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15 largest cruise companies in the world.

In this article, we are going to list the 15 Largest Cruise Companies in the World . You can skip our detailed analysis of the cruise industry and its outlook in 2021 and beyond and go to 5 Largest Cruise Companies in the World .

The cruise industry was one of the biggest casualties of the coronavirus crisis, suffering heavy losses and layoffs as millions of customers cancelled their bookings are asked for refunds. But there are clear signs of recovery in the industry and analysts think now could be the right time to invest in cruise companies. Cruise review website Cruise Critic saw a 40% increase in interest from customers in January. Shares of top 3 cruise companies are up about 50% over the last 6 months.

Not a Smooth Sail

In 2018, the industry posted a 10-year growth of 74.9% globally in sourced cruise passengers. Then came the pandemic which brought the industry to a complete halt. The suspension of cruise activities has caused over 245,000 job losses and about $32 billion in monetary losses, according to the Cruise Lines International Association (CLIA).

In 2019, the U.S. cruise industry generated an economic impact of $55.5 billion, up 5.3% from 2018, according to CLIA's annual report. The 13.8 million U.S. passenger embarkations in 2019, up nearly 8% from 2018, created $25.1 billion in direct spending and supported 436,600 jobs.

The U.S. government is preparing to pass a stimulus package of about $2 trillion to aid the economy and businesses. Unfortunately, the largest cruise ship companies in the world are not headquartered in the US. The CLIA confirmed that the Royal Caribbean (NYSE: RCL ), Norwegian Cruise Line (NYSE: NCLH ), and Carnival Corp (NYSE: CCL ) are incorporated in other countries, and they won't be eligible for the $500 billion aid for the large conglomerate in the massive bill from the Senate. But thanks to the Fed, Carnival Corp reported having raised $6 billion in April 2020, and the company sold $4 billion in senior secured notes due in 2023 at an 11.5% interest rate and another $1.75 billion in convertible notes due in 2023 at a 5.75% interest rate. The company also raised $625 million by selling an additional common stock at a low price of $8 per share.

Should You Buy Cruise Stocks in 2021?

According to Statista , the number of global cruise passengers has increased to 29.7 million in 2019 from 17.8 million in 2009 with an annual growth rate of 5.4%. Besides, the cruise industry has generated total revenue of $150 billion globally. In a CLIA-Qualtrics Survey, two out of three cruisers are willing to cruise within the next year. And specifically, 58% of international vacationers who have never cruised are likely to try it in the next few years. In 2020, Expedia posted a 30% surge in search numbers for cruises in October and November. With the vaccines being rolled out since the beginning of this year, booking activities for cruises continue to rise.

In October 2020, shares of the largest cruise companies rose after the Centers for Disease Control and Prevention declared the new " Conditional Sailing Order " after the 8 months of no-sail order. This new order will help cruise lines recover.

Rawpixel/Shutterstock.com

Ready to Set Sail in 2021

Although operations are still restricted in the U.S., the rest of the world is sailing back to the seas. TUI Group's Hapag-Lloyd Cruises set sail to Hamburg in July 2020. The new normal in boarding a cruise ship requires a negative COVID-19 test. Onboard, the company installed a testing lab and invested in cold fog machines for disinfecting public areas and cabins. No COVID cases have been reported after 30 completed trips carrying more than 4,000 passengers.

Sailing in a pandemic is far from what it used to be before. Everyone is required to wear a mask and observe social distancing. Buffet stations are now manned by servers which is safer. And most of all, cruise ships are embarking with 50% of their passenger capacity.

To protect their customers, cruise lines have invested in innovative technologies that will contain the spread of COVID-19. Royal Caribbean provides a snap-on electronic wrist band per passenger that gives digital access to their pre-registers for boarding, promotes cashless purchases, and gives them digital access to their cabin. Cruise companies have also improved their air filtration systems for safety.

To give you accurate insights into the largest cruise companies in the world, we ranked the global cruise companies based on their market cap and total assets.

Let's take a look at the largest cruise companies in the world starting from number 15.

15. OneSpaWorld (NASDAQ: OSW )

Based in The Bahamas, OneSpaWorld ranks among the 15 larges cruise companies in the world because of its massive exposure to the cruise industry. It is a provider of wellness and health services onboard cruise ships. In the third quarter, OSW reported total revenue of $117.1 million , a 72% decrease from $422.8 million with total liquidity of $62.2 million. The services offered by the company include body, salon, and skin care services, and products, personal training, and detoxification programs. OSW is operating in over 16 luxury cruise lines including Carnival, Costa Cruises, Norwegian Cruise Line, Silversea, and Princess Cruises.

In May 2020, OSW received a $75 million rescue deal from global spa service provider Steiner Leisure.

dean bertoncelj/Shutterstock.com

14. Viking Line ABP (HEL: VIK1V)

Ranking 14th on our list of the 15 largest cruise companies in the world is Finland-based Viking Line with a market cap of $203 million. Aside from recreational travel services, the company also provides cargo carrier services and sails through the Baltic Sea between Estonia, Sweden, and Finland. Based on the company's 2020 year-end report, Viking Line sales amounted to $227 million and total assets are worth $512 million.

Shares of VIK1V fell 16.13% over the past twelve months.

Sergey_Bogomyako/Shutterstock.com

13. Virgin Group

Ranking 13th on our list of the 15 largest cruise companies is London-based Virgin Voyages, a subsidiary of the Virgin Group with $347.5 million worth of assets and $83.7 million net profit. Virgin Voyages is a new cruise line offering trips to Havana, Bimini, the Bahamas, Puerta Plata, and Costa Maya. Virgin Group was founded by serial entrepreneur Richard Branson in 1970 and today operates as a venture capitalist conglomerate. As an investment firm, Virgin Group operates in different sectors including travel and leisure, TV and radio, mobile, health, and finance.

Virgin Voyages Scarlet Lady is set to sail in the second quarter of 2021. The extravagant ship will have ultra-fast Wi-Fi onboard provided by telecom and satellite company SES Network.

12. Genting Hong Kong (OTC: GTHKF)

Genting Hong Kong ranks 12th on our list of the largest cruise companies in the world with a market cap of $557 million. Genting owns world-famous fleets of cruise ships including Star Cruises, Dream Cruises, and the luxurious Crystal Cruises. In 2019, the company reported total revenue of $1.5 billion , a decrease of 2.4% from $1.6 billion in 2018. Genting's cruise revenue amounted to $1.3 billion making it the main driver for the growth of the company.

Shares of GTHKF fell 12% over the past twelve months.

11. Hurtigruten AS

Norwegian transportation company Hurtigruten is a trusted provider of cruises to the most remote areas of Antarctica, Norway, Western Europe, the Baltic Sea, and Greenland. The company also operates as a public transportation service providing buses, ferries, and high-speed vessels not only in Europe but also in the US and South America. The company recently posted a loss of $195 million for 2020, citing pandemic-related restrictions.

In June 2020, Hurtigruten was the first cruise company to restart cruise operations with four ships navigating through the Norwegian coastal tours between Bergen and Kirkenes.

10. Saga Plc

UK-based Saga Plc ranks 10th on our list of the 15 largest cruise companies in the world with a market cap of $737 million. Saga plc provides insurance and travel services for customers aged 50 and above. As of 2020, the company has net assets worth $816.9 million . Saga reported forward booking of the cruise in 2021/2022 amounting to $40 million. In 2020, its underlying profit before tax came in at £109 million.

Shares of SAGA fell 9.30% over the past twelve months.

