{
 "schema": "hk.cei.card/v1",
 "entity_id": "BR28",
 "name": "Aqua Expeditions",
 "parent": "PONANT EXPLORATIONS GROUP",
 "peer_group": "Expedition",
 "primary_segment": "Luxury small-ship expedition",
 "core_geographies": "Peru / Mekong / Indonesia / Galapagos / Indian Ocean / Arctic",
 "release": "cei-2026-q4",
 "edition": "Q4 2026",
 "methodology": "v2.1",
 "grading_scale": "v2.1",
 "score": 80,
 "grade": "C+",
 "rank": 17,
 "of": 50,
 "peer_rank": 1,
 "peer_size": 8,
 "confidence": {
  "score": 95,
  "method": "counted_citations_v1",
  "counted_citations": [
   "AQUA_25",
   "PONANT_26",
   "BR28_PXFLEET",
   "BR28_PXAWARD",
   "BR28_PXRATE"
  ]
 },
 "summary": "Luxury exploration reach across river and expedition formats. Small-ship specialization requires tight execution and distribution precision.",
 "narrative": "Aqua Expeditions runs six luxury small ships across remote river and expedition destinations. Awards back the product: LATA Cruise Operator of the Year twice running and #2 river line in Travel + Leisure's 2026 rankings. The model depends on tight execution and precise distribution.",
 "strengths": [
  "Luxury exploration reach across river and expedition formats.",
  "An official fleet of six across remote premium destinations.",
  "A luxury small-ship model that spans river and expedition geographies."
 ],
 "fragilities": [
  "Small-ship specialization requires tight execution and distribution precision.",
  "Aqua's 4.8/5 CruiseCritic score rests on only 88 reviews.",
  "Aqua must keep its edge against more specialized luxury expedition operators."
 ],
 "what_moves_this_letter": [
  "Whether Aqua's destination authority keeps translating into occupancy and pricing resilience.",
  "Whether distribution reaches enough affluent guests to fill six remote-destination ships.",
  "Whether river-to-ocean cross-sell keeps Aqua's luxury lane distinct."
 ],
 "pillars": [
  {
   "id": "demand_quality",
   "name": "Demand Quality",
   "weight_pct": 13,
   "score": 81,
   "class_median": 81.0,
   "evidence_mode": "multi_source_primary"
  },
  {
   "id": "pricing_revenue_integrity",
   "name": "Pricing & Revenue Integrity",
   "weight_pct": 13,
   "score": 84,
   "class_median": 83.0,
   "evidence_mode": "multi_source_primary"
  },
  {
   "id": "destination_itinerary_advantage",
   "name": "Destination & Itinerary Advantage",
   "weight_pct": 13,
   "score": 93,
   "class_median": 82.0,
   "evidence_mode": "multi_source_primary"
  },
  {
   "id": "product_experience",
   "name": "Product & Experience",
   "weight_pct": 12,
   "score": 93,
   "class_median": 80.0,
   "evidence_mode": "multi_source_primary"
  },
  {
   "id": "distribution_channel_productivity",
   "name": "Distribution & Channel Productivity",
   "weight_pct": 9,
   "score": 71,
   "class_median": 75.0,
   "evidence_mode": "multi_source_primary"
  },
  {
   "id": "ancillary_onboard_monetization",
   "name": "Ancillary & Onboard Monetization",
   "weight_pct": 9,
   "score": 69,
   "class_median": 73.0,
   "evidence_mode": "multi_source_primary"
  },
  {
   "id": "crm_loyalty_ltv",
   "name": "CRM, Loyalty & LTV",
   "weight_pct": 9,
   "score": 73,
   "class_median": 79.5,
   "evidence_mode": "multi_source_primary"
  },
  {
   "id": "commercial_execution_discipline",
   "name": "Commercial Execution Discipline",
   "weight_pct": 13,
   "score": 76,
   "class_median": 79.0,
   "evidence_mode": "multi_source_primary"
  },
  {
   "id": "strategic_flexibility_resilience",
   "name": "Strategic Flexibility & Resilience",
   "weight_pct": 9,
   "score": 71,
   "class_median": 74.0,
   "evidence_mode": "multi_source_primary"
  }
 ],
 "card_source_codes": [
  "AQUA_25",
  "PONANT_26",
  "BR28_PXFLEET",
  "BR28_PXAWARD",
  "BR28_PXRATE"
 ],
 "guest_rating": {
  "source": "Cruise Critic member reviews",
  "value": 4.8,
  "reviews": 88,
  "url": "https://www.cruisecritic.com/cruise/aqua-expeditions/reviews",
  "read_on": "2026-09-17"
 },
 "developments": [
  {
   "date": "2026-06-11",
   "headline": "LATA Cruise Operator of the Year for a second year",
   "detail": "Aqua Expeditions was named Cruise Operator of the Year at the 2026 Latin American Travel Association Excellence Awards for the second year running.",
   "source_id": "AQUA_MEDIA26"
  },
  {
   "date": "2026-06-12",
   "headline": "Aqua Lares opens the line's first Arctic season",
   "detail": "After its winter 2026 debut in the Seychelles and Zanzibar, Aqua Lares sails an inaugural Arctic season from June to September 2026. Aqua Mekong added two low-water Cambodia itineraries.",
   "source_id": "AQUA_ARC26"
  },
  {
   "date": "2026-07-23",
   "headline": "Travel + Leisure 2026 World's Best: #2 river line and #2 intimate-ship ocean line",
