Cruise Industry Atlas · Small-ship, coastal and sailing · Edition of 14 October 2026
Small-ship, coastal and sailing cruising, measured.
Boutique small ships, coastal services and sailing vessels: operators, fleet, cabotage and coastal rules, economics, 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 · 34 audited facts · Next review
01 · The 60-second orientation
Small ships, long coasts, and the law that shapes them.
What it is. Cruising on ships small enough to go where large ships cannot: into fjord villages, along the US Atlantic and Pacific coasts and the Inside Passage, into small Caribbean and Mediterranean harbours, and under sail. The guest buys the coast, the harbour and the pace, not the ship as a resort. This segment includes coastal services that are part ferry, part cruise, boutique coastal lines, and sailing ships and tall ships. It excludes river cruising, which has its own page, and expedition cruising, where landings, expedition staff and permits are the product.
Why it is hard to size. There is no published count of small-ship, coastal or sailing passengers, and none of the industry-wide sources used in this atlas breaks the segment out. Most operators are private. What can be stated with sources is the shape of individual fleets, the rules that set ship size and ownership, and a handful of company-reported facts. This page sticks to those, and says plainly where the evidence runs out.
What shapes it. Three forces do most of the work. In the United States, the Passenger Vessel Services Act reserves domestic point-to-point passenger carriage for US-built, US-owned, coastwise-endorsed ships 5, which creates a protected domestic coastal market. In Norway, the coastal route runs under a government concession, with Havila operating 4 of the 11 vessels on the Bergen–Kirkenes route 6. Everywhere, US safety rules step up sharply with gross tonnage and passenger count, which is why so many ships in this segment cluster just under a threshold.
Who sails. The segment's own evidence points to loyal, repeat-minded guests: Star Clippers says over 60% of its passengers are repeat guests, a company marketing claim 7. No independent demographic data for the segment was found.
02 · Definitions
What counts, and how the measures work.
The atlas taxonomy is an H&K analytical partition, not an industry standard. Industry labels overlap: brands market themselves across several tiers, and CLIA, trade press and the companies themselves each cut the market differently. Each brand is placed by where the majority of its fleet sits, and edge cases are named.
What sits in this segment
Small-ship, coastal and sailing covers coastal and inland-waterway routes that are not rivers, boutique small ships, sailing vessels and tall ships, and local or regional specialty itineraries that are not primarily expedition. Two classification rules decide most cases. First, the primary purpose of the itinerary separates expedition from small-ship: landings run by expedition staff under permits mean expedition. Second, a navigable inland waterway with river locks means river; open coast, fjord or sea means coastal.
| Edge case | Why it is hard | H&K placement |
|---|---|---|
| Hurtigruten Norwegian coastal service | Part ferry, part cruise: carries visitors, locals and cargo year-round 1 | Small-ship, coastal. Its expedition sister brand is placed in expedition. |
| American Cruise Lines | Runs coastal small ships and riverboats under one brand 3 | Small-ship, coastal for its coastal ships; riverboats belong to the river picture. Fleet split named, not merged. |
| UnCruise Adventures | Small ships with an active, nature-led product | Small-ship, flagged as soft-expedition |
| Lindblad–National Geographic US-flag coastal ships | Expedition brand operating coastwise US-flag ships in Alaska, Baja and the Pacific Northwest 8 | Brand sits in expedition; its US-flag coastal ships are discussed here because the coastwise law binds them |
| Sailing ships (Star Clippers, Sea Cloud) | Upscale service on small hulls overlaps luxury | Small-ship, sailing. Rig and hull, not price, define the product. |
| Hotel barges and day boats | Inland, tiny scale or no cabins | Excluded from this segment |
Overlays, not segments
Cross-cutting formats sit on top of a segment rather than forming one: adults-only, themed and full-ship charter, world cruise, short or "getaway" cruise, residential, and destination-led or private-island products. A full-ship charter of a sailing ship, for example, is still small-ship cruising.
Yield and occupancy, defined before any comparison
Yield. Each company defines its own yield, and the definitions differ. Royal Caribbean Group's Net Yields are Adjusted Gross Margin per Available Passenger Cruise Day (non-GAAP) 9, where an APCD is double occupancy per cabin times cruise days 9. Norwegian Cruise Line Holdings divides Adjusted Gross Margin by Capacity Days (non-GAAP) 10. Viking divides Adjusted Gross Margin by Passenger Cruise Days, the days actually sailed by passengers (non-GAAP) 11. A per-available-day yield and a per-occupied-day yield are different numbers for the same ship.
