Carnival Corporation, the world’s largest cruise shipowner, has outlined a corporate restructuring plan that includes relocating its legal place of incorporation from Panama to Bermuda under the new name Carnival Corporation Ltd.
The proposal forms part of an effort to unify the company’s long-standing dual-listed structure into a single entity listed exclusively on the New York Stock Exchange, with the UK-based Carnival plc becoming a wholly owned subsidiary of the reorganised corporation.
Under the planned reorganisation, shareholders of Carnival plc would exchange their existing shares on a one-for-one basis for shares in the Bermuda-incorporated Carnival Corporation Ltd, after which Carnival plc’s shares and its American Depositary Receipts would be delisted from the London and New York stock exchanges.
This unification is intended to establish a single global share price, streamline governance and reporting, reduce administrative complexity and costs, and is expected to enhance liquidity and the company’s weighting in principal U.S. stock indices — outcomes the company anticipates will support long-term shareholder value.
Officials have emphasised that the redomiciliation would not affect Carnival’s core business fundamentals, including its strategic direction, operational assets, or its extensive fleet of approximately ninety vessels, nor would it alter the company’s substantial engagement in key markets such as the UK.
The global headquarters will remain in Miami, and existing corporate and operational commitments, including brand presence and passenger services, are expected to continue unchanged following the transition.
Completion of the restructuring, including the legal incorporation in Bermuda and the transition to a single stock listing, is contingent upon approval by shareholders scheduled to vote in April 2026, as well as receipt of necessary regulatory and UK court confirmations, with the current target date set for the second quarter of 2026.
The move to Bermuda aligns with Carnival’s broader financial performance context, following a period of record earnings and restored dividends, and is set against projections for further earnings growth in 2026.