Norwegian Sky Farewell Cruise Cancelled

Norwegian Sky Farewell Cruise Cancelled

Norwegian Cruise Line cancelled the farewell cruise of the Norwegian Sky, which was scheduled to depart from Greece on September 9, 2026.

According to a statement sent to booked guests, the decision is related to security concerns in the Middle East region.

The 19-night voyage was scheduled to transit the Suez Canal and the Red Sea before arriving in Muscat, Oman.

“After careful review, and with the safety and security of our guests and crew as our guiding priority, we have made the difficult decision to cancel this sailing,” the company added.

“Given the ongoing uncertainty in the region, we no longer have the level of confidence needed to deliver the experience you expect and deserve.”

Norwegian stated that the decision to cancel the cruise, though difficult, was guided by the safety and well-being of its guests and crew.

After departing from the port of Piraeus in Athens, the Norwegian Sky was scheduled to sail to Greece, Egypt, Jordan and Saudi Arabia before arriving in Oman.

The itinerary included visits to Rhodes, Alexandria, Port Sokhna, Safaga, Sharm El Sheikh, Jeddah and Aqaba, as well as transits of the Suez Canal and the Red Sea.

Acquired by Cordelia Cruises in 2025, the Norwegian Sky is scheduled to be delivered to the India-based cruise line this October.

“We know this is not the news anyone was hoping to receive. Throughout this process, many of you have shown remarkable patience, flexibility, and understanding, and we are truly sorry that this voyage can no longer move forward as planned,” Norwegian added.

The company said that guests will receive a full monetary refund of the cruise fare paid to the original form of payment used at the time of booking.

Norwegian will also offer passengers a Future Cruise Credit (FCC) valued at 50 percent of the current voyage fare, which will be added to a 15 percent FCC issued earlier due to itinerary changes.

The company said that the new credit may be used toward any published Norwegian Cruise Line sailing through December 31, 2027.

Guests who purchased airfare through the company will have flights automatically cancelled and refunded.

For passengers with independent travel arrangements, Norwegian is offering up to $300 per person to cover airline change or cancellation fees that are not reimbursed by either the airlines or travel insurance providers.

Norwegian had already adjusted the itinerary of the cruise in July, cancelling visits to destinations in the Arabian Gulf.

Initially scheduled to end in Dubai, United Arab Emirates, the cruise was also cut short from its original 21-night length.

NCL Offers First Look at Great Tides Waterpark Ahead of Opening

NCL Offers First Look at Great Tides Waterpark Ahead of Opening

Norwegian Cruise Line revealed the first images of the Great Tides Waterpark on its private island in the Bahamas, Great Stirrup Cay, ahead of the official grand opening on Sept. 4, 2026.   

“With just one month until the grand opening of Great Tides Waterpark, we’re excited to give guests a first look at what will become one of the Caribbean’s most dynamic destination experiences that can only be enjoyed when sailing with us,” said Marc Kazlauskas, president of Norwegian Cruise Line.  

“From adrenaline-pumping attractions and family-friendly activities to unique dining experiences and places to relax, Great Tides Waterpark will showcase the innovative design, scale and adventure that await guests visiting the island. Together with our ongoing enhancements across Great Stirrup Cay, we’re creating even more ways for guests to enjoy their day in paradise without compromise. This beautiful island offers something for kids and adults alike, whether they’re a thrill seeker, in search of relaxation, or simply want a little bit of both.” 

The Great Tides Waterpark will feature 19 waterslides including industry-first cliff jumps and The Great Slide in Cliffside Cove, as well as other attractions such as Splash Cay for kids and the Wandering River, a dynamic river with an immersive tunnel. 

Complementing these enhancements, the island’s brand-new two-berth pier is officially open. 

Beyond the adventures, Great Tides Waterpark will serve slow-smoked barbecue dishes at Low Tide Smoke, cold-water seafood at Catch of the Cay, handcrafted desserts at Tidal Treats, and more. 

Drinks will be served at Grotto Bar, located at Cliffside Cove or the Floataway Bar located in the heart of The Wandering River.

Adult-only spaces, such as the Vibe Shore Club, will feature premium loungers and private bar.

Royal Caribbean’s Harmony Embarks on Trans-Atlantic Crossing

Royal Caribbean’s Harmony Embarks on Trans-Atlantic Crossing

The Harmony of the Seas is currently returning to North America, having started a trans-Atlantic crossing to Port Canaveral in late July.

