Cruise execs not worried about downturn - by Martha Brannigan
Cruise execs not worried about economic downturn - Europe major focus for growth - by Martha Brannigan
Top executives at six major cruise lines concurred that their industry's outlook remains bright in the face of a sour economy with challenges including a bleak housing market, a weak dollar and record fuel prices.
The cruise industry continues to grow at a brisk pace and expects to introduce eight new ships during 2008 and a total of 36 new ships from 2008 through 2012.
The cruise industry expects to carry 12.8 million passengers in 2008, up from 12.6 million in 2007, said Hanrahan, who serves as marketing committee chairman for the Cruise Lines International Association, a trade group. Cruise lines continue to fill their ships to more than 100 percent occupancy, he noted. About 86 percent of cruise agents surveyed said they believe sales will be as good or better in 2008 as they were in 2007, Hanrahan said. They say the value of a cruise compared with a land-based vacation gives the industry an advantage, several cruise executives said. And the global nature of the business enables the cruise industry to shift capacity to stronger markets during economic downturns. Presently Europe, for instance, is a major focus for growth for the cruise lines."Cruising clearly is catching on in Europe", said Carnival CEO Gerald Cahill.
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