Spotmatik Ltd/Shutterstock.com

9. Lindblad Expeditions Holdings (NASDAQ: LIND )

Ranking 9th on our list of the 15 largest cruise companies in the world is NY-based Lindblad Expeditions Holdings with a market cap of $1.04 billion. Lindblad Expeditions owns over 50 specialized cruise ships that sail to the most remote areas on Earth such as Antarctica, Galapagos, Alaska, and Egypt.

In the third quarter of 2020, LIND announced tour revenues of over $1 million , down from $100 million in the same quarter in 2019.

Vlad G/Shutterstock.com

8. NYK Line (OTC: NPNYY)

Nippon Yusen Kabushiki Kaisha ranks 8th on our list of the largest cruise companies in the world, with a market cap of $4.84 billion. NYK Line operates as a cruise and shipping company with global operations. The company owns a fleet of 615 vessels making it the largest marine transporter in Japan. NYK Cruises was one of the Asian cruise companies that were allowed to operate in the middle of the pandemic in November 2020. NYK Cruises and terminal and harbor transport services account for approximately 20% of the company.

Shares of NPNYY increased by 102.32% over the past twelve months.

7. TUI AG (OTC: TUIFF)

Germany-based Touristik Union International, or TUI Group, ranks 7th on our list of the largest cruise companies in the world, with a market cap of $6.6 billion. The company provides global tourism services from cruises to airlines, hotels, and resorts. TUI Group owns TUI Cruises, Marella Cruises, and Hapag-Lloyd Cruises. In 2020, TUI generated total revenue of $9.5 billion . In July 2020, the company's TUIS Mein Schiff 2 sailed back to the sea carrying 1,200 passengers to have a Norwegian cruise.

Shares of TUIFF increased by 28.8% over the past twelve months.

6. Norwegian Cruise Line Holdings Ltd. (NYSE: NCLH )

Norwegian Cruise Line Holdings Ltd. is one of the major cruise lines in the world, with a market cap of $9.3 billion. The company owns and operates the Norwegian Cruise Lines, Regent Seven Seas Cruises, and Oceania Cruises. The company owns a total of 28 ships sailing through more than 490 destinations across the globe.

In 2020, the company's revenue came in at $1.2 billion , an 80.2% decrease from $6.5 billion in 2019. Yet the company remains positive as they secured $1.2 billion of advance ticket sales and approximately $0.85 billion future cruise credits by the end of 2020.

The company plans to sell a total of $500 million of its 5.875% Senior Notes due in 2026 in a private offering. Norwegian Cruise Lines continues its cruise suspension through the end of May 2021.

Shares of NCLH decreased by 13.11% over the past twelve months.

Click to continue reading and see the 5 Largest Cruise Companies in the World .

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Disclosure: None. 15 Largest Cruise Companies in the World is originally published at Insider Monkey.

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The 15 Largest Cruise Lines In The World

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Largest Cruise Lines Research Summary

The largest cruise line in the world is Mediterranean Shipping Company (MSC) , with a revenue of $22.86 billion .

As of 2022, the global cruise line industry has a market size of $7.67 billion.

A person can spend between $1,300 – $2,000 on the average 7-day sailing with a mainstream cruise line.

The global cruise line market is projected to grow at a CAGR of 11.2% through 2028.

Cruise lines or cruise companies are classified as passenger shipping corporations, associations, or organizations. The cruise line industry offers individuals leisure travel without needing to hop on a plane.

The cruise ships developed for these organizations are massive, offering everything from a travel experience, great food, company, entertainment, and tours. Many of the individual brands provide unique activities and signature amenities to their clients aboard the vessels.

The four top cruise lines own much of the cruise line market, with their market share projected to grow to 87.6% by 2021. Many of these companies are well-established passenger shipping brands, founded in the latter half of the 20th century when cruise ships became more popular.

There are a variety of different cruise lines, but typically, they can be classified into 3 different types: mainstream, premium, and luxury.

From luxury brands to budget deals, there’s something for everyone on a cruise ship. The 15 largest cruise lines in the world are as follows:

Diving Deeper into the Top 15 Cruise Lines in the World

Mediterranean Shipping Company (MSC)

2022 Annual Revenue : $22.86 billion Number of Passengers : 1.4 million

Founded in 1970 in Naples, Italy, MSC is a Swiss-Italian-owned shipping line with a presence in all the major ports of the world. Their cruise line division, MSC Cruises focuses on holiday cruises for their passengers.

MSC Cruises is the world’s largest privately held cruise company, and fourth-largest in the world, boasting a 7.2% share of all cruise line passengers in the market.

In 2019, MSC Cruises rolled out the world’s first personal cruise assistant , called ZOE. This device is found in every room on the ship and is available to ask questions about your stay, reserve excursions, check your bill, and more.

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Carnival Corporation

2022 Annual Revenue : $12.2 billion Number of Passengers : 5.8 million

Founded in 1972, Carnival Corporation is a British-American cruise operator and currently holds the title of the world’s largest travel leisure company .

Carnival boasts over 100 vessels over ten different cruise line brands. It is a dual-listed company, meaning it operates as two companies, Carnival Corporation and Carnival plc, functioning as a single entity.

The company was initially publicly offered on the New York Stock Exchange in 1987 with the intention to generate capital for future acquisitions. During the 1990s, Carnival acquired a variety of companies including Holland America Line, Windstar Cruises, Seabourn Cruise Line, among others.

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Royal Caribbean Group

2022 Annual Revenue : $8.8 billion Number of Passengers : 3.3 million

Founded in 1997 when Royal Caribbean Cruise Line purchased Celebrity Cruises, Royal Caribbean Group is an American-owned global cruise company based out of Miami, Florida . It holds the title of second-largest cruise line operator in the world.

This organization owns three cruise lines, Royal Caribbean International, Celebrity Cruises, and Silversea Cruises. In addition to their cruise lines, Royal Caribbean Group has a 50% stake in TUI Cruises in a joint venture with TUI AG.

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NCLH-Norweigan

2022 Annual Revenue : $4.844 billion Number of Passengers : 1.3 million

Norwegian Cruise Line Holdings (NCLH) is a holding company domiciled in Bermuda and headquartered in Miami, Florida . This organization owns and operates three different cruise lines, Norwegian Cruise Lines, Oceania Cruises, and Regent Seven Seas Cruises.

In February 2011, NCLH was incorporated as a Bermuda exempt company before debuting on the NASDAQ in 2013. NCLH is the third-largest cruise operator in the world, controlling 9.5% of the cruise market’s share.

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Viking Cruises

2022 Annual Revenue : $2.1 billion Number of Passengers : 143,700

Based in Switzerland and headquartered in Los Angeles, California , Viking Cruises is a cruise line that provides adventures on rivers, ocean, and expeditions. Their three divisions are named Viking River Cruises, Viking Ocean Cruises, and Viking Expeditions.

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Disney Cruise Line (DCL)

2022 Annual Revenue : $1.6 billion Number of Passengers : 312,200

This cruise line is a subsidiary of the Walt Disney Company. In 1996, the Magical Cruise Company Limited launched their first vessel in London, with headquarters in Celebration, Florida .

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TUI Cruises

2022 Annual Revenue : $1.32 billion Number of Passengers : 330,100

TUI cruises is a German-based cruise company, formed in 2007 between TUI AG and Royal Caribbean Cruises as a joint venture. This specific line is targeted towards German tourists and competes heavily with AIDA Cruises.

Their fleet features cruise ships across three brands, TUI Cruises, Hapag-Lloyd Cruises, and Marella Cruises. This is a premium cruise line and its amenities include food, entertainment, and amenities, all tailored for a German experience.

