All articles tagged with #cruise lines
The U.S. Supreme Court revived a damages suit against major cruise lines for mooring at Havana docks confiscated by Cuba in 1960, allowing the Havana Docks Corporation’s claims to proceed. Justice Clarence Thomas wrote the 8-1 majority; the ruling lets the case move forward under a 1996 law that permits suits over seized property, while Justice Elena Kagan dissented.
The Supreme Court, in an 8-1 decision, held that the Cuban Liberty and Democratic Solidarity Act allows Havana Docks Corporation to sue U.S. cruise lines for their use of the former Havana port confiscated by Cuba in 1960, potentially yielding hundreds of millions in liability; Justice Thomas wrote the majority, with Justices Sotomayor and Kavanaugh concurring and Justice Kagan dissenting. The ruling revives a 2019 dispute and could chill future Cuba-related business, coming as related Exxon Mobil v. Cimex awaits a decision.
Disney plans to invest approximately $60 billion into its theme parks and cruise lines over the next decade, nearly double what it spent in the previous 10-year period. The company's theme parks segment has been performing well, with a 13% increase in revenue in the fiscal third quarter. Disney has seen growth following previous significant investments and has several new attractions and expansions planned for its parks worldwide. The company also has room for further expansion, with over 1,000 acres of land available for future development.
Carnival reported a second-quarter loss, causing shares of cruise lines to fall, with Carnival being the worst performer, shedding about 11%. Despite the decline, Carnival's shares have risen about 25% this month, along with those of rivals Royal Caribbean and Norwegian Cruise Line Holdings.