Two major cruise operators saw their stocks hit 52-week lows on Thursday, as Norwegian Cruise Line Holdings dipped as low as $14.48 and Carnival Corporation sank to $22.28.
Other cruise stocks were also down on Thursday, including Royal Caribbean, Lindblad and Viking, although those three were off their year-long lows.
Driving the dips were said to be concerns over fuel prices due to the ongoing Middle East situation, and a potential capacity and pricing situation in the Caribbean in the first quarter.
U.S. crude oil had topped $100 a barrel on Wednesday as strikes continue in the Middle East.
Meanwhile, multiple Wall Street analysts have pointed to the cruise industry’s 2027 first quarter Caribbean capacity and ticket pricing as a potential concern.
One note sent to investors this week had called out Norwegian Cruise Line Holdings specifically as a contributor to pricing pressure.
Aurora Expeditions closed out 2025 as its biggest year ever and is building on that momentum as the company recently expanded to three ships with the new Douglas Mawson, according to an interview with Chief Marketing Officer Katie Malone featured in the 2026 Expedition Report by Cruise Industry News.
There is also a charter deal with Lindblad for Alaska and a Mediterranean deployment that puts the newest vessel somewhere most polar operators don’t go.
Aurora operates the Greg Mortimer, the Sylvia Earle, and the Douglas Mawson. All three ships are part of the SunStone Infinity-class series on long-term charter deals.
The Douglas Mawson maxes out at 130 passengers for expedition cruises; however, the ship can accommodate more guests on small-ship cruises in the Mediterranean and British Isles.
The Mediterranean deployment kicks off this year with itineraries focused on storytelling.
Each sailing features a “Master Storyteller” with historians, genealogists, art experts or cultural specialists, alongside Aurora’s expedition team. Guests also receive all-inclusive “Your Choice” excursions at each port.
It’s a test of whether Aurora’s expedition DNA translates to warm-water cruising.
The company bills it as “Vantage Explorations,” distinct from traditional expedition cruising but using the same ships and operational philosophy. Aurora acquired some assets from bankrupt Vantage in 2024.
The deal will run for three years and covers the Northern Hemisphere summer season.
That’s one-third of Aurora’s fleet capacity gone for six months a year, but Malone said not to worry.
“The Greg Mortimer will be chartered for six months during the Northern Hemisphere summer in 2027 and 2028, with an option for 2029,” Malone said. “This forms part of our long-term fleet and growth strategy, designed to optimize seasonal deployment and align all our capacity with the demand that is out there.”
With the Greg Mortimer in Alaska with Lindblad, Aurora will operate Europe, Arctic and expedition programs using the Sylvia Earle and Douglas Mawson.
The Greg Mortimer continues operating in Antarctica and other geographies outside the charter window.
The Lindblad deal solves a deployment problem, too, as it maximizes utilization without Aurora needing to build its own Alaska sales infrastructure.
“It’s fair to say that we are constantly on the lookout for ways to increase capacity that are strategically aligned with what we think is the special sauce for Lindblad around the size of the ship and the types of expeditions that we can run,” said Dolf Berle, CEO, speaking on the company’s fourth-quarter and year-end earnings call.
Berle said the company was in active conversations with a number of entities that have ships available.
And building on the strengths of the recently launched National Geographic Endurance and Resolution, more new ships could also be on the way.
“We do have an interest in thinking hard about going forward with additional ships. But at this point we’re not placing that order,” Berle noted.
In addition to the company’s recent two Polar newbuilds, the Endurance and Resolution, it also built two 100-guest coastal vessels, the Quest and Venture. Last year Lindblad also acquire the Crystal Esprit which will be refurbished for service in the Galapagos.
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