Cruise lines keep investing

Cruise lines are still pouring money into bigger ships and older-ship makeovers, even with fuel costs still swinging from quarter to quarter. (royalcaribbeanpresscenter.com) Royal Caribbean said on June 18, 2025 that Ovation of the Seas, Harmony of the Seas and Liberty of the Seas will return from drydock in spring 2026 with new restaurants, bars, suites and reworked public spaces. Ovation alone is getting Giovanni’s Italian Kitchen, Izumi Teppanyaki, the Pesky Parrot tiki bar and an expanded Casino Royale. (royalcaribbeanpresscenter.com) By April 6, 2026, four Royal Caribbean ships were in drydock at the same time, with three of them undergoing major “Royal Amplified” refurbishments and one in routine maintenance. That is a visible sign that operators are still taking ships out of service now to sell upgraded cabins and onboard spending later. (royalcaribbeanblog.com) The spending is not limited to refurbishments. Royal Caribbean told investors on January 29, 2026 that 2025 bookings hit an all-time high, 2026 was off to a “record start,” and the company expected double-digit revenue growth with adjusted earnings per share of $17.70 to $18.10 in 2026. (rclinvestor.com) Other public cruise companies are giving the same signal. Norwegian Cruise Line Holdings said on March 2, 2026 that 2025 revenue rose 3.7% to $9.8 billion and that it had ordered three new ships, one for each of its brands, for delivery in 2036 and 2037. (nclhltd.com) Carnival’s investor site says it posted record first-quarter 2026 operating results and record bookings. Seatrade Cruise’s January 2026 orderbook counted 75 firmed ocean-going ships worth more than $71 billion across the industry. (carnivalcorp.com) (seatrade-cruise.com) Fuel is still part of the math. Royal Caribbean’s published fuel schedule for the fourth quarter of 2025 said a 10% move in fuel prices would change 2026 fuel costs by about $57 million, even after hedging. (rclinvestor.com) That helps explain why companies are chasing ships with more pools, more suites and more places to spend onboard. Royal Caribbean’s new Hero of the Seas, unveiled March 30, 2026 for Miami sailings starting in August 2027, is being marketed with nine pools, 28 dining venues and a three-story Ultimate Family Treehouse. (royalcaribbeanpresscenter.com) Royal Caribbean says Hero of the Seas will be the fourth Icon Class ship, and its consumer site is already selling summer 2027 itineraries from Miami. Separate coverage in Ynet described the ship as a 20-deck vessel for about 7,600 passengers and roughly 2,350 crew. (royalcaribbean.com) (ynetnews.com) The near-term bet is straightforward: keep refreshing older ships, keep filling new ones, and use higher onboard spending to absorb the next swing in bunker fuel. As of April 2026, the orderbooks and drydocks say the industry is still betting that travelers will keep buying the ride. (rclinvestor.com) (seatrade-cruise.com)