Carnival executives were quite vague and even evasive in the quarterly earnings telecon this morning, when they were asked about funding for maintenance. During the Q & A session, financial analysts repeatedly tried to get Carnival to say how much they are spending on maintenance and safety. The Carnival people refused to break down the costs, giving only figures that included refurbishment costs. The Carnival financial people claimed they didn't have the details to address the question.
They reported that maintenance capital expenditures are running around $700 to $750 million, adding that as the average fleet age is getting older, ships need more maintenance. Here is one quote: "We forecast it to be in $800-plus million including refurbishments."