Carnival warns on profits after cruise-ship fire

Carnival Corp. said Tuesday that the cost of repairs and canceled cruises stemming from last week’s deadly fire on its Star Princess ship will result in about a 4 cent to 5 cent reduction in second quarter and full-year earnings per share.

Carnival last week forecast earnings of 48 to 50 cents per share for the second quarter, and from $2.90 to $3 per share for 2006.

The fire was the latest problem for the world’s largest cruise operator, which is already fighting to meet the high price of fuel. Miami-based Carnival owns 12 cruise brands, including Princess Cruises, which operates the Star Princess.

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The Star Princess will be out of action until May 15 because of repairs to cabins damaged in last week’s fire during a Caribbean voyage. The March 23 fire resulted in a Georgia man’s death, injured 11 people and damaged 150 cabins. It also left a large charred spot on the ship’s exterior.

In addition to an already canceled Caribbean departure, five cruises scheduled for April also were canceled. Passengers booked on the canceled cruises will receive a full refund of their cruise and nonrefundable air charges, and a future cruise credit equal to 25 percent of the fare.

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The ship will sail this week from Freeport, Bahamas, where it arrived following the fire and go to a shipyard in Bremerhaven, Germany, for repairs, the company said.

The ship is set to return to service for its first European cruise from Copenhagen, Denmark, on May 15, the company said.