Shares of cruise giant Carnival Corp. (CCL Quick QuoteCCL - Free Report) are soaring on Tuesday, up 18.5% in midday trading. The company is extending Monday’s double-digit gain after Saudi Arabia’s sovereign wealth fund disclosed a 43.5 million-share, or 8.2%, stake.

The coronavirus pandemic has deeply impacted the global travel industry, especially cruise lines; Carnival, Royal Caribbean Cruises (RCL Quick QuoteRCL - Free Report) , and Norwegian Cruise Line (NCLH Quick QuoteNCLH - Free Report) have all suspended their operations because of the outbreak.

Carnival has been on the hunt for liquidity as a result. It fully drew down its $3 billion revolving credit facility on March 13, and recently announced it raised $6 billion in a mix of debt and equity.

CCL has plummeted over 76% year-to-date, while the S&P 500 is down about 20% in comparison.

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