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19Carnival Corporation & plc
Note 8—Commitments
Ship Commitments
A description of our ships under contract for construction at November 30, 2003 was as follows (in millions, except
passenger capacity):
Expected Estimated
Service Passenger Total
Brand and Ship Date(a) Shipyard Capacity Cost(b)
Princess
Diamond Princess . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3/04 Mitsubishi 2,674 $ 475
Caribbean Princess . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4/04 Fincantieri(c) 3,114 500
Sapphire Princess . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6/04 Mitsubishi 2,674 475
Newbuild . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6/06 Fincantieri 3,114 500
Total Princess . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,576 1,950
CCL
Carnival Miracle. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2/04 Masa-Yards(c)(d) 2,124 375
Carnival Valor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12/04 Fincantieri(c) 2,974 510
Carnival Liberty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8/05 Fincantieri 2,974 460
Total CCL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,072 1,345
Holland America Line
Westerdam . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4/04 Fincantieri(c) 1,848 410
Noordam. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2/06 Fincantieri(c) 1,848 410
Total Holland America Line . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,696 820
Cunard
Queen Mary 2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1/04 Chantiers de
L’Atlantique(c)(d) 2,620 800
Queen Victoria . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4/05 Fincantieri(c) 1,968 410
Total Cunard . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,588 1,210
Costa
Costa Magica . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11/04 Fincantieri(e) 2,702 545
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,634 $5,870
(a) The expected service date is the month in which the ship is currently expected to begin its first revenue generating cruise.
(b) Estimated total cost of the completed ship includes the contract price with the shipyard, design and engineering fees, capitalized
interest, construction oversight costs and various owner supplied items.
(c) These construction contracts are denominated in euros and have been fixed into U.S. dollars through the utilization of forward
foreign currency contracts.
(d) The Carnival Miracle and the Queen Mary 2 were delivered in February 2004 and December 2003, respectively.
(e) This construction contract is denominated in euros, which is Costa’s functional currency and, therefore, we have not entered into
a forward foreign currency contract to hedge this commitment. The estimated total cost has been translated into U.S. dollars
using the November 30, 2003 exchange rate.