Shut down in unprecedented fashion during the pandemic, the cruise industry came roaring back in 2022 and 2023. The latest positive indicator comes from Royal Caribbean Group, which posted strong 2023 results and projects that 2024 profit will beat Wall Street expectations.
"2023 was an exceptional year, propelled by unmatched demand for our brands from new and loyal guests," said CEO Jason Liberty, adding 2024 was poised to be "another robust year."
The Icon naming ceremony was a crowning moment for Royal Caribbean International President Michael Bayley and Royal Caribbean Group Chairman Richard Fain. (Photo Credit: Bruce Parkinson)
The Royal Caribbean International, Celebrity and Silversea Cruises operator carried over 7.6 million passengers in 2023, a nearly 17% increase from pre-pandemic levels. In the fourth quarter, the company generated net income of US$278 million from a loss of $500 million in the same period a year ago.
“Overall, the five best booking weeks of the company’s history have occurred since the last earnings call, including the first three weeks of Wave,” the company said in a statement. “As a result, the company is now in a record booked position in both rate and volume.”
Royal Caribbean Group says Wave Season – the first quarter of the year when cruise booking incentives peak -- is off to a great start, and the company is projecting that 2024 earnings per share will be 40% higher than last year’s numbers.
The great cruise comeback: Icon of the Seas at the front of a line of seven cruise ships at Port Miami. (Photo Credit: Bruce Parkinson)
Demand for cruising is leading to higher fares, but prices of land-based vacations have soared as well, maintaining the value proposition of a cruise holiday.
New hardware is also creating positive buzz for an industry that is often the target of consumer media. Royal Caribbean International’s launch of the ground-breaking Icon of the Seas generated massive free advertising for the company and the travel advisors who sell its products.
You can check out TravelPulse Canada’s coverage of the Icon naming ceremony and inaugural sailing here, as well as impressions of the ship from Canadian travel professionals.
Topics From This Article to Explore
