Cruise Stocks Rebound as Hurricane Beryl Moves Past Caribbean

By Andrew Kessel
Published July 08, 2024
02:53 PM EDT
A Carnival cruise ship under sail.

Allen J. Schaben / Los Angeles Times via Getty Images

Key Takeaways

  • Hurricane Beryl was downgraded to a tropical storm Monday after making landfall in Texas.
  • Cruise stocks recovered Monday after Beryl caused disruption in the Caribbean last week. Cruise companies were forced to reroute due to the storm, sending shares lower.
  • Beryl is the strongest hurricane on record to hit the Atlantic Ocean in the month of June.

Shares of cruise ship companies moved higher Monday after Hurricane Beryl was downgraded to a tropical storm.

Beryl made landfall on the Gulf Coast of Texas as a Category 1 Hurricane Monday morning, killing at least two. It was rated Category 4 last week, when Beryl became the strongest hurricane on record to hit the Atlantic Ocean in the month of June.

The storm made landfall in Grenada on July 1 and passed through the Caribbean, forcing cruises scheduled to traverse the islands to be rerouted, according to reports citing emails sent to customers. The news sent cruise operators' shares lower. At least nine people were killed across Jamaica, Venezuela, Grenada, and Saint Vincent and the Grenadines.

Carnival, Royal Caribbean, Norwegian Shares All Rise

Shares of Carnival (CCL) gained more than 2% in recent trading Monday, while Royal Caribbean (RCL) increased nearly 3% and Norwegian Cruise Line (NCLH) rose nearly 5%. 

Last month, Carnival reported second-quarter adjusted earnings per share (EPS) of 11 cents, much better than the 2-cent-per-share loss projected by analysts.

Do you have a news tip for Investopedia reporters? Please email us at
Article Sources
Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy.

  1. National Hurricane Center. “Tropical Storm Beryl Public Advisory.”

  2. NBC News. “Tropical Storm Beryl Live Updates: At Least 2 People Killed After Storm Makes Landfall on Texas Coast.”

  3. CNN. “Hurricane Beryl Death Toll Rises to 9, After Second Fatality Confirmed in Jamaica.”

  4. Carnival. "CARNIVAL CORPORATION & PLC REPORTS RECORD SECOND-QUARTER REVENUES, OPERATING INCOME AND BOOKING LEVELS, OUTPERFORMS SECOND-QUARTER GUIDANCE AND RAISES FULL-YEAR 2024 GUIDANCE."

Take the Next Step to Invest
×
The offers that appear in this table are from partnerships from which Investopedia receives compensation. This compensation may impact how and where listings appear. Investopedia does not include all offers available in the marketplace.