By Marcus Leach

Carnival, the parent firm of the sunken cruise-liner Costa Concordia, say that the accident will cost them in the region of $95m (£62m).

Further to that shares in the company fell 18% in early trading on the back of an announcement that said they expected the loss of earnings from the capsizing to be between $85m and $95m.

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

"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."

Micky Arison, chairman and chief executive of Carnival Corporation, said the main focus for the time being was the safety of passengers and staff.

"At this time, our priority is the safety of our passengers and crew," he said.

"We are deeply saddened by this tragic event and our hearts go out to everyone affected by the grounding of the Costa Concordia and especially to the families and loved ones of those who lost their lives."

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