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Cruise Ship Wreck Costs Could Surpass $130M |
January 18, 2012
The capsizing of the Costa Concordia cruise ship will send a tidal wave of bills at the owners that could reach $130 million -- if the ship can be salvaged. If it is determined that the $650 million luxury liner is too badly damaged and is little more than fancy scrap, the owners -- Costa Cruises and its parent company Carnival Cruises -- will have to absorb the loss of the ship. "They just lose," said Jaime Katz, an equity analyst for Morningstar Inc., an independent investment research firm. "The ship is gone. They will have to start over or have one less ship in that market."
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