Tag Archives: fiscal year

PortMiami Posts Busiest Cruise Year in History

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Royal Caribbean departing Port of Miami photo credit Spacejunkie2

PortMiami welcomed a total of 7,299,294 passengers during Fiscal Year 2023, setting a new record in cruise activity, the port announced in a press release.

During the period, which started on October 1, 2022 and ended on September 30, 2023, PortMiami experienced a nearly seven percent increase in cruise passenger totals compared to its previous record of 6,823,816 passengers in Fiscal Year 2019.

“Congratulations to the entire PortMiami team and its partners on its busiest cruise year ever,” said Miami-Dade County Mayor Daniella Levine Cava.

“PortMiami continues to drive our economy forward, creating opportunities for residents and businesses across our county. The Port is an industry leader, which is future ready and committed to innovative, efficient, and sustainable growth,” she added.

The 2024 Fiscal Year season is also bringing new developments, PortMiami said, which include new cruise lines and new vessels.

Among the new line-up of ships which began sailing to the facility are Oceania Cruises’ Vista, Carnival Cruise Line’s Carnival Venezia, the Scenic Eclipse II, Crystal Cruises’ Crystal Serenity, Explora Journey’s Explora I, Norwegian Cruise Line’s Norwegian Viva; and Regent Seven Seas Cruises’ Seven Seas Grandeur.

In January 2024, Royal Caribbean Group’s Icon of the Seas, the largest cruise ship in the world, will also begin a year-round deployment from the port.

According to the port, dedicated partnerships and the development of new business have contributed to PortMiami’s post-pandemic recovery.

Since the pandemic, the port opened three new cruise terminals: Norwegian Cruise Line’s Cruise Terminal B, the Pearl of Miami; Carnival Corporation’s Cruise Terminal F; and Virgin Voyages’ Cruise Terminal V, the Palm Grove.

Currently under construction are MSC Cruises’ Terminals AA/AAA, which will open in 2024. Recently, the Miami-Dade Board of County Commissioners approved Royal Caribbean Group’s new Cruise Terminal G, which is expected to open in late 2027.

Shore power – a partnership between PortMiami, its cruise partners (Carnival Corporation, MSC Cruises, Norwegian Cruise Line, Royal Caribbean Group, and Virgin Voyages) and Florida Power & Light Company – is also in progress. Upon completion in 2024, shore power capability will be available at five cruise terminals with the ability to plug in three ships simultaneously. Shore power will allow a cruise ship to turn off their primary engines while docked, resulting in reduced air emissions, PortMiami said.

Carnival’s Q3 profit rises, but storm clouds are on the horizon

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Carnival Corp. reported higher third quarter-net income, but reduced its outlook for the 2019 fiscal year and said that business in Europe and the U.S. had eroded since it last reported results three months ago.

Reacting to the mix of news, investors pushed Carnival shares down 7% in mid-morning trading on Thursday.

Carnival said net income for the quarter ended Aug. 31 was $1.78 billion, up from $1.71 billion a year earlier, while revenue rose to $6.53 billion from $5.84 billion.

Carnival also reported higher earnings adjusted for nonrecurring factors, but forecast that earnings for the full year would fall in the range of $4.23 to $4.27 a share, compared to a previous range of $4.25 to $4.35 put forth in June and actual results of $4.26 a share in 2018.

Carnival blamed higher anticipated fuel prices for the reduction.

“We achieved additional cost improvements largely driven by leveraging our scale, offsetting the earnings impact due to voyage disruptions from the combined impact of Hurricane Dorian, the tensions in the Arabian Gulf and the delayed delivery of Costa Smeralda,” Carnival CEO Arnold Donald said in a statement.

“A further reduction in guidance for ticket and onboard revenue worth 6 cents per share in part contributed to by the high level of close-in voyage disruptions was also offset. However, due to an 8 cent a share impact from the recent spike in fuel prices caused by geopolitical events, we are reducing our full-year guidance for 2019 by 5 cents a share,” Donald said.

Carnival said it expects it’s North America and Australia segment yields to be up for the year, but slightly less than previous guidance while its Europe and Asia segment is still expected to be down for the year but slightly more than previous guidance.

It also said: “Cumulative advanced bookings for the first half of 2020 are ahead of the prior year at prices that are in line compared to 2019 on a comparable basis. Since June, both booking volumes and prices for the first half of next year have been running lower than the prior year.”

By mid-afternoon Thursday, Carnival shares were trading at $44.14, off 8.2% from Wednesday’s close.