Howard Frank, second only to Micky Arison at Carnival Corp. & plc, has traveled to Italy to assess the Costa Concordia situation, Seatrade Insider has learned.

It may be common practice on some routes, but the propensity of cruise ships to divert from their established routes to ‘make a bow’ to people onshore is not possible in Venice, according to a joint statement released yesterday by the city’s port authority and coast guard.

As the Italian government begins detailed consideration today of new rules covering cruise ships operating in sensitive sea areas, Venice’s port community has proposed changes to the routing of cruise ships that will at least halve traffic levels at the heart of the city.

Spurred by the Costa Concordia tragedy, Carnival Corp. & plc is undertaking a comprehensive audit and review of safety and emergency response procedures across all its brands.

Carnival said it and the cruise industry as a whole have maintained ‘an excellent safety record’ over the years. ‘However, this tragedy has called into question our company’s safety and emergency response procedures and practices,’ said Carnival chairman and ceo Micky Arison. ‘While I have every confidence in the safety of our vessels and the professionalism of our crews, this review will evaluate all practices and procedures to make sure that this kind of accident doesn’t happen again.’

The cruise industry is calling on the International Maritime Organization to undertake a comprehensive evaluation from the findings of the Costa Concordia investigation.

Following the Costa Concordia disaster, Carnival shares are at an enterprise value per berth valuation seen only once in 15 years of quarterly EV/berth averages, UBS Investment Research said in new research.

Carnival Corp. & plc chairman and ceo Micky Arison has given his personal assurance that every Costa Concordia passenger, crew member and victim’s family will be cared for.

‘I give my personal assurance that we will take care of each and every one of our guests, crew and their families affected by this tragic event. Our company was founded on this principle and it will remain our focus,’ Arison said in a statement late Wednesday.

Dutch salvage experts SMIT are preparing to remove 2,400 tons of fuel from Costa Concordia, provided they get the go-ahead from officials meeting this afternoon.

Carnival shares were ‘clobbered’—as MarketWatch put it—by the Costa Concordia wreck in the first New York Stock Exchange trading session following Friday night’s ship disaster.

CCL shares at midday had plunged more than 14% to $29.41, a price that skated just above the 52-week low of $28.52 on Oct. 4.

Carnival Corp. & plc estimates the impact from Costa Concordia being out of service for the rest of 2012 at approximately $85m to $95m, or 11 cents to 12 cents per share for the fiscal year ending Nov. 30.

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