Costa tragedy takes toll on Carnival Corp. shares


Shares of Carnival Corp. dropped 13.7% in the first day of U.S. trading since the Jan. 13 grounding of the Costa Concordia.

The ship is operated by Costa Cruises, a brand owned by Carnival Corp.

Shares closed at $29.60 on Jan. 17, down from $34.28 on Friday. Wall Street was closed on Monday, Jan. 16, in observance of the Martin Luther King holiday.

Carnival Corp. reported Monday that losing the Concordia from Costa's fleet could cost Carnival $95 million for its 2012 fiscal year.

The company said it will pay $40 million in insurance deductibles from the Concordia accident.

Carnival Corp. also warned that it anticipates further costs that cannot be determined at this time.

The 3,200-passenger Concordia is half-submerged off the west coast of Italy after it collided with rocks.

Eleven people are confirmed dead and at least 24 others remain unaccounted for, according to reports.

Follow Donna Tunney on Twitter @dttravelweekly.


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