Occupancy. The industry convention divides Passenger Cruise Days by Available Lower Berth Days, assuming two passengers per cabin; a figure above 100% means some cabins carried three or more guests 12. On small ships with few third berths the ceiling sits near 100%, so occupancy above that level is a large-ship phenomenon.
Comparisons are indicative only. No operator placed in this segment publishes yield or occupancy in the sources used for this edition. Any comparison across companies, here or elsewhere in the atlas, is indicative only, because the denominators differ.
03 · Player map
Who sails the coasts, and why they sit here.
Brands are placed by where the majority of their fleet sits. Capacity figures are each company's own published numbers, dated as shown; they are not added together, because they come from different sources and dates.
| Brand | Owner / status | Fleet as published | Placement rationale |
|---|---|---|---|
| Hurtigruten (Norwegian coast) | Hurtigruten | 8 ships dedicated to the Norwegian coast, under 500 guests each, four hybrid-powered (company marketing claim) 13; seven sail the Coastal Express route 1 | Coastal service, part ferry, part cruise; concession route |
| Havila Kystruten | Havila Kystruten AS, listed on Euronext Oslo | 4 of the 11 vessels on the Bergen–Kirkenes route, concession 2021 to end-2030, option to 2031 6 | Coastal concession operator; the only listed pure coastal player in the sources |
| American Cruise Lines | Private, US-owned | 28 small ships of 90–180 guests including newbuilds through 2028; claims to be the largest domestic US cruise line (company marketing claim) 3 | US-built, US-flagged, fully domestic itineraries (company marketing claim) 3; edge: also runs riverboats |
| UnCruise Adventures | Private | 9 ships, 22 to 88 guests, 556 guests combined 2 | Small coastal ships, soft-expedition edge |
| Star Clippers | Private | Royal Clipper, 227 passengers and 106 crew 7; Star Flyer and Star Clipper, up to 166 passengers and 74 crew each 7 | Sailing ships; rig is the product |
| Sea Cloud Cruises | Private | Sea Cloud Spirit: max 136 passengers, about 85 crew, 69 outside cabins, built 2021, Malta flag 14 | Tall ship; upscale service on a sailing hull |
| Lindblad–National Geographic (US-flag coastal ships) | Lindblad Expeditions Holdings, SEC filer | Four US-flagged coastwise vessels 8; e.g. NG Quest, 100 guests 8, NG Sea Lion, 62 guests 8 | Brand placed in expedition; listed here as the US coastal competitor bound by the same coastwise law |
| Windstar, Variety Cruises | Private | No fleet fact in this edition's audited set | Boutique small ships; named in the taxonomy, not quantified here |
Reading the map
The average UnCruise ship carries about 62 guests, an H&K calculation from 556 guests across 9 ships 2. Sea Cloud Spirit runs at about 1.6 guests per crew member and Royal Clipper at about 2.1, H&K calculations from each company's own passenger and crew figures 147. Those ratios describe the product: labour-heavy, personal service that large ships cannot replicate.
Two route structures, two market types
Norway's coastal route is a shared concession: Havila's 4 of 11 vessels 6 and Hurtigruten's seven ships on the Coastal Express 1 are consistent with an 11-ship route (H&K calculation from two company sources). The US coast is a protected domestic market, contested by a few US-flag operators. Neither looks like the open, global competition of contemporary ocean cruising.
04 · Demand
What guests buy, with what evidence.
Data gapNo source in this edition counts small-ship, coastal or sailing passengers. CLIA's record 37.2 million ocean-going passengers in 2025 15 is a CLIA-member, ocean-going figure; it does not break out this segment and should not be used to size it. Similarly, the CDC's count of more than 20 million passengers embarking from North American ports in 2025 16 is a regulator's port count across all ship sizes.
What the sources do show is demand signals at the operator level. Star Clippers has opened more than 50 departures for the Fall/Winter 2026–27 season across the Caribbean, Costa Rica, Panama, Colombia and Atlantic crossings 17. American Cruise Lines is adding ships through 2028 3, which signals that the owner expects domestic demand to absorb them.
