Yesterday's quarterly results send out a mixed signal. On the one hand, with the summer pre-season in full swing, sales of $4.9 billion over the last three months reached a high not seen since the summer of 2019.

On the other hand, with an accounting loss of $407 million, the second quarter of 2023 was the company's fourteenth consecutive loss-making financial year. Admittedly, the abyssal losses are narrowing - we're a long way from the $2 billion to $3 billion losses per quarter in 2021 - but the situation remains critical.

Carnival has burned through some $23 billion between 2020 and 2022. Cash flow has not yet returned to the green in the current year, although it does appear to be on the way. It has to be said that there are between $4 and $5 billion in capital expenditure ("capex") to be absorbed each year.

Another mixed signal: while cruise bookings are also reaching record levels, operating expenses are not escaping inflation, rising by 13.5% excluding fuel.

Against this backdrop, there is of course the question of the solvency of a group with $30 billion of net debt on its balance sheet. The rise in interest rates is likely to sting: even if Carnival were to return to an operating profit worthy of its best years, the interest charge would absorb it almost entirely.

Under these conditions, it's hard to imagine a happy scenario for shareholders.