Princess Chatter

"Carnival will lose business from customers who were booked on future Concordia voyages, Zackfia said. There will be additional costs that are hard to estimate, she said. The company doesn’t have insurance that covers lost revenue or earnings from its ships or other operations, according to its most recent 10-K, filed in January 2011."

"Carnival carries insurance that covers a number of risks within certain limitations, according to the January 2011 filing. The coverage includes hull and machine insurance, as well as protection and indemnity policy that includes crew and passenger injuries, shipwrecks, damage to third parties and pollution.

The company also had practiced some self insurance in the past, according to Zackfia and to filings.

Carnival had no immediate response to requests for specifics of its coverage.

“This is a company that has a very strong, solid cash flow and balance sheet,” Zackfia said.

With U.S. markets closed tomorrow for the Martin Luther King Jr. holiday, Carnival will trade for the first time following the incident in London. Carnival fell 2.5 percent in New York on Jan. 13, valuing the company at $27.8 billion. The shares declined 29 percent last year."

http://www.businessweek.com/news/2012-01-14/carnival-ship-mishap-s-timing-may-exacerbate-loss-of-business.html

"The full extent of Carnival’s liabilities as a result of the Costa Corncordia accident remains to be seen. The company’s insurance is a combination of self-insurance — a fund that it maintains for disasters — and policies with high deductibles, according to its financial disclosures.

“We are not protected against all risks, which could result in unexpected increases in our expenses in the event of an incident,” the company’s SEC filings say."

http://www.washingtonpost.com/business/industries/italian-disaster-unlikely-to-halt-growth-of-cruise-line-industry/2012/01/14/gIQAeMqDzP_story.html?tid=pm_business_pop

"Malcolm Latarche, editor of maritime magazine IHS Fairplay Solutions, said a loss of power coupled with a failure of backup systems could have caused the crew to lose control.

"I would say power failure caused by harmonic interference and then it can't propel straight or navigate and it hit rocks," Latarche said."

"Miriam Vitale, a hostess on the cruise liner who disembarked earlier this week in Palermo, told SkyTG24 the ship conducts a drill every 15 days. She said that since passengers on the Concordia embark or disembark every day, some passengers could miss it depending on which day they begin the trip."

http://www.google.com/hostednews/ap/article/ALeqM5jNJvaWIRLSRsS8WzGh7rmy_uH57Q?docId=8434585cc2fc4938a809c41ab73d24cc

"The chief prosecutor in the Tuscan city of Grosseto, Francesco Verusio, was quoted by the ANSA news agency as telling reporters that the captain “very ineptly got close to Giglio.”

“The ship struck a reef that got stuck inside the left side, making it (the ship) lean over and take on a lot of water in the space of two, three minutes,” he said.

Schettino was at the command, and it was “he who ordered the route, that’s what it appears to us. It was a deliberate” choice to follow that route, ANSA quote him as saying.

It quoted Schettino’s lawyer, Bruno Leporatti as saying his client understands why he was being detained but that “as his defender, I’d like to say that several hundred people owed their life to the expertise that the commander of the Costa Concordia showed during the emergency.”

ANSA quoted Francesco Schettino’s sister, Giulia, as saying her brother called their mother, 80-year-old Rosa, at five in the morning, saying “Mamma, there has been a tragedy. But stay calm. I tried to save the passengers. But for a while, I won’t be able to phone you.”

http://www.washingtonpost.com/world/europe/italian-media-captain-in-cruise-case-detained-for-investigation/2012/01/14/gIQAxbh7yP_story.html

"Officials confirm to news that they will tell a Grosseto magistrate that Francesco Schettino is allegedly to blame for both the Costa Concordia accident and the rising death toll."

http://news.lalate.com/2012/01/14/francesco-schettino-costa-concordia-captain-abandoned-italian-cruise-ship-prosecutors/

Consular officials wore bright green or orange emergency vests to identify themselves to their co-nationals, offering help in how to obtain emergency passports, since many non-Europeans had to turn them in to cruise officials upon boarding.

http://www.seattlepi.com/news/article/Nations-hunt-for-info-on-Italy-cruise-accident-2528978.php

"The passengers described scenes of chaos and confusion on board the vessel after it struck the reef and said there seemed to be no leadership from the ship’s senior crew. Some have warned they are prepared to take legal action against the vessel’s owners.

Monique Maurek, 41, an undertaker from Holland, said: “There was no evacuation drill at any point after we set sail. Nobody had any idea where the lifeboats were or where the life jackets were kept, so when it came to having to evacuate the ship it was chaos. Most people didn’t even have any idea of what the evacuation warning sound would be.

“It was only because some of us had already been on a cruise that we recognised that seven blasts of the horn was a signal to abandon ship.”

Mrs Maurek added: “What scandalised me most was when I saw the captain spending much of the evening before we hit the rocks drinking in the bar with a beautiful woman on his arm.”(Former Costa dancer and passenger rep. Domnica Cemortan is said to be the 25 year old beautiful women on the Captain's arm.)

Takayuki Yabumoto, 52, a business consultant from Tokyo, who was sitting down to dinner when disaster struck, said: “There was an announcement saying the situation was under control. We left the restaurant and went on deck. Some women and children were crying; there was panic.”

http://www.telegraph.co.uk/news/worldnews/europe/italy/9015762/Cruise-disaster-passengers-anger-at-ship-crew.html

Italian police said he is accused of multiple manslaughter, causing a shipwreck and abandoning ship. There are reports he had been drinking.

http://tvnz.co.nz/world-news/italian-cruise-ship-captain-committed-errors-4688893

"Prosecutor  Francesco Verusio said the Concordia had approached the tiny island of Giglio ‘the wrong way’, while sources said that the 52-year-old captain, from Naples, had abandoned the ship at around 11.30pm local time – about an hour after it struck a rocky outcrop and started taking in water – while the last passengers were not taken to safety until 3am yesterday morning.

As the liner lay virtually flat on its starboard side last night, a 160ft gash visible on its upturned hull, rescue workers raised the possibility that there may still be bodies in the submerged section."



The captain of the Costa Concordia cruise ship, Francesco Schettino is taken into custody in Grosseto, Italy.