seen as better protected from the conflict. Cruise ships burn a lot of fuel, and that's becoming a very expensive problem. Royal Caribbean flagged a $270 million fuel cost hit in its 2026 outlook, plus an extra $30-40 million from ships that remain stuck in the Gulf region due to the conflict. The company also noted growing consumer hesitancy around bookings for eastern Mediterranean destinations.
Not every cruise line is in the same boat. Viking - which focuses on river cruises and expedition voyages - got an analyst upgrade to buy from Rothschild & Co., with shares gaining about 3% on Tuesday. The firm argued Viking's stock is trading at less than a 30% premium to Norwegian and Carnival, making it relatively cheap for a company less exposed to the Gulf disruptions.
The cruise sector faces the same fuel cost pressure hitting airlines, with oil near $100 a barrel translating directly to higher operating costs for ships that burn thousands of gallons per day.
The cruise industry was in the middle of a strong recovery before the war disrupted fuel markets and travel plans. If oil prices ease on renewed U.S.-Iran talks, cruise stocks could be among the first to bounce. If not, the $270 million fuel bill Royal Caribbean flagged could be just the start.
