{
 "schema": "hk.cei.card/v1",
 "entity_id": "BR05",
 "name": "Seabourn",
 "parent": "Carnival Corporation Ltd.",
 "peer_group": "Luxury / ultra-luxury ocean",
 "primary_segment": "Luxury ocean / expedition",
 "core_geographies": "Global luxury / expedition",
 "release": "cei-2026-q4",
 "edition": "Q4 2026",
 "methodology": "v2.1",
 "grading_scale": "v2.1",
 "score": 81,
 "grade": "C+",
 "rank": 12,
 "of": 50,
 "peer_rank": 5,
 "peer_size": 10,
 "confidence": {
  "score": 90,
  "method": "counted_citations_v1",
  "counted_citations": [
   "CCL_1Q26",
   "CCL_2Q26",
   "CCL_10Q_2Q26",
   "CCL_DLC26",
   "SEAB_2829_26",
   "CORP_SEABQUEST26",
   "SEAB_CCUS26",
   "BR05_PXFLEET",
   "BR05_PXAWARD",
   "BR05_PXRATE"
  ]
 },
 "summary": "Seabourn has a high-end guest mix and an intimate product. The main watch: smaller scale can weaken fixed-cost absorption and marketing efficiency.",
 "narrative": "Seabourn competes on intimacy and service with a small luxury and expedition fleet inside Carnival Corporation, the world's largest cruise portfolio. Its high-end guest mix is the strength, though smaller scale can weaken fixed-cost absorption and marketing efficiency. Seabourn's grade rests on 10 counted sources.",
 "strengths": [
  "Seabourn combines a high-end guest mix with an intimate product.",
  "It gives Carnival, the world's largest cruise portfolio, luxury and expedition exposure.",
  "Small ships let the brand compete on intimacy and service."
 ],
 "fragilities": [
  "Smaller scale can weaken fixed-cost absorption and marketing efficiency.",
  "As a Carnival subsidiary, Seabourn is harder to read from outside than listed brands.",
  "A five-ship fleet, smaller after the Sojourn sale, has to stay sharp against luxury rivals."
 ],
 "what_moves_this_letter": [
  "Whether long booking curves and affluent demand justify Seabourn's luxury rates.",
  "Whether expedition demand fills the 49 departures planned for 2028-29.",
  "Whether refits such as Seabourn Quest's keep the product sharp as the fleet shrinks."
 ],
 "pillars": [
  {
   "id": "demand_quality",
   "name": "Demand Quality",
   "weight_pct": 13,
   "score": 86,
   "class_median": 81.0,
   "evidence_mode": "official_source_snapshot"
  },
  {
   "id": "pricing_revenue_integrity",
   "name": "Pricing & Revenue Integrity",
   "weight_pct": 13,
   "score": 87,
   "class_median": 83.0,
   "evidence_mode": "official_source_snapshot"
  },
  {
   "id": "destination_itinerary_advantage",
   "name": "Destination & Itinerary Advantage",
   "weight_pct": 13,
   "score": 85,
   "class_median": 82.0,
   "evidence_mode": "official_source_snapshot"
  },
  {
   "id": "product_experience",
   "name": "Product & Experience",
   "weight_pct": 12,
   "score": 80,
   "class_median": 80.0,
   "evidence_mode": "multi_source_primary"
  },
  {
   "id": "distribution_channel_productivity",
   "name": "Distribution & Channel Productivity",
   "weight_pct": 9,
   "score": 70,
   "class_median": 75.0,
   "evidence_mode": "official_source_snapshot"
  },
  {
   "id": "ancillary_onboard_monetization",
   "name": "Ancillary & Onboard Monetization",
   "weight_pct": 9,
   "score": 76,
   "class_median": 73.0,
   "evidence_mode": "official_source_snapshot"
  },
  {
   "id": "crm_loyalty_ltv",
   "name": "CRM, Loyalty & LTV",
   "weight_pct": 9,
   "score": 82,
   "class_median": 79.5,
   "evidence_mode": "official_source_snapshot"
  },
  {
   "id": "commercial_execution_discipline",
   "name": "Commercial Execution Discipline",
   "weight_pct": 13,
   "score": 81,
   "class_median": 79.0,
   "evidence_mode": "official_source_snapshot"
  },
  {
   "id": "strategic_flexibility_resilience",
   "name": "Strategic Flexibility & Resilience",
   "weight_pct": 9,
   "score": 74,
   "class_median": 74.0,
   "evidence_mode": "official_source_snapshot"
  }
 ],
 "card_source_codes": [
  "CCL_AR25",
  "BR05_PXFLEET",
  "BR05_PXAWARD",
  "BR05_PXRATE"
 ],
 "guest_rating": {