The product guests buy
On the Norwegian coast the product is the coast itself: a 2,500-nautical-mile, 12-day roundtrip 1, calling in villages and towns for 10 to 45 minutes and in cities for a few hours 18. That works out to about 208 nautical miles a day, an H&K calculation from the same source 1. Under sail the product is the ship's rig and the harbours only a small hull can enter. In US coastal cruising it is a domestic itinerary with no passport and no foreign port required.
Loyalty. Star Clippers' claim that over 60% of passengers are repeat guests is a company marketing claim on an undated page 7. It is not comparable with repeat rates reported by other companies under other definitions.
05 · Supply
Fleets that are small by design, and by rule.
Ship size
Every fleet in this segment's audited set is measured in tens or low hundreds of guests per ship: UnCruise from 22 to 88 2, American Cruise Lines from 90 to 180 3, Sea Cloud Spirit up to 136 14, Royal Clipper 227 7, and Hurtigruten's coastal ships under 500 (company marketing claim) 13. For scale, global ocean cruise passenger capacity stood at 764,310 lower berths at 31 December 2025, a global industry figure (grade C) reported in Carnival's FY2025 10-K 12. That figure is a different universe and is given for context, not as a denominator.
Sail
Sea Cloud Spirit carries 28 sails, about 4,100 square metres of sail area, with a main mast 57.90 metres above the waterline 14. Star Flyer and Star Clipper are four-masted barquentines of 115.5 metres 7. Sailing hulls are built rarely and slowly; the fleet is effectively fixed for long periods (H&K view).
Fleet change
United States. American Cruise Lines' Project Blue, announced in early 2022, is described as the largest order of US-built cruise ships in decades 3. Lindblad will retire National Geographic Sea Bird and Sea Lion after the 2026 Alaska season, with Greg Mortimer sailing Alaska in 2027–2029 8. Sea Lion was built in 1982 8; National Geographic Quest dates from 2017 8.
Norway. Hurtigruten states that four of its eight coastal ships are hybrid-powered (company marketing claim) 13. Havila's concession runs to the end of 2030 with an option to 2031 6, so the route's next allocation is the supply event to watch.
Seasonal deployment
Small ships move with the seasons. Lindblad operates four ships in Alaska in summer and repositions them to Baja, Costa Rica and Panama in winter 8. Star Clippers' winter programme covers the Caribbean and Central America 17. The Coastal Express, by contrast, has run year-round since 1893 1.
Passenger capacity per ship, Star Clippers fleet
Maximum passengers per ship for the three Star Clippers sailing ships, as stated on the company's press page (accessed 2026-10-14).
06 · Economics
How the money works on a small hull.
Data gapNo operator placed in this segment reports revenue, yield, occupancy or margin in the audited sources. The economics below are H&K view, built from fleet structure and regulation rather than from reported financials.
Fixed cost spread thinly. A ship's bridge crew, engineering, safety equipment and port fees do not scale down in proportion to guest count. With 22 to 88 guests per ship 2, these costs fall on few berths, so prices per guest-night must sit well above large-ship levels to cover them (H&K view).
Labour intensity is the product. Guest-to-crew ratios of roughly 1.6 to 2.1 on the sailing ships, H&K calculations from 147, are what the guest pays for, and what limits margin.
Protected pricing. In the United States, the PVSA keeps foreign-flag ships out of domestic point-to-point itineraries 5. US-built ships cost more, but the operators that have them face few competitors on purely domestic routes (H&K view). American Cruise Lines frames its 100% US-built, US-flagged fleet as a distinguishing feature (company marketing claim) 3.
Concession economics. On the Norwegian coast, carrying locals and cargo alongside visitors 1 under a government concession 6 gives operators a base load and a contract, in exchange for obligations to sail year-round and call at small communities.
Direct comparison is not possible. For reference only, Viking's consolidated Net Yield was $583 in 2025, per passenger cruise day (non-GAAP) 11. That figure covers river and ocean, belongs to the premium and river picture, and is not a benchmark for this segment.
07 · Regulation
Thresholds that draw the ships.
More than any other segment, small-ship cruising is shaped by where regulation draws its lines. The United States rules below explain the ownership, size and itineraries of the domestic fleet.
US coastwise law (cabotage)
A vessel may not carry passengers between US coastwise points, directly or via a foreign port, unless it is wholly owned by US citizens and holds a coastwise endorsement 5. A corporation operating coastwise passenger vessels must have a US-citizen CEO and chairman, a US-citizen majority of the board quorum, and at least 75% of each class of stock owned by US citizens, as set out in Lindblad's filing 8. Lindblad's four US-flagged vessels are subject to these laws 8.
