Lindblad Expeditions can be profitable with its ships at around 40 percent occupancy, according to Craig Felenstein, chief financial officer.

The company, with what is considered the best ticket pricing in the industry, already has eight ships back and operating.

“It’s really hard for me to say that x percent of occupancy will now be profitable as a company because there’s not a new normal right now,” Felenstein  said on the company’s second quarter call.

“And certainly, when you think about it on a ship level, what I will say, on an overall ship basis, each ship can be profitable anywhere from the 40%-plus occupancy in most geographies.

“So we feel that getting the ships back in the water will certainly allow us to be profitable from a ship level perspective, but certainly having enough scale to have all these ships in the water will allow us to get there from a company perspective.”