Norwegian Cruise Line forecast a loss for the current quarter and revenue below estimates as occupancy rates remained stubbornly below pre-pandemic levels, sending its shares down 12% on Tuesday.

Its second quarter occupancy of 65% compared to more than 107% in 2019, a level the company does not expect to reach until the second quarter of next year.

By contrast, rival Royal Caribbean Group is forecasting triple-digit occupancy by the end of this year, and Carnival Cruise Line expects to approach 110% in its current quarter.

The industry is seeking to navigate towards full occupancy after the pandemic halted it for 18 months, but self-imposed constraints as well as onboard Covid-19 cases, staff shortages and volatile demand are standing in the way.

“2022 has been a very bumpy year. It will continue to be a bit bumpy for the second half given where our load factors (occupancy percentage) should be,” chief financial officer Mark Kempa said on a call. to the results.

For the third quarter, Norwegian Cruise forecast an occupancy rate of around 80%, revenues of $1.5 billion (1.46 billion euros) to $1.6 billion and a net loss.

The cruise line also blamed rising personnel and fuel costs on the four-fold increase in total cruise operating expenses in the reported quarter.