Cruise Outlook for 2026-2027 "Cruise Outlook for 2026-2027: Charting a ..."

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Cruise Outlook for 2026-2027 "Cruise Outlook for 2026-2027: Charting a ..."

Global Research

25 May 2026ab

Cruise Outlook for 2026-2027 Equities

AmericasCruise Outlook for 2026-2027: Charting a

CoursePlease Recreational Products & Services

Robin M. Farley

Analyst

robin.farley@ubs.com

+1-212-713 2060

Arpine Kocharyan

arpine.kocharyan@ubs.com

+1-212-713 2086

Alex Kivali

alex.kivali@ubs.com

+1-212-713 3945

Robert Henry

Associate Analyst

robert.henry@ubs.com

+1-212-713 2256

Derin Sezercan

derin.sezercan@ubs.com

+1-212-713 4716

Anoop Savio

anoop.savio@ubs.com

+1-212-713 1057Thecruise lines in 2026 are seeing a mix of good demand and high fuel prices, moderate

capacity growth and uncertain geopolitics, positive demographics and worrying

headlines – in other words, the cruise industry.

Compelling Value Proposition

The cruise lines continue to have a compelling value proposition – with cruise per diems

cumulatively up around +24% compared to 2019, while Caribbean hotel rates are up

+59% in the same period. It was only 2-3 quarters ago that investors were anxious that

above-average Caribbean supply growth in 2026 would pressure yields, yet Caribbean

yields continue to grow.

Beneficial Demographics, Lower Supply Growth

The industry is well positioned to continue capturing a strong demographic wave of

retired Baby Boomers and vacationing Millennials. Private island offerings from Royal

Carib, and now joined by Carnival’s Celebration Key, are also generating incremental

demand. And supply growth continues to be at a lower rate than pre-pandemic.

Not every company is equally positioned

RCL has executed strongly, and other players are still catching up to Perfect Day. CCL has

been delivering disciplined growth and not getting enough credit from investors in our