Survey was bullish for CCL on the margin, neutral for RCL, and slightly negative for NCLH
CCL:
- Caribbean
- Carnival Brand pricing modestly improved sequentially
- Pricing strength was particularly evident in F3Q, ahead of easy comps mid-Feb
- Pricing remained modestly lower for the Western Caribbean/Mexico itineraries.
- Europe
- Costa pricing slipped sequentially; overall, Costa pricing is still up mid-single digits
- AIDA pricing moved lower slightly. Western Med and Western Europe were the laggards.
- Princess saw some modest discounting – not surprising given its aggressive marketing for this Wave Season
- Cunard pricing was slightly higher while Holland America pricing was flat
- P&O Cruises UK saw good pricing gains in January
- Alaska
- Holland America sequential pricing was flat, though at modestly lower YoY prices
- Princess discounted pretty heavily in the last month.
RCL:
- Caribbean
- RC brand pricing was flat sequentially and remain slightly lower YoY
- Similar to FQ1, Celebrity discounted prices substantially
- Pullmantur pricing was unchanged since December
- Europe
- Rock solid pricing by the RC brand, up mid-to-high single digits.
- Celebrity pricing was roughly unchanged sequentially, although significantly lower YoY
- Azamara pricing was slightly lower
- Pullmantur pricing showed decent growth considering very easy comps
- Alaska
- Both RC brand and Celebrity pricing were down close to double digits YoY with trend worsening
- South America
- Solid Galapagos pricing was the lone bright spot for the Celebrity brand
NCLH:
- Caribbean
- Pricing slightly fell sequentially in FQ1. Summer YoY pricing was hovering near the flat line.
- Getaway premium increased from 31% to 39% in Q1 and decreased to 37% from 56% in Q2.
- Alaska
- A big concern. Pricing dropped significantly for FQ2 and FQ3.
- NCLH has 10% and 19% exposure to Alaska in FQ2 and FQ3.
- Europe pricing looks outstanding in Q2
- Hawaii summer pricing fell slightly