  "source": "Cruise Critic member reviews",
  "value": 4.1,
  "reviews": 920,
  "url": "https://www.cruisecritic.com/cruise/seabourn/reviews",
  "read_on": "2026-09-17"
 },
 "developments": [
  {
   "date": "2026-04-22",
   "headline": "2028-29 expedition season: 49 departures in 29 countries",
   "detail": "Seabourn Venture and Seabourn Pursuit will offer 49 departures of 8 to 96 days, visiting more than 180 destinations in 29 countries.",
   "source_id": "SEAB_2829_26"
  },
  {
   "date": "2026-07-14",
   "headline": "Seabourn Quest returns from dry dock with refreshed suites and venues",
   "detail": "Seabourn Quest left dry dock with updated suites, dining venues, public spaces and wellness areas, and is sailing Croatia, Greece, Montenegro and Turkey.",
   "source_id": "CORP_SEABQUEST26"
  },
  {
   "date": "2026-08-16",
   "headline": "Cruise Critic snapshot: 4.1 of 5 across 918 reviews",
   "detail": "Cruise Critic showed Seabourn at 4.1 of 5 ('Very Good') across 918 reviews. A browser read on 1 October 2026 showed 4.1 across 920.",
   "source_id": "SEAB_CCUS26"
  },
  {
   "date": "2026-09-02",
   "headline": "138-day 2029 World Cruise opens for booking",
   "detail": "Seabourn Quest will sail Miami to Lisbon from 7 January to 26 May 2029, visiting 58 destinations in 31 countries.",
   "source_id": "SEAB_WC29_26"
  },
  {
   "date": "2026-09-17",
   "headline": "Product & Experience pillar added",
   "detail": "Cruise Critic members rate the line 4.1 of 5 across 920 reviews. Five ships: Quest (2011), Encore (2016), Ovation (2018), Venture (2022) and Pursuit (2023). Sister ships Odyssey and Sojourn were sold to Mitsui O.S.K. Lines; Odyssey left in 2024 and Sojourn in 2026. Named Best Cabins (Expedition) in Cruise Critic's 2025 Best in Cruise Awards.",
   "source_id": "BR05_PXFLEET"
  },
  {
   "date": "2026-09-17",
   "headline": "Seabourn Encore to return to Alaska in 2027",
   "detail": "After the 2026 Alaska season, Seabourn Encore will offer 18 Alaska and British Columbia departures from May to September 2027.",
   "source_id": "SEAB_AK27_26"
  },
  {
   "date": "2026-09-29",
   "headline": "Parent reports record Q3; 2027 booked at record levels",
   "detail": "Carnival Corporation reported record Q3 net yields and record Q3 customer deposits of $7.6 billion, with 2027 occupancy and pricing at record levels. Seabourn is not broken out.",
   "source_id": "CCL_3Q26"
  }
 ],
 "current_sources": [
  "CCL_1Q26",
  "CCL_2Q26",
  "CCL_10Q_2Q26",
  "CCL_DLC26",
  "SEAB_2829_26",
  "CORP_SEABQUEST26",
  "SEAB_CCUS26",
  "BR05_PXFLEET",
  "BR05_PXAWARD",
  "BR05_PXRATE",
  "SEAB_WC29_26",
  "SEAB_AK27_26",
  "CCL_3Q26"
 ],
 "sources_verified_on": "2026-10-01",
 "sources": {
  "CCL_1Q26": {
   "title": "Carnival Corporation & plc Achieves Record First Quarter Operating Results and Record Bookings; Introduces PROPEL",
   "date": "March 27, 2026",
   "url": "https://www.sec.gov/Archives/edgar/data/815097/000081509726000034/a20261qearningsrelease8-k.htm",
   "label": "Carnival Corporation Q1 2026 results (8-K exhibit 99.1)"
  },
  "CCL_2Q26": {
   "title": "Carnival Corporation Delivers Record Second Quarter Revenues, Net Yields and Adjusted Net Income",
   "date": "June 23, 2026",
   "url": "https://www.sec.gov/Archives/edgar/data/815097/000081509726000086/a20262qearningsrelease8-k.htm",
   "label": "Carnival Corporation Q2 2026 results (8-K exhibit 99.1)"
  },
  "CCL_10Q_2Q26": {
   "title": "Carnival Corporation Ltd. Form 10-Q for the quarter ended May 31, 2026",
   "date": "filed June 26, 2026",
   "url": "https://www.sec.gov/Archives/edgar/data/815097/000081509726000096/ccl-20260531.htm",
   "label": "Carnival Corporation 10-Q, Q2 FY2026"
  },
  "CCL_DLC26": {
   "title": "Carnival Corporation & plc Completes Unification of Dual Listed Company Structure and Redomiciliation to Bermuda",
   "date": "May 7, 2026",
   "url": "https://www.sec.gov/Archives/edgar/data/815097/000110465926057200/tm2613680d1_ex99-1.htm",
