In this article, we will look at the 10 largest cruise ships in the world. We have also discussed the growth of the global cruise ship market. If you want to skip our detailed analysis, head straight to the 5 Largest Cruise Ships in The World.
The global cruise ship market is witnessing considerable growth, with a forecasted analysis projecting a increase from 2024 to 2032. Currently, the market is segmented into various types, including mainstream cruise ships, ocean cruise ships, luxury cruise ships, and others. This segmentation extends further to differentiate based on size (small, medium, and large) and application (transportation, leisure, and others).
In 2022, the worldwide Cruise Ships market reached a valuation of $54,380 million and is anticipated to reach $68,490 million by 2029, registering a CAGR of 3.3% throughout the forecast period.
Notably, North America dominates the market, housing major cruise ports like Miami and Port Canaveral. The region had 229 cruise ship calls in 2022, the highest since 2008, with an expected rise to 250 calls by 2026, indicating a promising post-COVID rebound. Europe is also set for major growth, boasting major ports such as Barcelona and Venice, while the Asia Pacific is an emerging market, with destinations like Singapore and Shanghai gaining traction.
Currently, key players such as Royal Caribbean Cruises Ltd (NYSE:RCL), Carnival Corp (NYSE:CCL), and Norwegian Cruise Line dominate the competitive landscape as they consistently focus on innovation and adaptability to overcome challenges, particularly those posed by the COVID-19 pandemic.
Speaking of Royal Caribbean Cruises Ltd (NYSE:RCL), the company is experiencing an unprecedented increase in demand for its cruises, with a 14% increase in travelers projected for 2024 compared to the previous year. This increase has led to a major shortage of available cabins, with Royal Caribbean Cruises Ltd (NYSE:RCL) reporting only half the number of staterooms available in the first quarter of 2024 compared to the same period in 2023. This scarcity is expected to extend throughout the year, with fewer unclaimed cabins projected for all of 2024 compared to the previous year.
The company’s CEO, Jason Liberty, highlighted the growing demand during the fourth-quarter earnings call, noting that Royal Caribbean Cruises Ltd (NYSE:RCL) has witnessed the five strongest booking weeks in its history over the past three months. This increase in reservations, particularly during the New Year’s “wave season,” also confirmed that there were challenges faced by prospective travelers hoping to secure their dream Royal Caribbean Cruises Ltd (NYSE:RCL) vacation amidst the dwindling cabin availability.
Another key player, Carnival Corp (NYSE:CCL)’s investment in Celebration Key, a new port destination set to open in 2025, has increased to $500 million which is more than double the initial $200 million investment. The project anticipates creating 350 jobs during construction and sustaining 700 permanent positions. The development encompasses 40 acres and will feature two large-scale lagoons, 20 retail outlets, food and beverage establishments, and a 1,600-foot pier capable of hosting two 6,000-passenger ships simultaneously. Carnival Corp (NYSE:CCL) is one of the biggest cruise ship companies in the world.
Juan Fernandez, Vice President of Destination Operations, attributed the investment increase to inflation and an expanded project scope. Over 300 individuals will be employed directly by Carnival Corp (NYSE:CCL), with additional opportunities for 400 people through third-party retailers and eateries.
Carnival Corp (NYSE:CCL) envisions Celebration Key as a flagship destination, projecting three million visitors by 2026. Marketing efforts will also intensify in the coming months, capitalizing on various platforms to promote the port.
It is interesting to note that the launch of the world’s largest cruise ship, the Icon of the Seas, from Miami, Florida, has drawn significant attention, with impressive dimensions and amenities. Costing $2 billion to construct, environmental concerns loom large over this grand spectacle. Despite being built to run on liquefied natural gas (LNG), touted for its cleaner burning properties, critics argue that LNG still emits significant methane, a potent greenhouse gas. According to reports, LNG-fueled ships like the Icon of the Seas may emit over 120% more lifecycle greenhouse gas emissions than conventional marine fuels. As the world grapples with the urgent need to curb emissions, the environmental impact of such mega-cruise ships remains a contentious issue.
A luxury cruise ship in motion in the ocean, with passengers enjoying the view on the deck.
Our Methodology
To list the largest cruise ships in the world, we have utilized data on gross tonnage to rank the cruise ships in order of being “large”. Gross tonnage is a nonlinear measure of a ship’s overall internal volume. The list is presented in ascending order.
By the way, Insider Monkey is an investing website that tracks the movements of corporate insiders and hedge funds. By using a similar consensus approach, we identify the best stock picks of more than 900 hedge funds investing in US stocks. The top 10 consensus stock picks of hedge funds outperformed the S&P 500 Index by more than 140 percentage points over the last 10 years (see the details here). Whether you are a beginner investor or a professional one looking for the best stocks to buy, you can benefit from the wisdom of hedge funds and corporate insiders.
