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Carnival says Baltimore bridge collapse could cost them $10 million

The company will temporarily move its Baltimore operations to Norfolk, Virginia, and arrange transportation for cruise guests back to Baltimore.
Carnival says Baltimore bridge collapse could cost them $10 million
Posted at 8:27 PM, Mar 27, 2024

The collapse of the Francis Scott Key Bridge in Baltimore will have some repercussions for many businesses across the U.S., among them cruise lines.

On Wednesday, Carnival Cruise Line warned that the incident could potentially cost the company millions in earnings this year as it affected their financial projections. 

"Given the timing of yesterday's event in Baltimore and the temporary change in homeport, our guidance does not include the current estimated impact of up to $10 million on both adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) and adjusted net income for the full year 2024," the company stated in their first quarter earnings snapshot.

The bridge provided access to the Port of Baltimore, and shortly after its collapse, the port announced on X that it would suspend "vessel traffic into and out of" the port until further notice.

Carnival had a ship, the Carnival Legend, that was scheduled to arrive at that port on Sunday, but the company announced that they would be moving their Baltimore operations to Norfolk, Virginia, for now.

“Our thoughts remain with the impacted families and first responders in Baltimore,” the president of Carnival Cruise Line, Christine Duffy, said in a press release. “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. 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.” 

The press release states that their forthcoming cruises scheduled to dock at the Port of Baltimore will proceed as planned but from Norfolk, and guests will get complimentary bus service for their return to Baltimore, which is approximately a four-hour drive from Norfolk.

SEE MORE: How the Baltimore bridge collapse impacts commerce, jobs and cruises

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