"If you think filling up an SUV is painful, try footing the bill for a massive 1,000-foot ocean liner -- or in the case of Carnival Corp. (NYSE: CCL), an entire fleet of 84 floating cities," notes value investor Nathan Slaughter.

In his Half-Priced Stocks he explains, "Despite unprecedented fuel costs, the company continues to power forward." Here's his bullish review.

"Last quarter, Carnival shelled out $530 per metric ton for fuel, up sharply from $330 per ton a year ago. And after pumping about 800,000 metric tons, the company rang up a total fuel bill of $425 million.

"For the year, management is expecting fuel costs to come in about $750 million higher than in 2007, which will trim earnings by about $0.92 per share. Fortunately, the company is in a position to absorb those higher costs.

"Over the past three months, two million passengers have boarded a Carnival ship, for an occupancy rate of 104.8% (indicating some berths held more than two guests). And those visitors paid $2.6 billion for their tickets and plunked down another $743 million in the lounges, casinos and gift shops after they arrived on board.