Cruise Industry News highlights some of the industry’s key headlines, developments and trends seen in 2025.

Profitability

Carnival Corporation reported full-year adjusted EBITDA of $7.2 billion, up over $1 billion compared to the prior year.

With a load factor of 112 percent, the Royal Caribbean Group reported an adjusted EBITDA of $2.3 billion in the third quarter. The company also said that its adjusted EPS is expected to grow approximately 32 percent year-over-year and be in the range of $15.58 to $15.63.

In the third quarter, Norwegian Cruise Line Holdings delivered an adjusted EBITDA of $1.019 billion, exceeding guidance. The company also expects its full-year adjusted EBITDA to increase, reaching approximately $2.72 billion.

Over 20 New Ships Ordered

A large number of cruise lines placed orders for new cruise ships, including the Royal Caribbean Group, which ordered new vessels for Royal Caribbean, TUI and Celebrity Cruises.

MSC Cruises ordered eight new ships, including four additional World-class vessels from Chantiers de l’Atlantique and four ships of a new class from Meyer Werft.

Carnival Corporation also added orders to its lineup, with new vessels now planned for AIDA Cruises, while Norwegian Cruise Line Holdings contracted additional ships for its Oceania and Regent brands.

Other significant orders include Ocean Advice and its contract with China Merchant Heavy Industry for eight new coastal and expedition vessels.

Large Refits and More Cabins

More cruise lines announced and completed big refurbishment and modernization projects for existing ships in 2025, including a number that also included significant capacity increases.

AIDA Cruises, MSC Cruises, Norwegian Cruise Line, Royal Caribbean International and Celebrity Cruises were among the brands that announced or completed big investments in their ships over the year.

While MSC announced plans to actually decrease the capacity of two vessels for the addition of its high-yielding Yacht Club suite enclave, Royal Caribbean, Silversea, Celebrity and Norwegian were the brands adding a significant number of berths to their existing fleets.

New Ships in Service

2025 was a big year for newbuilds, with 13 vessels entering service for brands including MSC Cruises, Royal Caribbean, Norwegian Cruise Line, Princess Cruises and Norwegian Cruise Line.

According to Cruise Industry News’ Global Cruise Ship Orderbook report, the ships added over 13,000 berths to the industry at a total cost of roughly $10 billion.

The lineup included Royal Caribbean’s Star of the Seas, which now shares the title of the largest cruise ship in the world with the Icon of the Seas.

Private Destinations in Focus

As more destinations plan restrictions and cruise fees, cruise lines shifted more of their focus toward private destinations in 2025.

In one of the most significant deployment developments of the year, Carnival Cruise Line opened its first exclusive destination: Celebration Key in Grand Bahama.

Norwegian Cruise Line announced plans to make major upgrades to its private port of Great Stirrup Cay in the Bahamas, while MSC confirmed plans to enhance its Ocean Cay MSC Marine Reserve.

The Royal Caribbean Group also made plans for a significant expansion of its portfolio of exclusive destinations with the debut of new beach clubs, hotels and private ports in the Caribbean, Europe, South America and the South Pacific.

Secondhand Market

Various cruise ships were sold, bought, chartered or dismantled throughout the course of the year.

Notable transactions include the sale of the Costa Fortuna to Margaritaville at Sea, as well as the sale of Seajet’s Goddess of the Night to Tianjin Orient International Cruise Line.

Marking Norwegian’s first ship withdrawals in over 15 years, the Norwegian Sky and the Norwegian Sun were sold to Cordelia Cruises, while the Seabourn Sojourn was acquired by Mitsui Ocean Cruises.

Scrapyards were also busy in 2025 with the dismantling of ships like the 1948-built Astoria, the former Song of America, the former Celestyal Crystal and smaller expedition ships.

Residential Cruising and Luxury Market Up

Residential cruising gained momentum in 2025 with Villa Vie Residences marking its first full year of service and new players eyeing future operations, such as Crescent Seas and Project Lumina.

The luxury market continued to pick up steam throughoutr the year, as more brands announced plans to expand with more ships, including new orders from Viking, Regent, Scenic and Emerald.