Carnival Corporation has reported a “measurable lengthening in the booking curve” as customer deposits hit a record $5.1 billion in the final quarter of 2022.
The previous record quarter for customer deposits came in 2019, when the business collected $4.9bn.
Although the world’s largest cruise firm reported a net loss of $1.1bn for the fourth quarter and low occupancy levels, chief executive Josh Weinstein remained upbeat about the company’s pandemic recovery.
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Occupancy levels in the fourth quarter was 19 percentage points lower than 2019 but was “better” than the third quarter which was 29 percentage points below 2019.
Revenue in the quarter stood at $3.8bn, which was 80% of the fourth quarter of 2019.
Weinstein highlighted how booking volumes had “strengthened” as Covid protocols eased, cancellations were “improving globally” and all nine Carnival brands were seeing a “measurable lengthening of the booking curve”.
During the fourth quarter booking volumes for 2023 sailings were nearing 2019 levels, with November bookings exceeding 2019 levels, Carnival added.
While bookings in North America and Australia were up against the same quarter in 2019, sales in Europe and Asia were lower versus 2019.
“The momentum has continued into December, which bodes well for 2023 overall as more markets open for cruise travel, protocols continue to relax, our closer to home itineraries play out, our stepped-up advertising efforts pay dividends and our brands continue to hone all aspects of their revenue generating activities,” said Weinstein, as he announced the firm’s quarterly financial results on Wednesday (December 21).
He went on to say the firm was “accelerating” to “strong profitability” across its fleet.
Around a quarter of Carnival’s fleet were new vessels, said Weinstein, who added: “We believe this leaves us well positioned to drive revenue growth across our global brand portfolio.”
The company estimates a 3% increase in capacity in 2023 over 2019.
Changes in fuel price, fuel mix and currency rates “unfavourably” hit the fourth quarter revenue by $267 million compared to the final quarter of 2019.
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