Page 5 - 2024 CIN Expedition Market Report
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EXPEDITION Market
he global expedition market is adjusting to the last few
Tyears of new ships, which has resulted in less capacity
this year and a plateau of supply growth. That will continue at
least for the foreseeable future, based on the current newbuild
orderbook as of May 2024.
In short: the market is figuring things out. The reduced
capacity is due to a number of ships having exited the fleet,
including older ones that are simply uncompetitive, that are
now retiring or moving elsewhere, and some finding new
careers outside the traditional cruise space.
At the same time, two operators have exited the market
entirely as Vantage and American Queen declared bankruptcies.
The business model for the expedition market is simple:
small ships, remote locations inaccessible by other means,
and high ticket prices.
Market Breakdown
The expedition cruise market can trace its roots back to
simple vessels exploring far away places. These were con-
verted ice-class ferries and chartered Russian research ships,
which became available in part due to the collapse of the
Soviet Union. They were barebones and customers had little
to choose from if they wanted to go to Antarctica.
Cruise Industry News: 2024 Expedition Market Report 11
