Pullmantur is refocusing on Europe after concentrating passenger sourcing efforts on Latin and South America after the Spanish market went soft.
The company is also shedding a ship, with the Empress reportedly going back to Royal Caribbean.
Pullmantur did not respond to several inquiries for comment, but issued a press release in Spain, outlining that the Monarch will head for Europe in 2016, helping the company to concentrate on the Spanish and French markets.
The Monarch had previously been deployed on a year-round itinerary in the Southern Caribbean sourcing passengers from Latin America.
The 1990-built Empress will head back to the Royal Caribbean brand early next year, said Pullmantur.