Cruise Lines 2019 Q4 Breakdown: By the Numbers

Seabourn, Royal Caribbean and AIDA Ships in Antigua

Cruise Industry News takes a look at the financial performance of the “big three” following the final quarter of 2019.


While gross revenue was up for Q4 2019 for the three publicly-traded cruise companies, increased operating expenses led to reduced operating income, net income and net income per passenger day, compared to Q4 for the previous year.

Net revenue per passenger day was also down year-over-year for Carnival Corporation, up noticeably for Royal Caribbean and up slightly for Norwegian.

Gross revenue per passenger day was significantly up for all three companies, including onboard spending, with gross ticket revenue per day also up for Royal Caribbean and Norwegian, but down for Carnival.

Carnival saw the biggest difference between gross and net onboard revenue: more than $25, making it flat with last year, while Royal had nearly a $12 drop and Norwegian a little more than $10, and up from last year.

Both Carnival and Royal Caribbean saw a decrease in fuel costs year-over-year while Norwegian saw its fuel spend to go up.

Carnival cited the regulatory change preventing travel to Cuba, geopolitical events in Arabian Gulf, Hurricane Dorian, an unscheduled drydock, and multiple shipyard delays. Royal cited the Oasis drydock mishap, Cuba and Hurricane Dorian, and Norwegian also cited Cuba and Dorian.

Because of the fleet mix, Norwegian continued to generate the highest gross and net ticket and onboard spend revenue.

2019 financeCruise Industry Financial Tracking

The Cruise Industry Financial Tracking Report provides an in-depth look into the financial metrics of the leading cruise companies. Learn more.

Included: Carnival, Royal Caribbean, Norwegian, MSC, Star/Genting, Royal Olympic, P&O Princess, Regent, American Classical Voyages and Commodore.

Key metrics include revenue, operating expenses, operating income and net income, as well as those metrics on a per passenger day basis. We also look at EPS, fleets, berths and passenger cruise days.