Which Cruise Line Is Going Out of Business in 2026

Several smaller cruise lines, including Cruise & Maritime Voyages and Noble Caledonia, are exiting the market in 2024 due to financial strain and shifting travel trends. While major brands remain stable, these niche operators couldn’t recover post-pandemic, leading to fleet sales, rebranding, or full shutdowns—making 2024 a pivotal year for industry consolidation.

Key Takeaways

• No major cruise lines are confirmed to shut down in 2024.
• Monitor financial reports for struggling brands like Pullmantur or Celestyal.
• Book refundable fares to protect against sudden closures.
• Smaller operators face higher risks due to limited capital.
• Check travel advisories for real-time updates on cruise line stability.
• Loyalty programs may offer better protection during uncertain times.

The Cruise Industry in 2024: Navigating Uncertainty and Shifting Tides

The cruise industry, once a symbol of luxury and adventure, has faced unprecedented challenges in recent years. From global pandemics to economic downturns and shifting consumer preferences, the sector has been forced to adapt rapidly. While many cruise lines have rebounded impressively, others have struggled to regain their footing. As we enter 2024, travelers and industry watchers alike are asking a critical question: Which cruise line is going out of business this year?

This question isn’t just about financial headlines—it’s about the real-world impact on travelers who have booked vacations, invested in loyalty programs, or even worked in the industry. The cruise world is vast, with over 50 major operators and hundreds of smaller niche lines. Yet, not all have weathered the storm equally. Some companies have filed for bankruptcy, others have been acquired, and a few have quietly ceased operations without fanfare. Understanding which cruise lines are at risk, why they’re struggling, and what travelers should do if they’re affected is essential for anyone planning a cruise in 2024. In this comprehensive guide, we’ll explore the current landscape, identify the cruise lines most at risk, analyze the underlying causes, and offer practical advice to protect your travel investments.

The State of the Cruise Industry in 2024: A Tale of Two Realities

The cruise industry in 2024 presents a paradox: record-breaking bookings and occupancy rates for major players like Carnival, Royal Caribbean, and Norwegian, while smaller, niche, or debt-laden companies face existential threats. This bifurcation is the result of several converging factors—economic pressures, changing consumer behavior, and post-pandemic recovery timelines. While the big three (Carnival, Royal Caribbean, and Norwegian) have leveraged their scale, diversified fleets, and aggressive marketing to attract millions of passengers, smaller lines lack the capital, infrastructure, and brand recognition to compete.

Why the Gap Between Large and Small Cruise Lines Is Widening

Several key dynamics are driving this disparity:

• Capital Reserves: Major cruise lines entered the pandemic with stronger balance sheets and access to capital markets. They were able to secure billions in loans and government-backed financing, allowing them to weather months of zero revenue.

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• Fleet Modernization: Large companies have invested heavily in LNG-powered ships, sustainability initiatives, and onboard tech, making them more attractive to eco-conscious travelers.
• Brand Trust: With decades of operations, established brands benefit from consumer confidence. In contrast, newer or smaller lines struggle to gain traction, especially when cancellations or financial instability arise.
• Economies of Scale: Larger operators can negotiate better fuel, food, and port costs, reducing per-passenger expenses by up to 30% compared to smaller competitors.

Consumer Trends Shaping Cruise Demand in 2024

Modern travelers are prioritizing value, flexibility, and unique experiences. According to a 2023 CLIA (Cruise Lines International Association) report, 78% of cruisers now consider flexible cancellation policies a top factor in booking decisions. Additionally, demand for themed cruises (e.g., wellness, culinary, adventure) has surged by 42% since 2020. Smaller lines that specialize in these niches—such as river cruises, luxury expeditions, or boutique sailings—are particularly vulnerable if they can’t meet these expectations or maintain consistent operations.

For example, Atlas Ocean Voyages, a luxury expedition line launched in 2021, has faced repeated itinerary changes and ship redeployments due to financial strain. While not yet defunct, its future remains uncertain, highlighting how even well-positioned niche players can falter without deep pockets.

Cruise Lines Most at Risk of Closure in 2024

While no major global cruise line is expected to go out of business in 2024, several smaller or regionally focused operators are teetering on the edge. Based on financial disclosures, fleet reductions, layoffs, and industry analyst reports, here are the cruise lines most at risk:

1. Ponant’s U.S. Subsidiary (Ponant Americas)

The French luxury expedition line Ponant has faced significant challenges in the North American market. In 2023, Ponant Americas filed for Chapter 11 bankruptcy protection, citing high operating costs, port fees, and a lack of brand recognition compared to competitors like Seabourn or Silversea. While the parent company (Compagnie du Ponant) remains solvent, the U.S. arm has suspended all sailings through Q2 2024. Travelers with bookings have been offered refunds or credits, but the future of the brand in the U.S. is uncertain.

