Three major cruise operators reported hundreds of millions of dollars in quarterly fuel expense, while their disclosures show different ways to limit exposure to fuel prices, with fuel remaining a major operating cost.
Carnival Corporation Ltd.’s quarter ended Aug. 31, 2026, while Royal Caribbean Group and Norwegian Cruise Line Holdings Ltd. reported results for the three months ended Sept. 30. Carnival recorded $615 million in fuel expense, up from $451 million in the year-earlier period, even as fuel consumption per available lower berth day improved 3.8% year over year.
Carnival’s filing says it seeks to reduce fuel-price risk by using less fuel. It cites fleet optimization, energy efficiency, itinerary efficiency, new technologies and alternative fuels. CNBC reported that CEO Josh Weinstein said the company’s fuel consumption rate had fallen 26% since 2019 and estimated savings of about $700 million in 2026.
Royal Caribbean reported $347 million in third-quarter fuel expense on consumption of 446,000 metric tons. Its fourth-quarter guidance includes $379 million in fuel expense, based on expected use of 463,000 metric tons. The company’s earnings release says 58% of its forecast 2026 consumption was hedged through swaps. Chairman and CEO Jason Liberty told CNBC, “We’re a little bit over 60% hedged here for 2026.” The reports do not explain the difference.
Norwegian reported $196 million in fuel expense and consumption of 239,000 metric tons. Its net fuel price after hedging was $819 per metric ton, up from $744 a year earlier. As of Oct. 15, the company had hedged about 48% of projected 2026 fuel use and 42% of projected 2027 use. It primarily hedges heavy fuel oil and marine gas oil; most other fuel types remain unhedged.
For the fourth quarter, Carnival forecasts $640 million in fuel expense and Royal Caribbean forecasts $379 million. Norwegian projects consumption of 255,000 metric tons at a net-of-hedges price of $803 per metric ton; it did not provide a total fuel-expense forecast.
