Cruise Ship company counts cost

As the seventh body is recovered by divers working inside the wreck of the Costa Concordia in horrendous conditions, with a further 29 currently missing, the shares of Carnival fell by 16% yesterday, wiping £3.5 billion off the value of the largest cruise ship operator in the world.

The company's prioritites at this moment are the well being of the crew and passengers, said the group's CEO Mickey Ariston, as the search for the missing continues off the coast of Italy.

Estimates place the insurance loss at anywhere up to US$1 billion, with the hit on company profits costing US$100 million.

Early findings point towards substantial errors in judgement by the Captain, who is currently facing a number of serious charges including manslaughter.