The modern cruise industry was established in North America in the late 1960s just as the global ocean liner business was effectively being dismantled by the growth of jet aircraft travel. Previously, cruises were primarily operated as a secondary product to augment or supplement line voyaging and so ensure that ships were utilised year-round. Over the past 40 years, cruising has become the prime product and has spread far beyond its original Florida-based operation.

This report will cover:

the industry’s recent and projected growth

the financial performances, product development and expansion plans of its major players

the product segmentation within the sector

the trends within the major and emerging source markets

the growing economic impact of cruise tourism on regions and individual countries

the development of cruise tourism infrastructure in the ports of those countries and regions

the increasing environmental challenges facing the industry

the developments within the specialist cruise shipbuilding sector

It will highlight the continued dominance of three major cruise companies: Carnival Corporation, Royal Caribbean Cruises (RCC) and the Star Cruises Group. In 2007, their combined revenues approached US$22 billion, with Carnival and RCC making US$3 billion profit between them, while Star lost US$200 million. The profit levels of the top two were especially impressive given the huge rises in fuel costs, which they have been able only partially to offset by a range of measures ultimately including surcharges to passengers.