Carnival Cruise Lines started in 1972 with the "Mardi Gras". It was after Ted Arison broke off his relationship with Kurt Kloster of NCL. The Mardi Gras was the former "Empress of Canada". Ted Arison, initially, had no idea how to run a cruise line. Ted Arison was the father of the now CEO of Carnival Corporation, Mickey Arison.
Premier Cruise Lines, started in 1983. The Festivale was acquired from Carnival and renamed the Big Red Boat III.
Premier was born eleven years after Carnival came on the cruising scene.
There have been 73 cruise lines that have gone under since 1910 to 2005.
It's a tough business. Almost all cruise lines that have shut down have not done so, gracefully. Renaissance left passengers in port in 2001. American Hawaii Cruises never refunded over half of the money owed passengers who had paid, in full, for their cruises.
Premier's was one of the worst and the sinking of the Seabreeze as it was being towed back to be stripped was one of the most convenient sinking in maritime history. The insurance was far more than the salvage value of the ship.