Carnival shares rose as much as 7.1 per cent to US$30.63 in New York trading, before later paring gains somewhat. The company's bonds were among the best performers in the high-yield market Wednesday, with the 7.625 per cent notes due 2026 rising to 110.5 cents on the dollar, the highest since Carnival issued them in November. The cost to protect Carnival's debt against default for five years dropped under 308 basis points, the lowest since March 2020. Tensions have been mounting between cruise lines and the US government, as the industry remains on hold in its biggest market. The Centers for Disease Control and Prevention lifted its ban on cruising in October but replaced it with a phased approach to safely returning to the seas, and no line has won full CDC approval to get back to sailing.