Carnival's investors are used to the cruise operator plying choppy waters The collapse of Lehman Brothers and global recession hit the company like most of its stock market peers, but a decision to limit fuel hedging - reversed only recently - left it exposed to the threat of a soaring oil price, while last year's Arab Spring also laid the stock low. Driven to cut prices for Caribbean voyages in the wake of the accident, the group enjoyed a one-day record for reservations in early 2007, before it was forced to give up on efforts to launch a joint venture with German travel giant Tui that September. Volatility after Lehman Brothers' collapse led to further share price losses in late 2008 as Carnival suspended a dividend payment, a measure taken to avoid raising money on the public markets. The shares plummeted 12pc. Carnival pushed on through the swine flu epidemic of 2009, its bombed-out share price gaining ground over the year, with strong trading numbers and price increases continuing the trend into 2010. But just as shareholders were daring to believe the share price falls of the past had been consigned to history, the group cut its earnings forecasts in March 2011 as a rising oil price and the Arab Spring hit the bottom line. A series of mechanical problems and a difficult consumer economy pushed the share price lower as the year progressed. Last week's accident might prove a low point for the company's reputation, but investors have been here before.