Shares of cruise operator Carnival Corp. (CCL Quick QuoteCCL - Free Report) spiked in Friday trading after the company provided investors with a business update. CCL closed up almost 11% to $16.16 per share.

Carnival reiterated that it continues to see new bookings demand for 2021, and that cumulative advance bookings remain within historical ranges. While Carnival still expects to burn through roughly $650M a month through the end of 2020, it is taking steps to both reduce the burn rate and raise enough cash to help tide it over.

Carnival also said that it plans to sell upwards of 13 ships in its fleet to help decrease capital spending requirements. The company wants to eventually unload about 9% of its total capacity.

Today’s news also boosted shares of cruise liners Royal Caribbean (RCL Quick QuoteRCL - Free Report) and Norwegian (NCLH Quick QuoteNCLH - Free Report) .

Year-to-date, CCL has plunged nearly 70% compared to the S&P 500’s decline of 1.4%%.

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