Shares in Carnival Corporation (LON:CCL) slumped on a warning that revenues and earnings this year will be below previous guidance.
The world's largest cruise operator said earnings this year could be as much as 30% below its previous best hopes.
Bookings have picked up, but at the expense of prices, which has reduced net revenue yields and hit earnings.
Carnival said full year 2013 net revenue yields will be down 2% to 3% over previous expectations of a flat year.
On top, there have been more cancellations than expected while selling and administrative costs have risen.
The company now expects full year 2013 EPS to be in the range of US$1.45 to US$1.65, the company said, and based on the recent trends, current fuel prices of US$674 per metric ton and currency exchange rates of US$1.30 to the euro and US$1.53 to the pound,
Previous guidance was for earnings per share (EPS) in a range of US$1.80 to US$2.10.
Shares fell 13% to 2,101p.