The statute sets a penalty of $300 per passenger transported and landed 5; CBP applies an inflation-adjusted $996 per passenger landed after 2 November 2015 4. Both are statutory or regulatory penalty amounts (grade A), not accounting measures. The effect is to make foreign-flag, US-only itineraries uneconomic, which is why US domestic coastal itineraries are served by US-flag operators.
US safety thresholds
| Rule | Threshold | Why it matters here |
|---|---|---|
| Small passenger vessel (46 U.S.C. 2101(49)) | Under 100 gross tons, more than 6 passengers including at least one for hire 19 | The statutory entry point for the smallest commercial ships |
| Passenger vessel (46 U.S.C. 2101(33)) | At least 100 gross tons, more than 12 passengers including at least one for hire 19 | Larger small ships move into the full passenger-vessel regime |
| 46 CFR Subchapter T | Under 100 GT, 150 or fewer passengers or overnight accommodation for 49 or fewer 20; triggered above six passengers with at least one for hire 20 | Explains why some overnight vessels stop at 49 berths (H&K view) |
| 46 CFR Subchapter K | Under 100 GT, more than 150 passengers or overnight accommodation for more than 49 21 | The next, stricter tier for small hulls |
| Subchapter T coastwise route | Not more than 20 nautical miles offshore 22 | Route class limits where the smallest ships may sail |
| Foreign SOLAS ships | Subchapter T does not apply to foreign vessels holding a valid SOLAS Passenger Ship Safety Certificate 20 | Foreign sailing ships visiting US ports follow SOLAS, not Subchapter T |
| Cruise Vessel Security and Safety Act | Passenger vessels authorised to carry 250 or more passengers with overnight accommodation 23 | Most ships in this segment fall below it |
| CDC Vessel Sanitation Program | Cruise ships carrying 13 or more passengers on a foreign itinerary with US ports 16 | Applies to foreign-itinerary small ships; purely domestic coastal itineraries sit outside its stated jurisdiction |
Emissions rules
The EU Emissions Trading System covers CO2 from ships of 5,000 GT and above entering EU ports since January 2024 24, with surrender rising to 100% of reported emissions from 2027 24. Many small ships fall below that tonnage line; whether each ship in this segment is in scope depends on its gross tonnage, which is not in the audited fact set. Sulphur rules are framed differently: the limit is 0.5% globally and 0.1% inside Emission Control Areas, and a Norwegian Sea ECA comes into force in March 2026, per Royal Caribbean's FY2025 10-K 9. That bears directly on the Norwegian coastal fleet.
08 · Insight
Regulation is the moat; hulls are the bottleneck.
1. The US domestic coast is a closed shop, by law (H&K view). The PVSA's ownership and build requirements 58 mean the large foreign-flag ocean brands cannot sell a purely domestic coastal cruise. The competitive set is a few US-flag operators, and the largest of them is still adding ships 3.
2. Thresholds shape ship design (H&K view). The step changes at 49 overnight passengers, 150 passengers, 100 gross tons and 250 passengers 202123 reward ships designed to sit just below a line. Analysts should read ship capacities against these thresholds.
3. Norway's coast is a regulated utility with a cruise layer (H&K view). A route with 34 communities each way 18, shared between two operators under concession 6, behaves more like public transport than leisure travel. Its revenue is steadier and its upside more limited than a pure cruise.
4. Ageing tonnage forces decisions (H&K view). A 1982 ship retiring after 2026 88 shows the replacement cycle reaching the US small-ship fleet. Where coastwise law requires US-built replacements, the yard and the cost of building in the US decide how fast capacity is renewed.
09 · Scenarios
Three paths, stated qualitatively.
These are H&K scenarios, not forecasts. No numeric projection for this segment exists in the audited sources, and none is offered here.
Base · steady niches
US domestic coastal capacity grows as announced newbuilds deliver 3; the Norwegian concession runs its term 6; sailing fleets stay roughly unchanged. Drivers: newbuild delivery on schedule, stable regulation, older guests' continued preference for small ships.
Upside · scarcity pricing
Demand for small, destination-led cruising outpaces the slow addition of US-built and sailing tonnage, and prices rise. Drivers: growth in overall cruise participation spilling into niches (CLIA forecasts ocean passengers reaching about 42 million by 2029, a CLIA-member ocean figure 25), retirements outpacing deliveries, and a favourable re-allocation of the Norwegian route after 2030.
