Why Carnival Stock Plunged 57% in 2020

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Shares of Carnival (NYSE: CCL)(NYSE: CUK) fell 57% last year, according to data provided by S&P Global Market Intelligence, as the coronavirus took a heavy toll on the cruise industry.

After a series of COVID-19 outbreaks occurred on multiple cruise ships, the Centers for Disease Control and Prevention (CDC) issued no-sail orders that forced Carnival and other cruise operators to cancel their U.S. voyages. With their ships stuck at port and little revenue coming in, the major cruise lines quickly began bleeding cash. 

2020 was a difficult year for Carnival and other cruise ship companies. Image source: Getty Images.

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