Cruise Industry is Booming in 2023
Good news for the cruising moving forward.
Just three years after the pandemic devastated the industry, taking a cruise is now as popular as ever, and the big three cruise lines are reaping the benefits.
The demand for cruises continues to rise, with Carnival’s stock price increasing nearly 13 percent, as noted by both JP Morgan and Bank of America analysts.
Analysts predict a record year for the cruise industry, given the pent-up demand of returning, loyal customers.
This increase comes as Carnival is prioritizing paying down its accumulated debt.
The company’s CEO, Josh Weinstein, emphasized the importance of regaining a “fortress balance sheet” and revealed plans to reduce debt, reassuring investors by stating that the company has no intention of issuing any more equity.
Carnival topped out at $35 billion in debt during the shutdown.
Dominican Republic Sees Increase and Land and Cruise Arrivals
Tourism in the Dominican Republic has increased significantly, despite the US State Department upgraded its travel alert to Level 2-Exercise Increased Caution.
The island nation saw record tourist arrivals during the first quarter of 2023, including 280,247 cruise ship guests in March alone, which is more than double compared to the same period in 2022.
Overall, the first quarter of 2023 saw a 21% increase in air and sea travel compared to last year. The State Department concerns about violent crimes and its weak criminal justice system. Nonetheless, the country’s tourism industry remains unfazed.
La Romona, Puerta Plata, and Amber Cove are popular cruise ports in the DR.