The coronavirus pandemic has rocked Carnival Corp's finances so hard that the large-cap company claims it can no longer reliably predict its own future.

The New York-listed cruise behemoth with 104 ships posted a $781m loss for the first quarter ended 29 February, marking its first three-month deficit ever in its history.

The Arnold Donald-led company also finds itself relying on almost $12bn in credit and loans to make good on newbuilding deliveries amid fleet layups and canceled voyages.

Carnival two weeks ago forecast an undetermined financial loss for 2020 in its first-quarter earnings report as a result of the loss and uncertainty.

On 3 April, the company further disclosed that it cannot reliably predict its future amid such unprecedented times that have severely hurt its access to acceptable financing.

"The current, and uncertain future, impact of the Covid-19 outbreak, including its effect on the ability or desire of people to travel (including on cruises), is expected to continue to impact our results, operations, outlooks, plans, goals, growth, reputation, cash flows, liquidity, and stock price," the company said in a document filed on 3 April with the Securities and Exchange Commission.

"We cannot assure you that our assumptions used to estimate our liquidity requirements will be correct because we have never previously experienced a complete cessation of our cruising operations, and as a consequence, our ability to be predictive is uncertain," the company said

"In addition, the magnitude, duration and speed of the global pandemic is uncertain," Carnival added.

"As a consequence, we cannot estimate the impact on our business, financial condition or near- or longer-term financial or operational results with certainty."

The aforementioned language further elaborates on statements first made in the company’s 31 March prospectus to raise $500m in equity.

Its shares gained 6.5% Friday to close at $8.52.

Those debt covenants

Carnival said it expects to honour its debt covenants but may have trouble doing so if its fleet suspensions continue beyond the near-term and it is unable to obtain covenant waivers.

"If we were not able to obtain waivers or repay the debt facilities, this would lead to an event of default and potential acceleration of amounts due under all of our outstanding debt and derivative contract payables," it said.

"If we unable to recommence normal operations in the near-term, we may be out of compliance with a maintenance covenant in certain of our debt facilities.”

In March and April 2020, Moody’s and S&P Global downgraded Carnival's long-term issuer and senior unsecured debt ratings and are reviewing them for possible further downgrades.