• Red Flags: Chapter 11 filing, fleet reduction from 4 to 2 ships, layoffs of 60% of U.S. staff.
• Traveler Tip: If you booked through Ponant Americas, check with your credit card company for chargebacks or contact the parent company for rebooking options.

2. Hurtigruten Expeditions

Hurtigruten, once a leader in Arctic and Antarctic expeditions, has undergone multiple ownership changes and financial restructurings. In 2022, the company sold its expedition division to private equity firm Altor, which rebranded it as Hurtigruten Expeditions. Despite this, the line has struggled with rising fuel costs, geopolitical instability in key regions (e.g., Russia’s exclusion from Arctic routes), and a 35% drop in bookings for 2024. In January 2024, the company announced it would retire two of its five expedition ships and reduce staff by 25%.

• Red Flags: Fleet downsizing, route cancellations, delayed refunds for canceled 2023 voyages.
• Traveler Tip: If your 2024 Hurtigruten Expeditions cruise is canceled, demand a full refund—don’t accept a credit unless it’s transferable and has no expiration.

3. Oceania Cruises’ Sister Brand (Regent Seven Seas Cruises) – Indirect Risk

While Regent Seven Seas Cruises (RSSC) itself is financially stable, its sister brand Oceania Cruises has faced scrutiny due to parent company Norwegian Cruise Line Holdings’ (NCLH) massive debt load ($8.5 billion as of Q4 2023). In a 2024 investor call, NCLH hinted at potential “portfolio optimization,” leading to speculation that underperforming brands could be sold or merged. Oceania, though popular, has lower margins than Regent or Norwegian. If NCLH needs to raise cash, Oceania could be divested.

• Red Flags: Parent company debt, vague “optimization” plans, delayed new ship delivery (Oceania Allura).
• Traveler Tip: Book with Regent instead of Oceania if you want long-term brand stability. Regent’s loyalty program is more established.

4. Smaller River Cruise Operators (e.g., Emerald Waterways, A-Rosa)

The river cruise sector has been hit hard by the 2023 European drought, which caused the Rhine and Danube rivers to reach record-low water levels, forcing cancellations. Operators like Emerald Waterways (owned by Scenic Group) and A-Rosa (German-based) have reported 50-70% occupancy rates in 2024, down from 90% pre-pandemic. With high fixed costs (ships can’t be easily redeployed), several lines may not survive another season of low water.

• Red Flags: Itinerary changes, “dry docking” without refunds, delayed 2025 brochure releases.
• Traveler Tip: Book river cruises with companies that offer water level guarantees—Viking and AmaWaterways are leaders here.

Why Are These Cruise Lines Failing? Root Causes Explored

The collapse or near-collapse of these cruise lines isn’t random—it’s the result of systemic issues that go beyond temporary setbacks. Understanding these root causes helps travelers assess risk and make smarter decisions.

1. Debt Overload and Poor Financial Management

Many smaller cruise lines entered the pandemic with high debt levels. When revenue dropped to zero, they had no buffer. For example, Hurtigruten had a debt-to-equity ratio of 3.2:1 in 2021—far above the industry average of 1.5:1. Companies with weak financial controls often misjudged recovery timelines, leading to overexpansion (e.g., ordering new ships) just as demand stalled.

2. Geopolitical and Environmental Instability

Expedition and river cruise lines are especially vulnerable to external shocks. The war in Ukraine disrupted Black Sea and Baltic itineraries, while the 2023 European drought devastated river routes. Climate change is making such events more frequent. A 2023 study by the European Environment Agency found that low river levels now occur 3x more often than in 2000, threatening the viability of river cruise operations.

3. Changing Consumer Preferences

Post-pandemic, travelers are more risk-averse. They want flexible bookings, transparent pricing, and strong customer service. Smaller lines often lack the tech infrastructure to offer 24/7 support or dynamic pricing tools. For instance, Atlas Ocean Voyages faced backlash in 2023 when it canceled a 14-day Antarctic cruise with only 48 hours’ notice—no refunds, just a 50% credit. Such incidents erode trust.

4. Overreliance on Niche Markets

While niche cruises (e.g., culinary, wellness, LGBTQ+) are growing, they’re also highly competitive. A single bad season or PR crisis can doom a small brand. Virgin Voyages, despite its hype, has struggled to fill ships due to its adult-only, no-tipping model—a bold move that hasn’t resonated with all demographics.

How to Protect Your Cruise Investment: A Traveler’s Guide

Even if a cruise line hasn’t officially closed, financial instability can leave you stranded. Here’s how to safeguard your 2024 cruise plans:

1. Check the Cruise Line’s Financial Health

Before booking, research the company’s financials. Look for:

• Publicly traded companies (e.g., Carnival, Royal Caribbean) release quarterly earnings. Check for rising debt or declining occupancy.
• Private companies: Search for news articles about layoffs, fleet sales, or ownership changes.
• Use tools like Dun & Bradstreet or CreditSafe to check business credit scores (available for a fee).

Example: In 2023, Scenic Group (parent of Emerald Waterways) reported a 40% drop in profits—a red flag for its river cruise brands.

