Cruise lines gained $2.655 billion in market value on Wednesday and led gains in the S&P 500 index, fueled by a wave of optimism in the broader market as well as signs that the sector might finally be making a comeback. The normality.
Norwegian Cruise led the gains, with its shares rising 11.82% to $13.53 each. The company announced that starting in September it will eliminate the mandatory vaccination requirement on its cruise ships.
“(Norwegian Cruise’s announcement) is a positive sign that the pandemic restrictions that hurt the industry so much are ending and that tourism is returning to normal,” said Jacobo Rodríguez, director of research at Black Wallstreet Capital.
In addition, the papers Royal Caribbean rose 9.74% on the New York Stock Exchange to $41.67 each, while Carnival rose 9.19% to $10.34.
Rodríguez stressed that the rebound of these companies was part of a day of optimism for the entire stock market due to the news that inflation in the United States slowed down in July.
Despite the gains, the sector accumulates a loss in market capitalization of more than 24,000 million dollars so far in 2022.
The one that lost the most in the year was Carnival (-48.61%), followed by Royal Caribbean, which fell 45.81%, while shares of Norwegian Cruise fell 34.67 percent.
The BW Capital analyst explained that the fall in the sector’s stock market is explained by higher fuel costs that put pressure on company profits, in addition to the persistence of restrictions due to Covid-19 and inflationary pressures.
Norwegian Cruise offers cruises to destinations including Alaska, Hawaii, the Bahamas, the Caribbean and Europe; Royal Caribbean has destinations in the Caribbean, Bahamas, the Mediterranean Sea and Mexico, while Carnival also has routes to the Caribbean, the Bahamas, Alaska and Mexico.
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