Battered by Covid, the cruise industry was down but not out. Today it is setting records in passenger count + the size and cost of a new fleet.Post-Pandemic, the fortunes of the
Battered by Covid, the cruise industry was down but not out. Today it is setting records in passenger count + the size and cost of a new fleet.
Post-Pandemic, the fortunes of the big cruise companies have brightened dramatically. A late December, 2024 earnings release from Carnival Corporation & plc (NYSE: CCL), encompassing brands including Carnival Cruise, Holland America, Cunard, Princess Cruises and others, says it all: “This has been an incredibly strong finish to a record year,” said CCL’s CEO Josh Weinstein, in its statement. “Revenues hit an all-time high driven by a strong demand environment that we elevated throughout the year, enabling us to outperform our initial 2024 guidance by $700 million and deliver nearly $2 billion more to the bottom line, year-over-year,” with overall revenue surging above $25 billion in 2024.
And CCL is not done: “2025 is shaping up to be another banner year …” said Weinstein.
Rebounding from Covid-19
The pandemic, which began abruptly in March 2020, sent the cruise industry, among others, into a seeming death spiral, with many cruise ships sent to the scrap yard and cruise companies bleeding cash. During the Pandemic era with its vessel anchored outside the big ports,
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