   "label": "Carnival Corporation DLC unification release (8-K exhibit 99.1)"
  },
  "SEAB_2829_26": {
   "title": "Seabourn Announces 2028-2029 Expedition Voyages, Second Grand Expedition, Pole to Pole Arctic Sailings",
   "date": "April 22, 2026",
   "url": "https://www.seabourn.com/en/us/news/press-release/2026-press-releases/april/seabourn-announces-2028-2029-expedition-voyages-second-grand-expedition-pole-to-pole-arctic-sailings",
   "label": "Seabourn: 2028–2029 expedition season"
  },
  "CORP_SEABQUEST26": {
   "title": "Seabourn Quest Emerges from Dry Dock with Major Upgrades and Sustainability Enhancements",
   "date": "July 14, 2026",
   "url": "https://www.carnivalcorp.com/seabourn-quest-emerges-from-dry-dock-with-major-upgrades-and-sustainability-enhancements/",
   "label": "Carnival Corporation newsroom: Seabourn Quest dry dock"
  },
  "SEAB_CCUS26": {
   "title": "Seabourn Reviews: What Cruisers Say (CruiseCritic)",
   "date": "search-index snapshot accessed 16 August 2026 (site blocks automated re-verification; read in a browser 1 October 2026)",
   "url": "https://www.cruisecritic.com/cruise/seabourn/reviews",
   "label": "CruiseCritic: Seabourn reviews"
  },
  "BR05_PXFLEET": {
   "title": "Seabourn Cruise Line — Wikipedia",
   "date": "accessed September 2026",
   "url": "https://en.wikipedia.org/wiki/Seabourn_Cruise_Line",
   "label": "Seabourn Cruise Line — Wikipedia"
  },
  "BR05_PXAWARD": {
   "title": "Cruise Critic Releases the 2025 'Best in Cruise Awards'",
   "date": "2025",
   "url": "https://www.prnewswire.com/news-releases/cruise-critic-releases-the-2025-best-in-cruise-awards-naming-the-best-cruises-of-the-year-302630964.html",
   "label": "Cruise Critic Releases the 2025 'Best in Cruise Awards'"
  },
  "BR05_PXRATE": {
   "title": "Cruise Critic Member Reviews",
   "date": "read 17 September 2026 (site blocks automated re-verification; read in a browser 1 October 2026)",
   "url": "https://www.cruisecritic.com/cruise/seabourn/reviews",
   "label": "Cruise Critic Member Reviews"
  },
  "CCL_AR25": {
   "title": "Carnival Corporation & plc 2025 Annual Report",
   "date": "Form 10-K for the fiscal year ended 30 November 2025, filed 27 January 2026",
   "url": "https://www.carnivalcorp.com/wp-content/uploads/2025/03/Carnival-Corporation-plc-2025-Annual-Report.pdf",
   "label": "Carnival 2025 Annual Report"
  },
  "SEAB_WC29_26": {
   "title": "Seabourn Announces 138-Day \"2029 World Cruise: Iconic Islands & Remote Horizons\"",
   "date": "September 2, 2026",
   "url": "https://www.seabourn.com/en/us/news/press-release/2026-press-releases/september/2029-world-cruise-iconic-islands-remote-horizons",
   "label": "Seabourn press release: 2029 World Cruise"
  },
  "SEAB_AK27_26": {
   "title": "As Seabourn's 2026 Alaska Season Draws to a Close, the Line Looks Ahead to 2027",
   "date": "September 17, 2026",
   "url": "https://www.prnewswire.com/news-releases/as-seabourns-2026-alaska-season-draws-to-a-close-the-line-looks-ahead-to-2027-302882160.html",
   "label": "Seabourn via PR Newswire: Alaska 2027"
  },
  "CCL_3Q26": {
   "title": "Carnival Corporation Outperforms Guidance, Delivering Best Ever Revenues, Net Yields and Net Income",
   "date": "September 29, 2026",
   "url": "https://www.sec.gov/Archives/edgar/data/815097/000081509726000104/a20263qearningsrelease8-k.htm",
   "label": "Carnival Corporation Q3 2026 results (8-K exhibit 99.1)"
  }
 },
 "unresolved_source_ids": [],
 "card_url": "https://hawkeskwortnik.com/commercial-excellence-index/industry/#brand=BR05",
 "page": "https://hawkeskwortnik.com/readings/cei/seabourn",
 "data": "https://hawkeskwortnik.com/data/cei/cei-2026-q4/BR05.json",
 "method": "https://hawkeskwortnik.com/readings/method",
 "license": "CC BY-ND 4.0, attribute to Hawkes & Kwortnik with the edition",
 "note": "Copied from the data the live report card renders. Ungraded or missing values are null, never imputed."
}