Higher Demand and Stringent Balance-Sheet Management Lead Royal Toward Record Earnings in 2024

Consumer interest in travel has maintained momentum for Royal Caribbean into 2024, continuing the robust demand and pricing trends in the business. The redeployment of the fleet was completed in mid-2022 and occupancy has returned to historical levels aiding a normalization of profits and cash flow. Royal Caribbean reported record pricing in 2023 (13% above 2019's level), with further growth anticipated in 2024, given robust advance booking patterns and price levels thanks to a healthy consumer appetite for travel. On the cost side, expenses should be better managed ahead as a result of optimized occupancy and ongoing productivity initiatives, aiding profitability.