News from inside the Cruise Industry: Royal Caribbean Earnings, Carnival Board, and VARD’s Green Ship

There has been more than enough to discuss lately when it comes to external happenings in the cruise industry: outbreaks of the coronavirus, ships racing to come to land and dock, itineraries being cancelled and moved around. But, there’s also lots going on behind the scenes of some of the biggest companies in the industry right now.

Royal Caribbean reports executive earnings

We won’t blame if you’ve already forgotten, but the cruise industry was doing remarkably well in 2019. Ah, back in the good old days. We can hardly remember them…. Anyways, Royal Caribbean was doing particularly well and posted a record year in terms of finances. If you’re curious as to the specifics of it, you’re in luck, because the company just posted their executive earnings from last year. You can check it out here, but here’s two highlights: their CEO raked in about $14 million and their CFO took home about $5 million. Don’t worry, though, their CEO will be forgoing his salary until at least September in light of COVID-19.

Carnival gets new addition to Board of Directors

Carnival Corporation has added a new member of its 12-member Board of Directors: Jeffrey J. Gearhart. While he doesn’t have any direct experience with the cruise industry, he brings corporate experience from his 15-year tenure at Walmart, where he rose to Vice President before retiring from the company. He is to serve “in a non-executive capacity.”

VARD constructs a ship for the renewable energy industry

The renewable energy industry now has a new manufacturer to look to. VARD is a subsidiary of the Fincantieri shipyard, and they are set to design and build a vessel for the Asian market that will be used for maintenance on the Greater Changhua Wind Farm. This partnership will hopefully lead to VARD – and perhaps Fincantieri on a larger scale – working more in this sector, which could prove to be a very exciting expansion.

Carnival offers bonuses to travel advisors

Here’s some nice news for those out there in the travel industry! Carnival has recognized that travel agents are likely struggling to get many bookings right now, so they have slightly enhanced their Onboard With You program. Agents get a nice, extra 1% bonus on bookings made before June 30, and their 2020 commission rates will be the same in 2021 “regardless of whether they meet the necessary criteria for this year.”

With most ships in the world quite literally not sailing, it can feel like the cruise industry is at a complete stand-still. This isn’t true, though! We’ll keep you updated on any further news that happens to pop up, whether that’s on the inside or outside of the industry.

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News from inside the Cruise Industry: Royal Caribbean Earnings, Carnival Board, and VARD's Green Ship
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News from inside the Cruise Industry: Royal Caribbean Earnings, Carnival Board, and VARD's Green Ship
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There's also lots going on behind the scenes of some of the biggest companies in the industry right now.
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