Cruise Industry Atlas · Contemporary ocean · Edition of 14 October 2026
Contemporary ocean cruising, measured.
The high-capacity, broad-market ocean segment: brands and owners, capacity, demand, yield and occupancy defined per company, regulation, scenarios and a dated, graded fact bank. Segments are an H&K analytical partition: industry labels overlap, so each brand is placed by its fleet majority and exceptions are disclosed. Every number carries its source, date, universe and grade; our inferences are labelled.
Hawkes & Kwortnik · Published · 41 audited facts · Next review
Orientation · The short version
The volume engine of ocean cruising, where the ship is the destination.
What it is. Contemporary, or resort, ocean cruising is the high-capacity, broad-market end of the industry: large ships built as floating resorts, sold to families and multigenerational groups, priced for value at the fare and monetised onboard. The brands that define it in our partition are Carnival Cruise Line, Royal Caribbean International, MSC Cruises, Norwegian Cruise Line, Costa, AIDA and P&O Cruises (UK). Each is owned by one of the four groups that together hold roughly four-fifths of global ocean capacity 1.
How big it is. No regulator or association publishes a contemporary-only capacity total, and we do not construct one. What can be said exactly is brand by brand: Royal Caribbean International at about 111,000 berths 2, Carnival Cruise Line at 94,340 1, AIDA at 32,270 1, Costa at 31,140 1 and P&O Cruises at 24,300 1. MSC Cruises reports ships rather than berths: 23 in January 2026 3.
Who sails. The segment's core market is the United States sailing to the Caribbean. CLIA reports that US residents supplied 86.7% of Caribbean cruisers in 2025 4, and that 20.5 million of the 37.2 million ocean cruisers counted that year sailed on typically US-embarked cruises 45. Europe is the second pole, with AIDA in Germany, Costa in Italy and P&O Cruises in Britain.
What makes it distinct. Three things: very large new ships (MSC World America carries up to 6,762 passengers 6), company-owned private destinations in the Bahamas and Caribbean, and heavy reliance on onboard spending, which was 34% of Carnival Corporation's cruise revenues in FY2025 1.
Definitions · What counts
The segment, drawn precisely.
The segments on this atlas are an H&K analytical partition, not an industry standard. Industry labels overlap: companies use "contemporary", "premium" and "resort" in their own ways, and a single brand can describe itself as competing in more than one. We assign each brand to one segment on the evidence of its own filings and product, and we say where the call is close.
What counts
Ocean-going brands whose core product is a large, entertainment-led ship sold at a value fare to a broad market, with dining, activities and excursions largely sold à la carte. The ship itself is the main reason to book; ports and private islands are part of a resort itinerary rather than the purpose of the trip.
Edge cases
- Royal Caribbean International. Its owner describes it as the world's largest cruise vacation brand, competing in both the contemporary family and premium segments (company marketing claim) 2. We place it here because its fleet and product are built around family resort ships.
- P&O Cruises (UK). Carnival describes it as Britain's largest cruise line and its fleet as premium ships 1. We place it in contemporary on scale and market breadth; readers who follow the owner's label should read it alongside premium ocean.
- P&O Cruises (Australia). Retired as a brand in 2025, with its operations folded into Carnival Cruise Line 1. Older sources that list it separately are describing a brand that no longer exists.
- Premium siblings. Princess, Holland America, Celebrity and Cunard sit in the same groups but in a different segment. Contemporary and premium are distinct segments on this atlas; see premium ocean.
Overlays, not segments
Adults-only areas, themed and charter sailings, world cruises, short getaway sailings, residential ships and destination-led itineraries cut across every segment. We treat them as overlays on a brand's core product, not as segments of their own. An adults-only beach club on a private island does not move a family brand out of contemporary.
Occupancy, defined before it is compared
Cruise companies measure occupancy against lower berths, assuming two passengers per cabin. Carnival states the convention plainly: passenger cruise days divided by available lower berth days, so that a figure above 100% means some cabins carried a third or fourth guest 1. Royal Caribbean Group divides by APCD, double occupancy per cabin times cruise days, excluding cancelled days and cabins not for sale 2. NCLH divides by Capacity Days, berths available for sale times cruise days 7. In family-heavy contemporary fleets, occupancy above 100% is normal rather than remarkable.
Yield, defined company by company
"Net yield" is a non-GAAP measure and each company builds it differently:
- Royal Caribbean Group: Adjusted Gross Margin per APCD, that is per available passenger cruise day (non-GAAP) 2.
- NCLH: Adjusted Gross Margin per Capacity Day (non-GAAP) 7.
- Viking (a premium operator, shown for contrast): Adjusted Gross Margin per passenger cruise day actually sold, not per available day (non-GAAP) 8. Viking also caps its occupancy measure at 100% 8.
A yield per available day falls when ships sail emptier; a yield per sold day does not. The same ship on the same voyage can therefore show different "net yields" under different companies' definitions.
Players · Player map
The brands, and who owns them.