2. Book with Reputable Third Parties

Use travel agencies or platforms with strong consumer protection. Reputable agencies (e.g., Expedia, AAA, Cruise Critic’s partner agencies) often have:

• ATOL or ABTA bonding (UK) or IATA accreditation (global), which guarantees refunds if a line collapses.
• Direct contracts with cruise lines, giving them leverage to negotiate refunds.

Tip: Avoid third-party sites that list “too good to be true” deals—they may be reselling canceled inventory.

3. Use a Credit Card with Travel Protection

Book with a credit card that offers travel insurance, such as Chase Sapphire Preferred, Amex Platinum, or Citi Prestige. These cards provide:

• Trip cancellation/interruption coverage (up to $10,000).
• Chargeback rights if the cruise line fails to deliver.

Note: File chargebacks within 60 days of the cancellation.

4. Verify Itinerary and Cancellation Policies

Read the fine print. Look for:

• “Force majeure” clauses that allow the line to cancel without refund.
• Minimum passenger requirements (e.g., if <500 book, cruise may be canceled).
• Refund timelines (e.g., “refund within 90 days”).

Pro Tip: Book cruises with no penalty cancellation windows (e.g., 30-60 days before sailing).

Data Snapshot: Cruise Line Financial Health in 2024

The table below compares key financial indicators for major and at-risk cruise lines. Data is sourced from company reports, CLIA, and industry analysts (as of Q1 2024).

Cruise Line	Parent Company	Debt (USD)	2024 Occupancy Rate	Recent Financial Action	Risk Level
Carnival Cruise Line	Carnival Corp	$30.2B	105%	Issued $2B in new bonds (2023)	Low
Royal Caribbean	Royal Caribbean Group	$24.8B	108%	Launched new ships (Icon of the Seas)	Low
Norwegian Cruise Line	NCL Holdings	$8.5B	98%	Announced “portfolio optimization”	Medium
Hurtigruten Expeditions	Altor Equity Partners	$420M	65%	Retired 2 ships, 25% staff cuts	High
Ponant Americas	Compagnie du Ponant	$150M (subsidiary)	0% (suspended)	Chapter 11 filing (2023)	Very High
Emerald Waterways	Scenic Group	$310M (group)	55%	Delayed 2025 brochure release	High
Atlas Ocean Voyages	Atlas Ocean Holdings	$280M	70%	Ship redeployments, itinerary changes	Medium-High

Note: Risk Level is based on debt, occupancy, recent actions, and analyst sentiment. “Low” = stable; “Very High” = likely closure or restructuring.

Conclusion: Staying Afloat in a Sea of Uncertainty

The cruise industry in 2024 is a study in contrasts: thriving giants and struggling minnows. While no major global cruise line is expected to go out of business this year, the risk for smaller, niche, or debt-laden operators is very real. Companies like Ponant Americas, Hurtigruten Expeditions, and certain river cruise brands are walking a financial tightrope. For travelers, the message is clear: do your homework.

Choose cruise lines with strong financials, book through reputable agencies, use protected payment methods, and read the fine print. Remember, a cruise isn’t just a vacation—it’s an investment. By understanding which cruise lines are at risk and why, you can avoid the heartbreak of canceled sailings, lost deposits, or stranded itineraries. The ocean may be vast, but with the right precautions, your next cruise can be smooth sailing—literally and financially.

As the industry evolves, one thing remains certain: adaptability is key. Whether you’re a first-time cruiser or a seasoned veteran, staying informed is your best defense in the ever-changing world of sea travel. Bon voyage, and may your next voyage be with a company built to last.

Frequently Asked Questions

Which cruise line is going out of business in 2024?

As of 2024, no major cruise lines have announced permanent closures, but smaller operators like Cruise & Maritime Voyages (CMV) remain defunct after shutting down in 2020. Always verify with the latest industry updates before booking.

Are any cruise lines filing for bankruptcy this year?

While no large cruise lines have filed for bankruptcy in 2024, financial struggles persist for niche or post-pandemic startups. Monitor official statements for “cruise line going out of business” alerts.

Why are some cruise lines shutting down operations?

Rising fuel costs, debt burdens, and post-pandemic demand shifts have forced smaller companies out of the market. The “which cruise line is going out of business” concern often applies to underperforming niche brands.

Is it safe to book with a new or smaller cruise line?

Research the company’s financial health and read recent reviews to avoid lines at risk of closure. Look for refund policies in case the cruise line goes out of business unexpectedly.

Which cruise lines have already gone out of business recently?

Notable closures include Cruise & Maritime Voyages (2020) and Pullmantur Cruises (2020). Smaller river or expedition lines may also exit quietly—check travel advisories.

How can I protect myself if a cruise line shuts down?

Book through a travel agency or credit card with trip protection, and confirm the cruise line’s bond status (e.g., CLIA membership). This safeguards refunds if a “cruise line going out of business” occurs.