Carnival to Relocate its CEO Alan Buckelew to Shanghai

Carnival to Relocate its CEO Alan Buckelew to Shanghai

Asia holds great importance for Carnival Corp owing to which, the world's largest cruise operator is shifting its chief operating officer to Shanghai from Miami.

Things are going quite well for the company, as it has witnessed stronger demand from Chinese holiday makers. It has helped the company to report stronger-than-expected quarterly earnings. Therefore, on Tuesday, the company has raised its full-year profit forecast. The Carnival's shares jumped 4% to a three-year high.

It is expected that the $29 billion global cruise industry will get benefit in the coming years from the rise of the middle class in emerging economies like China and India.

Companies are competing to place themselves as the cruise operators of option for the new customers. Carnival has a few cruise ships based in China and rival Royal Caribbean Cruises Ltd recently said that it would position its newest ship in the country.

Carnival Chief Executive Arnold Donald said on a conference call that China continues to be their center of interest for the emerging market growth. They are also expecting double-digit development over the next few years.

In the year ended November 2013, about 11% of Carnival's revenue came from Asia and Australia. The company now expects its adjusted earnings of $1.84-$1.88 per share for the year ending November 30, up from its earlier predict of $1.60-$1.75.

According to Carnival, Chief Operations Officer Alan Buckelew in Shanghai will implement the company's plans in China. He will also continue to supervise operations around the world. Buckelew has given 37 years of his life to the cruise industry and was formerly chief executive of Carnival's Princess Cruises division.

The company normally earns over 80% of its annual profit in June, July and August. "Things should look better in the Caribbean, beginning in the later second quarter into the third quarter, should be very good because there will be capacity reduction in the Caribbean next year versus this year", Donald said on the conference call.

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