Capacity is shown only where the owner discloses it at brand level. Carnival's figures are at 30 November 2025; Royal Caribbean's and NCLH's at 31 December 2025; MSC's from its own press releases. They are close in date but not simultaneous, and we do not add them together.
| Brand | Owner | Disclosed fleet | Core market | Why contemporary (H&K placement) |
|---|---|---|---|---|
| Royal Caribbean International | Royal Caribbean Group | 29 ships; ~111,000 berths 2 | North America, global | Family resort ships (Icon, Oasis classes); owner claims both contemporary and premium positioning (company marketing claim) 2 |
| Carnival Cruise Line | Carnival Corporation & plc | 29 ships; 94,340 berths; 35% of group capacity 1 | North America; now also Australia | Markets itself as "The World's Most Popular Cruise Line", multigenerational family entertainment at value for over 50 years (company's own description) 1 |
| MSC Cruises | MSC Group (private) | 23 ships (Jan 2026) 3 | Europe, growing US | Describes itself as the world's third largest cruise line and market leader in Europe 3; World Class resort ships |
| Norwegian Cruise Line | Norwegian Cruise Line Holdings | 20 ships in service 7 (berths not disclosed at brand level) | North America, Europe | Large resort ships and private destinations; NCLH's other brands (Oceania, Regent) sit in higher segments |
| AIDA Cruises | Carnival Corporation & plc | 11 ships; 32,270 berths; 12% of group capacity 1 | Germany | Described by its owner as the most recognised brand in the German cruise market 1; broad-market club-style product |
| Costa Cruises | Carnival Corporation & plc | 9 ships; 31,140 berths; 11% of group capacity 1 | Italy, continental Europe | Over 75 years; "European touch and Italian passion" (company's own description) 1 |
| P&O Cruises (UK) | Carnival Corporation & plc | 7 ships; 24,300 berths; 9% of group capacity 1 | United Kingdom | Edge case: owner describes the fleet as premium ships 1; H&K places it here on scale and breadth |
Placement column is H&K characterisation. Carnival's four contemporary brands in this table hold 182,050 berths, or 67% of Carnival Corporation's capacity (H&K calculation from 1111; same filing, same date). Carnival itself reports by geography, not by segment: a North America segment of 174,910 berths and a Europe segment of 97,470 berths, total 272,380 1, each mixing contemporary and premium brands.
The four groups behind the brands
Carnival Corporation & plc
94 ships and 272,380 berths at 30 November 2025 1; 13.6 million passengers carried in FY2025 1. Four of its brands are contemporary.
Royal Caribbean Group
69 ships and ~179,720 berths including the TUI Cruises and Hapag-Lloyd partner brands 2; 9,446,010 passengers in 2025 2. One contemporary brand, the largest.
Group passenger totals include premium and luxury brands and are counted on each company's own basis and fiscal year. They are not contemporary-segment figures and should not be summed.
Demand · Who buys and where
An American Caribbean habit, with a European second pole.
The market-wide picture
CLIA counted a record 37.2 million ocean-going cruise passengers in 2025 5. That figure is CLIA's universe (its members' ocean-going ships), covers every segment, and is not a contemporary count. Royal Caribbean's own 10-K estimate for the global industry is about 37 million guests in 2025 2; the two are separate estimates and we do not reconcile them.
CLIA forecasts about 42.1 million ocean passengers by 2029, via 38.3 million in 2026 4. That is CLIA's forecast, not ours, and it covers all ocean segments.
The United States and the Caribbean
US residents supplied 86.7% of Caribbean cruisers in 2025 and 20.2% of Mediterranean cruisers 4. Of the 37.2 million cruisers CLIA counted, 20.5 million sailed on typically US-embarked cruises 4. The US public-health regulator separately reports that more than 20 million passengers embarked from North American ports in 2025 10; it is a different universe (ports, not cruisers by residence) and agrees in order of magnitude only.
One company's demand mix
Carnival Corporation is the only group in our fact bank that splits its passengers by source market. Of 13.627 million passengers in FY2025, 8.092 million came from the US and Canada, 2.754 million from continental Europe, 1.108 million from the UK and 0.944 million from Australia and New Zealand 1. These cover all Carnival brands, premium included, but the geography maps closely onto its contemporary brand line-up: Carnival Cruise Line in North America and Australia, AIDA and Costa on the Continent, P&O Cruises in Britain.
Germany is the clearest European example of a single brand owning a national market. CLIA reports German residents at 45.7% of non-Mediterranean European cruisers 4, and Carnival describes AIDA as the most recognised brand in the German cruise market 1.
Demand is visible in occupancy
Group occupancy stayed above 100% in 2025: Carnival 105% 1, Royal Caribbean Group 109.7% 2 and NCLH 103.5% 7. These are group figures, on each company's own denominator, so the ranking between them is indicative only. H&K viewOccupancy above 100% at group level, in groups dominated by family brands, is consistent with strong demand for third and fourth berths, which is the contemporary segment's distinctive demand signature.
Supply · Ships, order books and private destinations
Bigger ships, and a growing estate ashore.
The global frame
Global ocean capacity was 764,310 lower berths at 31 December 2025, up from 733,010 a year earlier 1 (grade C: an industry estimate reported in a company filing). Royal Caribbean's filing gives a different measure, a weighted average of about 725,000 berths and about 430 ships in 2025, with about 47 ships and 113,000 berths on order through 2029 2. CLIA reports 56 new member ocean ships on order for 2025–2036 in its prior edition 11. Three sources, three definitions; none is contemporary-only.
