Why Isn't HAL Adding New Ships to Their Fleet

[TRLD]

24 minutes ago, BermudaBound2014 said:

Do you have a reference for this just announced news? 

 

Ccl did announce two days ago that they were absorbing Australia P&O giving carnival 8 “newly transferred” ships (they already received 3 transferred ships from Costa); but only two of those ships are new builds- both Excel class. 
 

I only count 8 new ships to Carnival between the transfer of existing ships and 2 new builds.
 

I’m obviously missing something, or CCL has made a big switch in plans. This article summarizes and it was published Monday (2 days ago). 
https://www.prnewswire.com/news-releases/carnival-corporation-to-strategically-align-portfolio-and-absorb-po-cruises-australia-into-carnival-cruise-line-302162438.html

 

 

Nothing out there except the 2 Carnival builds 1 in 27 1 in 28

 

Looking at fleet age Princess should be placing one for some where in that time frame, probably one for HAL. I suspect Princess wants to see how the Sun design works out before ordering a third.

 

However 10 years goes out to 2034 and 10 ships sounds about right for that time frame. CCL lines are now running ships longer than their past practice. Sooner or later they will have to play catchup  I suspect, like NCL, they are reserving build slots.

Edited June 5 by TRLD

[TRLD]

Looking at  Cruise Market Watch data HAL accounts for 2.6% of cruise passengers

 

This is the same as

Virgin  1.1%

Viking  .7%

Oceania .6%

Explora .2%

combined.

 

Sure there is growth in the luxury and Premium brands just like there is in the higher end Hotels. But it is also important to keep in mind the scale of the different brands.

[Gail & Marty sailing away]

38 minutes ago, BermudaBound2014 said:

Do you have a reference for this just announced news? 

 

Ccl did announce two days ago that they were absorbing Australia P&O giving carnival 8 “newly transferred” ships (they already received 3 transferred ships from Costa); but only two of those ships are new builds- both Excel class. 
 

I only count 8 new ships to Carnival between the transfer of existing ships and 2 new builds.
 

I’m obviously missing something, or CCL has made a big switch in plans. This article summarizes and it was published Monday (2 days ago). 
https://www.prnewswire.com/news-releases/carnival-corporation-to-strategically-align-portfolio-and-absorb-po-cruises-australia-into-carnival-cruise-line-302162438.html

 

 

With recent newbuild orders and vessels transferring from sister brand P&O Australia and previously Costa, Carnival Cruise Line will see the addition of 10 ships over seven years by 2028.

[BermudaBound2014]

12 minutes ago, Gail & Marty sailing away said:

With recent newbuild orders and vessels transferring from sister brand P&O Australia and previously Costa, Carnival Cruise Line will see the addition of 10 ships over seven years by 2028.

 

Do you have a reference?

 

I'm only counting 8 and the prnewsletter also confirms only 8 ships: Six being transferred and 2 new Excel classes. Where are you seeing 10? And more importantly, Where are those extra 2 ships coming from given that 2028 is only four years away? 

 

Inquiring traders want to know 😄 

 

Edited June 5 by BermudaBound2014

[Gail & Marty sailing away]

19 minutes ago, BermudaBound2014 said:

 

Do you have a reference?

 

I'm only counting 8 and the prnewsletter also confirms only 8 ships: Six being transferred and 2 new Excel classes. Where are you seeing 10? And more importantly, Where are those extra 2 ships coming from given that 2028 is only four years away? 

 

Inquiring traders want to know 😄 

 

Google Cruise news...

[BermudaBound2014]

5 minutes ago, Gail & Marty sailing away said:

Google Cruise news...

 

Not only do I get cruise news delivered straight to my inbox (and googled plenty before even asking you for a link), but I also track the financial news of CCL and get cruise updates via the financial world also.  This would have been big news today (June 5) as this is the type of information that some trades are made on.

 

At this point, your hesitance to provide a real source, and my inability to confirm, leads me to believe that your post stating that "Carnival just announced 10 ships in 8 years" is incorrect. It's ok, we all make mistakes (including me if you ever do supply a source). 😄 

 

 

[Gail & Marty sailing away]

5 minutes ago, BermudaBound2014 said:

 

Not only do I get cruise news delivered straight to my inbox (and googled plenty before even asking you for a link), but I also track the financial news of CCL and get cruise updates via the financial world also.  This would have been big news today (June 5) as this is the type of information that some trades are made on.