Sailing from Barcelona, the 13-night cruise is highlighted by visits to destinations in Spain, such as Palma de Mallorca, Cartagena, Málaga and Cádiz.

The repositioning voyage also includes eight days of cruising in the Atlantic before arriving at the ship’s homeport in Central Florida on August 8, 2026.

As part of its new year-round deployment in Port Canaveral, the Oasis-class ship will kick off a series of four- to seven-night itineraries to the Caribbean and the Bahamas.

For its first sailing in the region, the Harmony of the Seas offers a four-night cruise to the Bahamas that features visits to Nassau and Perfect Day at CocoCay.

The vessel’s schedule is also highlighted by short cruises to the Western Caribbean, in addition to longer itineraries to the Eastern Caribbean.

Other ports of call set to be visited by the 2016-built ship include Cozumel in Mexico, St. Thomas in the U.S. Virgin Islands, San Juan in Puerto Rico and Puerto Plata in the Dominican Republic.

Before starting its repositioning voyage to North America, the vessel spent the past few months offering summer cruises in the Western Mediterranean.

Sailing from Barcelona and Rome, the itineraries were part of Royal Caribbean’s summer season in Europe and included visits to destinations in France, Spain and Italy.

The Harmony of the Seas also underwent a modernization project while in Europe, introducing new features as part of the Royal Amplified initiative.

Among the new features that debuted onboard the 5,558-passenger ship are a Caribbean-inspired pool deck and Playmakers Sports Bar & Arcade.

Royal Caribbean also added nearly 100 staterooms to the vessel, replacing technical areas and public rooms with additional accommodation space.

Explora III Sets Sail on Maiden Voyage

Explora III Sets Sail on Maiden Voyage

The Explora III recently sailed from the Spanish port of Barcelona to kick off its maiden voyage for Explora Journeys.

Delivered by the Fincantieri shipyard in late July, the luxury ship officially started its inaugural season on August 3, 2026.

The 922-passenger ship is now offering a seven-night cruise that includes visits to destinations in Portugal, Morocco and Spain.

The itinerary is highlighted by stops in off-the-beaten-path ports in the region, including Portimão and Puerto Banús.

Before ending in Lisbon, the maiden voyage will also include visits to Palma de Mallorca, Cádiz and Tangier, in addition to a full day of cruising in the Western Mediterranean.

The ship will later offer a second seven-night cruise to Southampton, which will sail to Spain, Portugal and France.

On its way to the United Kingdom, the Explora III will visit Porto, La Coruña, Bilbao and Bordeaux, as well as St. Jean de Luz.

In addition to sailing the individual cruises, guests were able to combine the two weeklong voyages for a 14-night itinerary sailing from Barcelona to Southampton.

As part of its inaugural season, the 70,000-ton vessel is also set to offer itineraries to Northern Europe, Iceland, Greenland and North America.

The ship is also set to offer cruises to the Caribbean departing from San Juan and Miami starting in December 2026.

Before kicking off its maiden voyage, the Explora III was christened during a special ceremony at the Port of Barcelona. Marking the debut of Explora Journeys’ first LNG-powered vessel, the inaugural event took place on August 1, 2026.

Cristina Ozores, a marine educator and National Geographic Educator, served as the ship’s godmother during the ceremony.

The Explora III also offered a pre-inaugural cruise in the Western Mediterranean, which departed from Genoa, Italy, on July 24, 2026.

The five-night preview journey included visits to destinations in France and Italy, including Marseille, Saint-Tropez, Livorno and Villefranche-sur-Mer.

Jefferies Cuts Norwegian Price Target

Jefferies Cuts Norwegian Price Target

Jefferies cut its price target on Norwegian Cruise Line Holdings to $17 from $18 following the company’s second quarter results.

Analyst David Katz reiterated a Hold rating, with the shares near $21 implying roughly 19% downside to his new target.

Katz described Norwegian’s new revenue management strategy as “a LT (long term) positive but a ST (short term) headwind,” with second half 2026 and 2027 yields likely under pressure before improving in 2028.

He detailed the company’s shift to a base-loading strategy, lowering early-curve pricing to build occupancy and drive stronger close-in pricing over time, alongside heavier marketing and top-of-funnel demand generation.

BNP Paribas’ Xian Siew said that the yield reset was driven largely by occupancy, which the company now expects at about 102.3%, roughly 300 basis points lower than before, partly offset by stronger per diems.

That mix, Siew said, reflected management preferring to have some empty berths rather than promote even further.”

