An assessment of two of the world's major cruise lines. The cruise industry appears to have bounced back from the worst period in its history, the COVID-19 pandemic. During the 15-month shutdown induced by the pandemic, each company had to let most of its staff go and borrow money to keep their businesses afloat while they earned almost no revenue. And even when they sailed again in mid-2021, it took several quarters to fill ships back to capacity. Moreover, both companies have benefited from record booking ...