Lindblad Expeditions reported positive second quarter earnings on Thursday morning, with Sven-Olof Lindblad, president and CEO, continuing to paint a picture of a strong demand environment for expedition travel.

Revenue at Lindblad was $59.5 million for Q2, up from $47.2 million in 2017.

Net yields were reported at $1,002 per night at 90 percent occupancy, while Lindblad said the company was increasing pricing and seeing higher occupancy despite additional inventory.

“I know new entrants and new ships are (coming) at an unprecedented level,” Lindblad said, noting the capacity increase in the expedition market in the next two years was still less than the introduction of one mass market ship.

While some of those new ships will replace older inventory, Lindblad said the additional capacity will drive marketing and interest across the sector. Additional capacity across the market has not affected pricing either, he said.

For 2019 Lindblad said he was expecting a stronger South Pacific season as the company was able to rebalance capacity to maximize revenue opportunities.

Across the globe, the company is also eyeing building up deployment in Egypt, citing strong demand.

“Creating new geographic opportunities is a key ingredient to sustain growth,” Lindblad said, speaking on the company’s second quarter earnings call.

A July deal to build a second blue-water expedition ship was based on increasing demand for high-quality expedition travel, Lindblad explained, as the company will get new 126-passenger polar-class ships in 2020 and 2021, respectively. The company has an option on a third vessel as well. 

“We have done diligent research,” he said, referring to the 126-guest ship size. “Once you cross over into larger numbers the opportunities (to land guests) diminish dramatically.”

In addition, the company is exploring a variety of potential acquisitions.

CFO Craig Felenstein also noted they are looking at anything and everything to increase growth opportunities, including buying existing vessels.