{
 "schema": "hk.cei.card/v1",
 "entity_id": "BR11",
 "name": "Silversea",
 "parent": "Royal Caribbean Group",
 "peer_group": "Luxury / ultra-luxury ocean",
 "primary_segment": "Luxury / expedition ocean",
 "core_geographies": "Global luxury / polar / Galapagos",
 "release": "cei-2026-q4",
 "edition": "Q4 2026",
 "methodology": "v2.1",
 "grading_scale": "v2.1",
 "score": 82,
 "grade": "B-",
 "rank": 9,
 "of": 50,
 "peer_rank": 2,
 "peer_size": 10,
 "confidence": {
  "score": 89,
  "method": "counted_citations_v1",
  "counted_citations": [
   "RCL_1Q26",
   "RCL_2Q26",
   "RCL_10Q_2Q26",
   "SILV_CCUS26",
   "BR11_PXFLEET",
   "BR11_PXAWARD",
   "BR11_PXRATE"
  ]
 },
 "summary": "A high-end mix and long booking curves are the strengths. Execution precision is the governing risk.",
 "narrative": "Silversea's strength comes from long luxury booking curves, an affluent guest mix and expedition exposure. Those advantages hold only if execution stays precise, and the brand has less scale than mainstream groups to absorb mistakes.",
 "strengths": [
  "Long booking curves give Silversea good forward visibility.",
  "The luxury and expedition mix gives strong revenue-quality potential.",
  "Affluent guests support premium economics when execution stays clean."
 ],
 "fragilities": [
  "Luxury newbuild and expedition economics demand high precision.",
  "Smaller scale than mainstream groups leaves less room for error.",
  "Service and destination execution have to stay visibly premium."
 ],
 "what_moves_this_letter": [
  "Whether long booking curves hold as luxury supply expands.",
  "Whether expedition capital keeps earning a visible commercial return.",
  "Whether the high-end mix stays worth its complexity."
 ],
 "pillars": [
  {
   "id": "demand_quality",
   "name": "Demand Quality",
   "weight_pct": 13,
   "score": 84,
   "class_median": 81.0,
   "evidence_mode": "official_source_snapshot"
  },
  {
   "id": "pricing_revenue_integrity",
   "name": "Pricing & Revenue Integrity",
   "weight_pct": 13,
   "score": 88,
   "class_median": 83.0,
   "evidence_mode": "official_observed_surface"
  },
  {
   "id": "destination_itinerary_advantage",
   "name": "Destination & Itinerary Advantage",
   "weight_pct": 13,
   "score": 87,
   "class_median": 82.0,
   "evidence_mode": "official_observed_surface"
  },
  {
   "id": "product_experience",
   "name": "Product & Experience",
   "weight_pct": 12,
   "score": 77,
   "class_median": 80.0,
   "evidence_mode": "multi_source_primary"
  },
  {
   "id": "distribution_channel_productivity",
   "name": "Distribution & Channel Productivity",
   "weight_pct": 9,
   "score": 76,
   "class_median": 75.0,
   "evidence_mode": "official_observed_surface"
  },
  {
   "id": "ancillary_onboard_monetization",
   "name": "Ancillary & Onboard Monetization",
   "weight_pct": 9,
   "score": 80,
   "class_median": 73.0,
   "evidence_mode": "official_observed_surface"
  },
  {
   "id": "crm_loyalty_ltv",
   "name": "CRM, Loyalty & LTV",
   "weight_pct": 9,
   "score": 83,
   "class_median": 79.5,
   "evidence_mode": "official_observed_surface"
  },
  {
   "id": "commercial_execution_discipline",
   "name": "Commercial Execution Discipline",
   "weight_pct": 13,
   "score": 82,
   "class_median": 79.0,
   "evidence_mode": "official_source_snapshot"
  },
  {
   "id": "strategic_flexibility_resilience",
   "name": "Strategic Flexibility & Resilience",
   "weight_pct": 9,
   "score": 78,
   "class_median": 74.0,
   "evidence_mode": "official_source_snapshot"
  }
 ],
 "card_source_codes": [
  "RCL_10K25",
  "BR11_PXFLEET",
  "BR11_PXAWARD",
  "BR11_PXRATE"
 ],
 "guest_rating": {
  "source": "Cruise Critic member reviews",
  "value": 3.8,
  "reviews": 1611,
  "url": "https://www.cruisecritic.com/cruise/silversea/reviews",
  "read_on": "2026-09-17"
 },
 "developments": [
  {
   "date": "2026-07-28",
   "headline": "Group level: 71 ships and raised guidance; Silversea not broken out",
   "detail": "Royal Caribbean Group reported second-quarter results above expectations and raised full-year guidance. Its 71-ship count covers Royal Caribbean, Celebrity, Silversea and the TUI Cruises joint venture, and Silversea is not reported separately.",
   "source_id": "RCL_2Q26"
  },
  {
   "date": "2026-08-18",
   "headline": "CruiseCritic snapshot: 3.8/5 across 1,609 reviews",
   "detail": "A CruiseCritic snapshot showed 3.8/5 across 1,609 reviews. Silversea's Trustpilot pages are small (about 25-55 reviews each) and read 2.3-2.5/5 on the Canadian, Austrian and Irish domains.",
   "source_id": "SILV_CCUS26"
  },
  {
   "date": "2026-09-07",