Virgin Cruises

2022 Annual Revenue : $973.3 million Number of Passengers : 111,100

Headquartered in Florida, Virgin Voyages was the result of Virgin Group and Bain Capital merging together to form the organization in 2015. In June 2020, there was only one single ship in their fleet, with three more scheduled to make their debut for up to 2,700 passengers each.

Genting Hong Kong: Dream Cruises

2021 Annual Revenue : $723 million Number of Passengers : 264,100

This holding company operates cruise and resort businesses, with their largest cruise line being Dream Cruises. Headquartered in Hong Kong, Genting established Dream Cruises in 2015 as an Asian luxury cruise line, debuting their first cruise in November of 2016.

Fred Olsen Cruise Lines

2022 Annual Revenue : $327.3 million Number of Passengers : 110,700

This Norwegian-owned cruise shipping line is based in Suffolk, UK. Currently, its operation includes four cruise ships, but the company was founded in 1848 by three Olsen brothers.

Hurtigruten AS

2021 Annual Revenue : $334 million Number of Passengers : 122,300

This Norwegian-based company is a ferry service and cruise line operating out of Norway. Part of their business is operating a ferry service along the Norweigan coast, while the other part is their cruise line.

Marella Cruises

2021 Annual Revenue : $281 million Number of Passengers : 102,900

This British cruise line entered the cruise line market in 1973 but due to financial difficulties, shut down its operations in 1976. In 1995, they were in a position to open up their line again, after a competitor entered the cruise line industry.

Ponant/Paul Gauguin Cruises

2021 Annual Revenue : $233 million Number of Passengers : 85,400

Founded in 1988, Ponant, or Compagnie du Ponant is a French-owned cruise ship operator. Founded by officers from the French Merchant Navy, this organization now operates eleven ships. This luxury cruise company offers all kinds of cruises, including Antarctica.

Star Cruises

2021 Annual Revenue : $219 million Number of Passengers : 80,200

Headquartered in Hong Kong, Star Cruises operates primarily in the Asia Pacific market including destinations to Japan, Vietnam, and other Asian destinations. This organization is another offshoot of Genting Group in Malaysia.

Celestyal Cruises

2021 Annual Revenue : $175 million Number of Passengers : 64,100

Founded in 2014, Celestyal Cruises is the only cruise company based in Greece. Currently, their fleet consists of four ships with expeditions to Greek, Turkish, and Cuban ports.

Largest Cruise Lines FAQ

How much does the average person spend on a cruise?

The average cruise can cost someone $237 per day. For the average 7-day sailing with a mainstream cruise line, a person can spend between $1,300 and $2,000. This typically includes both fare and onboard spending.

What is the most popular cruise line?

The most popular cruise line is Mediterranean Shipping Company (MSC), with an average revenue of $22.86 billion. The second most popular cruise line is Carnival Corporation with a revenue of $12.2 billion, followed by Royal Caribbean Group with $8.8 billion in annual revenue.

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Caitlin Mazur is a freelance writer at Zippia. Caitlin is passionate about helping Zippia’s readers land the jobs of their dreams by offering content that discusses job-seeking advice based on experience and extensive research. Caitlin holds a degree in English from Saint Joseph’s University in Philadelphia, PA.

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Largest Cruise Shipping Companies

See here the complete list of the world's largest cruise companies (passenger shipping corporations), associations and organizations. Corporate cruise line ownership - who are the owners of all cruise brands. As this is a very long survey, for your convenience next links jump down directly to largest cruise corporations (shipowners) , list of ALL cruise lines , RIVER travel brands and NEW brands .

According to official cruise industry statistics, the world's 4 largest cruise companies slowly conquered the market. Their combined market share was projected to grow over the forecast period 2015-2021 from 83,2% to 87,6%. World's largest (by combined fleet's passenger capacity/stats 2020-Q4) are Carnival Corporation (39%), RCG-Royal Caribbean Group (24$), MSC (11,5%), NCLH-Norwegian (8,3%). All other companies had combined market share (2020-Q4) 17,2%.

For the ones that are no more, see CruiseMapper's list of DEFUNCT companies .

What is a cruise line?

Cruise company's business is leisure travel, cruise tours, and entertainment. Most brands have unique activities and signature amenities offered exclusively onboard their vessels. Many activities and land tours are additionally (optionally) offered in ports of call along the ship's itinerary route.

Cruise ship companies typically hire two separate types of staff: crew (commanded by the Captain) and service staff (hotel and dining operations) supervised by Hotel Manager.

The cruise line is a passenger shipping company operating privately-owned, parent-owned or chartered vessels. Cruise brands differ from ferry companies, which operate Ro-Ro ships and offer combined passenger and cargo shipping services on a limited number of routes and in just a few regions/destinations.

Most companies are well-established passenger shipping brands. Most were founded in the second half of the 20th century, and specifically for cruising. Some were founded over 100 years ago as cargo shipping lines. Failures and consolidations in the 1990s resulted in many subsidiary companies existing as "brands" within large corporations. Brands exist partly because of their repeat customer loyalty, also to offer different levels of quality and services. Corporative shipowners frequently sell, renovate or simply rename their vessels to keep up with the travel industry's trends.

All brands offer complimentary onboard live entertainment, leisure facilities, daily scheduled activities, enrichment program, youth programs, buffet dining.

Cruise lines classification

According to the quality and price of their product, brands are classified into 4 distinct types.

CHEAPEST brands (aka mass-market/mainstream) offer good product at affordable prices. Fares range from $50-300 (Inside-Suite) pp per day. Itineraries range from 3 to 10 days. Typical passengers are a mix of veterans and first-timers, many kids and couples in their 50s. Ships are large-sized (over 3000 passengers), providing large resort-like experience. Examples include Carnival, Royal Caribbean, NCL, MSC, Costa, Holland America, AIDA, TUI.

BUDGET brands fares range from $200-500 pp per day. Itineraries range from 3 to 17 days. Typical passengers are predominantly first-timers, singles, families, kids. Ships are smaller and older, usually serving regional markets. Examples include NCL Norwegian, Disney, Celebrity, Princess, Star Cruises, Marella, P&O, Pullmantur, Phoenix Reisen, Fred Olsen, Bahamas Paradise.

LUXURY brands are Viking OCEAN, Resorts World, Cunard, Oceania, Hapag-Lloyd, Ponant, Saga UK. Services are premium (including 24-hour highly personalized concierge), prices are affordable, and the boats are new (refurbished more often), but the product is not all-inclusive.

ALL-INCLUSIVE brands are Seabourn, Silversea, RSSC-Regent, Azamara, Crystal, Virgin Voyages, NYV-Norwegian Yacht Voyages, Four Seasons Yachts, Ritz-Carlton Yachts, SeaDream Yachts. Onboard product is the industry's best and includes 24-hour personal butler service, all beverages, specialty dining, Internet, shore excursions, gratuities, flights, transfers, sophisticated enrichment programs (world-class performers, professional lectures and classes, art auctions), fewer mega-ship seaports, more yachting destinations. Vessels are mid-sized (mega-yachts) with a capacity between 200-1000 passengers, industry's highest ratios (passenger-to-space and passenger-to-staff), usually without kids facilities (babysitting arranged with off-duty staff). Passengers are sophisticated, highly social, wealthy, adventurous. Itineraries are diverse and global. Most mega-yachts provide alternative private ship-charter deals to large corporations and the world's richest families. The smallest boats are yachts with capacity from 100 up to 300 passengers. Some accommodate up to 700-800 guests. Most luxury ships operate in Europe (Mediterranean), Asia, Oceania, Alaska, Galapagos Islands, Around South America, Around the World .

