The Costa Concordia cruise ship, which ran aground off the coast of Italy on Friday evening could have serious economic implications for Miami and South Florida in general. The ship is owned by Miami's Carnival Corporation, one of South Florida's largest employers (over 4,000 employees) and contributors to the region's economy.

Concerns heightened on Tuesday as Carnival's stock declined by 13.8 percent, the second day since the Costa Concordia accident that the company stock declined, marking the sharpest decline the company has seen since 2009.

Carnival Corporation, the world's largest cruise company, had a revenue of some $16 billion last year, of which a significant percentage contributes to South Florida's economy in salaries and revenue to businesses that serve the company's ships that sail to and from South Florida's ports. The company's chairman and CEO is Micky Arison, is also the owner of Miami's popular NBA team, the Miami Heat.

The accident, the worst for Carnival Corp, occurred when the Costa Concordia captain guided the cruise liner, with over 4,000 passengers and crew, too close to the Italian coast, striking rocks, ripping a huge gash in its underside, causing it to take on water and lean to the right, becoming half submerged on its side in the ocean. To date, eleven people have been reported dead, and 24 still missing. South Florida residents were among the passengers, but all are reported safe, and some have since returned to Miami. The ship's captain has been held on charges of abandoning ship, and is under house arrest.

Reports are that Arison and Carnival's COO Howard Frank are overseeing the response to the accident from Miami, while Costa Crociere Spa in Italy is leading investigations. In a statement following the accident Ariston said he was "deeply saddened" and his heart went out to the families and loved ones of those who lost their lives.

The accident happened at the peak of the cruise season, as passengers seek to escape the cold winter and embark on cruises to the Caribbean, Central America, the Mediterranean and other destinations.

It's unclear what, if any effect, the accident will have on Carnival's Doral operations. A member of the company's office, speaking on condition of anonymity, as she was not authorized to comment, said there was no noticeable decline in bookings since the accident. However, she noted most bookings for cruises for the next few weeks were made and confirmed previously.

According to an Associate Press report, a representative for the cruise industry said there were no significant cancellations since the accident, implying that no major passenger fear of cruising has resulted.

The cruise industry has gained tremendous popularity in recent years, with passengers growing globally from 3.8 million in 1980 to 14.8 million in 2010.

South Florida residents who are frequent cruisers are mostly undeterred by the accident. Most regard it as a "freak accident" and are still attracted by the pleasures offered by luxury cruises like those marketed by Carnival. A Miramar resident said she never experienced "one iota of danger" on any cruise, and is actually preparing to embark on a Mediterranean cruise in April.

Paul Carberry, a Miami cruise consultant, doesn't expect the Italian accident to have any major impact on Carnival and its contribution to Miami's economy. "The cruise industry is very buoyant and Carnival is the undisputed leader. The industry's pull will outdo the initial possible negatives from the Costa Concordia tragedy."

Additionally, Carnival Corp, and Italian environmentalists are carefully monitoring the damaged ship, which has 2,500 tons of fuel on board, for leaks, to avoid an environmental disaster in the Mediterranean Sea.