Siew, who characterized the risk/reward as wide and balanced, noted that many bulls had already written off 2026 and shifted their focus to 2027.

Carnival Firenze to Offer Third Casino on Selected Sailings

Carnival Firenze to Offer Third Casino on Selected Sailings

The Carnival Firenze will offer a third casino during selected sailings later this year, according to an update shared by the Carnival Players Club.

An additional non-smoking casino will be added to the ship for its SEA cruises, which sail between October and November 2026.

Carnival said that the third gambling venue will create even more opportunities for guests to enjoy their favorite games at sea.

The new venue will include additional slot machines and table games, the company added, giving passengers more ways to play during the adults-only sailings.

Members of the Carnival Players Club who reach the Elite tier will enjoy preferred access to the new gaming experience.

Originally built for Costa Cruises, the Vista-class ship currently offers two gambling areas, including a smokers-friendly main casino and a smaller, smoke-free casino.

As previously reported by Cruise Industry News, Carnival cancelled a series of sailings onboard the Carnival Firenze earlier this year to make room for the new SEA cruises.

The adults-only sailings will take place between October and November 2026, sailing to the West Coast and the Mexican Riviera.

Sailing from Long Beach, the seven- to 12-night itineraries will visit a wide range of destinations, including Manzanillo, Acapulco, Puerto Vallarta, Mazatlán, Cabo San Lucas and Ensenada.

As part of the company’s casino program, the sailings will cater to gamblers, with a series of gaming-focused activities and initiatives.

Following its SEA schedule, the Carnival Firenze is scheduled to offer additional sailings from California before repositioning to the East Coast in early 2027.

As part of the Carnival Fun Italian Style product, the 4,232-passenger ship offers Italian-themed spaces and venues.

Highlights include the Amari Italian-Style Bar, which serves traditional herbal liquors and bitters, in addition to favorites from the company’s signature Alchemy Bar.

A Look at the Future of Oceania Cruises’ R-Class Ships

A Look at the Future of Oceania Cruises’ R-Class Ships

Oceania Cruises is set to undergo significant changes over the next few years with the debut of newbuilds and the retirement of its older vessels.

Having been fully repositioned into the luxury market, the Norwegian Cruise Line Holdings’ (NCLH) brand is moving on from its older R-class ships, which are being sold off, repurposed or chartered.

Cruise Industry News looks at the company’s plans for the four ships, which originally debuted between 1998 and 2001.

Sirena
Capacity: 684
Tonnage: 30,200
Year Built: 2000
Fate: Sold to undisclosed buyer
Farewell Cruise: March 24, 2028

Norwegian Cruise Line Holdings announced the sale of the Sirena in late July. While a buyer was not named, the ship is expected to be delivered to its new owners after its spring 2028 deployment.

Originally launched as the R4 in 2000, the 684-passenger ship was acquired by Oceania in 2016, after spending over a decade sailing for Princess Cruises.

Nautica
Capacity: 684
Tonnage: 30,200
Year Built: 2000
Fate: To become Oceania Aurelia
Farewell Cruise: October 15, 2027

The Nautica will remain in service for Oceania Cruises after undergoing a significant refurbishment in late 2027.

According to the company, the 2000-built ship will be reimagined as the “ultimate world explorer,” embarking on longer cruises and the brand’s 180-day Around the World Voyages. Renamed Oceania Aurelia, the vessel will offer larger suites and capacity will be trimmed from 684 to under 400.

Regatta
Capacity: 684
Tonnage: 30,200
Year Built: 1998
Fate: Chartered to My Cruises
Farewell Cruise: August 17, 2026

The Regatta will leave Oceania Cruises’ fleet this year having been chartered to My Cruises’ Explorations by Norwegian brand.

The Australian tour operator will operate world cruises onboard the 30,200-ton vessel, currently holding a two-year charter agreement with Norwegian Cruise Line Holdings.

“At the conclusion of the initial term, the charter may be extended for multiple years or, alternatively, the vessel may be sold to a third-party cruise operator,” NCLH stated in its 2026 second quarter earnings presentation.

Insignia
Capacity: 684
Tonnage: 30,200
Year Built: 1999
Fate: To remain in fleet for the time being
Farewell Cruise: TBD

The Insignia is staying in the company’s fleet for the time being. The 30,200-ton ship was previously slated to be withdrawn in 2027 to become a residential cruise ship for Crescent Seas but the plan later fell through.

While no new long-term plans have been announced, Oceania’s published deployment includes departures onboard the 30,200-ton ship through November 2027.

