Royal Caribbean (RCL), Carnival Corp. ( CCL ), Norwegian Cruise Line ( NCLH ) and Viking Holdings ( VIK ) cruise line shares fell on Friday. That followed a report from analysts at Bank of America who said they had seen a slight drop in cruise fares.
Shares of RCL fell more than 5% and shares of CCL fell more than 8%. In addition, NCLH shares fell more than 7% and VIK shares fell 5%.
The financial institution noted that based on cruise pricing data collected in early June, there was a slight decrease in the price of ocean cruises compared to early May data.
“On a month-over-month basis, 40% of cruise itineraries saw price reductions, compared to 33% in May, but this is significantly lower than the 60% recorded in early March. The bank also noted that 32% of tourist routes saw price increases (down from 43% at the beginning of May), while 28% of routes maintained the same prices (compared to 25% at the beginning of May).
In addition, Bank of America highlighted that Eastern Caribbean cruise rates posted the most significant monthly increase (+2%), marking the region’s first increase since February.
“This month is the first time that Eastern Caribbean prices have performed better than Western Caribbean prices, which recorded a month-on-month decline of -6%,” the bank said.
The report also notes that Western Caribbean cruises have performed strongly in previous Bank of America surveys, particularly following the launch of Royal Caribbean’s Icon of the Seas. However, prices for these cruises have dropped since the ship’s initial launch.
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