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BofA analysts said in a note to clients on Monday that the firm sees stronger pricing out of Royal Caribbean (NYSE:RCL) than Norwegian Cruise Line (NYSE:NCLH), with Carnival Corp. (NYSE:CCL) in the middle.
In his note, focused on cruise line pricing, the analysts added that there is more variation among the companies.
“Based on prices pulled around 4/1, capacity-weighted sequential pricing improved the most for RCL (+3.0%) compared to March, while NCLH had a sequential decline (-1.3%) given sale activity in Alaska. CCL pricing was up +1.5% sequentially,” wrote Didora.
“Pricing in the Mediterranean was weaker for both RCL and NCLH while a slight improvement for CCL. Meanwhile, Caribbean pricing has been solid for all 3 cruise lines, and we noted in our searches that RCL has sold out of some near-term Caribbean sailings.”
The analysts also labeled Caribbean pricing as a “bright spot,” adding that Mediterranean pricing was “soft,” although overall, he believes there is solid pricing across 2023 and into 2024.
“Overall, the March pricing trends are encouraging given a slow down in other forms of travel, particularly our airlines data,” he concluded.