NCLH Sells Oceania Sirena

NCLH Sells Oceania Sirena

Norwegian Cruise Line Holdings has entered into an agreement to sell the Oceania Sirena.

The R-class ship is expected to leave the fleet after its spring 2028 deployment. A buyer has not yet been named.

The 684-guest ship originally launched as the R Four in 1999, operating for Renaissance Cruises. It then joined Princess Cruises where it sailed from 2002 through 2016 before becoming the Sirena for Oceania.

It marks another vessel move for Oceania, which is moving on from its older R-class fleet as the brand has been repositioned into the luxury market.

The 1998-built Regatta has been chartered to myCruises for the next two years while the 2000-built Nautica will be reimagined with less capacity as the Oceania Aurelia and sail on longer itineraries.

That leaves the Insignia as the sole remaining R-class ship in the Oceania’s fleet. The 1998-built ship had previously been sold to Crescent Seas, a residential start up, but the sale fell through.

 

Norwegian Cruise Line Holdings Reports Second Quarter 2026 Financial Results

Norwegian Cruise Line Holdings Reports Second Quarter 2026 Financial Results

Norwegian Bliss photo credit Dave Jones / Spacejunkie - https://flic.kr/ps/GkiQt

Norwegian Cruise Line Holdings today reported financial results for the second quarter ended June 30, 2026 and provided guidance for the third quarter and full year 2026.

Highlights

• Second quarter total revenue grew 4.9% to $2.6 billion. GAAP net income was $223 million with EPS of $0.48.
• Delivered better-than-expected second quarter profitability, with Adjusted EBITDA1 of $666 million, Adjusted Net Income of $222 million and Adjusted EPS of $0.48, each exceeding guidance.
• Company now expects full year 2026 Adjusted EPS to be approximately $1.50.
• Advanced the Company’s global business sourcing strategy through the consolidation of technology vendors as well as other salary and benefit savings, generating an additional ~$100 million of expected annualized run-rate savings, primarily from capital expenditures and SG&A.
• Announced the grand opening of Great Tides Waterpark on September 4, 2026, at the Company’s private island, Great Stirrup Cay. Spanning nearly six acres, Great Tides Waterpark will deliver a bold, family-friendly adventure across immersive attractions for all ages.
• Entered into a memorandum of agreement in July 2026 for the sale of Oceania Sirena. Oceania Cruises expects to continue operating Oceania Sirena through spring 2028 pursuant to a charter agreement. The transactions are expected to close during the third quarter of 2026.
• Prior to quarter-end, the Company elected to settle the 1.125% Exchangeable Senior Notes due 2027, and the 2.50% Exchangeable Senior Notes due 2027, in cash. The elections are expected to reduce the diluted weighted-average shares outstanding in full year 2026 by 4 million shares, relative to guidance previously issued on May 4, 2026.

“Norwegian Cruise Line Holdings delivered a solid second quarter with profitability ahead of guidance. At the same time, we continued to advance our strategic priorities to strengthen the business for the long term,” said John W. Chidsey, Chairperson and Chief Executive Officer of Norwegian Cruise Line Holdings.

“We are executing with urgency on our priorities including sharpening our brand positioning and marketing execution, strengthening our revenue management and pricing capabilities, driving meaningful cost efficiencies, including an additional $100 million of savings, and ensuring we have the right team in place to rebuild commercial momentum over time. While we are confident in the strength of our brands and the long-term benefits of the actions underway, we are still in the early stages of our turnaround. Our leadership team is united and focused on delivering sustainable growth and long-term value creation.”

Second Quarter 2026 Highlights

• Generated total revenue of $2.6 billion, a 4.9% increase compared to the second quarter of 2025, driven by increased Capacity Days. GAAP net income was $223 million compared to $30 million in the prior year, with EPS of $0.48.
• Gross margin per Capacity Day decreased 11.6% versus 2025 on an as reported basis and decreased 12.3% on a Constant Currency basis. Net Yield decreased approximately 2.1% on an as reported basis and 2.6% on a Constant Currency basis, better than guidance of a decline of 3.6%.
• Gross Cruise Costs per Capacity Day were approximately $304, compared to $306 in the prior year. Adjusted Net Cruise Cost excluding Fuel per Capacity Day was approximately $164 on an as reported basis and $163 on a Constant Currency basis. Compared to 2025, this metric was essentially flat on an as reported basis and decreased 0.5% on a Constant Currency basis, 150 basis points better than guidance.
• Adjusted EBITDA declined 4.1% to $666 million, compared to $694 million in 2025, above guidance of $632 million. Adjusted EPS decreased 6.6% to $0.48, above guidance of $0.38.

