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To make these figures a bit more relatable, hereРІР‚в„ўs what this works out to on a per-passenger level for a 7-day cruise:

Norwegian: $955m net profit (16% margin).

Royal Caribbean: $1.8B net profit (19% margin).

Carnival: $3.2B net profit (17% margin).

Industry-wide, cruise lines enjoy net margins of 17%, nearly double the average of some comparably large hotel chains:

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РІР‚СљThey can almost give a cabin away for free and still make a profit.РІР‚СњР”Вespite sizeable overhead costs - which include travel agent commissions, fuel, marketing, and payroll - these large crowds yield handsome profits. Klein, a professor at Memorial University of Newfoundland, who has closely studied the cruise ship industry. РІР‚СљThey have mastered the ability to get their hands into peopleРІР‚в„ўs pockets and to take out every last dollar,РІР‚Сњ says Ross A. The major cruise lines will often fill each ship to 105%-110% capacity, then upsell its captive consumers on additional services.

Though tickets represent a majority of revenue, onboard purchases account for the lionРІР‚в„ўs share of the profit, according to several experts.Р”Р„s a high fixed-cost business, a cruise ship relies on getting as many passengers as possible on the ship - even at fire-sale rates.

On average, tickets account for 62% of total revenue and onboard purchases make up the remaining 38%. These companies, which preside over an empire of subsidiary cruise lines, collectively raked in $34.2B in revenue in 2018.Р”В¬ruise ships make this money through two channels: Ticket sales and onboard purchases (e.g., alcoholic drinks, casino gambling, spa treatments, art auctions, and shore excursions), which passengers pay for with pre-loaded cruise cards and chip-equipped wristbands. But 3 players - Carnival Corporation & PLC, Royal Caribbean Cruises LTD, and Norweigan Cruise Line HLD - control roughly 75% of the market. The global market comprises dozens of cruise lines and more than 250 ships. The cruise industry at largeР”В«efore we get into how cruise companies circumvent US taxes and regulations, letРІР‚в„ўs take a quick look at the major players, the money they make, and how they make it. To better understand the dynamics of this wild industry, we spoke with maritime lawyers, legislators, and cruise experts in 3 countries. Now, in the wake of a coronavirus crisis that has sunk cruise stocks by double digits, these companies are lobbying for federal assistance. TheyРІР‚в„ўve sheltered themselves as foreign entities while simultaneously benefitting from US taxpayer-funded agencies and resources.

TheyРІР‚в„ўve gone to great lengths to bypass US employment laws, hiring foreign workers for less than $2/hour. The biggest players see annual profits in the billions.Р”В«ut cruise companies have done more to earn the РІР‚СљmonsterРІР‚Сњ moniker than churning out huge ships and market gains.Р”Р‡or decades, these companies have utilized century-old loopholes to avoid paying corporate taxes.

In 2018, 28.5m passengers - the bulk of them from America - spent more than $46B on cruises globally. It can hold 6,680 passengers and 2,200 crewmembers, the population of a small American town. At 228k gross tons, it is 5x the size of the once-formidable Titanic. If youРІР‚в„ўve ever seen one in action, youРІР‚в„ўll understand why: A vessel like Royal CaribbeanРІР‚в„ўs Symphony of the Seas is longer than 12 blue whales. Cruise ships are often called РІР‚СљmonstersРІР‚Сњ of the sea.