Cruise line operators such as Carnival Corp. (CCL) and Royal Caribbean (RCL) are seeing record bookings for 2024 as travel demand continues to recover from the Covid-19 pandemic.
According to data from the Cruise Lines International Association (CLIA), a record 35.7 million people are expected to cruise in 2024, up from 31.5 million in 2023, and 6% more than the number of passengers that sailed in 2019 before the industry was shutdown by Covid-19.
During an October earnings call, Royal Caribbean executives said that they were seeing record bookings for the year ahead as demand for travel continues to accelerate.
Capacity is now becoming an issue with many cruise ships booked solid for the coming 12 months. Carnival Corp. has warned that it is in danger of running out of capacity.
Royal Caribbean added during its Q3 earnings call that two-thirds of its customers were taking a cruise for the first time, and that its repeat bookings have doubled heading into the new year.
The stock of Carnival Corp. has risen 98% this year to trade at $15.76 U.S. per share.
Royal Caribbean’s stock has gained 127% in the last 12 months to trade at $110.73 U.S. a share.
