The cruise ship market, growing at a CAGR of 7.9%, is projected to rise from $8 billion in 2021 to $16.7 billion by 2031. North America currently leads, but Asia-Pacific is expected to dominate soon, driven by lower labor costs and rising disposable income. Innovations, strategic partnerships, and COVID-19 recovery efforts are fueling this growth.
Carnival Corporation has finalized an agreement with Meyer Werft for a fifth Excel-class cruise ship to be delivered in 2028, marking the 11th Excel-class ship across its brands. The new LNG-powered vessel will hold over 6,400 guests. The company plans to add 1-2 ships yearly starting in 2027.
The SS United States ocean liner may soon be moved from Philadelphia to Florida to become the world’s largest artificial reef. Okaloosa County has struck a deal but must act swiftly due to a legal ruling. Officials will discuss funding next week, and the reef is expected to boost the local economy significantly.