A cruise includes at least one night on board a seagoing vessel having a capacity of at least 49 passengers.
- Royal Caribbean (USA) $82.74 billion market cap; Revenue of $17.18 billion. Earnings $4.97b
- Carnival Corporation (US) $36.36 billion market cap; Revenue of $25.97 billion. Earnings $3.1 b
- Viking Holdings $25b market cap, rev of $5.8b; Earnings $1.16
- Norwegian Cruise Line $10.22 billion market cap, revenue of $9.56 billion, earnings of $1.38b
APCD - Available Passenger Cruise Day. For Royal Caribbean 53.3million expected in 2025.
Occupancy ("Load Factor"), in accordance with cruise vacation industry practice, is calculated by dividing Passenger Cruise Days (as defined below) by APCD. A percentage in excess of 100%
indicates that three or more passengers occupied some cabins.
Royal Carribbean
In a year, food expense of ~1 billion. Payroll of $1.3 billion. Fuel is 1.1 billion.
Largest Cruise ship
World's largest cruise ship has a capacity of 8000 passenger (Royal Carib), across 20 decks. ? Maynot be 8000 pass only. Because on their website:
Other fleet
And such, generally smaller than above.
- Royal Caribbean Group global fleet: 68 ships across five brands (main brand around 28-29)
- Carnival Corporation & plc (Parent Company): Operates a total fleet of over 90 ships across its multiple brands, including Carnival Cruise Line, Holland America Line, Princess Cruises, and others.
34.6 million
ocean-going cruisers
globally in 2024
*8.5 million in royal carribean
North America is by far the largest!
Average length of a cruise is 7.1 days
https://cruising.org/sites/default/files/2025-07/State%20of%20the%20Cruise%20Industry%20Report%202025.pdf
es: The cruise sector comprises more than 50 cruise lines and 250 ships. Nonetheless, major corporations dominate the cruise market, with a few large companies holding significant market shares. Carnival Corporation, for instance, is estimated to control about 37% of the global market, followed by Royal Caribbean Cruises LTD with 24% and Norwegian Cruise Line Holdings with 14%. These corporations operate multiple brands and collectively generate substantial revenue, driving the industry’s economic engine (e.g. in 2023, Carnival raised over $24 billion in revenue) (Table 1).70 Currently, these three corporations still account for 75% of the global market share. 71
From the mid-19th century, liner services supported long-distance passenger transportation between continents, particularly between Europe and North America. The need to accommodate a large number of passengers of different socioeconomic statuses for at least a week led to the emergence of specific ship designs radically different from cargo ships, where speed and comfort (at least for the elite) were paramount. The concept of cruising emerged in the early 20th century, when a few custom-designed ships or converted cargo vessels began offering luxury cruises to individuals willing to pay the fare.
Launched in 1990, the S.S. Prinzessin Victoria Luise, a HAPAG ship, is credited with having been the first purpose-built cruise ship. Seasonal itineraries were designed to keep the ships used, covering Norway and the Baltic in the summer and the Mediterranean and the Caribbean in the winter.
The rapid growth of the modern cruise industry can be traced to the demise of the ocean liner in the 1960s, as it was replaced by fast jet services, making liner services uncompetitive. The last liners became the first cruise ships, following the complete demise of liner passenger services, as it was realized that air transport assumed long-distance travel.
The modern cruise industry was, to a certain extent, pioneered in Greece by Epirotiki Lines in the mid-1950s. Its expansion strategy was restricted by the demand limits of the East Mediterranean market, resulting in itineraries to the Caribbean being added as an alternative. The founding of Norwegian Cruise Line (1966), Royal Caribbean International (1968), and Carnival Cruise Lines (1972), which have remained the largest cruise lines, along with the presence of a major passenger source market, led to a rapid focus on the United States and the Caribbean. This affluent market provided the foundation for the remarkable growth and expansion of the cruise industry.
approximately 600 ports
In 2000, 7.2 million people took a cruise. Only 3.8 million people had done so in 1990. In 2004, this number exceeded the 10 million passengers threshold.. In 2019, more than 28 million passengers cruised worldwide.In 2024, a record 34.6 million people boarded a cruise vessel, with the 40 million passenger threshold expected to be surpassed by 2027.
40 million people taking a cruise generated more than 220 million passenger movements in cruise ports worldwide. Thus, cruise passenger movements are a key metric that matters most for cruise ports and are increasingly used in related industry reports. (Given they visit ports 5-6 on one trip)
While in the 1990s, cruise ships rarely exceeded 2,000 passengers, by the 2010s, ships of 6,000 passengers were being deployed.
The order book indicates that, by 2026, a total of 23 new cruise ships accommodating over 5,000 passengers will be in operation, while more than 50 ships are on order to be delivered by 2036.
https://porteconomicsmanagement.org/pemp/contents/part7_1/ports-and-cruise-shipping/
The cruise industry has a very high level of ownership concentration, as the four largest cruise shipping companies account for 78.9% of the market (Carnival Lines, Royal Caribbean, MSC Cruises, and Norwegian Cruise Line). High levels of horizontal integration are also observable since most cruise companies have acquired parent companies but retained their individual names for product differentiation. Carnival Corporation controls almost one-third (32.8%) of the global cruise market with its ten different brands. In comparison, Royal Caribbean accounts for 26% of the global market, serviced under six different brands, including Celebrity Cruises, which caters to higher-end customers. The two brands of MSC (MSC Cruises and Explora) represent an 11.9% market share, while Norwegian Cruise Line (NCL) Holdings owns three different brands representing 9.4% of the market. Approximately 85 additional cruise lines are currently in operation.
https://pmc.ncbi.nlm.nih.gov/articles/PMC7519395/
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