Contemporary order books
- Royal Caribbean International: four ships on order, about 22,500 berths: Legend of the Seas (the third Icon-class, 2026), the fourth and fifth Icon-class ships (2027, 2028) and a seventh Oasis-class (2028), plus a memorandum of understanding for two Discovery-class ships (2029, 2032) 2. Star of the Seas, the second Icon-class ship, was delivered by Meyer Turku on 10 July 2025 12.
- Carnival Cruise Line and AIDA: Carnival Corporation's seven ships on order through 2033 are all for these two brands: Carnival Festivale (April 2027) and Carnival Tropicale (March 2028) at 5,360 berths each, three 6,160-berth Carnival newbuilds (2029, 2031, 2033) and two 4,280-berth AIDA ships (2030, 2031) 1.
- Norwegian Cruise Line: three Prima Class ships on order for 2026–2028 and five ships of a new class for 2030–2037 7, within NCLH's expected 17 ships through 2037 7.
- MSC Cruises: MSC World America was delivered on 27 March 2025 at 216,638 GT, with capacity for 6,762 passengers in 2,614 cabins 6. MSC World Atlantic floated out in September 2026 and is due in 2027 as the 25th MSC Cruises ship and fourth LNG-powered World Class ship 9.
H&K viewThe Carnival order book says something about portfolio intent: every ship on it is for a contemporary brand, and none is for its premium brands 1.
The private-destination build-out
The distinctive supply story of this segment is ashore. Each of the three listed groups and MSC now owns or operates exclusive destinations, mostly in the Bahamas and the western Caribbean.
- Carnival: Celebration Key, Grand Bahama. Opened 19 July 2025 at a cost of $600 million, Carnival's largest investment in an exclusive destination, on more than 65 acres 13. A pier extension completed on 29 June 2026 allows up to four ships at once and more than 13,000 guests a day; about 2.5 million guests visited in its first year, with about 3.5 million expected in year two (company figures) 14. Carnival's port destinations and islands together welcomed 7.4 million guests in 2025, up from 6.5 million in 2024 1.
- Royal Caribbean: the Perfect Day and Royal Beach Club lines. Perfect Day at CocoCay is the first Perfect Day island; its adults-only Hideaway Beach expansion was completed in January 2024 (company marketing claim) 2. The group closed its purchase of the Port of Costa Maya in July 2025, with Perfect Day Mexico expected in 2027 2. The first Royal Beach Club opened on Paradise Island in December 2025, and the group expects its private destinations to grow from 3 to 8 by 2028 2.
- NCLH: Great Stirrup Cay and Harvest Caye. Two private destinations; the Great Tides Waterpark at Great Stirrup Cay opens in summer 2026 with 19 waterslides and an 800-foot river 77.
- MSC: Ocean Cay MSC Marine Reserve, the Bahamas. A pier extension to take two ships at once is due in late 2027, with an adults-only beach and family lagoon (company marketing claim) 3.
Ship design follows the same logic. Icon of the Seas carries a Surfside family neighbourhood, what Royal Caribbean calls the largest swimming pool and waterpark at sea, and an 82-foot AquaDome 2.
Carnival Corporation's contemporary brands, by berths
Lower berths for the four Carnival Corporation brands this atlas treats as contemporary. Universe: Carnival Corporation brands only (not the whole segment); as of 30 November 2025 (FY2025 10-K).
Economics · How the money works
Value fares, full ships, and the onboard wallet.
Revenue: the fare is only part of it
Onboard and other revenue was 34% of Carnival Corporation's cruise revenues in FY2025 1 and about 30% of Royal Caribbean Group's total revenues in each of 2023, 2024 and 2025 2. The denominators differ (cruise revenues versus total revenues), so the two shares are not directly comparable. Both groups include premium brands.
Private destinations sit inside this onboard and other line in economic terms: the cruise line captures spending on the beach day that would otherwise go to a third-party port. H&K viewThat is why a single exclusive destination can justify a $600 million build 13: it converts a port call from a cost and a leak into a revenue line, and it gives a reason to book a short Bahamas sailing.
Yield and growth
Royal Caribbean Group's net yields rose 3.8% as reported, 3.7% in constant currency, in 2025 versus 2024 (non-GAAP), with net income of $4.3 billion 2. That is a group figure on its own per-APCD definition 2, and includes Celebrity and Silversea. We hold no contemporary-only yield figure for any operator.
Cost: scale, fuel and capital
Fuel is the largest variable cost that scale helps to control. Carnival consumed 2.8 million metric tons of fuel in FY2025, or 29.2 metric tons per thousand available lower berth days 1, across 96.5 million ALBDs 1. H&K viewLarge new ships spread fuel, crew and hotel cost over more berths; the 6,160-berth Carnival newbuilds now on order 1 is in part a unit-cost decision.
The balance sheet after the pandemic
- Carnival completed a $19 billion refinancing plan in December 2025 and has cut total debt by more than $10 billion since its January 2023 peak 1.
- Royal Caribbean Group carried $21,902 million of total debt at 31 December 2025, up from $20,604 million, at a weighted average rate of 4.69% 2.
