Carnival Corporation Streamlines Operations by Consolidating Corporate Structure Under Bermuda Flag

Carnival Corporation, the world’s largest cruise line, has announced plans to consolidate its corporate structure by moving its legal incorporation from Panama to Bermuda. This transition will result in a new entity named Carnival Corporation Ltd. The initiative aims to unify the company’s existing dual-listed status into a single listing on the New York Stock Exchange, with the UK-registered Carnival plc becoming a wholly owned subsidiary.

Shareholders of Carnival plc will have the opportunity to exchange their shares on a one-for-one basis for shares in the new Bermuda-incorporated Carnival Corporation Ltd. Following this exchange, Carnival plc’s shares, along with its American Depository Receipts, will be delisted from both the London and New York stock exchanges.

The reorganization is designed to establish a singular global share price, simplify governance and reporting, cut down on administrative complexities and costs, and ultimately enhance the company’s liquidity and standing in key U.S. stock indices. Carnival projects that these changes will contribute positively to shareholder value.

Company officials have assured stakeholders that this move will not impact Carnival’s core business operations, including its strategic direction, operational assets, or its impressive fleet of approximately ninety vessels. The company also emphasized its ongoing commitment to major markets like the UK.

The corporate headquarters will remain in Miami, and all existing corporate and operational commitments, such as brand presence and passenger services, are expected to continue without interruption after the transition.

The completion of this restructuring, which includes the incorporation in Bermuda and conversion to a single stock listing, is subject to approval by shareholders in April 2026, as well as regulatory and UK court confirmations. The target completion date is set for the second quarter of 2026.

This strategic move towards Bermuda comes as Carnival has recently experienced record earnings and restored dividends, amidst expectations for continued earnings growth in 2026.

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