Royal Caribbean (NYSE:RCL) shares are trading higher in sympathy with Carnival (NYSE:CCL), after the company provided a second quarter 2022 business update.
Revenue of Carnival increased by nearly 50% in the second quarter of 2022 compared to first quarter 2022, reflecting continued sequential improvement for all cruise lines. Occupancy in the second quarter of 2022 was 69%, an increase from 54% in the prior quarter.
Royal Caribbean, and also Norwegian Cruise Lines (NYSE:NCLH), are trading higher today as Carnival's quarter-over-quarter improvement helped boost sentitment in the cruise sector, which was disrupted due to the Covid-19 pandemic.
Royal Caribbean is the world's second-largest cruise company, operating 63 ships across five global and partner brands in the cruise vacation industry, with 11 more ships on order.
The stock was trading about 13.9% higher at $41.10 per share on Friday at the time of publication.