 

At this point, your hesitance to provide a real source, and my inability to confirm, leads me to believe that your post stating that "Carnival just announced 10 ships in 8 years" is incorrect. It's ok, we all make mistakes (including me if you ever do supply a source). 😄 

 

 

https://mailchi.mp/cruiseindustrynewswire/cruise-news-daily-2725150?e=de2d613876

[BermudaBound2014]

37 minutes ago, Gail & Marty sailing away said:

https://mailchi.mp/cruiseindustrynewswire/cruise-news-daily-2725150?e=de2d613876

 

Thank you. Cruise industry news is usually reasonably accurate although the post is a bit misleading (and the article is 2 days late) which explains why there hasn't been any talk of this "just announced" breaking news in the financial sector. 

 

Cruise industry news is counting three ships which have already been delivered and in service (Mardi Gras, Jubilee, and Celebration).  They are also counting 3 ships from Costa that have already been transferred and are sailing under the Carnival logo. Plus the two ships from Australia P&O that were discussed earlier in this thread. So, yes Carnival  Cruise line is getting a total of 10 ships by the year 2028, but only two will be new builds.

 

So, for clarification to those that care (which is probably no one at this point 😉 ); Cruise industry news article confirms which has already been stated numerous times in this thread. At this time, CCL is concentrating on building the Carnival Fleet which is their most profitable. There are not 10 "new" ships being built in seven (not eight) years. There are only two new ships in the next four years, both Carnival. Both Excel class.

 

If Carnival was building 10 new ships in 8 years and none of them were HAL that would be breaking news, but that isn't the case. No new news here. Of course, CCL could announce a brand new build tomorrow 🙂 

 

 

Edited June 5 by BermudaBound2014

[TRLD]

1 hour ago, Gail & Marty sailing away said:

With recent newbuild orders and vessels transferring from sister brand P&O Australia and previously Costa, Carnival Cruise Line will see the addition of 10 ships over seven years by 2028.

So not all new builds and most already in service.

Edited June 5 by TRLD

[Gail & Marty sailing away]

1 minute ago, TRLD said:

That is the 2 new builds and the 8 transfers.

You are correct 

[TRLD]

There has been some discussion in this stream about how successful some of the various lines are.  I posted the relative size using cruise market watch data.  While one cannot get exact revenue data for each line Cruise Market Watch does publish percent passenger market share and percent revenue market share.  So one can take the ratio of those two numbers to get an idea of the relative amount of revenue of each passenger on the various lines.  This data is limited in that it does not take into account the length of each cruise, as well as the number of children vs adults, but you can see the various lines fall into pretty clear groups.  Would be better if one could get per passenger per day data, but that is just not available on an individual line basis, only data for all of the lines in a parent holding company.

 

	% Passengers	% Revenue	Ratio R/P
Regent	0.4	2.5	6.25
Oceania	0.6	2.1	3.50
Azamara	0.3	0.9	3.00
Holland America	2.6	4	1.54
Disney	2.8	4.2	1.50
P&O	5	6.5	1.30
Celebrity	5.9	7.3	1.24
NCL	8.3	9.5	1.14
Princess	5.5	5.3	0.96
MSC	8.5	7.1	0.84
Royal Caribbean	19.1	13	0.68
Carnival	20.3	9.5	0.47

Edited June 5 by TRLD

[TRLD]

When you look at the table I just posted Disney ratio is down a bit due to the number of families.  Clearly they are considerably above the mass market focused lines.  Similarly HAL is up a bit because of its longer cruise length.

 

The family focused mass market lines of  Carnival, Royal Caribbean, MSC clearly carry a lot of passengers, but with cruise lengths and the number of families have pretty low ratios.  

 

While NCL has been primarily a family focused line their Haven and ship within a ship would seem to have an impact.

 

Princess has slipped down a bit compared to what its ratio was in 2019.  Might be the lag to ship within a ship as well as late move to increase fares as capacities have increased.  Will be interesting to see where they come in next year.

 

Clearly the luxury line Regent and the Premium Azamara and Oceana  stand out on where they sit with their ratios.

 

Clearly HAL is in the adult focused mass market range and has no signs of a collapse of their business as some like to project.

 

P&O includes both the UK and Australia arms.  the UK is much larger with recent investment, the Australian arm mostly cast off Princess ships and will be going away.

