Cruise Industry Triumphs with a Historic $25 Billion Revenue in 2024
The cruise industry marked a significant milestone in 2024, as major cruise lines reported a record-breaking financial performance that surpassed pre-pandemic levels. Carnival Corporation, the world’s leading cruise company, announced that revenues exceeded $25 billion for the year, symbolizing “an incredibly strong finish to a record year.”
“Revenues hit an all-time high driven by a strong demand environment that we elevated throughout the year, enabling us to outperform our initial 2024 guidance by $700 million,” stated Carnival CEO Josh Weinstein. The company contributed nearly $2 billion more to the bottom line year-over-year.
Industry data reveals that passenger counts reached 31.7 million in 2023, surpassing the previous 2019 peak of 29.7 million. The Cruise Lines International Association predicts that 40 million passengers will sail annually by 2027 as the sector continues its vigorous expansion.
Major cruise lines are responding to the increased demand with substantial fleet expansion plans. The following are some of the significant orders and plans:
- Royal Caribbean ordered a fourth Icon-class ship for delivery in 2027.
- Carnival placed orders for two Excel-class vessels to be delivered in 2027 and 2028.
- MSC Cruises confirmed plans for additional World-class vessels following the success of MSC World Europa and MSC World America.
“2025 is shaping up to be another banner year,” Weinstein added, emphasizing the industry’s optimistic outlook for continued growth.
Source: MarineLink