Cruise Stocks Are Having a Bad Day–and 2024

Looking at the S&P 500 index, it’s clear cruise stocks aren’t doing well.

Shares of Norwegian Cruise Line Holdings were down 5.6% on Friday afternoon, while Royal Caribbean Cruises stock was off 3.8% and Carnival Corporation shares were down 3.1%. The S&P 500, on the other hand, was up 0.5%.

It’s been a rough 2024 so far for the cruise industry. Norwegian’s stock is down 13% this year, while Royal Caribbean has fallen 7% and Carnival is down 15%.

Investors are taking some profits off the table, after cruise stocks experienced a blockbuster 2023. Cruise companies saw healthy occupancy levels after travelers came back in droves, making up for the time lost during the pandemic. Royal Caribbean and Carnival were among the top 10 performers of the S&P 500 in 2023, gaining 162% and 130%, respectively. Norwegian’s stock climbed 64% last year.