By FT Reporters

Carnival, owner of the cruise ship that capsized off the coast of Italy over the weekend, has estimated the disaster would cost it up to $95m in the current financial year as the death toll from the accident rose to six.

Shares in Carnival, which has a dual listing in London and New York, fell 21 per cent in opening trade on Monday to ?17.60 as investors worried about the impact of the capsizing of the Costa Concordia on future profits.

An initial estimate by the company on the loss of earnings this year totalled $85m-$95m, it said in a statement, or $0.11-$0.12 a share.

?The company anticipates other costs to the business that are not possible to determine at this time,? it added.

In fourth-quarter earnings released just last month Carnival said bookings for the year that runs to the end of November were slightly higher in terms of prices compared with the previous year, although occupancy levels were lower.

Full year non-GAAP earnings per share were expected to be in the range of $2.55 to $2.85, compared with $2.42 for 2011, it said.

But analysts have forecast the accident, which happened at the start of the most active period for cruise bookings, could knock 10 per cent off this year?s earnings.

Terje Fatnes, at Enskilda Securities, estimates that the company – which made a $1.91bn net profit last year – could lose at least $200m because of

the accident.

Insurance cover totalled $40m, Carnival said. Damage to the vessel, which weighed 114,500 tonnes and was carrying 4,229 passengers and crew, was insured at $30m, while third-party personal injury cover was $10m.

?At this time, our priority is the safety of our passengers and crew,? said Micky Arison, Carnival chairman and chief executive. ?We are deeply saddened by this tragic event and our hearts go out to everyone affected by the grounding of the Costa Concordia, and especially to the families and loved ones of those who lost their lives. They will remain in our thoughts and prayers.?

Italian authorities said on Monday said a passenger?s body had been found in the wreckage, bringing the confirmed death toll to six, with 16 people unaccounted for.

Prosecutors trying to piece together the events that led to the ship?s collapse will centre on the actions of the ship?s captain Francesco Schettino, who was arrested on Saturday. They will want to know why he only issued an SOS and evacuation order about one hour after first hitting the submerged rocks that tore a 70m gash in the side of the hull, and how the port captain on Giglio was first alerted to the nature of the disaster by passengers using their mobile telephones while the captain had reported only an electrical fault.

? The Financial Times Limited 2012