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Oil shock sorts cruise lines into the hedged and hedged nots
Lex专栏:未进行对冲让嘉年华集团因小失大

Carnival is paying the price for not locking in its fuel exposure when compared to competitors
与竞争对手相比,嘉年华集团因未及时锁定燃料敞口而付出代价。

Investors in cruise line operator Carnival Corporation are racing for the lifeboats. The company’s US-listed stock is down 18 per cent since the US-Israeli attack on Iran triggered a massive increase in oil prices. Carnival is particularly exposed since it opted years ago to go without oil hedges. Today, that decision looks penny wise and pound foolish.

邮轮运营商嘉年华集团(Carnival Corporation)的投资者正争相跳上救生艇。自美以对伊朗的袭击引发油价大幅飙升以来,该公司在美上市的股票已下跌18%。嘉年华尤其容易受到冲击,因为多年前它就放弃了石油套期保值。如今看来,这一决定是因小失大。

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