Downside · cost and capacity squeeze
US-build costs and yard delays slow fleet renewal; emissions rules and the Norwegian Sea ECA 9 raise operating costs for older coastal ships; and a weaker consumer cycle hits high per-guest prices. Drivers: shipyard capacity, fuel and compliance cost, concession terms, and discretionary spending among older travellers.
10 · Investor implications
What to watch, not what to buy.
This section is analysis, not investment advice. Where a line is H&K inference, it is labelled H&K view.
Few listed exposures
Most operators in this segment are private. The listed exposures in the audited sources are Havila Kystruten on Euronext Oslo 6 and Lindblad Expeditions Holdings, an SEC filer whose US-flag coastal ships sit inside an expedition-led business 8. Neither is a pure play on the segment as defined here (H&K view).
Watch list
- Norwegian concession terms. The current concession runs to end-2030 with an option to 2031 6. The terms of the next award will set route economics for the following decade (H&K view).
- US-built delivery cadence. Whether Project Blue 3 and other US-built ships deliver on time is the main supply variable in the US domestic market.
- Fleet retirements and redeployments. Lindblad's Alaska change for 2027–2029 8 shows how retirements shift coastal capacity.
Risks to the thesis
- Regulatory change. The coastwise protection rests on statute 5; any waiver or amendment would change the competitive set (H&K view).
- Ownership compliance. The 75% US-citizen ownership test 8 can constrain who may own a listed coastwise operator's shares.
- Data scarcity. Without reported yields or occupancy for the segment, valuation rests on fleet counts and marketing claims. Treat marketing-claim facts, such as the Hurtigruten hybrid count 13 and American Cruise Lines' fleet description 3, as company assertions.
- Emissions cost. Small ships may fall under the EU ETS 5,000 GT line 24, but sulphur limits inside Emission Control Areas, including the Norwegian Sea 9, are a separate cost line (H&K view).
11 · Glossary
Terms used on this page.
- Small-ship, coastal and sailing
- The H&K analytical partition for coastal and non-river inland routes, boutique small ships, and sailing ships and tall ships whose itinerary is not primarily expedition.
- Coastal service
- A scheduled coastal route carrying cruise guests alongside local passengers and cargo, such as Norway's Coastal Express.
- Passenger Vessel Services Act (PVSA)
- The US law, 46 U.S.C. 55103, that restricts passenger carriage between US coastwise points to US-owned, coastwise-endorsed vessels.
- Coastwise endorsement
- The US certificate-of-documentation endorsement required for a vessel to engage in domestic coastwise trade.
- Cabotage
- Transport between two points within one country; the general term for rules like the PVSA.
- Concession
- A government contract to operate a route under set obligations, as on the Bergen–Kirkenes coast.
- Subchapter T / Subchapter K
- US Coast Guard safety rules in 46 CFR for small passenger vessels under 100 gross tons, divided by passenger and overnight-berth counts.
- SOLAS
- The International Convention for the Safety of Life at Sea; foreign ships holding its Passenger Ship Safety Certificate are outside Subchapter T.
- Gross tonnage (GT)
- A measure of a ship's internal volume, not its weight; many regulatory thresholds are set in GT.
- Barquentine
- A sailing rig with square sails on the foremast and fore-and-aft sails on the other masts.
- Net yield
- A company-defined, non-GAAP revenue measure; the denominator differs by company (per available day or per passenger day).
- Occupancy
- Passenger cruise days divided by available lower berth days at two per cabin; can exceed 100%.
12 · Method
How this page was built.
Edition. This page is the edition of 14 October 2026. Facts were accessed in October 2026; each carries its own period in the fact bank.
Grades. Every figure is graded. Grade A is an official or regulator source (statute, eCFR, CDC, CLIA's own reports). Grade B is a company filing or the company's own page. Grade C is trade press. Company pages that make promotional statements are flagged "company marketing claim" wherever they are used. Adjusted figures and company yields are labelled non-GAAP.
Universe labels. Each fact keeps its universe: regulatory, company, CLIA-member or global. Figures from different universes or definitions are never added together or reconciled into one total. Global and CLIA-member figures appear only as context and are labelled.