EXPEDITION TRAVEL brands operate nature-themed voyages to unusual destinations (Arctic, Antarctica, Galapagos, Indian Ocean islands, Alaska). Prices depend on itinerary (fares from $150-500+ pp per day. Itineraries range from 1-3 weeks. Passengers are older and more experienced. Ships are usually with ice-strengthened hull (also icebreakers), marina platform (watersports) and Zodiacs (large boats for landings). Examples include Windstar, Lindblad-National Geographic, Quark Expeditions, Uncruise Adventures, Star Clippers, Metropolitan Touring.

RIVER TRAVEL brands operate modern boats on inland waterways (lakes, rivers, and canals), mainly in Europe and USA-Canada, also in Russia, China, Egypt, Peruvian Amazon. Fares range from $250-450 pp per day. Itineraries are 1-2 weeks. Passengers are regular and loyal. Most boats accommodate between 90-200 passengers (over 300 on Russian ships). Shipboard amenities and services are of premium quality. The market's largest are Viking, Uniworld, CroisiEurope, AmaWaterways, Avalon Waterways, Scenic, Scylla, Luftner, American Cruise Lines, Russia ( Vodohod , Mosturflot , Infoflot , Doninturflot-Orthodox ).

Cruise Lines List

Small cruise lines list.

The following small ship cruise companies (and cruise ferry lines) are well-known brand names. Some of them operate locally, others operate expedition ships. Most companies are in the "small ship luxury cruise" business.

RIVER Cruise Lines List

River cruise lines provide as product a very "especially modern" style of travel cruising. It's the perfect combination of the world's best river cruise itineraries (in Europe, USA, Asia, Africa), tranquility and style, vessels with innovative design and top technology, highest standards of service, all-inclusive cruise deals prices - and much more.

NEW Cruise Lines (2021-2024)

World's largest cruise companies.

The biggest cruise companies - they all are very big, some are bigger big, one is the biggest. They all are very very very much rich!

(No 1) Carnival Corporation & plc (1972-founded American-Panamanian company) is the world's largest cruise shipowner, with 1/2 share of the market. The company is dual-listed (as Carnival Corp and Carnival plc), Southampton-headquartered, has a combined fleet of 100+ ships, 160,000+ berths, 10,000+ employees, ~75,000 crew, USD 38,9 billion in assets, USD 16,4B revenue (data 2016). Carnival owns the following brands (in brackets - the year of acquisition/establishment) - AIDA (2000), CCL-Carnival (1972), Costa (2000), Cunard (1998), HAL-Holland America (1989), Ibero (2007), P&O UK and P&O Australia (2003), Princess (2003), Seabourn (1992). Carnival's major stock-holder is the company founder's Arison family (47%).

(No 2) Royal Caribbean Group (RCG) - 1997-founded as an American-Norwegian cruise company. RCG is the 2nd largest cruise shipowner in the world, controls over 1/4 of the cruise market, with 58,000 employees, nearly USD 20 billion in assets, and almost USD 7B in revenue (data 2011). The combined fleet includes the brands Royal Caribbean International , Celebrity , Pullmantur (purchased 2006), CDF Croisieres de France (est 2008 / merged with Pullmantur in 2017). RCG also fully owns Air Pullmantur, and 50% of TUI Cruises (2009-founded joint venture with TUI AG).

(No 3) Mediterranean Shipping Company SA (MSC, founded in 1970, owned by the Aponte family) - the 2nd largest shipping line in the world (by container ship capacity), with more than 555 vessels of almost 2,2 million TEU (including 11 under construction - some of the world's largest container ships ever built, with capacity 15,000 TEU each). The MSC shipping line serves 270 ports worldwide, with over 29,000 employees.

(No 4) Norwegian Cruise Line Holdings Ltd (NCLH) ownership is 43,4% Genting Group, 32,5% Apollo Management and 10,8% TPG Capital (Texas Pacific Group, large private equity global investments firm). NCL controls ~8% of the global cruising market.

Genting Group (founded in 1964, headquartered in Kuala Lumpur, Malaysia). Genting is a leading Asian multinational company (developing, operating and marketing in Tourism, 1,800 ha Resorts World Genting, Gaming (casinos), Real Estates, 54,000 ha Plantations, Power Generation, Oil-Gas, e-commerce, over 58,000 employees, USD 5,1 billion revenue, USD 13,5B in assets). One of the most famous tourist features of Malaysia is the "Genting Highlands" resort, with a world-class casino and a theme park. Owns about 20% of Star Cruises (the world's 3rd largest operator).

Apollo Global Management LLC (founded in 1990 as Apollo Advisors). Apollo is one of the world's largest private investment companies (over USD 37 billion in assets, USD 16B in companies, headquartered in NYC). The firm specializes in private equity funds (buyout transactions, and purchasing distressed securities), and capital markets (with hedge funds and real estate funds, corporate restructuring, and consolidations).

The Walt Disney Company - founded in 1923, and nowadays the largest and richest media conglomerate in the world. Headquartered in Burbank CA, and owning 6 major divisions, 10 subsidiaries (almost 150,000 employees, USD 71 billion in assets, USD 38B revenue - data 2011). Amongst Disney's best-known (and priced) assets are the ABC media, the ESPN cable network, and the PIXAR Animation Studios, along with all the Disney Parks and Resorts worldwide.

P&O Princess Cruises PLC was a restructured company between 2000 and 2003. This company was the successor of "Peninsular & Oriental Steam Navigation Company" (P&O/1837-founded). P&O owned 6 line brands and 26 ships. The company merged into Carnival Corp in 2003.

NYK Line ("Nippon Yusen Kabushiki Kaisha", translated as "Japan Mail Shipping Line"), main headquarters Chiyoda (Tokyo) and regional in London, NYC, Singapore, Hong Kong, Shanghai, Sydney, Sao Paulo. Established in 1870, a core Mitsubishi company and currently the world's 10th largest cargo-container and shipping company. In the recent past, the majority of Japan's merchant fleet sailed under its flag (1900-1950). Entered the passenger cruise ship business with one of the most expensive cruise lines in the world - its newly-formed in 1989 subsidiary Crystal Cruise Lines. The NYK Line also operates the MS Asuka II (the ex MS Crystal Harmony), catering to the Japanese market exclusively. Financial data: revenue about USD 25 billion, about 55,000 employees worldwide, with 240 offices in 26 countries.

Largest cruise industry organizations

CLIA (Cruise Line International Association) - since December 17, 2012, this is a Global Trade Association (umbrella company) for 9 of the largest cruise industry associations:

• CLIA itself (world's largest, representing brands, operators, agents, port authorities, partners; engaged in training-marketing-research)
• ECC (European Cruise Council)
• ACA (Asia Cruise Association)
• PSA (Passenger Shipping Association)
• CLIA France (France, Association Francaise des Compagnies de Croisieres)
• ABREMAR (Brazil)
• NWCCA (Northwest and Canada Cruise Association)
• ACA (Alaska Cruise Association)
• ICCA (International Cruise Council Australasia)

ICOMIA (International Council of Marine Industry Associations) - ICOMIA is a global (marine industry) trade association with the majority of its members being national marine industries and manufacturers. The biggest (full members) are:

• IMCI (International Marine Certification Institute)
• CCYIA (China Cruise and Yacht Industry Association)
• FIN (French Nautical Industries Federation)
• DBSV (German Boat and Shipbuilders Association)
• JBIA (Japan Boating Industry Association)
• HISWA (Dutch Boating Industry Association)
• BMF (British Marine Federation)
• NMMA (National Marine)

Now the list of all the rest large organizations:

• ACE (Association of Cruise Experts / UK)
• LCA (Leading Cruise Agents / UK)
• AECO (Association of Arctic Expedition Cruise Operators)
• CSA (Caribbean Shipping Association)
• ECSA (European Community Shipowners Associations)
• FCCA (Florida-Caribbean Cruise Association), members list includes the brands AIDA, Azamara, Carnival, Celebrity, Costa, Cunard, Disney, Holland America, MSC, NCL Norwegian, P&O, Princess, Royal Caribbean, Seabourn, TUI.
• IG River Cruise (Europe)
• JOPA (Japan Oceangoing Passenger Ship Association)

This article is integrated with CruiseMapper's list of the world's largest shipbuilding companies .

