Ocean cruise shipping is a billion-dollar business: a new record was set in 2024

By: Trademagazin Date: 2025. 07. 14. 09:20

Although it costs at least $1 billion to build a single modern ocean liner, the industry is enjoying a golden age. In 2024, the popularity of ocean cruises set a record worldwide: 34.6 million passengers chose this form of travel, a 9 percent increase over the previous year.

The global fleet of ocean cruises now exceeds 300 ships, and another unit will be added by the end of the year. Celebrity Cruises’ newest ship, Celebrity Xcel, will appear on the shores of Europe from the summer of 2026, after spending its first season in the Caribbean on seven-night itineraries departing from Fort Lauderdale. In Europe, it will sail 7- to 11-night Mediterranean voyages from Barcelona and Athens. The gigantic ship will be the fifth member of the company’s Edge-class fleet.

The Industrial Machine Behind Luxury Cruises

Ocean cruise ships are among the world’s largest moving vehicles, rivaled only by the floating monstrosities used to extract oil and gas. The market is dominated by three major players: Royal Caribbean, Carnival and Norwegian Cruise Line, which together account for 80 percent of the world’s ocean shipping. These companies derive a significant portion of their revenue – around 30 to 40 percent – not from tickets, but from onboard consumption: meals, drinks, wellness and entertainment services make up the bulk of their profits.

Although the three major companies are headquartered in Florida, the vast majority of their ships – around 70 percent – are registered in countries such as Panama, Bermuda, the Bahamas and Malta. The reason is simple: these countries have much more relaxed environmental, labour and operational regulations, which means that shipping companies can obtain operating licenses faster and cheaper.