 

 

Edited June 5 by TRLD

[esimon]

So glad you all can see into the future, have all the answers and know what will happen.  I cruised NCL and unless the itinerary is beyond amazing and the cruise very cheap I will never get on one again.  The list of complaints is long.  
 

I will cruise HAL faithfully until one of us can’t cruise any longer. Lol

[Hlitner]

The  accounting/finance part of my education does cause me to carefully view financial ratios.  Many accounting "games" impact ratios and one does need to carefully view the big picture.  For example, MSC (and Explora Journeys which is wholly owned by MSC) is the only major cruise line that is privately held (by a single Italian family).  Unlike all the other cruise lines, the MSC folks are not beholden to stockholders and are able to play the "long game."  Consider that MSC continues to add about 1 new ship (and we are talking Billion dollar big ship) per year.  They are also funding the new Explora Journeys (with contractual obligations that will soon give them 6 ships) without regard to immedate profits or the long term debt issues that plague all the other major cruise lines.  The MSC folks have their huge and very profitable container ship company (the largest on earth) to comfortably subsidize their cruise lines (if they so choose).

 

As to CCL, while some might want to argue about how many new builds, what is clear that there are currently zero new builds slated for HAL.   We suspect that CCL is putting their marbles where they generate the best returns, and they obviously do not see HAL in that light.  In the near future, we suspect that HAL will jettison some of their older vessels because of related maintenance issues and associated operating costs.

 

We continue to think of HAL as a cruise line "without a rudder" in that they do not seem to know which direction to follow.  Do they want to be a small/medium ship mass market line focusing on an older clientele looking for reasonably priced longer cruises?  Do they want to attract a younger clientele which generally means alienating many of their loyal older cruisers?  Do they want to continue down the road of being a budget cruise line, or do they want to return to their past history of offering one the highest quality mass market products?  We have no clue. and get the feeling that neither do the suits in Seattle.  For us, at the moment, it is a line to avoid until the dust settles.

 

A friend recently asked us why we currently prefer Princess over HAL (in the mass market category).  Both DW and I had a similar response that Princess seems to be comfortable with their business model while HAL lacks direction.  If we book a Princess cruise for 2025 or 26, we know what we will get in terms of cuisine, entertainment, service, etc.  If we book HAL, we no longer have a clue what to expect. And we say this having spent about 550 days on HAL ships.

 

Hank

[TRLD]

5 minutes ago, Hlitner said:

The  accounting/finance part of my education does cause me to carefully view financial ratios.  Many accounting "games" impact ratios and one does need to carefully view the big picture.  For example, MSC (and Explora Journeys which is wholly owned by MSC) is the only major cruise line that is privately held (by a single Italian family).  Unlike all the other cruise lines, the MSC folks are not beholden to stockholders and are able to play the "long game."  Consider that MSC continues to add about 1 new ship (and we are talking Billion dollar big ship) per year.  They are also funding the new Explora Journeys (with contractual obligations that will soon give them 6 ships) without regard to immedate profits or the long term debt issues that plague all the other major cruise lines.  The MSC folks have their huge and very profitable container ship company (the largest on earth) to comfortably subsidize their cruise lines (if they so choose).

 

As to CCL, while some might want to argue about how many new builds, what is clear that there are currently zero new builds slated for HAL.   We suspect that CCL is putting their marbles where they generate the best returns, and they obviously do not see HAL in that light.  In the near future, we suspect that HAL will jettison some of their older vessels because of related maintenance issues and associated operating costs.

 

We continue to think of HAL as a cruise line "without a rudder" in that they do not seem to know which direction to follow.  Do they want to be a small/medium ship mass market line focusing on an older clientele looking for reasonably priced longer cruises?  Do they want to attract a younger clientele which generally means alienating many of their loyal older cruisers?  Do they want to continue down the road of being a budget cruise line, or do they want to return to their past history of offering one the highest quality mass market products?  We have no clue. and get the feeling that neither do the suits in Seattle.  For us, at the moment, it is a line to avoid until the dust settles.

 

A friend recently asked us why we currently prefer Princess over HAL (in the mass market category).  Both DW and I had a similar response that Princess seems to be comfortable with their business model while HAL lacks direction.  If we book a Princess cruise for 2025 or 26, we know what we will get in terms of cuisine, entertainment, service, etc.  If we book HAL, we no longer have a clue what to expect. And we say this having spent about 550 days on HAL ships.

 

Hank

Too funny. 