2026 Full Year Outlook

The Company said it continues to execute on the cost front, identifying $100 million of annualized savings, in addition to the $125 million of annualized savings announced last quarter. The Company has also taken actions to strengthen its execution, including the addition of key leadership within marketing, revenue management and other key areas at Norwegian Cruise Line. The benefits of these changes are expected to be realized over time and will have a limited impact on 2026 financial results as the Company navigates through its execution challenges, which are impacting its demand generation and revenue outlook. As a result, the Company is updating its full year 2026 guidance. A summary of the updated full year guidance is provided below:

• 2026 full year Net Yield on a Constant Currency basis is expected to be down approximately 5% versus 2025.
• 2026 Adjusted Net Cruise Cost excluding Fuel per Capacity Day is expected to be down approximately 0.25% on a Constant Currency basis versus 2025, reflecting better-than-previously-guided performance driven by ongoing savings.
• 2026 full year Adjusted EBITDA is expected to be approximately $2.5 billion.
• Adjusted Operational EBITDA Margin for the full year 2026 is expected to be 33.2%.
• Full year Adjusted Net Income is expected to be approximately $700 million. Adjusted EPS is expected to be approximately $1.50.

Q3 2026 Outlook

• Q3 2026 Net Yield on a Constant Currency basis is expected to decline 8.9% versus 2025.
• Q3 2026 Adjusted Net Cruise Cost excluding Fuel per Capacity Day is expected to decline 0.9% on a Constant Currency basis versus 2025.
• Q3 2026 Adjusted EBITDA is expected to be $874 million and Adjusted Operational EBITDA Margin for the quarter is expected to be 41.2%.

 

Booking Environment Update

The Company remains below its optimal booked position for the next 12 months, as it continues to experience pressure from softer demand at its Norwegian Cruise Line brand related to Company-specific execution challenges, as well as the ongoing conflict in the Middle East. As we look ahead, the full amenities at the Company’s private island, Great Stirrup Cay, will be open to the public beginning September 4, including the pier and the new Great Tides Waterpark, the Great Life Lagoon, and the nearby Splash Harbor, which we expect will improve demand to Caribbean itineraries over time.

Liquidity and Financial Position

The Company is committed to optimizing its balance sheet and reducing Net Leverage. As of June 30, 2026, the Company had total debt of $15.0 billion and Net Debt of $14.8 billion. Net Leverage ended the quarter at 5.3x.

As of June 30, 2026, liquidity was $1.5 billion, including approximately $218 million of cash and cash equivalents and $1.3 billion of availability under our Revolving Loan Facility.

“While the demand environment remains pressured at our Norwegian Cruise Line brand, we continue to execute on disciplined cost and sourcing initiatives, and have identified an additional $100 million of expected annualized run-rate savings primarily related to technology vendors,” said Mark A. Kempa, Executive Vice President and Chief Financial Officer of Norwegian Cruise Line Holdings Ltd. “We remain disciplined in managing our cost structure and over the past three years we have identified over $500 million in savings. These actions will help support future margin expansion and strengthen our financial flexibility as we continue to position the Company for long-term profitable growth.”

Outlook and Guidance

In addition to announcing the results for the second quarter of 2026, the Company also provided guidance for the third quarter and full year 2026, along with accompanying sensitivities, subject to changes in the broad macroeconomic environment. The Company does not provide certain estimated future results on a GAAP basis because the Company is unable to predict, with reasonable certainty, the future movement of foreign exchange rates or the future impact of certain gains and charges. These items are uncertain and will depend on several factors, including industry conditions, and could be material to the Company’s results computed in accordance with GAAP. The Company has not provided reconciliations between the Company’s 2026 guidance and the most directly comparable GAAP measures because it would be too difficult to prepare a reliable U.S. GAAP quantitative reconciliation without unreasonable effort.

Royal Caribbean 2026 Q2 Results Strong; Company Raises Full Year Guidance

Royal Caribbean 2026 Q2 Results Strong; Company Raises Full Year Guidance

Royal Caribbean Group (NYSE: RCL) today reported second quarter Earnings per Share (“EPS”) of $4.20 and Adjusted EPS of $4.21.

These results were better than the company’s guidance, driven by strong close-in demand, lower costs, and favorable performance from joint ventures, the company said in a press release.