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Cruise industry in the United States - statistics & facts

Has the u.s. cruise industry recovered from the impact of covid-19, what are the leading u.s. cruise companies, key insights.

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Main global cruise destinations 2019-2023, by number of passengers

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Revenue of the cruises market in the United States from 2019 to 2028 (in billion U.S. dollars)

Revenue growth of the cruises market in the United States from 2019 to 2028

Direct spending in the cruise industry in the U.S. 2021-2022, by type

Direct spending in the cruise industry in the United States in 2021 and 2022, by type (in billion U.S. dollars)

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Cruise passengers

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Share of U.S. travelers planning a cruise trip October 2021-June 2023

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Cruise companies

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Revenue of Royal Caribbean Cruises Ltd. worldwide from 1988 to 2023 (in billion U.S. dollars)

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Net income of Royal Caribbean Cruises Ltd. worldwide from 2007 to 2023 (in million U.S. dollars)

Revenue of Norwegian Cruise Line worldwide 2011-2023

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Net income of Norwegian Cruise Line worldwide 2011-2023

Net Income of Norwegian Cruise Line Holdings Ltd. worldwide from 2011 to 2023 (in million U.S. dollars)

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Here’s How Much Money Cruise Ships Make Off Every Passenger (Infographic)

It starts the moment that you book your cruise. That low headline cruise fare suddenly doubles when two people are added… followed by hundreds more in port taxes and fees… and even more money with the addition of gratuities.

Once on the ship plenty of things are free, but you are expected to pay for extras ranging from soda to alcohol to excursions.

You are also bombarded with sales messages while on board. Art auctions, spa specials, and slot tournaments are just a few of the things that cruise lines pitch to passengers.

With all that, you can sometimes feel like you are spending a fortune on your cruise. In addition, it may seem like the cruise line must be raking in massive profits. But is that true?

That why we just dug through the financial reports of one of the world’s biggest cruise companies — Royal Caribbean Group. We wanted to give you a better idea of exactly how much money people spend on a cruise ship and how much profit the cruise company makes when it comes to each individual passenger.

How Much Passengers Spend Per Person

How can we find out how much passengers spend… and where it goes?

As a public company, Royal Caribbean Group (just like rivals Norwegian Cruise Line Holdings and Carnival Corporation) makes regular financial updates to investors.

These reports provide insight into the business of the company, which is parent to the popular Royal Caribbean brand, as well as Celebrity and other lines. While the reported figures aren’t broken down by cruise line, they do give insight for the company as a whole.

In 2023, Royal Caribbean and its cruise lines carried 7.65 million passengers on its ships located around the globe. In total, those passengers generated $13.9 billion in revenue during the course of the year.

In other words, for every passenger Royal Caribbean carried, the average passenger spent $1,818 with the company last year. This figure includes everything from cabin fares to buying drinks to souvenirs in the gift shop.

Of that $1,818, 68.8% ( $1,251 per passenger ) was spent on cruise fare and the remaining 31.2% ( $567 per passenger ) was spent onboard for everything from booze to t-shirts in the gift shop.

Where the Money Goes to Operate the Cruise

Now, it goes without saying that all that money being spent on cruising doesn’t make it to the bottom line as profit. After all, cruise lines run major expenses, starting with the cost of the ship itself. Then there is the cost of all its employees, food, and even fuel to get the ship moving. That’s to say nothing of expenses like marketing and commissions to travel agents.

Royal Caribbean Group identifies numerous different groups of expenses in its financial statements, presented below in their own words:

Our cruise operating expenses are comprised of the following:

• Commissions, transportation and other expenses , which consist of those costs directly associated with passenger ticket revenues, including travel advisor commissions, air and other transportation expenses, port costs that vary with passenger head counts and related credit card fees;
• Onboard and other expenses , which consist of the direct costs associated with onboard and other revenues, including the costs of products sold onboard our ships, vacation protection insurance premiums, costs associated with pre- and post-cruise tours and related credit card fees as well as the minimal costs associated with concession revenues, as the costs are mostly incurred by third-party concessionaires, and costs incurred for the procurement and management related services we perform on behalf of our unconsolidated affiliates;
• Payroll and related expenses , which consist of costs for shipboard personnel (costs associated with our shoreside personnel are included in Marketing, selling and administrative expenses);
• Food expenses , which include food costs for both guests and crew;
• Fuel expenses , which include fuel and related delivery, storage and emission consumable costs and the financial impact of fuel swap agreements; and
• Other operating expenses , which consist primarily of operating costs such as repairs and maintenance, port costs that do not vary with passenger head counts, vessel related insurance, entertainment and gains and/or losses related to the sale of our ships, if any. 

In addition, the company has depreciation and amortization expenses and marketing, selling and administrative expenses before it arrives at its operating income. This is the money the cruise company makes in the day-to-day operation of its business.

Before arriving at net income (profit), one more category must be factored in — other income and expenses . This includes thing like interest income and more importantly for cruise companies, interest expense. 

With the pause in sailing during the pandemic, cruise companies like Royal Caribbean Group took on billions in debt to survive. Now, they are paying these loans back aggressively but still have higher interest expenses.

How Much Cruise Lines Profit Per Passenger

All told, these costs eat into revenue, but there is still a healthy profit. How much so? Of the $1,818 in revenue generated from each passenger, 12.3% — or $223 — ends up as profit.

Below, we’ve broken down all the expenses the cruise line sees on the average fare per passenger (click to enlarge) :

As you can see, a healthy portion of the money taken in by Royal Caribbean still goes down to the bottom line. All told, last year saw a profit of $1.704 billion  — or $4.67 million per day — before adjustments.

If you’re a shareholder, however, it’s been anything but smooth sailing. Consider that in 2022, the net income loss totaled more than $2 billion, on top of billions lost during the pause in sailing. With cruising back and seemingly more popular than ever, the healthy profits today are a welcome sight to the industry.

Source: Royal Caribbean Group Form 8-K. February 2024

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Well, I don’t buy alcohol, cigarettes or gamble, so their profit percentage on me is probably in the negatives LOL

This is so well presented and easy to understand. Thank you for taking the time to frame it this way.

I would like to know how long does it take for a cruise ship to recoup the cost to build the ship, roughly 850,000 to 1.5B? Obviously, there are many factors to consider including how many passengers the ship will hold and what amenities must be offered (or not) to get people willing to pay for the passage? And what would that ticket price be? Question; are people willing to go back to paying passage for a FAST luxury liner (3 days from US to Europe) to avoid the cramped, bacteria, germ-filled ventilation in close quarters of a jet plane? I used to like to fly, but not anymore! Would passengers be willing to pay more for the experience to travel on a historic ship that is presently derelict but still holds the record for fastest time crossing the Atlantic? Do people have to have a “Disney Land” experience on every ship or would people be willing to pay to relive the heyday nostalgia of a cruise liner with today’s 5-star, first-class amenities? I ask these questions in reference to bringing back the SS United States docked in Philly since 1969. I for one would prefer to set sail on such a ship over the “carnival” most all ships offer.

