In September Carnival reported net income of $1.1 billion for the third quarter ended Aug. The stock prices of both Royal Caribbean Cruises and Norwegian Cruise Line Holdings are up more than 50% since Oct. stock, for example, is up 66% since a recent low on Oct. Several of the publicly traded stand-alone cruise line companies have seen a dramatic increase in their stock prices in recently months, following robust third-quarter earnings reports and forward guidance, propelled by strong bookings and higher ticket prices.Ĭarnival Corp. That was 6.97% higher than its previous record in fiscal 2019.

Port Canaveral isn't alone in seeing a rise in cruise traffic 220 miles to the south, PortMiami reported almost 7.3 million passengers in fiscal 2023, which ended Sept. Moody's Investors Service rates Port Canaveral A3 with a stable outlook. 'While the port remains exposed to the discretionary cruise business, contracts with key cruise lines help to insulate revenue from volume fluctuations,' Fitch said. The authority's debt structure, which Fitch calls 'conservative,' includes 'long-term, fixed-rate revenue bonds with staggered maturities and a final maturity in 2048.' 'Unaudited cruise revenues for fiscal 2023, including parking, are expected to be approximately $158 million, a 60% increase when compared with fiscal 2022,' Fitch said.Ĭurrent revenues cover debt service two times, exceeding the covenanted 1.25 times coverage of maximum annual debt service. According to Fitch, total cruise passenger volume for fiscal 2023 was over 6.7 million, a 37% increase over the pre-pandemic high of 4.9 million.

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