Exclusions. Rows that failed the quote audit, where the source text did not support the stated figure, are excluded from the fact bank and from this page. No figure on this page comes from outside the audited fact bank; derived numbers are marked "H&K calculation" and cite their inputs.
Source-bound limit. This segment has 34 audited facts, fewer than the 35 the atlas aims for. Most are fleet descriptions and US regulation; there is no audited source for segment passenger volume, revenue, yield or occupancy, and no fleet fact for Windstar or Variety Cruises. The page's quantitative reach is limited accordingly, and gaps are marked as data gaps rather than filled with estimates.
Taxonomy. The segment boundaries follow the H&K analytical partition used across the atlas. Related pages: contemporary ocean, premium ocean and river cruise market.
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 |
|---|---|---|---|---|---|---|
| A vessel may not transport passengers between US coastwise points (directly or via a foreign port) unless wholly US-citizen-owned and coastwise-endorsed | 46 U.S.C. 55103(a) | statute | United States · regulatory | current | A | [5] |
| Statutory penalty for PVSA violation is $300 per passenger transported and landed (statute text; CBP applies inflation-adjusted amount by regulation) | 300 | USD per passenger transported and landed | United States · regulatory | current statute text | A | [5] |
| Hurtigruten lists 8 ships dedicated to sailing the Norwegian coast, fewer than 500 guests each, four hybrid-powered marketing-claim | 8 | ships (4 hybrid) | Norway · company | accessed 2026-10 | B | [13] |
| UnCruise lists 9 small ships ranging from 22 guests (Safari Quest) to 88 guests (Wilderness Legacy); combined listed capacity 556 guests | 9 ships / 556 guests | ships / total listed guest capacity | Alaska, Pacific NW, Hawaii, Galapagos etc. · company | accessed 2026-10 | B | [2] |
| Lindblad's four US-flagged vessels (NG Sea Bird, Sea Lion, Quest, Venture) are subject to coastwise laws under 46 U.S.C. 55103 | 4 | US-flagged coastwise vessels | United States · company | FY2025 10-K | B | [8] |
| A corporation operating coastwise-qualified passenger vessels must have US-citizen CEO and chairman, US-citizen majority of quorum, and at least 75% of each stock class beneficially owned by US citizens | 75 | % of each class of stock US-citizen owned (minimum) | United States · company | current law per FY2025 10-K | B | [8] |
| The Coastal Express roundtrip Bergen-Kirkenes-Bergen calls at 34 unique ports (34 northbound, 33 southbound) | 34 | unique ports (34 northbound / 33 southbound) | Norway · company | current schedule | B | [1] |
| The roundtrip voyage covers 2,500 nautical miles over 12 days | 2500 | nautical miles (12-day roundtrip) | Norway · company | current schedule | B | [1] |
| Seven ships sail the Coastal Express route | 7 | ships on Coastal Express route | Norway · company | current | B | [1] |
| The Coastal Express has operated year-round since 1893, carrying visitors, locals and cargo | 1893 | year founded | Norway · company | 1893-present | B | [1] |
| Ships dock in villages and towns for 10 to 45 minutes and in cities for a few hours, stopping at 34 communities in each direction | 10-45 | minutes per village/town call | Norway · company | current | B | [18] |
| Sea Cloud Spirit: max 136 passengers, ~85 crew, 69 outside cabins, built 2021, Malta flag | 136 | max passengers (~85 crew, 69 cabins) | Mediterranean/Atlantic/Caribbean · company | built 2021 | B | [14] |
| Sea Cloud Spirit carries 28 sails, ~4,100 m2 sail area, main mast 57.90 m above waterline | 28 | sails (~4,100 m2) | n/a · company | built 2021 | B | [14] |
| ACL presents a fleet of 28 small ships (incl. ships coming 2026-2028), each 90-180 guests; claims largest domestic cruise line in the US marketing-claim | 28 | small ships (incl. newbuilds through 2028) | United States · company | press packet dated 2026-06-22 (per filename) | B | [3] |
| ACL: all ships US-built, all itineraries fully domestic; only cruise line with a 100% US-flagged fleet of small ships and riverboats marketing-claim | 100 | % US-built and US-flagged fleet | United States · company | 2026 | B | [3] |