I always tell our Cruising Customers that a Cruise is a WHOLESALE vacation. Cruise lines make NO profit (do the math) on the BASE cruise fare. Their profit is all the other “stuff” – that 28% extra.

So….. If you don’t drink, buy gifts, do specialty dining, take shore excursions, you get a DEAL. And I am MOST happy with the people who DO make these purchases, and they subsidize MY Cruise Vacation

I think the actual profit must be higher than 8%. Royal Carribean have hired a good accountant in order to minimise their official profits and therefore taxes paid. Investors regularly make 10% with a mixed portfolio. You would think the actual figure must be higher to justify the effort and risk involved.

This was from a recent annual report. It could be higher or lower in more recent reports. We plan to take another look in the future.

On The Royal Caribbean 3-day cruise to Bahamas that we just came from, it seemed like we spent quite a bit. It seemed like they must be making a lot.

I took an 11 Baltic Cruise with Princess. The cruise was free of charge as an offer for giving up a 7 day cruise of south Japan. The cruise fare was advertised at $4600.00 CDN pp. When we received our statement for the Baltic Cruise, it included the base fare and extras we booked re: shore excursions, gratuities etc. The base fare was $2600.00 pp! That is $4,000.00 ($2000.00pp) less than the advertised price that we would have paid if not for the ‘Move-over-offer’ That equates to a profit of over 40% on the base price (not including the profits off alcohol, excursions etc.). The Royal Caribbean stat. of 8% sounds ridiculous.

Very cool. Thanks for taking the time to research this.

8% is good but it’s also not true. They are making much more. The ships are tax havens or are put in onshore schemes that pretty much make them tax free (less than 1% in annual tax). The deprecation is also used to offset any taxes that may have been applicable so that’s a lot to keep profits above 8%.

Dan, the data comes from financial reports filed with the SEC.

8% is a pretty healthy profit margin – higher than I would have expected.

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The Highest Paid Cruise Industry CEOs

Tim Mullaney, Skift

July 7th, 2022 at 2:30 AM EDT

Everybody in the cruise business suffered during Covid except CEOs, it seemed. As passengers canceled or got sick, and workers got laid off, executive compensation topped 1,000 times the median worker's pay. Including tips.

Tim Mullaney

Don’t take the media’s word for it that Norwegian Cruise Line Holdings CEO Frank Del Rio is overpaid.

Ask Norwegian’s shareholders, who rejected his compensation package by a 5.5-1 vote margin at Norwegian’s annual meeting June 16. The non-binding vote won’t keep the Del Rio from keeping the $19.7 million he got paid last year. But it was the second straight year the company’s shareholders turned thumbs down: Del Rio’s $36.4 million 2020 pay, as the industry all but foundered, was disapproved in a 5-1 vote.

“Norwegian had the lowest level of support for pay of any Standard and Poor’s 500 index company,” said Rosanna Landis Weaver, an executive pay expert at As You Sow , a non-profit that promotes corporate accountability through shareholder advocacy and litigation.

Cruise company CEO wages have become a lightning rod in the larger debate about income inequality, Weaver said. And the disparity between cruise-industry bosses and their workers is the largest in the Covid-afflicted travel sector, with the exception of a $296 million stock-based payout to Expedia Group CEO Peter Kern, the value of which was inflated by a near-tripling of the company’s share price between Kern’s April 2020 appointment as CEO and the end of last year.

Cruise Industry CEO Pay 2021

Cruise-industry wages are low because the companies hire heavily in developing nations, especially the Philippines , and most workers aren’t on the job for the full year. The median wage at Norwegian is $19,319, compared with $14,706 at Royal Caribbean Group and $8,658 at Carnival Corp.

Del Rio’s car allowance alone was $27,600, more than his median staffer’s total pay. His son, the company’s chief sales and marketing officer, gets a $1,200 a month auto allowance, which works out to $14,400 annually, according to the proxy.

“The question is, how is the burden of Covid being shared,” Weaver said in an interview. “Are employees and executives all suffering, or are the executives flourishing while the workers suffer?”

Norwegian declined to make senior company officials available for an interview. In a statement to Skift, the company said “the … board [of directors] values shareholder feedback and remains focused on prioritizing performance-based pay that aligns the interests of our management team with shareholders.” 

BlackRock, the fund management company that is Norwegian’s second largest shareholder, also declined an interview, but confirmed the company voted no on Del Rio’s pay but approved of CEO packages at Royal Caribbean and Carnival.

Norwegian lost $982.7 million in the first quarter of 2022 and $4.51 billion last year.

But Del Rio has company: Execs at Royal Caribbean and Carnival have also cashed in big. At all three, CEOs make more than 1,000 times the pay of the median worker at their companies. By comparison, airline CEOs, who were subject to CARES Act and payroll support compensation limits, made as little as 45 times and as much as 176 times the pay of the median worker, and Airbnb CEO Brian Chesky actually made less than his company’s median employee. (However, Chesky’s compensation package was $120 million in 2020.)

Cruise lines, however, kept up executive pay as their profits remained depressed and their stocks continued to crater. Norwegian shares fell 21 percent in 2021 and are down 42 percent this year.

Del Rio is not the highest-paid cruise CEO by much. At Royal Caribbean, CEO Richard Fain made $15.8 million in 2021 after taking home $12.1 million in 2020. He stepped down in January, replaced by former Chief Financial Officer Jason Liberty, who earned $13 million last year. At Carnival, CEO Arnold Donald brought home a $15.1 million package. Donald is stepping down on Aug. 1.

All three major cruise companies whose shares trade on US exchanges set out to find new metrics to judge CEO pay during the COVID pandemic, which wrought havoc on traditional benchmarks like profits and stock performance, according to their filings with Securities and Exchange Commission.

At Norwegian, discussion of executive compensation consumed 38 pages of the company’s annual proxy filing, compared with four to cover the election of directors, the other major matter voted upon at its annual meeting. The coverage of the pay ratio between Del Rio and the median worker alone consumed 11 paragraphs and bullet points.

At Royal Caribbean, which also devoted nearly 40 pages of its proxy to explaining executive pay, directors relied on measures such as the pace at which the company redeployed ships, the rate of guests who caught COVID after sailing on ships that returned to service and how well the company rearranged its finances to weather the Covid storm.

By those measures, Royal Caribbean did well. The estimated 2,500 Covid cases on ships last year, out of 1.3 million guests served, represented only 0.19 percent of the total, the company said. It ended the year with $3.6 billion of what it called “liquidity preservation,” a new metric that includes cash and access to on-demand credit, after refinancing debt to lower its average interest rate by half a percentage point. It refinanced $2.3 billion in debt and returned an industry-high 85 percent of its fleet to service by year-end. Norwegian’s 57 percent was the lowest of the Big Three.

“For 2022, the short-term incentive plan for the CEO will return to the practice of being based solely on financial and objective operational metrics,” Royal Caribbean’s proxy said. “The long-term incentive awards granted in 2022 are based on quantitative financial and operational metrics.”

Carnival also scrapped CEO pay standards tied to metrics like operating income because of Covid, its proxy statement says. Its temporary rules emphasize cash management, return to service speed, and environmental goals. The company said 61 percent of ships were back online by November.

“Management was faced with an overwhelmingly complicated set of tasks,” the company said in its proxy—beginning with understanding the epidemiology of Covid itself.

Cruise companies’ CEO pay ratios are so high partly because they didn’t take federal Covid bailout money as airlines did, which came with executive-compensation limits. But they are held down, at least at Norwegian, by an accounting maneuver that let the company boost its estimate of the median worker’s pay.