The company now expects full year Adjusted EPS to be in the range of $17.73 to $17.87.

The increase in earnings expectations reflects the stronger-than-expected second quarter performance and an improved outlook for the remainder of the year. This outlook incorporates a modest booking impact for select itineraries primarily due to prolonged geopolitical activity.

“The strong second quarter performance demonstrates the continued strength of our brands, the appeal of our vacation experiences, and the momentum in our business,” said Jason Liberty, Chairman and CEO, Royal Caribbean Group. “We expect another year of approximately double-digit growth in revenue and earnings, driven by consumers’ preference for our leading brands and supported by our strong booked position, leading margin profile, and fortified balance sheet.”

“We continue to expand, elevate and differentiate our portfolio of vacation experiences,” Liberty added. “Legend of the Seas, which launched earlier this month as the third ship in our Icon class, is part of a platform that is reshaping the cruising experience and delivering exceptional returns. Its successful debut represents another important milestone in the execution of our innovation pipeline as we continue to redefine the vacation experience. At the same time, we are deepening guest engagement through our loyalty and technology platforms – strengthening our relationships with guests, increasing repeat rates, and positioning us to capture a greater share of the growing $2 trillion global vacation market.”

Second Quarter 2026:
• Total revenue was $4.8 billion, a 6% increase year over year. Load factor in the second quarter was 110%.
• Gross Margin Yields decreased 5.6% as-reported. Net Yields increased 1.9% as-reported and 1.2% in Constant Currency.
• Gross Cruise Costs per Available Passenger Cruise Days (“APCD”) increased 4.5% as-reported. Net Cruise Costs (“NCC”), excluding Fuel, per APCD increased 4.4% as-reported and 3.9% in Constant Currency.
• Net Income was $1.1 billion or $4.20 per share, Adjusted Net Income was $1.1 billion or $4.21 per share, and Adjusted EBITDA was $1.8 billion.

Full Year 2026 Outlook:
• Revenue is expected to grow 9% year over year. Net Yields are expected to increase 2.35% to 2.85% as-reported and 1.75% to 2.25% in Constant Currency.
• NCC, excluding Fuel, per APCD are expected to increase approximately 0.4% as-reported and be approximately flat in Constant Currency.
• Adjusted EPS is expected to be in the range of $17.73 to $17.87, representing 14% year over year growth, and a 23% CAGR over the first two years of the company’s Perfecta program, which targets a 20% earnings CAGR from 2024 to 2027 and ROIC in the high teens by 2027.

Second Quarter 2026 Results

Net Income for the second quarter of 2026 was $1.1 billion or $4.20 per share compared to Net Income of $1.2 billion or $4.41 per share for the same period in the prior year. Adjusted Net Income was $1.1 billion or $4.21 per share for the second quarter of 2026 compared to Adjusted Net Income of $1.2 billion or $4.38 per share for the same period in the prior year. The company also reported total revenues of $4.8 billion and Adjusted EBITDA of $1.8 billion.

Capacity for the second quarter was up 5% year over year and the company delivered memorable vacations to 2.4 million guests, a 6% increase year over year. Total revenue increased 6% year over year. Gross Margin Yields decreased 5.6% as-reported, and Net Yields increased 1.9% as-reported (1.2% in Constant Currency), when compared to the second quarter of 2025. Load factor for the quarter was 110%. Net Yield growth exceeded the company’s guidance primarily driven by better than expected close-in demand.

Gross Cruise Costs per APCD increased 4.5% as-reported, compared to the second quarter of 2025. NCC, excluding Fuel, per APCD increased 4.4% as-reported (and 3.9% in Constant Currency), when compared to the second quarter of 2025. The better-than-expected cost performance in the second quarter was primarily driven by favorable timing of expenses.

Update on Bookings and Onboard Revenue

The overall demand environment remains strong, supported by consumers’ continued preference for the company’s differentiated experiences. Since the last earnings call, the company has experienced a modest, near-term impact on bookings for select itineraries, primarily due to prolonged geopolitical activity. The company remains booked at record prices, booking volumes are above last year’s levels, and load factors remain robust across its vacation portfolio. The company continues to benefit from strong guest engagement and demand for onboard and destination experiences, supported by ongoing enhancements to its product offerings and more targeted pre-cruise engagement.

