Carnival PLC will lower the gangplank on its first quarter update on Monday 27 March, following what has been not been a cruise for the cruise industry over the past three years.
The shares are down 82% from February 2020, though since last summer the share price chart has resembled more of a choppy sea than the face of a giant wave, amid a stop-start recovery in overseas travel.
October saw a 30-year low in the shares but "indications suggest we may well have found a short-term base," said analyst Michael Hewson at CMC Markets.
The last quarter of 2022 saw a smaller-than-expected loss of $0.85 per share, even as revenues fell short of expectations.
"Investors appeared to be encouraged by a more optimistic outlook for the upcoming financial year," said Hewson.
Guidance is for Q1 capacity growth of 3.7%, with an expectation that Q1 losses will halve to around US$800mln.
"The hope is that 2023 is the year that annual revenues return to the levels they were in 2019, with expectations this current year of $20.99bn," notes the analyst.