Norwegian based its estimate of the median worker’s pay on the number of days that employee might have worked in a normal year — not the number they worked in 2021, when cruise lines were shut down early in the year and reopened gradually. That led to multiplying an average daily rate of worker pay by 278 — not the undisclosed number of days the median employee actually worked.

All three cruise lines included at least some allowance for tips in the median worker’s pay as well.

Norwegian’s pro-rating of pay boosted its reported median worker comp to the highest in the group, and allowed for the big gap between its pay ratio and that of Carnival, which did not perform the same accounting maneuver.

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Tags: carnival corp. , coronavirus , coronavirus recovery , cruise industry , labor , norwegian cruise line , royal caribbean , tourism , unions

Photo credit: Norwegian Cruise Lines CEO Frank Del Rio's paycheck last year was as big as, well, you know. 2020's was even bigger. Source: Adam Gonzales, Unsplash Skift

Titans of the cruise industry see net worth rise

The past year has been another good one to be a titan of the cruise industry, at least financially.

Forbes ' annual ranking of the world's billionaires for 2013, out today, lists Carnival mogul Micky Arison at No. 211 with a net worth of $5.7 billion. That's up from $4.7 billion a year ago.

Forbes notes that despite several incidents over the past year that have cast the cruise industry in a negative light, including the crash of the Costa Concordia , the stock of Carnival Corp. has jumped nicely as the industry has rebounded.

Arison's net worth, which is heavily tied to his hefty stake in Carnival stock, has nearly doubled from four years ago, when cruise stocks were plunging along with the economy and Forbes pegged Arison's wealth at just $2.9 billion.

Still, Arison still has a way to go to reach his former glory. As recently as seven years ago, when the cruise business was riding high, Arison's stake in Carnival had landed him among the 100 richest people in the world. In 2006, Forbes estimated Arison's net worth at more than $6 billion, putting him at No. 94 on the list. He ranked at No. 129 in 2007, at No. 221 in 2009 and at No. 169 in 2011.

Micky Arison isn't the only Arison whose fortunes are rebounding. Another Carnival heir, Shari Arison, is now worth $4.2 billion, up from $3.4 billion just three years ago, according to F orbes . She now ranks at No. 308 on the list. That said, seven years ago she also was within striking distance of the Top 100 at 109.

Founded by the Arison family in 1972 with a single ship, Carnival Corp. has grown into the world's largest cruise company. It operates nearly 100 vessels spread among 10 brands including Carnival, Princess, Holland America and Cunard.

Another would-be cruise mogul, Leon Black, also is doing better, according to Forbes . The self-made financier who controls Apollo Management — the private equity firm that in turn holds a large interest in Oceania Cruises, Regent Seven Seas Cruises and Norwegian Cruise Line — almost didn't make the billionaires list four years ago as his net worth plunged to just $1.1 billion during the financial downturn. But this year Forbes pegs Black's net worth at $4.3 billion, putting him at No. 299 on the list.

Also faring better this year are the many members of the Pritzker family of Chicago who collectively own a sizable chunk of Royal Caribbean. Forbes says Karen Pritzker is now worth $3.2 billion, up from $3.1 billion a year ago, putting her ranking on the list at No. 423. Ten other Pritzkers dot the list with a reported $1.1 billion to $3.0 billion apiece.

How do cruise lines make money?

By Audrey Wilson   |   Updated Aug. 17, 2023

The modern cruise industry has its roots in the early 20th century, with the founding of companies such as Cunard Line and White Star Line. Today, some of the most prominent companies in the industry include Royal Caribbean Cruises, Carnival Corporation, and Norwegian Cruise Line Holdings.

Each year, millions of passengers set sail on cruise ships enjoying the experience of onboard activities and amenities and high-quality dining.

Globally the industry employs hundreds of thousands of workers.

Coming up next

What does the modern cruise industry do, how does the modern cruise industry work, future growth engine, competitors.

The core business functions of cruise liners include providing passengers with transportation to various destinations and various onboard amenities and activities. This includes everything from dining and entertainment to spa services and fitness facilities. Additionally, many cruise ships offer shore excursions, allowing passengers to explore the ports of call they visit.

Cruise companies operate by owning or leasing a fleet of ships, which they then use to offer a variety of itineraries to passengers. These itineraries can range from short weekend cruises to longer, multi-week voyages. Cruise companies typically market and sell these cruises through various channels, such as travel agents, online platforms, and directly to consumers. Once on board, passengers can access the ship's amenities and activities and any shore excursions they have booked.

Cruise lines make money primarily from ticket sales, customers spending aboard their ships while cruising, sales of add-on travel services such as insurance and excursions, advertising, and sponsorship deals with brands.

Ticket sales

The primary source of revenue for cruise companies is the sale of tickets for cruises. This includes the cost of the cruise itself and any additional fees such as port charges, taxes, and gratuities. They offer different categories of rooms at various prices.

Onboard spending

Once on board, passengers can spend money on a variety of additional services and amenities, such as specialized restaurants where meals are on a menu and are not part of the rest of the buffet offerings, spa treatments, and shore excursions, which are not included in the price of the ticket. This is regarded as the most significant form of revenue for cruise liners, so filling the ship with passengers eager to pay for the extras is vital.

Advertising and sponsorship

Cruise companies may also generate revenue through advertising and sponsorship deals; for example, companies may pay for their brand to be advertised on the cruise ship.

What part of the cruise industry is most profitable?

The most profitable part of the cruise industry is the luxury segment, characterized by larger ships, more amenities, and higher ticket prices. This industry segment tends to be less price-sensitive, allowing cruise companies to charge more for their services. Additionally, the older demographic of luxury cruisers tends to spend more on board than other segments of the market.

The cruise industry is expected to continue growing in the coming years as more people become interested in taking cruises and as new technologies and trends emerge. One potential growth engine for the industry is the increased interest in sustainable and eco-friendly cruises, which can appeal to a new generation of socially and environmentally conscious consumers.

• Outbreaks of sickness. The cruise industry is vulnerable to disease outbreaks, such as norovirus, which can lead to the cancelation of cruises and damage the reputation of the cruise companies. The coronavirus wreaked untold havoc on the cruise industry, with its recovery only taking place in mid-2020.
• The threat of pirates. The cruise industry is also at risk from the threat of pirates, particularly in areas where piracy is more common.
• Economic downturns. Economic downturns can also impact the cruise industry, as people may be less likely to take expensive vacations during tough economic times.
• Natural disasters. Natural disasters such as hurricanes, typhoons, and tsunamis can cause major disruptions to cruise itineraries and result in significant financial losses for cruise companies.
• Environmental concerns. The cruise industry faces increasing pressure from environmentalists and governments to reduce its environmental impact, which could result in increased regulation and higher costs for cruise companies.
• Poor experience. Passengers consistently report issues with crowded ships and long lines for activities and services, as well as dissatisfaction with the added costs of additional services and activities, such as shore excursions, spa treatments, and dining.
• Carnival Corporation . One of the largest cruise companies in the world, with a fleet of over 100 ships across multiple brands, including Carnival Cruise Line, Princess Cruises, and Holland America Line.
• Norwegian Cruise Line Holdings. A global cruise company that operates the Norwegian Cruise Line, Oceania Cruises, and Regent Seven Seas Cruises brands.
• MSC Cruises. A Switzerland-based company that operates a fleet of over 20 ships, primarily in Europe and South America.
• Royal Caribbean . One of the world's largest fleets of cruise ships.
• Celebrity Cruises. A premium cruise brand that is part of Royal Caribbean Cruises, with over 15 ships.
• Holland America Line. A premium cruise brand that is also part of Carnival Corporation, with a fleet of over 15 ships.
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Best Cruise Lines for the Money

With lodging, food and entertainment all included in one price, a vacation at sea is often a better value than a

With lodging, food and entertainment all included in one price, a vacation at sea is often a better value than a land-based getaway – if you choose wisely. To help you make the most of your travel budget, U.S. News ranked the following cruise lines based on a methodology that factors in itinerary affordability, amenities included in the base fare, health ratings and reputation among experts and travelers. Read on to learn more about this year's best cruise lines for the money, and be sure to check our latest cruise deals for an even more affordable vacation experience. 

