Who Owns Carnival Cruise Line?

Carnival Cruise Line was founded in 1972 by Ted Arison, an Israeli-American businessman. Arison partnered with Meshulam Riklis to purchase the ocean liner SS Empress of Canada, which they renamed Mardi Gras. The ship was old and small, but it represented the beginning of what would become the world's largest cruise brand.

The early years were difficult. The Mardi Gras ran aground on its first voyage, and the company struggled financially. Arison bought out Riklis's stake in 1974 for $1 and assumed the company's debt. This proved to be a pivotal decision. Arison focused on making cruising affordable and fun, targeting younger passengers who had never considered a cruise vacation.

The strategy worked. Carnival differentiated itself from traditional cruise lines by emphasizing entertainment, casual dining, and party atmosphere over formal luxury. The company's advertising slogan, "The Fun Ships," became central to its brand identity. By the 1980s, Carnival was the largest cruise line in the world.

The 1990s brought rapid expansion. Carnival introduced the Fantasy class in 1990, a series of eight 70,000-gross-ton ships that were the largest in the fleet at the time. The company went public in 1987, raising capital for further growth. In 1998, Carnival launched the Carnival Destiny, at 101,000 gross tons the largest cruise ship in the world at the time.

Carnival Corporation grew through acquisitions in the late 1990s and early 2000s. The company acquired Holland America Line (1989), Windstar Cruises (1989), Seabourn (1992), Costa Cruises (1997), Cunard Line (1998), and P&O Princess Cruises (2003). The P&O Princess merger created Carnival Corporation & plc, the dual-listed entity that exists today.

For the Carnival Cruise Line brand specifically, the 2000s and 2010s brought continued fleet renewal. The Conquest class, Spirit class, and Dream class ships expanded capacity and introduced new amenities. In 2020, the COVID-19 pandemic forced the entire cruise industry to suspend operations. Carnival returned to service in 2021 with modified protocols.

In 2020, Carnival introduced Mardi Gras, the first Excel class ship. At 180,000 gross tons, it was the largest ship in the Carnival fleet and the first powered by liquefied natural gas (LNG). Carnival Celebration followed in 2022, and Carnival Jubilee was delivered in 2023, both Excel class ships.

In April 2025, Carnival announced its "Innovation Itinerary," a five-year strategic plan. The plan included the opening of Celebration Key on Grand Bahama island in July 2025, expansion at RelaxAway Half Moon Cay in 2026, delivery of the fourth Excel class ship (Carnival Festivale) in spring 2027, and the fifth Excel class ship (Carnival Tropicale) in spring 2028.

In July 2026, Carnival held a steel-cutting ceremony at the Fincantieri shipyard in Monfalcone, Italy, for the first Ace Class ship, named Carnival Destiny. The Ace Class represents the next generation of Carnival ships. Three ships are planned for delivery in 2029, 2031, and 2033. Each will be 230,000 gross tons, making them the largest ships ever built in Italy. With over 3,000 guest staterooms and capacity for nearly 8,000 guests, the Ace Class ships will be the largest in the Carnival Corporation fleet.

Carnival Festivale, the fourth Excel class ship, will debut in spring 2027 from Port Canaveral, Florida. Carnival Tropicale, the fifth Excel class ship, will homeport in Galveston, Texas, in 2028. Both ships will be powered by LNG.