“Consumer demand for our vacation experiences is strong, and guests continue to demonstrate a desire to spend on memorable experiences with us,” said Naftali Holtz, Chief Financial Officer, Royal Caribbean Group. “As we build a broader vacation platform, we are giving guests more reasons to vacation with Royal Caribbean across more occasions, while reinforcing our ability to drive higher engagement and spend over time. While still very early, booking trends for 2027 are encouraging and pacing ahead of historical levels, including for itineraries where demand was impacted by geopolitical developments this year.”

Third Quarter 2026

Net Yields are expected to be approximately flat as-reported and in Constant Currency as compared to 2025, reflecting continued healthy demand and pricing at record levels leading to expected total revenue growth of 8%.

NCC, excluding Fuel, per APCD, is expected to decrease 1.7% to 1.2% as-reported and 1.6% to 1.1% in Constant Currency as compared to 2025.
Based on current fuel pricing, interest rates, currency exchange rates and the factors detailed above, the company expects third quarter Adjusted EPS to be in the range of $6.26 to $6.36.

Zuiderdam Sets Sail on Holland America’s Voyage of the Vikings

Zuiderdam Sets Sail on Holland America’s Voyage of the Vikings

The Zuiderdam sailed from Boston recently to kick off Holland America Line’s 35-night “Voyage of the Vikings.”

The 2002-built ship is now scheduled to visit destinations in Canada, New England, Greenland, Iceland, the United Kingdom and Scandinavia before returning to its homeport in North America.

As part of Holland America’s Legendary Voyages program, the cruise is highlighted by an overnight call to Rotterdam in the Netherlands, as well as stops in off-the-beaten-path destinations.

Among the lesser-visited ports welcoming the Zuiderdam are Red Bay in Canada, Paamiut in Greenland, Husavik in Iceland and Douglas in the Isle of Man.

After visits to a total of 20 destinations, the 82,305-ton ship is scheduled to return to Boston, ending the Legendary Voyage on August 20, 2026.

Following the cruise, the Zuiderdam is scheduled to spend the remainder of the summer season offering itineraries in Canada and New England.

With cruises sailing between Boston and Quebec City, the deployment runs through late October, when the ship is scheduled to reposition to Florida.

Before the end of the year, the vessel offers a series of seven- to 10-night cruises to the Caribbean departing from PortMiami.

In early 2027, the ship repositions to the West Coast for cruises to the Mexican Riviera and Baja Peninsula regions.

Holland America recently confirmed that the Zuiderdam will be the second ship to undergo a refurbishment as part of the company’s Evolution refit program.

Following the Oosterdam, the Vista-class ship will introduce new and updated features, including a series of solo staterooms with balconies.

The 1,900-passenger ship will also welcome a Grand Dutch Café, a coffee shop inspired by the European café culture that first debuted on Pinnacle-class ships.

Described as the largest fleet investment in the company’s 153-year history, the Evolution program will also include refits for four additional vessels: the Westerdam, the Noordam, the Eurodam and the Nieuw Amsterdam.

Carnival and Fincantieri Celebrate 30 Years of Partnership

Carnival and Fincantieri Celebrate 30 Years of Partnership

Carnival and Fincantieri recently celebrated three decades of collaboration between the two companies.

The partnership was highlighted during the steel-cutting ceremony for the new Carnival Destiny, which will be built at Fincantieri’s Monfalcone yard.

Carnival’s relationship with the shipbuilder started with the original Carnival Destiny, which was delivered in 1996.

“Carnival contacted us about a new ship design they had in mind, which they were calling ‘the ship of the future’,” said Maurizio Cergol, designer of the vessel.

“The Carnival Destiny certainly set a precedent at the time with its configuration, having its public spaces amidships, near the lifeboats.”

Cergol said that the design allowed for a larger number of balcony staterooms, creating a new standard for the industry.

“The market responded extremely positively to the possibility of taking cruises in a cabin where you could not only see the sea but also smell it, feel it and feel the breeze,” he continued.

Cergol said that the ship had an adequate, powerful name, as it tied together the fate of Fincantieri and Carnival.

For Fincantieri’s President Biaggio Mazzotta, the event marked both a beginning and an anniversary, highlighting the steel cutting of the new Carnival Destiny.

Introducing a new design to Carnival’s fleet, the new ship will be built at the Monfalcone shipyard, with delivery scheduled for mid-2029.

“With the cutting of the first metal sheet for this new vessel, this next-generation ship starts to take shape,” he said.

Mazzotta noted that the ship will be the largest in Carnival’s fleet, adding that the ceremony marked the “first spark” of a project that will accompany the shipyard for years to come.