 

Suggest you go take a look at the relative fleet age and the timing of added capacity.

 

Looking at HAL you have 

 

Volendam 1999  1432

Zaandam 2000    1432

 

Zuiderdam 2002   1964

Oosterdam  2003   1964

Westerdam 2004    1964

Noordam  2006     1972

 

Eurodam  2008                 2104

Nieuw Amsterdam 2010     2106

 

Koningsdam 2016        2650

Nieuw Statendam 2018  2666

Rotterdam 2021            2668

 

The majority of  HAL's capacity is relatively new and is in better shape than the average age of Carnival or Princess.  Only the Volendam and Zaandam are near CCLs normal retirement age.  You have several Princess and Carnival ships past that time frame.  If one takes a look at the percentage of ships and capacity by age both Carnival and Princess is aging out faster than HAL.

 

If one looks at the time frame between last two classes and the amount of capacity added during the last class.  Would not be surprising for the next ship to be in 27 time frame.  I would expect one will expect an order for the first ship of the next class sometime in 25 or some of the 2100 size ships to be transferred from Aida.

[TRLD]

33 minutes ago, Hlitner said:

The  accounting/finance part of my education does cause me to carefully view financial ratios.  Many accounting "games" impact ratios and one does need to carefully view the big picture.  For example, MSC (and Explora Journeys which is wholly owned by MSC) is the only major cruise line that is privately held (by a single Italian family).  Unlike all the other cruise lines, the MSC folks are not beholden to stockholders and are able to play the "long game."  Consider that MSC continues to add about 1 new ship (and we are talking Billion dollar big ship) per year.  They are also funding the new Explora Journeys (with contractual obligations that will soon give them 6 ships) without regard to immedate profits or the long term debt issues that plague all the other major cruise lines.  The MSC folks have their huge and very profitable container ship company (the largest on earth) to comfortably subsidize their cruise lines (if they so choose).

 

As to CCL, while some might want to argue about how many new builds, what is clear that there are currently zero new builds slated for HAL.   We suspect that CCL is putting their marbles where they generate the best returns, and they obviously do not see HAL in that light.  In the near future, we suspect that HAL will jettison some of their older vessels because of related maintenance issues and associated operating costs.

 

We continue to think of HAL as a cruise line "without a rudder" in that they do not seem to know which direction to follow.  Do they want to be a small/medium ship mass market line focusing on an older clientele looking for reasonably priced longer cruises?  Do they want to attract a younger clientele which generally means alienating many of their loyal older cruisers?  Do they want to continue down the road of being a budget cruise line, or do they want to return to their past history of offering one the highest quality mass market products?  We have no clue. and get the feeling that neither do the suits in Seattle.  For us, at the moment, it is a line to avoid until the dust settles.

 

A friend recently asked us why we currently prefer Princess over HAL (in the mass market category).  Both DW and I had a similar response that Princess seems to be comfortable with their business model while HAL lacks direction.  If we book a Princess cruise for 2025 or 26, we know what we will get in terms of cuisine, entertainment, service, etc.  If we book HAL, we no longer have a clue what to expect. And we say this having spent about 550 days on HAL ships.

 

Hank

HAL as has Celebrity and now Princess has recognized that they have to attract younger cruisers.  From the cruises I have been on they have been more successful then doing that that Princess has.  Celebrity has dropped their average age down into the mid 50s.  Princess is at this point probably running the oldest average age demographic of the mass market lines.  Of course Princess's is now moving to correct that itself with their new ship design being more family focused.  Of course that is creating quite the uproar from old time Princess cruisers with both the more family friendly features as well as the move to more ship within a ship.

 

HAL is taking a very clear approach having the smallest average ship size of the mass market lines, with the longest average itineraries with the most distinct destinations with almost 600, compared to Princess with around 500 and Celebrity with 400.

 

While keeping the longer voyages they also have to introduce the line to new customers.  As a result you have the direct competition in Alaska, Caribbean and Med with the other lines in those popular markets.

 

The music walk was successfully in getting their average age down.  I suspect that it will be under going change to be less rigid in the future.  They have also taken up too many of their entertainment slots there.  Now there are reducing the slots for the music walk and are putting them back into main stage entertainment.

 

HAL has its niche.  It is sized for that niche.  It has enough ships to services its itineraries and to have a presence in the high demand areas.  There will be some additional ships added as some retire and the current capacity ages.

