Carnival Corporation has revealed the sinking of the Costa Concordia could cost as much as $95 million.

Shares in the company fell by 18 per cent in early trading following the incident on Friday which saw the vessel go down of the coast of Isola del Giglio, Italy, after hitting rocks in shallow waters.

Six people have so far been confirmed killed during the sinking.

Italian, German, French and British nationals were among the 3,200 passengers evacuated, while up to 1,000 crew were also rescued.

Carnival subsidiary Costa Crociere, which operates the vessel, said in a statement Capt Francesco Schettino may have “committed errors” ahead of the sinking.

“It seems the commander made errors of judgement that had serious consequences,” the statement explained.

“The route followed by the ship turned out to be too close to the coast, and it seems his decision in handling the emergency did not follow Costa Crociere’s procedures which are in line, and in some cases, go beyond, international standards.”

As the clean up begins, Carnival has started to count the cost.

“The vessel is expected to be out of service for the remainder of our current fiscal year if not longer,” Carnival said in a statement to the London Stock Exchange.

“For the fiscal year ending November 30th, the impact to 2012 earnings for loss of use is expected to be approximately $85-$95 million.”
Carnival added it had insurance coverage for damage to the vessel with an excess of $30 million.

Carnival Corporation chief executive Micky Arison offered his condolences to those who lost their lives.

“At this time, our priority is the safety of our passengers and crew,” he said.

“We are deeply saddened by this tragic event and our hearts go out to everyone affected by the grounding of the Costa Concordia and especially to the families and loved ones of those who lost their lives.”