- NCLH carried $14,606,176 thousand of total debt at 31 December 2025, up from $13,100,490 thousand 7.
These are group-level figures for groups of different sizes and fiscal years; they show direction, not relative leverage. Leverage ratios need earnings measures we do not cite here.
Regulation · Rules that move costs
Carbon in Europe, sulphur at sea, health checks in US ports.
EU Emissions Trading System
Since January 2024 the EU ETS has covered CO2 from ships of 5,000 GT and above entering EU ports, whatever their flag 15. The obligation phases in: allowances for 40% of 2024 emissions were surrendered in 2025 15, 70% of 2025 emissions in 2026 15 and 100% from 2027 15. Half of emissions on voyages starting or ending outside the EU are covered, and all emissions between EU ports and at berth 15.
H&K viewThis bears hardest on the European contemporary brands (AIDA, Costa, MSC's Mediterranean programme), whose itineraries run largely between EU ports and so fall under the full-coverage rule.
IMO fuel and carbon rules
The global fuel sulphur limit is 0.5%, and 0.1% inside Emission Control Areas 2; the Mediterranean became a sulphur ECA on 1 May 2025 7. Since 2023 ships have been rated annually on carbon intensity (CII), with a 5% cut against 2019 in 2023 and 2% a year thereafter to 2030 7. The IMO's Net-Zero Framework was drafted in April 2025, but in October 2025 member states postponed adoption discussions until late 2026 1. IMO facts here are as reported in company filings (grade B).
US public health
The CDC's Vessel Sanitation Program covers cruise ships carrying 13 or more passengers on a foreign itinerary with US ports 10, inspecting them across eight major areas 10. For a segment centred on US homeports and the Caribbean, VSP scores are a routine and public part of the operating record.
Shore power and company targets
CLIA reports that more than 61% of its member fleet could connect to shore power, rising to 72% by 2028 (2025 edition, CLIA universe) 11. Royal Caribbean Group's own targets are net zero by 2050, a net-zero-capable ship by 2035 and a carbon-intensity cut of at least 15% against 2024 by 2027 2; these are company commitments, not regulatory requirements.
Private destinations and host jurisdictions
Most of the segment's private destinations sit in the Bahamas, with others in Belize and Mexico 72. H&K viewTheir economics depend on host-country leases, taxes and environmental approvals; we hold no graded fact on those terms and do not characterise them further.
Insight · What the numbers add up to H&K view
The beach is becoming the moat.
Destinations are now capital assets
Carnival's destinations welcomed 7.4 million guests in 2025 1; Royal Caribbean expects to run 8 private destinations by 2028 2. A rival can copy a ship design in a shipyard cycle; a well-sited island near Florida is much harder to replicate.
Short Bahamas sailings carry the model
In July 2025, 20 ships from 10 US homeports were calling at Celebration Key 13. Pier capacity for four ships at once 14 turns the island into a high-frequency product, not an occasional call.
Order books favour the mass brands
All seven Carnival Corporation ships on order are for Carnival Cruise Line and AIDA 1. Groups are directing new capital to their contemporary flagships, not spreading it evenly across portfolios.
Europe's cost curve diverges
Full EU ETS coverage from 2027 15 falls on intra-EU itineraries, where the European contemporary brands concentrate. The US-Caribbean side of the segment faces no equivalent carbon price in our fact bank.
Scenarios · Toward 2030 H&K analysis, not forecasts
Three ways the next few years go.
These are qualitative ranges with named drivers. We do not put numbers on them; the only forecast figures on this page are the companies' and CLIA's own, attributed where they appear.
Base
Scale meets the island
Order books deliver broadly as announced, CLIA-measured demand grows along the path CLIA itself forecasts 4, and new private destinations open on schedule.
- Occupancy stays above 100% at the family-led groups.
- Onboard and destination revenue grows faster than fares.
- Watch: group occupancy and net yield (non-GAAP) holding in filings; Perfect Day Mexico opening in 2027 2.
Upside
Destinations compound
Private-destination guest numbers rise at or beyond company targets, such as the 4 million a year Carnival expected at Celebration Key by 2028 13, and short sailings draw first-time cruisers into the segment.
- Destination spend becomes a reported growth line.
- Smaller operators without an island lose share on Caribbean short sailings.
- Watch: annual destination guest counts in filings and press releases.
Downside
Capacity outruns the wallet
Large-ship deliveries cluster while US household spending cools, and European carbon costs reach full coverage 15 just as European demand softens.
- Occupancy is defended with price, so yield bears the adjustment.
- Debt reduction slows at the most indebted groups.
- Watch: occupancy slipping toward 100%, yield guidance cuts, debt totals in year-end filings.
Investor implications · What to watch
Signals, not recommendations.
This section is analysis for general information, not investment advice. Every judgement below is labelled as an H&K view; every number is the company's own or an association's, as cited.
Five indicators to track
- Occupancy, on each company's definition. Carnival 105% 1, Royal Caribbean Group 109.7% 2, NCLH 103.5% (down from 104.9%) 7. H&K viewDirection within a company matters more than gaps between companies.
- Net yield (non-GAAP). Royal Caribbean Group +3.8% in 2025 2. Compare like with like: per available day and per sold day measures behave differently when occupancy moves 28.
