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Takeaway: European pricing in 2015 is weakening. We saw it particularly with the RC brand in January.


With oil falling to a new low last week (Brent at $48), the fuel cost tailwind continues for the cruisers. At some point, oil will stop going down and investors may have to contend with potentially softer than expected cruise demand. The latest pricing survey on Wave continues to signal choppiness with European pricing leading the slowdown. Our survey corroborates recent commentary from some of our travel agent contacts.

Please see our detailed note: