largest cruise line operator in terms of fundamentals in 2021, but the same might not apply to its stock price.