| Project Blue (announced early 2022) is described as the largest order of US-built cruise ships in decades marketing-claim | Project Blue | newbuild series | United States · company | 2022- | B | [3] |
| Lindblad operates four ships in Alaska in summer, repositioning to Baja, Costa Rica and Panama in winter | four ships | vessels deployed in Alaska | Alaska / North American Pacific coast · company | FY2025 | B | [8] |
| Lindblad retires National Geographic Sea Bird and Sea Lion after 2026 Alaska season; Greg Mortimer to sail Alaska 2027-2029 | 2026 | retirement year | Alaska · company | 2026-2029 | B | [8] |
| National Geographic Sea Lion: built 1982, 62 guests, 31 cabins, Alaska/Baja/PNW/Belize, U.S.A. flag | 62 | guest capacity | US coastal · company | FY2025 | B | [8] |
| National Geographic Quest (2017) 100 guests/50 cabins, U.S.A. flag, Alaska/California coast/PNW/Costa Rica/Panama | 100 | guest capacity | US coastal · company | FY2025 | B | [8] |
| Havila operates 4 of the 11 vessels on the Bergen-Kirkenes coastal route under a government concession 2021-end 2030, with option to 2031 | four (4) out of eleven (11) | vessels on route | Norway · company | 2021-2030 | B | [6] |
| Star Clippers says over 60% of passengers are repeat guests marketing-claim | over 60% | share of passengers making a repeat voyage | Global · company | undated press page | B | [7] |
| Royal Clipper carries 227 passengers and 106 crew | 227 passengers | passenger capacity | Global · company | current | B | [7] |
| Star Flyer and Star Clipper: four-masted barquentines, 115.5m, up to 166 passengers and 74 crew each | 166 passengers | passenger capacity per ship | Global · company | current | B | [7] |
| Star Clippers opened 50+ departures for Fall/Winter 2026-27 (Caribbean, Costa Rica, Panama, Colombia, Atlantic crossings) | more than 50 departures | departures in season | Caribbean / Central America · company | Oct 2026-Mar 2027 | B | [17] |
| 46 CFR Subchapter T applies to vessels under 100 gross tons carrying 150 or fewer passengers or with overnight accommodations for 49 or fewer passengers | <100 GT; <=150 passengers or <=49 overnight | gross tons; passengers | United States · regulatory | current (eCFR as of 2026-10-01) | A | [20] |
| Subchapter T triggers when a covered vessel carries more than six passengers including at least one for hire | >6 passengers incl. 1 for hire | passengers | United States · regulatory | current (eCFR as of 2026-10-01) | A | [20] |
| Subchapter T does not apply to foreign vessels from SOLAS party states holding a valid SOLAS Passenger Ship Safety Certificate | exempt | foreign SOLAS-certificated vessels | United States · regulatory | current (eCFR as of 2026-10-01) | A | [20] |
| 46 CFR Subchapter K applies to vessels under 100 gross tons carrying more than 150 passengers or with overnight accommodations for more than 49 passengers | <100 GT; >150 passengers or >49 overnight | gross tons; passengers | United States · regulatory | current (eCFR as of 2026-10-01) | A | [21] |
| Subchapter T defines a Coastwise route as not more than 20 nautical miles offshore | 20 | nautical miles offshore | United States · regulatory | current (eCFR as of 2026-10-01) | A | [22] |
| CBP penalty for unlawful coastwise passenger transport is $996 per passenger landed after November 2, 2015 (inflation-adjusted from $300 under 46 U.S.C. 55103) | 996 | USD per passenger transported and landed | United States · regulatory | after 2015-11-02 (eCFR as of 2026-10-01) | A | [4] |
| 46 U.S.C. 2101(49) defines a small passenger vessel as under 100 gross tons carrying more than 6 passengers including at least one for hire | <100 GT; >6 passengers | gross tons; passengers | United States · regulatory | current (LII) | A | [19] |
| 46 U.S.C. 2101(33) defines a passenger vessel as at least 100 gross tons carrying more than 12 passengers including at least one for hire | >=100 GT; >12 passengers | gross tons; passengers | United States · regulatory | current (LII) | A | [19] |
| Cruise Vessel Security and Safety Act requirements (46 U.S.C. 3507-3508) apply to passenger vessels authorized to carry 250 or more passengers embarking or disembarking in the US | 250 | passengers (authorized and overnight accommodations) | United States · regulatory | current (LII) | A | [23] |
No facts match that search. Try a broader word, or .
Sources
The ledger.
