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Miami Heat owner lost $460 million (so far) on Italian cruise ship disaster

Jan 16, 2012, 4:18 PM EDT

mickyarison Getty Images

The terrible cruise ship disaster in Italy involved Carnival Cruise Lines, and as you may know, that’s the company headed by CEO Micky Arison, who also owns the Miami Heat.

Arison — chairman, chief executive and majority owner of Carnival — is said to be worth about $4.5 billion. But he’s worth less today, as shares in Carnival tanked, losing about a fifth of their value following the disaster.

The shares collapsed by as much as 23% before ending the day 17% lower at £18.65 -– their biggest fall for a decade. That wiped more than £1bn off the market value of the company and £300m from Arison’s 30% stake.

Three hundred million pounds is about $460 million here in the U.S.

The fall was precipitated by fears that the shipwreck will put holidaymakers off booking cruises for this year’s summer holidays and Carnival warned that it was “not possible to determine” the full cost of the wreck, which killed at least six people. Carnival said the Costa Concordia would be out of action until at least November and put initial estimates of the cost at $95m (£62m).

However, analysts said the final amount is likely to be greater. “This tragedy will be a black mark on the cruise industry and a negative headline for Carnival,” said Tim Ramskill, an analyst at Credit Suisse.

But Arison, of course, isn’t really thinking about the money right now.

“At this time, our priority is the safety of our passengers and crew,” he said. “We are deeply saddened by this tragic event and our hearts go out to everyone affected by the grounding of the Costa Concordia, and especially to the families and loved ones of those who lost their lives. They will remain in our thoughts and prayers.”

H/T SportsbyBrooks.

Costa Concordia: £300m wiped off ship owner’s fortune [Guardian UK]

  1. mgscott - Jan 16, 2012 at 10:20 PM

    Not 1, Not 2, Not 3, Not 4, …

    • italianfan22 - Jan 18, 2012 at 7:03 AM

      What a lame comment. People have died and you make stupid jokes about the whole Heat 1,2,3, 4 titles thing on a topic that has nothing to do with the Heat to begin with. The two entities may be run by the same person, Arison, but the comparisons end there.

      I have rarely seen smart comments on this site and the trend doesn’t change. Carry on.

  2. William Bruce - Jan 17, 2012 at 5:36 PM

    After the disaster, we did some investigation of Carnival Corporation and Arison.

    This is the report: