Cruise line stocks sailed higher on Monday as sentiment on the sector stayed positive due to the early reports of a strong Wave Season,
Bookings and pricing are both higher than a year ago for the early part of Wave Season. Last week, Royal Caribbean (RCL) characterized Wave Season as off to a “great” or “fantastic” start, citing the highest seven booking weeks in its history during Cyber sales and early Wave, and indicating that roughly two‑thirds of 2026 capacity is already sold at record rates.
Of note, Wave Season is the cruise industry’s main annual booking period, typically running from early January through the end of March each year. During the period, cruise lines and travel agencies typically push their most aggressive promotions and sales, using the cold‑weather months and new‑year planning cycle to drive demand for sailings later in the year and even into following years.
Looking ahead, investors are showing increasing confidence that the cruise line industry can sustain higher pricing while also filling ships further in advance. At the same time, recent management commentary about a sizable 2026 newbuild pipeline and geographic expansion, such as in Latin America, reinforces that a multi‑year growth story may be in play.
Shares of Carnival (CCL) were up 4.4% in afternoon trading, while Viking Holdings (VIK) was up 4.2% and Royal Caribbean Cruises (RCL) rallied 3.9%. Norwegian Cruise Line Holdings (NCLH) led the cruise line pack, with a 7.4% pop.