Exhibit 5.1
Panama         , 2003

Carnival Corporation
3655 N.W. 87th Avenue
Miami, Florida 33178-2428
USA

                           Joint Registration Statement on Form S-4/F-4
                           Registration No. 333-102442

Dear Sirs:

In connection with the above captioned Joint Registration Statement on Form
S-4/F-4 (the "Registration Statement") filed by Carnival Corporation (the
"Company") and P&O Princess Cruises plc ("P&O Princess") with the United States
Securities and Exchange Commission (the "SEC") pursuant to the Securities Act
of 1933, as amended (the "Act"), and the rules and regulations promulgated
thereunder, we have been requested to render our opinion as to the legality of
the common shares of the Company, par value $0.01 per share (the "Common
Shares") being registered thereunder. We express no opinion as to the legality
of the ordinary shares of P&O Princess that are also being registered
thereunder.

The Registration Statement relates to the registration under the Act of (i) the
Common Shares to be issued by the Company in its offer (the "Partial Share
Offer") to exchange up to 20% of the ordinary shares of P&O Princess of 50
cents each for Common Shares and (ii) the ordinary shares of P&O Princess
deemed offered to U.S. shareholders of P&O Princess by virtue of the
shareholder vote at the P&O Princess extraordinary general meeting to approve a
dual listed company transaction between the Company and P&O Princess.

In connection with our opinion, we have examined copies of the Articles of
Incorporation and By-Laws of the Company and all amendments thereto, and copies
of certain corporate records and documents. We have also examined and relied
upon certificates, affidavits and advice from officers of the Company or from
public officials, as to certain factual matters, as we have deemed necessary or
appropriate for the purposes of this opinion.

Based on the foregoing, we are of the opinion that:

1. The Company is duly incorporated and validly existing as a corporation  in
   good standing under the laws of the Republic of Panama.

2. The issuance of the Common Shares has been duly and legally  authorized, and
   such Common Shares, when issued, delivered and paid  for in accordance with
   the terms and conditions of the Partial Share  Offer, will be validly
   issued, fully paid and non-assessable.

We hereby consent to the use of our name in the Registration Statement and to
the filing of this opinion as Exhibit 5.1 to the Registration Statement. In
giving this consent, we do not thereby admit that we are within the category of
persons whose consent is required by the Act or by the rules and regulations
promulgated thereunder.

We are practicing in the Republic of Panama and do not purport to be experts on
the laws of any other jurisdiction other than Panamanian law and therefore we
express no opinion as to the laws of any jurisdiction other than Panamanian law.

Very truly yours,

Mario E. Correa
MEC/ocb