{
 "schema": "hk.cei.card/v1",
 "entity_id": "BR45",
 "name": "Swan Hellenic",
 "parent": "Swan Hellenic",
 "peer_group": "Expedition",
 "primary_segment": "Cultural expedition",
 "core_geographies": "Polar / Mediterranean / global expedition",
 "release": "cei-2026-q4",
 "edition": "Q4 2026",
 "methodology": "v2.1",
 "grading_scale": "v2.1",
 "score": 74,
 "grade": "C-",
 "rank": 45,
 "of": 50,
 "peer_rank": 7,
 "peer_size": 8,
 "confidence": {
  "score": 93,
  "method": "counted_citations_v1",
  "counted_citations": [
   "SWAN_21",
   "BR45_PXFLEET",
   "BR45_PXAWARD",
   "BR45_PXRATE",
   "SWAN_CINANT26"
  ]
 },
 "summary": "Clear cultural-exploration positioning. Smaller scale and a recent relaunch leave less margin for execution error.",
 "narrative": "Swan Hellenic mixes cultural discovery with the intimacy of small, expedition-capable ships, under a three-ship relaunch. Guests rate it 4.7/5 on Cruise Critic and 4.6/5 on Trustpilot. As a smaller, recently relaunched brand, it has little margin for execution error.",
 "strengths": [
  "Clear cultural-exploration positioning.",
  "A three-ship relaunch built around expedition-capable small ships.",
  "Combines cultural discovery with boutique ship intimacy."
 ],
 "fragilities": [
  "Smaller scale and a recent relaunch reduce the margin for execution error; SH Minerva sat idle from 2022 to 2025.",
  "Private ownership limits outside visibility, though guest ratings run 4.6 to 4.7 of 5.",
  "Swan Hellenic must keep its cultural angle sharp against more specialized expedition lines."
 ],
 "what_moves_this_letter": [
  "Whether cultural-expedition authority turns into occupancy and pricing resilience.",
  "Whether the relaunched fleet executes cleanly as the brand builds its record.",
  "Whether the cultural angle keeps Swan Hellenic distinct within expedition cruising."
 ],
 "pillars": [
  {
   "id": "demand_quality",
   "name": "Demand Quality",
   "weight_pct": 13,
   "score": 77,
   "class_median": 81.0,
   "evidence_mode": "high_confidence_proxy"
  },
  {
   "id": "pricing_revenue_integrity",
   "name": "Pricing & Revenue Integrity",
   "weight_pct": 13,
   "score": 77,
   "class_median": 83.0,
   "evidence_mode": "high_confidence_proxy"
  },
  {
   "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": 86,
   "class_median": 80.0,
   "evidence_mode": "multi_source_primary"
  },
  {
   "id": "distribution_channel_productivity",
   "name": "Distribution & Channel Productivity",
   "weight_pct": 9,
   "score": 62,
   "class_median": 75.0,
   "evidence_mode": "official_source_snapshot"
  },
  {
   "id": "ancillary_onboard_monetization",
   "name": "Ancillary & Onboard Monetization",
   "weight_pct": 9,
   "score": 63,
   "class_median": 73.0,
   "evidence_mode": "official_source_snapshot"
  },
  {
   "id": "crm_loyalty_ltv",
   "name": "CRM, Loyalty & LTV",
   "weight_pct": 9,
   "score": 67,
   "class_median": 79.5,
   "evidence_mode": "official_source_snapshot"
  },
  {
   "id": "commercial_execution_discipline",
   "name": "Commercial Execution Discipline",
   "weight_pct": 13,
   "score": 70,
   "class_median": 79.0,
   "evidence_mode": "official_source_snapshot"
  },
  {
   "id": "strategic_flexibility_resilience",
   "name": "Strategic Flexibility & Resilience",
   "weight_pct": 9,
   "score": 64,
   "class_median": 74.0,
   "evidence_mode": "high_confidence_proxy"
  }
 ],
 "card_source_codes": [
  "SWAN_21",
  "BR45_PXFLEET",
  "BR45_PXAWARD",
  "BR45_PXRATE",
  "SWAN_CINANT26"
 ],
 "guest_rating": {
  "source": "Cruise Critic member reviews",
  "value": 4.7,
  "reviews": 282,
  "url": "https://www.cruisecritic.com/cruise/swan-hellenic/reviews",
  "read_on": "2026-09-17"
 },
 "developments": [
  {
   "date": "2025-07-30",
   "headline": "SH Minerva regained after three-year sanctions lay-up",
   "detail": "Swan Hellenic bought back SH Minerva, laid up in Uruguay since spring 2022 because of sanctions on its Russian-linked lessor. The ship was set to return for the 2025-26 Antarctic season.",
   "source_id": "SWAN_MAREX25"
  },
  {
   "date": "2026-03-25",
   "headline": "Record Antarctic season: guests +53%, net revenue +66%",
   "detail": "Swan Hellenic reported 53% more guests and 66% higher net revenue in 2025-26. Bookings for 2026-27 stood at 65% of capacity, 20% ahead of the prior year at the same point.",
   "source_id": "SWAN_CINANT26"
  },
  {
   "date": "2026-04-17",
   "headline": "West Africa programme expands",
   "detail": "SH Diana runs two linked West Africa Grand Voyages in September-October 2026. The programme grows to nine cruises across two seasons in 2027.",
