Carnival Cruises 2010 Annual Report Download - page 55

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These amounts are determined by considering the impact of the hypothetical market interest rates on our existing
debt and interest rate swaps. This analysis does not consider the effects of the changes in the level of overall
economic activity that could exist in such environments. Currently, substantially all of our fixed rate debt can
only be called or prepaid by incurring significant break fees, therefore it is unlikely we will be able to take any
significant steps in the short-term to mitigate our exposure in the event of a significant decrease in market
interest rates.
Fuel Price Risks
We do not use financial instruments to hedge our exposure to fuel price market risk. We estimate that our fiscal
2011 fuel expense would change by approximately $3.5 million for each $1 per metric ton change in our average
fuel price.
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