- Hurtigruten. The Coastal Express | Classic Norwegian Cruise. Accessed 2026-10-14. hurtigruten.com/en/cruises/coastal-express
- UnCruise Adventures. UnCruise Adventures - Award Winning Small Ship Cruises. Accessed 2026-10-14. uncruise.com/
- American Cruise Lines. American Cruise Lines Press Packet (June 2026) - The Leader in U.S. Cruising. Accessed 2026-10-14. americancruiselines.com/libraries/ACL/Documents/press-releases/ACL_Press_Packet_062226_LO.
- eCFR / Office of the Federal Register (CBP regulation). 19 CFR 4.80 Vessels entitled to engage in coastwise trade. Accessed 2026-10-14. ecfr.gov/current/title-19/chapter-I/part-4/section-4.80
- Cornell LII (US Code text). 46 U.S. Code § 55103 - Transportation of passengers. Accessed 2026-10-14. law.cornell.edu/uscode/text/46/55103
- Havila Kystruten AS / Euronext Oslo. Havila Kystruten AS Preliminary 2025 Result Presentation (26 Feb 2026). Accessed 2026-10-14. live.euronext.com/sites/default/files/company_press_releases/attachments_oslo/2026/02/26/6
- Star Clippers. Introducing Star Clippers (press page). Accessed 2026-10-14. starclippers.com/us-dom/press-pr/introducing-star-clippers.html
- Lindblad Expeditions Holdings / SEC EDGAR. Lindblad Expeditions Holdings Form 10-K FY2025. Accessed 2026-10-14. sec.gov/Archives/edgar/data/1512499/000143774926005873/lindb20251231c_10k.htm
- Royal Caribbean Cruises Ltd. (SEC EDGAR). Royal Caribbean Cruises Ltd. Form 10-K FY2025 (filed 2026-02-11). Accessed 2026-10-14. sec.gov/Archives/edgar/data/884887/000088488726000007/rcl-20251231.htm
- Norwegian Cruise Line Holdings Ltd. (SEC EDGAR). Norwegian Cruise Line Holdings Ltd. Form 10-K for year ended December 31, 2025 (filed 2026-03-02). 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
- Carnival Corporation & plc (SEC EDGAR). Carnival Corporation & plc Form 10-K for fiscal year ended November 30, 2025 (filed 2026-01-27). Accessed 2026-10-14. sec.gov/Archives/edgar/data/815097/000081509726000007/ccl-20251130.htm
- Hurtigruten. Cruise Ships | Hurtigruten Cruise Ships. Accessed 2026-10-14. hurtigruten.com/en-us/on-board/ships
- Sea Cloud Cruises. SEA CLOUD SPIRIT | Exclusive Sailing Cruises. Accessed 2026-10-14. seacloud.com/en/seacloudspirit/
- 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
- US CDC (National Center for Environmental Health). About Vessel Sanitation Program. Accessed 2026-10-14. cdc.gov/vessel-sanitation/about/index.html
- Star Clippers. Star Clippers Opens Fall/Winter 2026/2027 Sailings For Bookings. Accessed 2026-10-14. starclippers.com/us-dom/press-pr/star-clippers-opens-fall-winter-2026-2027-sailings-for-bo
- Hurtigruten. The Coastal Express - Hurtigruten (About us / voyages). Accessed 2026-10-14. hurtigruten.com/en/about-us/voyages/coastal-express
- Legal Information Institute, Cornell Law School. 46 U.S. Code § 2101 - General definitions. Accessed 2026-10-14. law.cornell.edu/uscode/text/46/2101
- eCFR / Office of the Federal Register. 46 CFR 175.110 General applicability (Subchapter T). Accessed 2026-10-14. ecfr.gov/current/title-46/chapter-I/subchapter-T/part-175/subpart-A/section-175.110
- eCFR / Office of the Federal Register. 46 CFR 114.110 General applicability (Subchapter K). Accessed 2026-10-14. ecfr.gov/current/title-46/chapter-I/subchapter-K/part-114/subpart-A/section-114.110
- eCFR / Office of the Federal Register. 46 CFR 175.400 Definitions of terms used in this subchapter. Accessed 2026-10-14. ecfr.gov/current/title-46/chapter-I/subchapter-T/part-175/subpart-C/section-175.400
- Legal Information Institute, Cornell Law School. 46 U.S. Code § 3507 - Passenger vessel security and safety requirements. Accessed 2026-10-14. law.cornell.edu/uscode/text/46/3507
- 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
- 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
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.