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Takeaway: Caribbean was better in February but European risks remain


With oil prices no longer an EPS tailwind - bunker fuel gained 15% in February MoM - yields have to deliver. Our latest pricing survey uncovered mixed results, both from a market and company perspective.  Following the slowdown in our January pricing survey, pricing pivoted favorably, in part to one of the coldest February’s on record in North America.  CCL in particular seems to have improved.  However, Europe pricing moved lower again.  RCL pricing in this market was disappointing and we remain most cautious on the name. 

Please see our detailed note: