Signals from the Seas: Barclays Proprietary Cruise Pricing Checks

Research evidence excerpt

Signals from the Seas: Barclays Proprietary Cruise Pricing Checks

Equity Research

6 July 2026

Cruise Lines

Signals from the Seas: Barclays

Proprietary Cruise Pricing Checks

Caribbean 4Q prices continued to decline sequentially in U.S. Gaming, Leisure & Lodging

June (vs. May); incremental 1Q27 softness warrants attention, POSITIVE

while 2Q27 appears to be holding up relatively better. U.S. Gaming, Leisure & Lodging

Brandt Montour, CFA

+1 212 526 9947

In the Caribbean, our proprietary tracker showed ticket pricing for 4Q26 sailings continued to brandt.montour@barclays.com

move lower in June, with contemporary brands down 5% m/m, following May/April's 1%/1% BCI, US

declines, respectively. That said, we are in the tail-end of the 4Q booking cycle, with most of that Elizabeth Heffern

inventory sold, so we focus our attention on 1H27. 1Q27 prices are incrementally concerning to +1 212 526 3592

us, -3% m/m for the region overall. We note that this headline decline appears to somewhat elizabeth.heffern@barclays.com

overstate the underlying pricing pressure, reflecting a shifting mix of voyages in the data set vs. BCI, US

last month (driven largely by a higher proportion of Carnival sailings in our June scrape, which

Data Science & Applied AI

generally carry lower ticket prices than Royal and Norwegian), although operator-level pricing

Fan Gao, CFA(v)

trends were still down modestly across the board. 2Q27 pricing held up relatively better, down +1 212 526 8404

1% m/m for Contemporary brands overall, but started off from a weaker place versus 1Q. By fan.gao@barclays.com

operator and quarter, Royal/Carnival/Norwegian prices were -6%/-1%/-3% m/m for 4Q26, BCI, US

-1%/-1%/-1% m/m for 1Q27, and flat/flat/-1% m/m for 2Q27.

Troy Li(iv)

+1 212 526 1825

troy.li@barclays.com

BCI, US