- Onboard share of revenue. Carnival 34% of cruise revenues 1; Royal Caribbean Group about 30% of total revenues 2. A rising share would be the first financial trace of the destination strategy.
- Destination guest counts. Carnival's 7.4 million in 2025 1 is the only group-wide destination count in our fact bank. H&K viewDisclosure of comparable counts by the other groups would itself be informative.
- Debt trajectory. Carnival's debt is falling from its peak 1; Royal Caribbean's 2 and NCLH's 7 rose in 2025 as fleets grew.
H&K view: how to frame the segment
H&K viewContemporary exposure is concentrated in three listed groups and one private one. There is no pure-play contemporary listed equity: every listed group also owns premium or luxury brands, and none reports yield or occupancy for its contemporary brands alone. Analysts should treat any "contemporary segment" financial figure as an estimate built on top of group disclosures.
H&K viewThe segment's key long-term asset class is shifting from ships, which can be ordered by anyone with financing, toward destinations and homeport access, which cannot. Order books through 2033 1 and through 2037 7 lock in capacity growth long before demand for those years is known.
H&K viewRegulatory exposure is asymmetric. European itineraries face a rising carbon price under the EU ETS 15; Caribbean itineraries face sulphur and carbon-intensity rules under IMO 7 but, on the facts we hold, no direct carbon price. The postponed IMO Net-Zero Framework 1 is the event that could change that.
Glossary · Terms used on this page
Words that carry the numbers.
- Lower berth
- A permanent bed in a cabin, counted two per cabin for capacity. Third and fourth (upper) berths are excluded from capacity but can be sold, which is how occupancy exceeds 100% 1.
- ALBD
- Available lower berth day: Carnival's capacity unit, two passengers per cabin times cruise days 1.
- APCD
- Available passenger cruise day: Royal Caribbean Group's capacity unit, double occupancy per cabin times cruise days, excluding cancelled days and cabins not for sale 2.
- Capacity Day
- NCLH's capacity unit: berths available for sale times cruise days 7.
- PCD
- Passenger cruise day: one guest aboard for one day. The numerator of occupancy.
- Occupancy
- PCDs divided by the company's capacity unit, expressed as a percentage of lower berths. It can exceed 100%; Viking's measure is capped at 100% 8.
- Net yield
- A non-GAAP measure of revenue net of certain direct costs, divided by a capacity or passenger unit. Definitions differ by company; see Definitions above.
- Adjusted Gross Margin
- The non-GAAP numerator of net yield at Royal Caribbean Group, NCLH and Viking 278.
- Onboard and other revenue
- Spending beyond the fare: drinks, specialty dining, excursions, casino, shops, services and similar items.
- Private destination
- An island, beach club or port owned or operated exclusively by a cruise group for its own guests, such as Celebration Key or Perfect Day at CocoCay.
- ECA
- Emission Control Area: a sea area where a lower fuel sulphur limit applies than the global limit 2.
- EU ETS
- The EU Emissions Trading System, which requires shipping companies to surrender carbon allowances for emissions on voyages to, from and between EU ports 15.
Method · How this page was built
Sources, grades and limits.
Source grades
- Grade A: official, regulator or association statistics (EU, CDC, CLIA).
- Grade B: company filings and companies' own pages and press releases (Carnival, Royal Caribbean Group and NCLH Form 10-Ks; MSC Cruises press releases; Carnival news releases).
- Grade C: trade press, or industry estimates reported second-hand. The global capacity figure and the four-group share on this page are grade C 11.
Universe labels
Every fact carries a universe: global (all ocean cruising), CLIA-member (CLIA's members' ocean-going fleet), company (one group or brand, on its own fiscal year and definitions) or regulatory. We do not add, net or reconcile figures across universes or definitions. Where we do arithmetic within one source, it is labelled "H&K calculation from" and cites its inputs.
Labels
Net yields and adjusted figures are marked "(non-GAAP)". Statements that are a company's description of itself are marked "company marketing claim" or "company's own description". Lines marked "H&K view" are our inference, not reported figures.
Exclusions and limits
- Rows in the research ledger that failed the quote audit, where the stated figure could not be matched to its source text, are excluded from this page and from the fact bank.
- No source reports contemporary-segment totals for capacity, passengers, yield or occupancy. Segment membership is an H&K analytical partition, and segment totals would be our construction, so we do not publish them.
- Norwegian Cruise Line's brand-level berths and all of MSC Cruises' financials are not disclosed in our sources; the player map shows what is disclosed and nothing more.
- Fiscal years differ: Carnival's ends on 30 November; Royal Caribbean Group's and NCLH's on 31 December.
- Forecasts on this page are attributed to CLIA or to the company that made them. H&K scenarios are qualitative and carry no numbers of our own.
Edition
Edition of 14 October 2026. Contemporary is distinct from premium ocean; brands that sit between the two are discussed as edge cases above. This page is analysis for general information, not investment advice.
Fact bank
Every figure, dated and graded.
