Carnival

Recent decisions show improved discipline: measured net capacity growth (roughly low single digits), focus on same‑ship yield initiatives, sale of older tonnage, consolidation of P&O Australia into Carnival Cruise Line, and selective newbuilds such as an additional Excel‑class ship for 2027. The 2025 refinancing campaign reduced secured and high‑coupon debt and simplified the stack.

Dividend reinstatement signals confidence but must not crowd out deleveraging. Overall track record is mixed given pandemic‑era dilution, but the last 24 months show better judgment.