Costa Concordia sinking could cost Carnival $95m

The sinking of the Costa Concordia could cost parent firm Carnival up to $95m (£62m; 75m euro), the firm has said in a statement.

Carnival shares fell 18% in early trading after it said it expected the loss of earnings from the capsizing to be between $85m and $95m.

The ship ran aground on Friday night off Italy, killing six people.

Italian, German, French and British nationals were among the 3,200 passengers on board.

"The vessel is expected to be out of service for the remainder of our current fiscal year if not longer," it said in a statement to the London Stock Exchange.

"For the fiscal year ending November 30, the impact to 2012 earnings for loss of use is expected to be approximately $85-$95m or $0.11-$0.12 per share."

It said it had insurance coverage for damage to the vessel with an excess of $30m.