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Carnival Corporation Concludes Dissolution of Asian Cruise Venture and Repurchases MS Tropicale

MIAMI, Sept. 9 /PRNewswire/ -- Carnival Corporation (NYSE: CCL) announced that it has concluded the dissolution of its Asian joint venture with Korea's Hyundai Merchant Marine.

The Asian cruise venture was formed in September of 1996 to develop the Asian cruise market. As part of the dissolution agreement, Carnival will repurchase the cruise ship MS Tropicale for approximately the same amount it received when it sold the vessel to the joint venture at its formation.

"Despite the dissolution of the joint venture, Carnival and Hyundai continue to have discussions regarding future business relationships including the possibility of appointing Hyundai as the general sales agent in Korea for Carnival Corporation's largest subsidiary, Carnival Cruise Lines," said Carnival Corporation Vice Chairman Howard Frank.

The cruise ship Tropicale, which is currently operating in Alaska for the Carnival Cruise Lines brand but was scheduled to become part of the joint venture in 1998, will now remain in the Carnival Cruise Lines fleet. Carnival Cruise Lines President Bob Dickinson indicated that he is extremely excited to be retaining the Tropicale within the Carnival fleet "given the anticipated strength of the 1998 cruise booking season based on early indicators." A unique new itinerary that has never been done before is being developed for Tropicale and will be announced in the near future, according to Dickinson.

Carnival Corporation is comprised of Carnival Cruise Lines, the world's largest cruise line based on passengers carried, Holland America Line, Windstar Cruises and interests in Seabourn Cruise Line and Costa Cruise Lines, which combined operate 33 ships in the Caribbean, Alaska, Europe and other worldwide destinations. Combined, Carnival Cruise Lines and Holland America Line have seven new ships slated for delivery over the next three years. Carnival also holds a 29.5 percent interest in Airtours plc, a UK-based, vertically integrated tour operator.

Note: Statements in this press release relating to matters that are not historical facts are forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performances or achievements of Carnival Corporation to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, changes in cruise industry capacity and competition, changes in tax laws and regulations affecting Carnival and its principal stockholders, changes in other laws and regulations affecting Carnival and other factors which are described in further detail in Carnival's filings with the Securities and Exchange Commission.

SOURCE Carnival Corporation
 -0- 9/9/97

/CONTACT: Tim Gallagher, Carnival Corporation, 305-599-2600, Ext. 776/

/Photo available via NewsCom, 305-448-8411 or


CO: Carnival Corporation; Hyundai Merchant Marine ST: Florida IN: LEI SU:

BG -- FLTU005 -- 5371 09/09/97 10:05 EDT
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Publication:PR Newswire
Date:Sep 9, 1997
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