   "source_id": "SWAN_CINWAF26"
  },
  {
   "date": "2026-08-15",
   "headline": "Cruise Critic rates Swan Hellenic 4.7/5 across 280 reviews",
   "detail": "A search-index snapshot of Cruise Critic's Swan Hellenic page showed 4.7 of 5 across 280 reviews, 244 of them in the top band.",
   "source_id": "SWAN_CCREV26"
  },
  {
   "date": "2026-09-17",
   "headline": "Product & Experience pillar added",
   "detail": "Cruise Critic members rate the line 4.7 of 5 across 282 reviews. Three newbuild expedition ships of up to 152 guests: SH Minerva (2021), SH Vega (2022) and SH Diana (2023); no fourth ship has been announced. Won Best Value for Money in the Expedition category of Cruise Critic's 2024 Best in Cruise Awards, its second consecutive year.",
   "source_id": "BR45_PXFLEET"
  },
  {
   "date": "2026-10-01",
   "headline": "Score revised: Demand Quality 74 to 77",
   "detail": "Swan Hellenic reported a record 2025-26 season with guests up 53% and net revenue up 66%. Its 2026-27 bookings were at 65% of capacity, 20% ahead of the prior year (company-reported, Cruise Industry News, 25 March 2026).",
   "source_id": "SWAN_CINANT26"
  },
  {
   "date": "2026-10-01",
   "headline": "Trustpilot rates Swan Hellenic 4.6/5 across 171 reviews",
   "detail": "Swan Hellenic's main Trustpilot listing read 4.6 of 5 across 171 reviews on 1 October 2026. A September 2026 snapshot had shown 4.7 across 72.",
   "source_id": "SWAN_TPREV26B"
  }
 ],
 "current_sources": [
  "SWAN_CCREV26",
  "SWAN_TPREV26",
  "BR45_PXFLEET",
  "BR45_PXAWARD",
  "BR45_PXRATE",
  "SWAN_CINANT26",
  "SWAN_MAREX25",
  "SWAN_CINWAF26",
  "SWAN_TPREV26B"
 ],
 "sources_verified_on": "2026-10-01",
 "sources": {
  "SWAN_21": {
   "title": "About Swan Hellenic",
   "date": "accessed 5 September 2026",
   "url": "https://www.swanhellenic.com/our-story",
   "label": "Swan Hellenic About Us"
  },
  "BR45_PXFLEET": {
   "title": "Expedition Cruise Ships | Swan Hellenic",
   "date": "accessed September 2026",
   "url": "https://www.swanhellenic.com/ship",
   "label": "Expedition Cruise Ships | Swan Hellenic"
  },
  "BR45_PXAWARD": {
   "title": "Swan Hellenic picks up award for value proposition",
   "date": "2024",
   "url": "https://www.ttgmedia.com/noticeboard/swan-hellenic-picks-up-award-for-value-proposition-49738",
   "label": "Swan Hellenic picks up award for value proposition"
  },
  "BR45_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/swan-hellenic/reviews",
   "label": "Cruise Critic Member Reviews"
  },
  "SWAN_CINANT26": {
   "title": "Swan Hellenic Announces 2026-2028 Antarctic Seasons",
   "date": "25 March 2026",
   "url": "https://cruiseindustrynews.com/cruise-news/2026/03/swan-hellenic-announces-2026-2028-antarctic-seasons/",
   "label": "Cruise Industry News: record season, 2026-28 Antarctica"
  },
  "SWAN_CCREV26": {
   "title": "Swan Hellenic Reviews: What Cruisers Say",
   "date": "search-index snapshot 15 August 2026 (site blocks automated re-verification; read in a browser 1 October 2026)",
   "url": "https://www.cruisecritic.com/cruise/swan-hellenic/reviews",
   "label": "Cruise Critic: Swan Hellenic passenger reviews"
  },
  "SWAN_TPREV26": {
   "title": "Swan Hellenic Reviews (Trustpilot, multi-domain)",
   "date": "search-index snapshot accessed 8 September 2026 (site blocks automated re-verification)",
   "url": "https://www.trustpilot.com/review/swanhellenic.com",
   "label": "Trustpilot: Swan Hellenic reviews"
  },
  "SWAN_MAREX25": {
   "title": "Swan Hellenic Regains Ship After Long Legal Battle Over Russian Sanctions",
   "date": "30 July 2025",
   "url": "https://maritime-executive.com/article/swan-hellenic-regains-ship-after-long-legal-battle-over-russian-sanctions",
   "label": "Maritime Executive: SH Minerva regained"
  },
  "SWAN_CINWAF26": {
   "title": "Swan Hellenic Grows West Africa Itineraries in 2026-27",
   "date": "17 April 2026",
   "url": "https://cruiseindustrynews.com/cruise-news/2026/04/swan-hellenic-grows-west-africa-itineraries-in-2026-27/",
   "label": "Cruise Industry News: West Africa programme"
  },
  "SWAN_TPREV26B": {
   "title": "Swan Hellenic Reviews (Trustpilot)",
   "date": "read 1 October 2026",
   "url": "https://www.trustpilot.com/review/swanhellenic.com",
   "label": "Trustpilot: Swan Hellenic (live read)"
  }
 },
 "unresolved_source_ids": [],
 "card_url": "https://hawkeskwortnik.com/commercial-excellence-index/industry/#brand=BR45",
 "page": "https://hawkeskwortnik.com/readings/cei/swan-hellenic",
 "data": "https://hawkeskwortnik.com/data/cei/cei-2026-q4/BR45.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."
}