Grade A: official statistical, regulatory or industry-body source. Grade B: company filing or the company's own page. Grade C: trade press or secondary reference. The geography column also names the universe (global, CLIA-member, company or segment). Flags mark non-GAAP measures and company marketing claims. Only facts whose quoted source text passed our audit are shown.
| Fact | Value | Denominator / unit | Geography · universe | Period | Grade | Source |
|---|---|---|---|---|---|---|
| Carnival Cruise Line passenger capacity and ship count | 94,340 berths; 29 ships; 35% of Carnival Corp capacity | lower berths / ships | global · company | as of 2025-11-30 (FY2025) | B | [1] |
| AIDA Cruises passenger capacity and ship count | 32,270 berths; 11 ships; 12% of Carnival Corp capacity | lower berths / ships | global · company | as of 2025-11-30 (FY2025) | B | [1] |
| Costa Cruises passenger capacity and ship count | 31,140 berths; 9 ships; 11% of Carnival Corp capacity | lower berths / ships | global · company | as of 2025-11-30 (FY2025) | B | [1] |
| P&O Cruises passenger capacity and ship count | 24,300 berths; 7 ships; 9% of Carnival Corp capacity | lower berths / ships | global · company | as of 2025-11-30 (FY2025) | B | [1] |
| Carnival reports a North America segment (Carnival Cruise Line, Princess, Holland America, Seabourn: 174,910 berths, 63 ships, 64%) and a Europe segment (AIDA, Costa, P&O Cruises, Cunard: 97,470 berths, 31 ships, 36%); total 272,380 berths, 94 ships | NA 174,910 / 63 ships; Europe 97,470 / 31 ships; total 272,380 / 94 ships | lower berths / ships | global · company | as of 2025-11-30 (FY2025) | B | [1] |
| Carnival, Royal Caribbean Group, NCLH and MSC Cruises represented ~80% of cruise industry capacity | approximately 80% | share of global cruise industry capacity | global · global | as of 2025-12-31 | C | [1] |
| Carnival Corp earned 34% of cruise revenues from onboard and other goods and services in 2025 | 34% | share of cruise revenues | global · company | FY2025 | B | [1] |
| Celebration Key, Carnival's exclusive destination on Grand Bahama, opened July 2025; pier extension in 2026 enables up to four ships simultaneously | opened July 2025; up to 4 ships after 2026 pier extension | ships berthed simultaneously | global · company | as of 2025-11-30 (FY2025) | B | [1] |
| Carnival's port destinations and exclusive islands welcomed 7.4 million guests in 2025 (6.5 million in 2024); portfolio of seven owned/operated ports and destinations | 7.4 million (2025); 6.5 million (2024) | guest visits | global · company | FY2025 | B | [1] |
| Carnival Corp has seven ships on order through 2033 (Fincantieri, Meyer Werft): AIDA 2 x 4,280 berths (2030, 2031); Carnival Cruise Line Carnival Festivale (Apr 2027) and Carnival Tropicale (Mar 2028) 5,360 berths each, plus three 6,160-berth newbuilds (2029, 2031, 2033) | 7 ships | ships on order | global · company | as of 2025-11-30 (FY2025) | B | [1] |
| Carnival Corp carried 13.627 million passengers in 2025 (US & Canada 8.092M; Continental Europe 2.754M; UK 1.108M; Australia/NZ 0.944M) | 13,627 | thousand passengers | global · company | FY2025 | B | [1] |
| Carnival sunset the P&O Cruises (Australia) brand in 2025 and folded its operations into Carnival Cruise Line | brand retired 2025 | n/a | global · company | as of 2025-11-30 (FY2025) | B | [1] |
| Royal Caribbean International operates 29 ships with ~111,000 berths | 29 ships; ~111,000 berths | ships / berths | global · company | as of 2025-12-31 (FY2025) | B | [2] |
| Royal Caribbean had four ships on order (~22,500 berths): Legend of the Seas (3rd Icon-class, 2026), 4th and 5th Icon-class (2027, 2028), 7th Oasis-class (2028); MOU for two Discovery-class ships (2029, 2032) | 4 ships; ~22,500 berths | ships / berths on order | global · company | as of 2025-12-31 (FY2025) | B | [2] |
| Royal Caribbean describes itself as the world's largest cruise vacation brand competing in both contemporary family and premium segments marketing-claim | world's largest cruise vacation brand | n/a | global · company | as of 2025-12-31 (FY2025) | B | [2] |
| Royal Caribbean Group global brands plus TUI Cruises/Hapag-Lloyd partner brands: combined fleet of 69 ships, ~179,720 berths | 69 ships; ~179,720 berths | ships / berths | global · company | as of 2025-12-31 (FY2025) | B | [2] |
| Onboard and other revenues were ~30% of Royal Caribbean Group total revenues in 2025, 2024 and 2023 | ~30% | share of total revenues | global · company | FY2023-FY2025 | B | [2] |
| Perfect Day at CocoCay is the first Perfect Day Collection island (water park, zip line, pools, helium balloon, beach club); Hideaway Beach adults-only expansion completed January 2024 marketing-claim | Hideaway Beach completed Jan 2024 | n/a | global · company | as of 2025-12-31 (FY2025) | B | [2] |
| Royal Caribbean closed acquisition of Port of Costa Maya (Mahahual, Mexico) in July 2025; Perfect Day Mexico expected to open in 2027 | opening 2027 | n/a | global · company | as of 2025-12-31 (FY2025) | B | [2] |
| First Royal Beach Club, Paradise Island (Nassau), opened December 2025; further sites Cozumel, Santorini, Lelepa (Vanuatu); private destinations portfolio expected to grow from 3 to 8 by 2028 | 3 to 8 destinations by 2028 | private destinations (group) | global · company | as of 2025-12-31 (FY2025) | B | [2] |
