Baltimore Bridge Collapse Could Cost Carnival Cruise Line $10M

Carnival Cruise Line revealed that its 2024 earnings could take up to a $10 million hit due to the Baltimore bridge collapse.

The Francis Scott Key Bridge was hit by a container ship on Tuesday, March 26. The bridge’s collapse has halted the cruise line’s ability to access its Maryland port. Instead, boats will land in Norfolk, Virginia.

A company press release states the Carnival Legend is scheduled to return from its current voyage on Sunday, March 31. It will now dock in Norfolk on Sunday, and guests will be provided complimentary bus service back to Baltimore. 

Carnival Legend’s next seven-day itinerary on March 31 will operate from and return to Norfolk. Guests on the current and upcoming cruises are being informed of this change.

Carnival Cruise Line warns of possible $10M profit hit from Baltimore bridge collapse https://t.co/OssEcevpBf pic.twitter.com/1Eep5tjCvv

— New York Post (@nypost) March 27, 2024

The New York Post reported that Carnival has yet to factor an estimated $10 million profit loss into its full-year adjusted profit guidance of $5.63 billion for 2024. Previously, Carnival anticipated grossing about $5.6 billion in adjusted earnings before interest, tax, depreciation, and amortization.

During the company’s first-quarter earnings call on Wednesday, Carnival CEO Josh Weinstein told investors that its ships will temporarily dock in Norfolk, Virginia, “which should help to minimize operational changes.”

“Our thoughts remain with the impacted families and first responders in Baltimore,” said Christine Duffy, president of Carnival Cruise Line. “We appreciate the pledge made by President Biden today to dedicate all available resources to reopen Baltimore Harbor to marine traffic as soon as possible.”

She continued, “As those plans are finalized, we will update our future cruise guests on when we will return home to Baltimore, but in the meantime, we appreciate the quick response and support from officials in Norfolk.” Six workers who were on the bridge at the time remain missing and are presumed dead, according to The New York Times.