Edited June 5 by TRLD

[Heidi13]

10 hours ago, BermudaBound2014 said:

 

Remember, many of the older ships will also be thrown out of European small to medium ports because they are not LNG compliant. 

Passengers who want to visit small ports in Eurpoe (aka many HAL passengers) are a very small subset of the current market which is family focused, 7 day 'bus runs', where the ship is the destination. The cruise lines know this which is why they are investing in larger vessels. I vision a day in the near future where some of the 'moguls' will depart Florida and only visit the cruise lines very own private islands. Captive audience indeed.

 

FWIT: Carnivals new large vessels are all LNG; so at least there's that.

What ports are currently restricting ships unless they are LNG, as this is a new one on me.

 

I am aware of the IMO Emission Control Areas, but not ports restricting vessels based on LNG, which also requires a small amount of diesel.

Edited June 5 by Heidi13

[TRLD]

10 minutes ago, HappyInVan said:

 

History is not a certain predictor of the future. The Pinnacle ships were built before the covid crisis! You're assuming that there will be the mythical "Neptune" class.

 

But what is CCL doing today instead. Just 2 more Excel ships for Carnival. A bunch of ships being transferred from minor brands. There would be no doubt if HAL has to transfer ships to Carnival too. ❓

In your dreams. P&O Australia has been living on cast off Princess ships for years. Princess not going to have any to send them.  

 

So shutting them down makes sense. 

 

Costa has been down since the accident so those transfer make sense.

 

With the massive increase in Capacity for Aida just before Covid a transfer of a couple of their smaller ships would also make sense if it were to occur.

 

Not assuming a Neptune class, only going by fleet age, and what makes sense for the brand and the niche they are in.

 

 

 

Edited June 5 by TRLD

[Heidi13]

9 hours ago, BermudaBound2014 said:

 

A predictive statement given the direction to reduce carbon emissions by 2030. A response to the predictive statement that "most of these moguls will be thrown out of European small to medium port".  No one knows what the future holds, but the trend is toward both lower emission and reduced passenger loads in overcrowded ports.

 

Since you are here, would you mind commenting on the status of ships in HAL's fleet when it comes to meeting reduced emission regulations? For example; will any of HAL's current fleet be allowed into Norway's fjords given their aggressive move to ban ships except those with alternate power (for example LNG)?

 

 

https://cruisepassenger.com.au/news/norway-moves-to-ban-all-ships-except-those-with-alternative-power/#:~:text=Norway’s government is taking an aggressive stance towards,may rule out major cruise lines from visiting.

 

Thanks! 

 

PS: Are these maritime regulations just wishes? Like the US moving to all electric vehicles by 2030?

https://transport.ec.europa.eu/transport-modes/maritime/decarbonising-maritime-transport-fueleu-maritime_en

 

 

Last I read is the Norwegian Govt has adopted a resolution to create a zero-emission zone in 2 or 3 fjords, which are classed as World heritage Sites. I recall Geirangerfjord is one of them, but can't remember the names of the other 1 or 2.

 

The resolution was for zero-emission no later than 2026. Therefore, LNG vessels will not comply. At present the only options I know of is hydrogen and electric, with Viking already having hydrogen in 2 existing vessels and all new builds. Norwegian ferry operators are also included and at least 1 of them has a fully electric vessel in operation on the coast.

 

Hurtigruten also has a zero-emission vessel planned for 2030. The concept was released last year and if memory is correct the concept is named Sea Zero.

[Heidi13]

8 hours ago, TRLD said:

Is there anyone besides Hurtigruten that has gone the hybrid electric route? Norway may just go the electric route since they have a ferry passenger line that can meet the requirement with its newer ships.

 

Norway also has at least 1 all-electric ferry operating on the coast and Viking have 2 ships with hydrogen cells and all new builds will have then. The same Norwegian ferry company has additional ships on order, but haven't read of any deliveries.

 

All-electric ferries are already on order for the Canadian West Coast and should commence operations about 2027.

[ronrythm]

3 hours ago, TRLD said:

Too funny. 

 

Suggest you go take a look at the relative fleet age and the timing of added capacity.