| Icon of the Seas (first Icon-class, introduced 2023 per 10-K) features Surfside family neighborhood, largest swimming pool and waterpark at sea, and an 82-foot-tall AquaDome | 82-foot AquaDome | n/a | global · company | as of 2025-12-31 (FY2025) | B | [2] |
| Global cruise industry carried ~37 million guests in 2025 (35M 2024, 32M 2023); weighted average ~725,000 berths and ~430 ships at end 2025; ~47 ships / 113,000 berths on order through 2029 | ~37 million guests; ~725,000 berths; ~430 ships | global industry | global · company | CY2025 | B | [2] |
| NCLH (Norwegian, Oceania, Regent) had 34 ships with ~71,400 berths and expects to add 17 ships 2026-2037 | 34 ships; ~71,400 berths; +17 ships through 2037 | ships / berths | global · company | as of 2025-12-31 (FY2025) | B | [7] |
| Norwegian Cruise Line had 20 ships in service at 2025-12-31 (fleet table lists 22 incl. Norwegian Luna 2026 and Norwegian Aura 2027 deliveries) | 20 ships in service | ships | global · company | as of 2025-12-31 (FY2025) | B | [7] |
| Norwegian brand has three Prima Class ships on order (2026-2028) and five new Norwegian Cruise Line ships scheduled 2030-2037 | 3 Prima Class + 5 new-class ships | ships on order | global · company | as of 2025-12-31 (FY2025) | B | [7] |
| NCLH operates two private destinations: Great Stirrup Cay (Bahamas) and Harvest Caye (Belize); Great Tides Waterpark with 19 waterslides opening summer 2026 at Great Stirrup Cay | 2 private destinations; 19 waterslides | n/a | global · company | as of 2025-12-31 (FY2025) | B | [7] |
| Great Tides Waterpark at Great Stirrup Cay opening summer 2026 with 19 waterslides and an 800-foot river | 19 waterslides; 800-foot river | n/a | global · company | as of 2025-12-31 (FY2025) | B | [7] |
| NCLH brands sail to approximately 700 ports worldwide | ~700 ports | ports | global · company | as of 2025-12-31 (FY2025) | B | [7] |
| AIDA is the most recognized brand in the German cruise market | most recognized German cruise brand | n/a | global · company | FY2025 10-K (filed 2026-01-27) | B | [1] |
| Carnival Cruise Line markets itself as 'The World's Most Popular Cruise Line' offering multi-generational family entertainment at value for over 50 years | 50+ years | n/a | global · company | FY2025 10-K (filed 2026-01-27) | B | [1] |
| Costa: over 75 years, European touch and Italian passion | 75+ years | n/a | global · company | FY2025 10-K (filed 2026-01-27) | B | [1] |
| P&O Cruises is Britain's largest cruise line, heritage over 185 years; Carnival describes its fleet as premium ships | Britain's largest cruise line | n/a | global · company | FY2025 10-K (filed 2026-01-27) | B | [1] |
| MSC World America (World Class, Chantiers de l'Atlantique) delivered 27 March 2025: GT 216,638, 22 decks, 333.3 m, capacity 6,762 passengers, 2,138 crew, 2,614 cabins | 216,638 GT; 6,762 passengers; 2,614 cabins | gross tonnage / max passengers / cabins | France (Saint-Nazaire); homeport Miami · company | delivered 2025-03-27 | B | [6] |
| On 27 March 2025 MSC marked delivery of MSC World America, coin ceremony of MSC World Asia and steel cutting of MSC World Atlantic at Chantiers de l'Atlantique | 3 World Class milestones | ships | France (Saint-Nazaire) · company | 2025-03-27 | B | [6] |
| Ocean Cay MSC Marine Reserve (opened late 2019) pier extension to allow two ships simultaneously, due late 2027; new dining, adults-only beach and family lagoon marketing-claim | 2 ships simultaneously from late 2027 | ships berthed | The Bahamas · company | 2026-01-28 | B | [3] |
| MSC Cruises describes itself as the world's third largest cruise line and market leader in Europe, with 23 modern ships | 23 ships; world's 3rd largest cruise line | ships | global · company | 2026-01-28 | B | [3] |
| MSC World Atlantic floated out at Chantiers de l'Atlantique (Sept 2026); will be 25th MSC Cruises ship and fourth LNG World Class ship; delivery 2027, Caribbean from November 2027 | 25th ship; 4th World Class | ships | France (Saint-Nazaire); US homeport · company | 2026-09-30 | B | [9] |
| Celebration Key: $600 million, Carnival's largest investment in an exclusive destination; 65+ acres, 1.5-mile beach; opened 19 July 2025 | $600 million; 65 acres | USD / acres | The Bahamas (Grand Bahama) · company | 2025-07-22 | B | [13] |
| Celebration Key expected to welcome two million guests annually, rising to four million by 2028; 20 ships from 10 U.S. homeports call there (July 2025) | 2M/yr initially; 4M by 2028 | guests per year | The Bahamas (Grand Bahama) · company | 2025-07-22 (forecast) | B | [13] |
| Carnival completed the Celebration Key pier extension (two new berths) on 29 June 2026: up to four ships simultaneously, 13,000+ guests a day; ~2.5 million guests by first anniversary, ~3.5 million expected year two | 4 ships; 13,000+ guests/day; ~2.5M guests year one | ships / guests | The Bahamas (Grand Bahama) · company | 2026-06-29 | B | [14] |
| Star of the Seas, second Icon-class ship, delivered by Meyer Turku 10 July 2025; debuted August 2025 from Port Canaveral | delivered 2025-07-10 | n/a | Finland (Turku) / US (Port Canaveral) · company | 2025-07-10 | B | [12] |
No facts match that search. Try a broader word, or .
