Oct. 9, 2024 - It is so good having the cruise stocks trio to set sail together this morning as crude oil WTI Futures goes on a downtrend nearing the support price of $70 per barrel oil. Reduced oil price would lead to reduced fuel costs, lower operating costs, and therefore increase profitability. And the market appreciates the cruise trio wholeheartedly today.
Royal Caribbean (RCL, Financial) stock keeps pushing upward and hits its all-time-high today of $189. IBD reported a solid 2025 outlook for RCL where bookings are higher for the next year. This is the same story for Carnival (CCL, Financial) and Norwegian Cruise (NCLH, Financial) that have also reported record bookings for 2024 and 2025.
With a strong outlook and potentially lower gas expenses, the longshoremen strike that recently happened gives almost zero effect. Previously on Oct. 1 the International Longshoremen's Association made a strike for higher average wages and they succeeded. This strike allegedly would cause disruptions in cargo handling and port operations in cruise line companies. But things settled smoothly and CCL, RCL and NCLH stocks set sail unimpacted.
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