Here is a list of the largest cruise ships in the world:
10. Arvia
Gross Tonnage: 184,700
The MS Arvia is an excellence-class cruise ship for P&O Cruises, built by Meyer Werft and debuted on December 23, 2022, after a brief delay from the original plan. With a gross tonnage of 184,700, it’s the largest vessel for the British cruise market. Operating with a normal capacity of 5,200 passengers, expandable to 6,264 with additional berths. Nicole Scherzinger was announced as Arvia’s godmother by P&O Cruises on March 2, 2023.
Arvia has over 30 bars and restaurants on board, mirroring the design of her sister ship, Iona, albeit with some notable differences. It is one of the dreamiest cruise ships in the world.
9. Costa Tascona
Gross Tonnage: 185,010
Costa Toscana is Costa Cruises’ 185,000 gross ton flagship and has impressive dimensions: 1,106 feet in length and 138 feet in width. Accommodating a maximum of 6,554 passengers, it offers 2,663 staterooms and employs up to 1,678 crew members.
Like its predecessor, Costa Smeralda, Toscana is LNG-powered and features the iconic Colosseo as its centerpiece. With 11 restaurants, 19 bars, and lounges, guests have ample options for dining and entertainment. Notable venues include the Aperol Spritz Bar which offered beach cocktails, and Sushino at Costa, a new sushi bistro.
For breathtaking sea views, visitors can ascend to the Volare Skywalk, towering over 200 feet above sea level, providing an unforgettable experience.
8. Costa Smeralda
Gross Tonnage: 185,010
Costa Smeralda is the flagship of Costa Cruises’ Excellence-class vessels that stretches 1,106 feet in length and spans 138 feet in width, with a gross tonnage of 185,000. With a capacity to accommodate up to 6,554 passengers and 1,678 crew members, it offers a plethora of dining options, including 11 restaurants and snack bars, along with 19 bars and lounges.
Archipelago stands out among its culinary offerings, presenting innovative cuisine crafted by three world-renowned chefs. The ship also hosts a variety of entertainment options, centered around the Colosseo, featuring live performances and social gatherings.
Additionally, Costa Smeralda features an array of recreational amenities, including 13 pools and hot tubs, an aqua park, and the Beauty Spa Solemio, ensuring a memorable cruise experience for all aboard. It is one of the largest ships in the world.
7. MSC World Europa
Gross Tonnage: 215,863
MSC World Europa is the pioneering vessel of MSC Cruises’ MSC World-class fleet that debuted in December 2022 as the cruise line’s first LNG-propelled ship. With futuristic design elements, it features a 341-foot promenade adorned with Meraviglia-class LED sky screens and ocean vistas.
With 2,626 staterooms and capacity for 6,762 passengers, it offers different entertainment zones, including a serene adult area and a family zone with bumper cars and roller skating. The ship hosts a 300-seat multifunction entertainment venue, Luna Park Arena, and 13 restaurants and bars. It is one of the most luxurious cruise ships in the world.
For ultimate luxury, guests can indulge in the MSC Yacht Club’s exclusive amenities, including premium suites, a private pool, and butler service. It is one of the cruise ships you must experience at least once in your life.
6. Allure of the Seas
Gross Tonnage: 225,282
Allure of the Seas is an Oasis-class cruise ship owned by Royal Caribbean International. The cruise epitomizes grandeur with its staggering dimensions. Constructed in 2008 at the Perno shipyard in Turku, Finland, she measures 50 millimeters longer than her sister ship, Oasis of the Seas.
At her launch in November 2009, she claimed the title of the world’s largest passenger ship, a feat only overshadowed by her sister, Harmony of the Seas, in June 2015. With an impressive overall length of 362.12 meters, Harmony of the Seas set a new standard in maritime magnificence. Allure of the Seas found her home in Galveston, Texas, in November 2022, before relocating to Port Canaveral, Florida, in October 2023, where she now embarks on 3- and 4-night cruises to the Bahamas, continuing her legacy of luxury and adventure. As of 2022, all ships of the Oasis class rank as the world’s largest passenger ships.
Click here to see the 5 Largest Cruise Ships in The World.
Suggested Articles:
- 16 Largest Cruise Ships in the World
- 12 Most Luxurious Cruise Lines
- 15 Best Boat/Yacht Insurance Companies Heading into 2024
Disclosure: None. 10 Largest Cruise Ships in The World is originally published on Insider Monkey.
Hedge Fund Resource Center