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Cruise operators gain in 2025 on steady travel demand, costs bite Norwegian Cruise

ReutersDec 31, 2025 3:15 PM

Shares of cruise operators Royal Caribbean RCL.N, Carnival Corp CCL.N jump in 2025 buoyed by steady bookings for sea-based vacations, especially to the Caribbean and higher ticket fares

Norwegian Cruise Line Holdings NCLH.N snaps two-year winning streak to fall ~13% this year hurt by cost pressures and cooling bookings by travelers

Stocks of RCL and CCL up about 22% and 24% YTD, extending gains for third consecutive year

Budget-conscious customers limit their onboard spending and hunt for affordable cruise options amid growing strain on household budgets

Analysts at Jefferies expect companies with higher exposure to European itineraries, including those from Carnival and Viking Holding VIK.N to benefit from lower competition

Viking shares rise 64% YTD after going public late in 2024

So far this year, S&P 500 Hotels, Restaurants & Leisure index <.SPLRCHRL> up 6% compared with a 17% rise in the S&P 500 index .SPX

Company

RIC

2025 YTD

2024

2023

Norwegian Cruise Line Holdings

NCLH.N

-12.8

28.4%

63.7%

Royal Caribbean

RCL.N

22.1%

78.2%

162%

Carnival Corp

CCL.N

23.7%

34.4%

130%

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