“This is not a point of arrival but a point of departure,” he continued, noting that the project has a special meaning, taking place exactly 30 years after the delivery of the original Carnival Destiny.

“Thirty years is not just a milestone but a measure of trust that has been renewed order after order, ship after ship, in a business where decisions are made by looking at decades in the future,” Mazzotta added.

He also highlighted the human element of the collaboration between the companies, noting that “behind every hull and technological breakthrough there is the work of men and women, including designers, engineers, technicians and workers.”

“All the companies in our supply chain have made this partnership a shared heritage,” Mazzotta said, thanking all the involved parties.

“This collaboration tells the story of what Italy does best: combine tradition, innovation, craftsmanship and technology.”

Giorgio Gomiero, senior vice president of operations for Fincantieri, noted that shipbuilding is a complex business and that the partnership with Carnival allowed the yard to grow.

“Carnival was a challenge that allowed Fincantieri to reach where it is today. There were certainly a number of difficult moments,” he explained.

“Critical moments arise during the construction period,” Gomiero added, noting that the original Carnival Destiny was the largest cruise ship in the world when it debuted in 1996.

“It was the first passenger ship in the world to exceed 100,000 tons of gross tonnage. Now, in 2026, we are starting the construction of a vessel with a gross tonnage of 230,000 tons,” he continued.

“Each time there’s an evolution, not only for the shipowner, Carnival, but these projects also create the conditions to do better and raise the bar, allowing us to set new goals together.”

Having started his relationship with Carnival as Project Manager for the Carnival Breeze construction, SVP Shipyard Director Marco Lunardi said that collaboration between the cruise line and Fincantieri has allowed the yard to push boundaries.

“Carnival has been a driving force. I still remember the phrase ‘make it happen,’ which we were told time and time again when we faced challenges from the client,” he said.

“Yet this served as the incentive to push beyond those limits, and through ingenuity, flexibility and even imagination, we found solutions that allowed us to make the product we created a model of excellence,” Lunardi added.

Luigi Matarazzo, general manager of the shipyard’s merchant ships division, said that the relationship between the two companies is based on mutual trust.

He highlighted that Fincantieri built 65 ships for Carnival in the past 30 years, with a further eight currently in the pipeline.

“We’ll reach 73 but my hope is to reach 100 ships, which will further strengthen the strong bond we have,” Matarazzo added.

TUI Cruises Starts Homeporting Season in Portugal

TUI Cruises Starts Homeporting Season in Portugal

The Mein Schiff 6 recently kicked off a series of cruises to Western Europe and Morocco departing from Leixões in Portugal.

Located near Porto, the homeport serves as the starting point for two seven-night itineraries that sail to other destinations in Portugal, in addition to ports in Spain, Morocco, the United Kingdom and France.

Heading north, one of the itineraries features visits to Vigo, La Coruña, Bilbao and Le Verdon before returning to Leixões.

The second weeklong cruise heads south and includes stops in Lisbon and Cádiz, as well as Tangier and Gibraltar.

Guests are also able to book a 14-night voyage that combines both itineraries into a single cruise that does not repeat ports of call.

The Mein Schiff 6 will continue to offer similar cruises departing from Portugal through early September, when it is scheduled to embark on a repositioning voyage to the Western Mediterranean.

Sailing from Leixões to Palma de Mallorca, the eight-night cruise sails to a mix of destinations in Spain, Portugal and Morocco.

Highlights of the open-jaw itinerary include visits to Lisbon, Cádiz and Tangier, in addition to Málaga and Barcelona.

After a short fall season in the Mediterranean, the 97,000-ton ship embarks on a 53-night repositioning voyage to Southeast Asia.

The three-part cruise starts with a seven-night cruise to the Canary Islands that sails from Palma de Mallorca.

The 2,500-passenger ship will then operate a 20-night voyage to Cape Town, visiting Morocco, Cape Verde, Namibia and South Africa.

Before arriving in Singapore in early December, the Mein Schiff 6 also offers a 25-night voyage to the Indian Ocean and Southeast Asia.

Departing from Cape Town, the cruise will sail to South Africa, Mauritius, Réunion, the Maldives, Sri Lanka and Malaysia.

As part of its 2026-27 winter season in Southeast Asia, the 2,534-passenger ship is set to offer a series of 13- to 15-night cruises to Malaysia, Thailand, Vietnam and more.

Built at the Meyer Turku shipyard in Finland, the Mein Schiff 6 was delivered to TUI Cruises in May 2017.