   "headline": "Alaska 2026 season closes; 29 voyages set for 2027",
   "detail": "Silver Moon and Silver Whisper ran 30 Alaska voyages from 14 May to 3 September 2026, using Seward's new terminal co-developed by Royal Caribbean Group. Silversea plans 29 Alaska voyages for 2027.",
   "source_id": "SILV_ALASKA26"
  },
  {
   "date": "2026-09-17",
   "headline": "Product & Experience pillar added",
   "detail": "Cruise Critic members rate the line 3.8 of 5 across 1,611 reviews. Silversea operates 12 ships (about 5,500 berths), eight luxury ocean and four expedition. The newest are Silver Nova (2023) and Silver Ray (2024), and no further newbuilds are on order. Gourmet Traveller named Silversea its inaugural 'Cruise Line of the Year' in the 2025 Hotel and Travel Awards (Australia).",
   "source_id": "BR11_PXFLEET"
  },
  {
   "date": "2026-09-18",
   "headline": "Suites regrouped into four categories with tiered benefits",
   "detail": "Silversea grouped its 17 suite types into Oceanview, Veranda, Residence and Villa categories, bookable from 16 September 2026. Added Residence and Villa benefits apply to sailings from 1 January 2027.",
   "source_id": "SILV_SUITES26"
  }
 ],
 "current_sources": [
  "RCL_1Q26",
  "RCL_2Q26",
  "RCL_10Q_2Q26",
  "SILV_CCUS26",
  "BR11_PXFLEET",
  "BR11_PXAWARD",
  "BR11_PXRATE",
  "SILV_SUITES26",
  "SILV_ALASKA26"
 ],
 "sources_verified_on": "2026-10-01",
 "sources": {
  "RCL_1Q26": {
   "title": "Royal Caribbean Group Reports First Quarter Results That Exceeded Expectations and Provides an Update to Full Year Guidance",
   "date": "April 30, 2026",
   "url": "https://www.sec.gov/Archives/edgar/data/884887/000088488726000024/a2026q1earningsrelease.htm",
   "label": "Royal Caribbean Group Q1 2026 results (8-K exhibit 99.1)"
  },
  "RCL_2Q26": {
   "title": "Royal Caribbean Group Reports Second Quarter Results Above Expectations and Raises Full Year Guidance",
   "date": "July 28, 2026",
   "url": "https://www.sec.gov/Archives/edgar/data/884887/000088488726000036/a2026q2earningsrelease.htm",
   "label": "Royal Caribbean Group Q2 2026 results (8-K exhibit 99.1)"
  },
  "RCL_10Q_2Q26": {
   "title": "Royal Caribbean Cruises Ltd. Form 10-Q for the quarter ended June 30, 2026",
   "date": "filed July 28, 2026",
   "url": "https://www.sec.gov/Archives/edgar/data/884887/000088488726000038/rcl-20260630.htm",
   "label": "Royal Caribbean Group 10-Q, Q2 2026"
  },
  "SILV_CCUS26": {
   "title": "Silversea Reviews: What Cruisers Say (CruiseCritic)",
   "date": "search-index snapshot accessed 18 August 2026 (site blocks automated re-verification) (site blocks automated re-verification; rating re-read in a browser 1 October 2026: 3.8/5, 1,614 reviews)",
   "url": "https://www.cruisecritic.com/cruise/silversea/reviews",
   "label": "CruiseCritic: Silversea reviews"
  },
  "BR11_PXFLEET": {
   "title": "Silversea Cruises — Wikipedia",
   "date": "accessed September 2026",
   "url": "https://en.wikipedia.org/wiki/Silversea_Cruises",
   "label": "Silversea Cruises — Wikipedia"
  },
  "BR11_PXAWARD": {
   "title": "2025 Cruise Line of the Year: Silversea",
   "date": "May 26, 2025",
   "url": "https://www.gourmettraveller.com.au/travel/hotel-travel-awards/cruise-line-of-the-year-winner-2025/",
   "label": "2025 Cruise Line of the Year: Silversea"
  },
  "BR11_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/silversea/reviews",
   "label": "Cruise Critic Member Reviews"
  },
  "RCL_10K25": {
   "title": "Royal Caribbean Group Form 10-K for year ended December 31, 2025",
   "date": "filed in 2026",
   "url": "https://www.sec.gov/Archives/edgar/data/884887/000088488726000007/rcl-20251231.htm",
   "label": "Royal Caribbean Group 2025 Form 10-K"
  },
  "SILV_SUITES26": {
   "title": "Silversea Rolls Out Four New Suite Categories",
   "date": "18 September 2026",
   "url": "https://cruiseindustrynews.com/cruise-news/2026/09/silversea-rolls-out-four-new-suite-categories/",
   "label": "Cruise Industry News: Silversea suite categories"
  },
  "SILV_ALASKA26": {
   "title": "Silversea Ends 2026 Alaska Season, Highlights 2027 Alaskan Voyages",
   "date": "7 September 2026",
   "url": "https://cruiseindustrynews.com/cruise-news/2026/09/silversea-ends-2026-alaska-season-highlights-2027-alaskan-voyages/",
   "label": "Cruise Industry News: Silversea Alaska 2026/2027"
  }
 },
 "unresolved_source_ids": [],
 "card_url": "https://hawkeskwortnik.com/commercial-excellence-index/industry/#brand=BR11",
 "page": "https://hawkeskwortnik.com/readings/cei/silversea",
 "data": "https://hawkeskwortnik.com/data/cei/cei-2026-q4/BR11.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."
}