Read Best Cruises Methodology

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Virgin Voyages

Virgin Voyages may not seem like the most affordable offering at a glance, but it presents cruisers with supreme value. Base fares include all onboard dining, gratuities, Wi-Fi access, group fitness classes and more. Add those benefits to Virgin's ongoing sales, and you're looking at a top-notch experience for less. 

• 4.39 Overall Rating
• 3 Ships in Fleet

Celebrity Cruises

Celebrity Cruises' vessels offer the endless amenities and buffets of its competitors' megaships but maintain the service standard of smaller lines. Rates on Bahamas and Caribbean itineraries run less than $200 per person, and all-inclusive add-on packages are available.

• 4.36 Overall Rating
• 13 Ships in Fleet

Princess Cruises

Princess Cruises targets more adult travelers (especially on longer voyages) than family-oriented lines like Royal Caribbean International, but at similar prices. Along with lodging and select dining, fares cover activities like cooking demonstrations and educational lectures.

• 4.02 Overall Rating
• 15 Ships in Fleet

Royal Caribbean International

With more than 25 cruise ships, Royal Caribbean is one of the largest lines sailing the ocean today. Having the ability to accommodate thousands of guests per ship allows the company to keep rates low. In fact, travelers may find itineraries in popular destinations throughout the Caribbean, Mexico, the Bahamas and the Pacific Coast for around $250 per person.

• 4.17 Overall Rating
• 25 Ships in Fleet

Holland America Line

Cruisers will find this premium cruise line to be a pretty good bargain, with four-day Caribbean sailings often starting at less than $300 per person, and short voyages along the Pacific Coast coming in around $100 per person. But cutting costs doesn't mean skimping on service; Holland America ships offer individualized attention, free room service and all-inclusive package options.

• 4.14 Overall Rating
• 11 Ships in Fleet

MSC Cruises

MSC offers sailings from North American ports like Miami, New York City and Orlando, Florida, though the majority of its voyages depart from international locales. But even if you have to fly to a foreign port, you'll save money over a typical land vacation abroad. Mediterranean sailings can start at around $100 per person, and the line offers several deals and money-saving packages.

• 3.79 Overall Rating
• 22 Ships in Fleet

Carnival Cruise Line

Carnival specializes in budget-friendly fun, offering frequent, significant discounts on already low prices. In fact, itineraries for around $200 per person are the norm. Access to most of the ships' activities won't cost a penny, but keep in mind that some extras (like specialty restaurants, beverages and certain attractions) aren't covered in fares.

• 3.90 Overall Rating

Norwegian Cruise Line

With its popular, frequently running Free at Sea program, Norwegian offers travelers discounts on Wi-Fi, excursions, alcohol, airfare and more on top of its already low prices. And, similar to luxury lines, Norwegian ditches steadfast rules like assigned dining times, but costs a fraction of the price.

• 3.97 Overall Rating
• 19 Ships in Fleet

Cunard Line

While you may not expect to find a more opulent line like Cunard on this list, the cruise provider has a surprising number of relatively reasonable fares for upcoming sailings. Travelers can fully enjoy the line's old-world elegance knowing that room service, onboard activities and most dining options are included in the base price.

• 4.07 Overall Rating

Costa Cruises

A member of the Carnival family, Costa Cruises is primarily based in Europe. The fleet offers lower rates than its competitors, particularly for its Mediterranean itineraries (think: fares starting at less than $100 per person). Although it offers family-friendly amenities, Costa's ships are also well-suited to adults, with various entertainment options like theater shows and casinos.

• 3.50 Overall Rating
• 8 Ships in Fleet

Disclaimers about ship ratings: A ship’s Health Rating is based on vessel inspection scores published by the Centers for Disease Control and Prevention (CDC). If a ship did not receive a CDC score within 22 months prior to the calculation of its Overall Rating, its Health Rating appears as N/A; in such a case, the ship’s Overall Rating is calculated using the average Health Rating of all CDC-rated ships within the cruise line. All ship Traveler Ratings are based on ratings provided under license by Cruiseline.com.

If you make a purchase from our site, we may earn a commission. This does not affect the quality or independence of our editorial content.

Meet the Norwegian-owned cruise challenger to Carnival and Royal Caribbean that just raised $1.54 billion

Viking had humble beginnings. 

The now-listed cruise line was once just a venture by “two guys with two mobile phones and four river ships,” as the company’s CEO, Torstein Hagen, puts it in Viking’s prospectus .

But a lot has changed in 27 years. Now, the Norwegian-owned, Bermuda-based business has a staff of 10,000 catering to guests with a taste for the finer things in life. 

The cruise operator, which made its name in European river tours, launched its initial public offering at the New York Stock Exchange on Wednesday. It raised $1.54 billion , according to Reuters, making it the biggest listing in the U.S. this year. 

Viking rebounded strongly after the COVID-19 pandemic decimated cruise travel and its public listing comes as luxury consumers are spending more on travel and less on shopping. Some of Viking’s competitors, such as Carnival and Royal Caribbean, have seen record demand for cruises—opening a world of opportunity for the smaller company.    

Viking’s beginning

Viking was founded in 1997 by Hagen, who controls most of the company with his daughter, Karine Hagen.

From the start it aimed to give travelers an immersive experience in local cultures as they toured in one of its four river vessels. In the past three decades or so, Viking has expanded its fleet to 92 ships offering three types of experiences via rivers, oceans, and expeditions.

The company has also benefited from some savvy marketing plays: It sponsored PBS Masterpiece series, such as Downton Abbey , and offered themed trips linked to those shows. 

Between 2015 and 2023, Viking’s revenue grew at a compound annual rate of 14.4%, outpacing the rest of the cruise industry in the river and luxury ocean segments during this period, the company said in a public filing .

Viking has carved its strategic niche among older, well-off customers, a group it believes is “underserved.” These are not boozy party boats, and there are no kids allowed. 

“Our target demographic has greater financial stability, which can make them more resilient to economic conditions and more willing to invest in high-quality travel experiences,” Viking said. 

And that’s the space it hopes it can dominate, with the help of its IPO funds.

The Viking founder and road ahead

Hagen didn’t enter the world of cruises till the 1970s. 

A physics major in school, Hagen earned an MBA at Harvard University before entering management consulting. He dabbled with entrepreneurship a few times before finally succeeding, Bloomberg reported .

When business for Viking’s river cruises, its first service, began to pick up, Hagen expanded to offer journeys worldwide—from expeditions in Antarctica to river cruises in Vietnam. 

Viking is on an expedition of its own now that its shares are traded. Last year, the cruise line hosted close to 650,000 guests and generated $4.7 billion in revenue, up by almost 50% from 2022. Its underlying profits were $1.1 billion for the same period, according to Viking’s prospectus.

The cruise company is still much smaller than rivals like Carnival, Royal Caribbean, and Norwegian. But it’s a global leader in some segments, such as luxury ocean cruises. 

Following a strong open, Viking’s market valuation has reached more than $10 billion, putting Hagen’s wealth at $5 billion. As the appetite for luxury travel builds , Viking is ready to ride the wave. 

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