Carnival Corporation – the largest cruise operator in the world – has lowered its expectations for 2011 earnings as natural disasters and rising fuel costs take a toll. Carnival now the impact from conflicts in the Middle East and North Africa region, as well as the earthquake and nuclear disaster in Japan will cost the company an additional $0.15 per share for the second half of 2011.

Cruise operator Carnival Corporation has filed a lawsuit against the owners, operators and manufacturers of the Deepwater Horizon oil rig. The rig exploded last year, with the loss of 11 lives, spilling millions of litres of oil into the Gulf of Mexico.

Port Everglades has secured approval for renovations to four of its cruise terminals in an agreement with Carnival Corporation. Following the developments – which will be completed at a cost of some $35 million – the property will provide a home to seven Carnival-brand cruise lines, with a fleet of 30 different cruise ships.

Profits at Carnival Corporation increased significantly over the fourth quarter, with a positive outlook for 2011 pushing shares higher this morning. For the three month period ending November 30th, the Miami-based cruise line reported a profit of $248 million, or 31 cents a share.

Rising fuel costs have seen profits at Carnival Corporation slip over the second quarter – despite rising revenue. The cruise giant – which owns the Carnival, Holland America and Princess lines – recorded profits of $252 million in the three months to May 31st, compared to a figure of $264 million a year earlier.

America’s Carnival Corporation has signed a memorandum of agreement with Italian shipbuilder Fincantieri for the construction of two new cruise ships. The 3,600-passenger vessels are earmarked for the organisation’s Princess Cruises brand, with an expected launch date of spring 2013 and spring 2014.