Sources
The ledger.
- Carnival Corporation & plc (SEC EDGAR). Carnival Corporation & plc Form 10-K, fiscal year ended November 30, 2025. Accessed 2026-10-14. sec.gov/Archives/edgar/data/815097/000081509726000007/ccl-20251130.htm
- Royal Caribbean Cruises Ltd. (SEC EDGAR). Royal Caribbean Cruises Ltd. Form 10-K, fiscal year ended December 31, 2025. Accessed 2026-10-14. sec.gov/Archives/edgar/data/884887/000088488726000007/rcl-20251231.htm
- MSC Cruises. MSC Cruises to further upgrade Ocean Cay with brand-new guest experiences and extended pier. Accessed 2026-10-14. mscpressarea.com/en_US/press-releases/msc-cruises-to-further-upgrade-ocean-cay-with-brand-
- Cruise Lines International Association (CLIA). CLIA 2026 State of the Cruise Industry (presentation PDF). Accessed 2026-10-14. cruising.org/sites/default/files/2026-04/2026%20State%20of%20the%20Cruise%20Industry%20Pre
- Cruise Lines International Association (CLIA) via PR Newswire. Cruise Industry Sees Strong Demand as Global Impact Expands and Investments in Efficiency and Future Fuels Continue (CLIA release, 2026 SOCI). Accessed 2026-10-14. prnewswire.com/news-releases/cruise-industry-sees-strong-demand-as-global-impact-expands-a
- MSC Cruises. MSC Cruises and Chantiers de l'Atlantique mark three World Class ship milestones in Saint-Nazaire. Accessed 2026-10-14. mscpressarea.com/en_INT/press-releases/msc-cruises-and-chantiers-de-l-atlantique-mark-thre
- Norwegian Cruise Line Holdings Ltd. (SEC EDGAR). Norwegian Cruise Line Holdings Ltd. Form 10-K, fiscal year ended December 31, 2025. Accessed 2026-10-14. sec.gov/Archives/edgar/data/1513761/000110465926022067/nclh-20251231x10k.htm
- Viking Holdings Ltd (SEC EDGAR). Viking Holdings Ltd Form 20-F for year ended December 31, 2025 (filed 2026-03-03). Accessed 2026-10-14. sec.gov/Archives/edgar/data/1745201/000174520126000007/vik-20251231.htm
- MSC Cruises. MSC Cruises marks float out of the cruiseline's next U.S flagship, MSC World Atlantic. Accessed 2026-10-14. mscpressarea.com/en_INT/press-releases/msc-cruises-marks-float-out-of-the-cruiselines-next
- US CDC (National Center for Environmental Health). About Vessel Sanitation Program. Accessed 2026-10-14. cdc.gov/vessel-sanitation/about/index.html
- Cruise Lines International Association (CLIA) via PR Newswire. New 2025 State of the Cruise Industry Report ... (CLIA release). Accessed 2026-10-14. prnewswire.com/news-releases/new-2025-state-of-the-cruise-industry-report-shows-cruising-i
- Royal Caribbean International (via PR Newswire). Star of the Seas Officially Joins Royal Caribbean as the Next Iconic Vacation. Accessed 2026-10-14. prnewswire.com/news-releases/star-of-the-seas-officially-joins-royal-caribbean-as-the-next
- Carnival Cruise Line. Carnival Cruise Line Marks First Ever 'Double Fun' Day with Two Ships at Celebration Key. Accessed 2026-10-14. carnival-news.com/2025/07/22/carnival-cruise-line-marks-first-ever-double-fun-day-with-two
- Carnival Corporation (via PR Newswire). Carnival Corporation Completes New Pier Extension for Celebration Key in The Bahamas. Accessed 2026-10-14. prnewswire.com/news-releases/carnival-corporation-completes-new-pier-extension-for-celebra
- European Commission (DG CLIMA). Reducing emissions from the shipping sector. Accessed 2026-10-14. climate.ec.europa.eu/eu-action/transport-decarbonisation/reducing-emissions-shipping-secto
This page is analysis for general information, not investment advice. Hawkes & Kwortnik has no commercial relationship with the operators named here. Company figures are each company's own definitions and are not reconciled across companies.