 

Looking at HAL you have 

 

Volendam 1999  1432

Zaandam 2000    1432

 

Zuiderdam 2002   1964

Oosterdam  2003   1964

Westerdam 2004    1964

Noordam  2006     1972

 

Eurodam  2008                 2104

Nieuw Amsterdam 2010     2106

 

Koningsdam 2016        2650

Nieuw Statendam 2018  2666

Rotterdam 2021            2668

 

The majority of  HAL's capacity is relatively new and is in better shape than the average age of Carnival or Princess.  Only the Volendam and Zaandam are near CCLs normal retirement age.  You have several Princess and Carnival ships past that time frame.  If one takes a look at the percentage of ships and capacity by age both Carnival and Princess is aging out faster than HAL.

 

If one looks at the time frame between last two classes and the amount of capacity added during the last class.  Would not be surprising for the next ship to be in 27 time frame.  I would expect one will expect an order for the first ship of the next class sometime in 25 or some of the 2100 size ships to be transferred from Aida.

After 15 years of age the cost of maintenance go up dramatically, with all of the twice every 5 years technical surveys requiring a dry dock instead of alternating underwater and dry dock. Looking at that, most of the ships listed are in that range. Don’t be surprised if Carnival Corporation decides to cut them from the fleet.

[TRLD]

46 minutes ago, ronrythm said:

After 15 years of age the cost of maintenance go up dramatically, with all of the twice every 5 years technical surveys requiring a dry dock instead of alternating underwater and dry dock. Looking at that, most of the ships listed are in that range. Don’t be surprised if Carnival Corporation decides to cut them from the fleet.

Prior to Covid CCL lines have tended to cut ships in the 21 to 24 years range. Now they have a few older then that kept in service

 

For example the Grand Princess is 26 years old. Most go by 24. Island  and Coral are 21, Diamond and Sapphire are 20.

 

In the Carnival Fleet, Elation and Paradise are 26, Spirit is 23, Conquest, Legend and Pride 22, Glory 21, Miracle and Valor 20 

 

In P&O Australia, Pacific Explorer 27 (will be retired in 25), Pacific Adventure (used to be Golden Princess) 23, Pacific Encounter (used to be Star Princess) 22.

 

One can expect HAL ships to have a service life of atleast 20 and as long as 24.

 

The Volendam  25 and Zaandam 24 are likely to go soon.  Zuiderdam 22 likely   in  26.

 

Which is another reason for a new ship class in 27.  

 

To put it in terms of capacity

 

34% 10 years or newer

36%  11 to 20 years

30%  21 and older

 

I expect the next class to be 4 ships starting in 27. Unless they transfer some ships from Aida who has some 2100 size ships in the 10 to 14 age range. Though 4 transfers would make HAL too concentrated in that age range.  2 would make good replacements for the routes being done by Volendam and Zaandam, cutting the need for the next class to 2 or 3.

Edited June 6 by TRLD

[oaktreerb]

From Captain Alberts recent report, Cunard got the 4th Pinnacle ship intended for HAL.  

[TRLD]

58 minutes ago, oaktreerb said:

From Captain Alberts recent report, Cunard got the 4th Pinnacle ship intended for HAL.  

Its certainly a pennacle class just as the two previous Cunard ships were Vista.

 

However, I do not believe that it was ever announced for HAL and then diverted.  Just another ship of the same class that was originally announced for Cunard.

 

This is back when it was originally announced for a planned 2022 delivery.  Do not have the exact date of the announcement but it was ordered in 2017.  Of course actual delivery was 2024. 

 

Cunard and Carnival Corp. have announced this morning that they have entered into agreement to build a new ship for the 177 year old line. The line currently sails 3 ships, Queen Mary 2, Queen Elizabeth and Queen Victoria. This as-yet-unnamed ship will be delivered by Fincantieri in 2022. That seems like a long ways away, but the orderbooks are jammed pack so this is the earliest that they can fit one in.

 

Keep in mind that the oldest of Cunards ships, the Queen Victoria is 27 years and is over due for replacements.  The rest of Cunard line up with HAL  QM  20 years QE, 14, and the new QA

 

As far as CCL goes look at its over all lack of growth recently.  All recent deliveries have been ships ordered before Covid.  Basically the growth of all CCL lines have been dramatically come to a halt due to the debt load.

 

Calendar Year                   Global Cruise Industry (c)             Carnival Corporation & plc

2019                                      589,820                                              254,010 

2020                                      607,500                                              246,450 

2021                                      636,270                                              253,950 

2022                                      663,970                                              259,060 

2023                                      701,110                                              263,300 

2024                                      733,690                                              270,070 

2025                                      769,150                                              274,380 

2026                                      789,860                                              274,380 

Edited June 6 by TRLD

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