Business Strategy and Outlook
| Jaime M. Katz |Carnival remains the largest company in the cruise industry, with nine global brands and more than 90 ships at the end of fiscal 2022. The global cruise market has historically been underpenetrated, offering cruise companies a long-term demand opportunity. Additionally, prior to the pandemic, the repositioning and deployment of ships to faster-growing and underrepresented regions like Asia-Pacific had helped balance the supply in high-capacity regions like the Caribbean and Mediterranean, aiding pricing. However, international travel has lacked consistency as a result of COVID-19, a trend that could be lumpy depending on consumer behavior, which would challenge the economic performance of Carnival over an extended horizon.