Cruise tourism took a setback because of the pandemic, which led to port closures and the temporary ban of cruises leading to a massive loss of revenues. Though the demand has eventually recovered over the past year, several large operators are struggling to reach their full capacity.
The ongoing Russia-Ukraine war and increasing oil prices are weighing on the sector’s near-term prospects. Also, fears of an impending recession have reduced cruise line sales as consumers cut back on their leisure spending.