   "detail": "Travel + Leisure readers ranked Aqua Expeditions #2 Best River Cruise Line and #2 Best Intimate-Ship Ocean Cruise Line in the 2026 World's Best Awards.",
   "source_id": "AQUA_MEDIA26"
  },
  {
   "date": "2026-08-13",
   "headline": "Virtuoso 2026 Best Small Ship Cruise Experience",
   "detail": "Aqua Expeditions was named Best Small Ship Cruise Experience at the 2026 Virtuoso Cruise Awards during Virtuoso Travel Week in Las Vegas.",
   "source_id": "AQUA_VIR26"
  },
  {
   "date": "2026-09-08",
   "headline": "Review snapshot: CruiseCritic 4.8/5 across 88 reviews",
   "detail": "A CruiseCritic snapshot dated 8 August 2026 showed 4.8/5 across 88 reviews. The sample is small but consistent with the line's award record.",
   "source_id": "AQUA_CCREV26"
  },
  {
   "date": "2026-09-17",
   "headline": "Product & Experience pillar added",
   "detail": "Cruise Critic members rate the line 4.8 of 5 across 88 reviews. The six-vessel fleet sails the Amazon, Mekong, Indonesia and the Galápagos and includes the 77.4m megayacht Aqua Lares, which took the line to East Africa and the Arctic with inaugural voyages from 8 February 2026. Aqua Expeditions was a nominee for World's Leading River Cruise Company 2025 at the World Travel Awards; American Cruise Lines won.",
   "source_id": "BR28_PXFLEET"
  }
 ],
 "current_sources": [
  "AQUA_MEDIA26",
  "AQUA_CCREV26",
  "BR28_PXFLEET",
  "BR28_PXAWARD",
  "BR28_PXRATE",
  "AQUA_VIR26",
  "AQUA_ARC26",
  "AQUA_WTA25"
 ],
 "sources_verified_on": "2026-10-01",
 "sources": {
  "AQUA_25": {
   "title": "Aqua Experience: Our Story",
   "date": "accessed 5 September 2026",
   "url": "https://www.aquaexpeditions.com/aqua-experience/our-story",
   "label": "Aqua Expeditions Our Story"
  },
  "PONANT_26": {
   "title": "The PONANT Fleet",
   "date": "accessed 5 September 2026",
   "url": "https://us.ponant.com/cruise-ships",
   "label": "PONANT Fleet"
  },
  "BR28_PXFLEET": {
   "title": "Aqua Lares: new ultra-luxury vessel for Aqua Expeditions",
   "date": "accessed September 2026",
   "url": "https://www.theluxurycruisereview.com/aqua-lares-new-ultra-luxury-vessel-for-aqua-expeditions/",
   "label": "Aqua Lares: new ultra-luxury vessel for Aqua Expeditions"
  },
  "BR28_PXAWARD": {
   "title": "Aqua Expeditions nominee profile – World Travel Awards",
   "date": "accessed September 2026 (nominee profile; site blocks automated re-verification, read via reader proxy 1 October 2026)",
   "url": "https://www.worldtravelawards.com/profile-32332-aqua-expeditions",
   "label": "Aqua Expeditions profile – World Travel Awards"
  },
  "BR28_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/aqua-expeditions/reviews",
   "label": "Cruise Critic Member Reviews"
  },
  "AQUA_MEDIA26": {
   "title": "Aqua Expeditions Media Center (official)",
   "date": "accessed 5 September 2026",
   "url": "https://www.aquaexpeditions.com/media-center",
   "label": "Aqua Expeditions: media center"
  },
  "AQUA_CCREV26": {
   "title": "Aqua Expeditions Reviews: What Cruisers Say (CruiseCritic)",
   "date": "search-index snapshot accessed 8 September 2026 (page dated 8 August 2026; site blocks automated re-verification) (site blocks automated re-verification; rating re-read in a browser 1 October 2026: 4.8/5, 88 reviews)",
   "url": "https://www.cruisecritic.com/cruise/aqua-expeditions/reviews",
   "label": "CruiseCritic: Aqua Expeditions reviews"
  },
  "AQUA_VIR26": {
   "title": "Aqua Expeditions named Best Small Ship Cruise Experience at 2026 Virtuoso Cruise Awards",
   "date": "20 August 2026",
   "url": "https://d20knvk822eu5a.cloudfront.net/s3fs-public/2026-08/press-releases/8%20-%20AUG%20-%20TRADE%20-%20AQUA%20EXPEDITIONS%20NAMED%20BEST%20SMALL%20SHIP%20CRUISE%20EXPERIENCE%20AT%202026%20VIRTUOSO%20CRUISE%20AWARDS.pdf",
   "label": "Aqua Expeditions press release: Virtuoso 2026"
  },
  "AQUA_ARC26": {
   "title": "Aqua Expeditions Adds Arctic and Cambodia Itineraries for 2026",
   "date": "12 June 2026",
   "url": "https://openjaw.com/classified/2026/06/12/aqua-expeditions-adds-arctic-and-cambodia-itineraries-for-2026/",
   "label": "Open Jaw: Arctic and Cambodia itineraries"
  },
  "AQUA_WTA25": {
   "title": "World's Leading River Cruise Company 2025",
   "date": "accessed 1 October 2026 (site blocks automated fetch; read via reader proxy)",
   "url": "https://www.worldtravelawards.com/award-worlds-leading-river-cruise-company-2025",
   "label": "World Travel Awards: World's Leading River Cruise Company 2025"
  }
 },
 "unresolved_source_ids": [],
 "card_url": "https://hawkeskwortnik.com/commercial-excellence-index/industry/#brand=BR28",
 "page": "https://hawkeskwortnik.com/readings/cei/aqua-expeditions",
 "data": "https://hawkeskwortnik.com/data/cei/cei-2026-q4/BR28.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."
}