【Jefferies-2025研报】5月邮轮定价环比下降0.2%；MSC和NCLH略有上升.pdf

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EquityResearch

USA|LeisureJune11,2025

MayCruisePricingDown0.2%MoM;MSCand

NCLHUpSlightly

FollowingourinitiationonthebroadsectorHERE,cruiselinepricingtrendsin

Maywereonaveragedown(0.2%)MoM,withrelativestrengthfromMSCand

NCLHmorethanoffsetbyweaknessfromLINDandDIS,andtoalesserextent

RCL,VIK,andCCL.WenotethatpricingisflattoupYTDforallfourofour

traditionalcruiseoperators(CCL,RCL,NCLH,andVIK),withRCLseeingthe

largestgains,whileYTDpricinghasbeendownslightlyatDIS.

CaliforniaforcesashifttoMoMcomps.InJuly2024,CaliforniasHonestPricingLawwentinto

effect,mandatingthatcruiselinesincludetaxesandfeesintheiradvertisedprices.Thiscaused

atemporaryspikeintheMoMandYoYcompsforJuly.Asaresult,YoYcompswillnotbeafair

comparisonuntilJuly2025,asJuly2024onwarddatahastaxesandfeesincludedinthepricingof

ticketsinCalifornia.However,webelievewecanstillgleaninsightsintopricetrendsbycomparing

theMoMtrendstothoseinthecorrespondingmonthsof2023and2024.

AsofJune10:

•CCLsweightedaveragepernightpricewas(0.0%)MoMinMay

•vs+0.1%+0.0%MoMinMay2023May2024,respectively

•RCLsweightedaveragepernightpricewas(0.3%)MoMinMay

•vs+0.3%(0.9%)MoMinMay2023May2024,respectively

•NCLHsweightedaveragepernightpricewas+0.3%MoMinMay

•vs(0.1%)+0.1%MoMinMay2023May2024,respectively

•VIKsweightedaveragepernightpricewas(0.

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