royal caribbean excursion sale

Deal alert: Save big on Royal Caribbean cruise ship packages with this new sale

Get your credit cards ready, Royal Caribbean fans: It's time to pre-purchase packages for dining, beverages, Wi-Fi and more for your next cruise.

The world's largest cruise line has launched another one of its periodic sales on pre-purchased cruise packages, with savings of up to 50% for some items. You must act fast to take advantage of it, though. These short-term Royal Caribbean deals only will be available through Wednesday.

Offers include:

• 30% discount on pre-purchased soda packages.
• 40% discount on pre-purchased water packages.
• Up to 30% discount on pre-purchased Wi-Fi packages.
• Up to 50% discount on pre-purchased dining packages.

There also are discounts on pre-purchased beverage packages that include alcoholic drinks, but the amount of the discount varies by ship.

For more cruise news, guides and tips, sign up for TPG's cruise newsletter.

You can also save up to 25% on pre-purchased shore excursions, with discounts varying by ship. There also are discounts available for pre-purchased photo packages, spa packages, ship tours and shipboard Casita rentals.

Secure these discounts when you buy a package for one of the above items now for sailings scheduled to take place Monday through the end of the year.

Related: 35 tips and tricks that will make your Royal Caribbean cruise better

Sailings for 2024 and 2025 are not part of the sale.

Royal Caribbean periodically offers sales on pre-purchased packages for drinks, Wi-Fi and other onboard spending items. These deals can offer significant savings over buying the same packages after boarding a ship. The sales typically don't last long, though. So, when they appear, it's good to jump on them.

To take advantage of this week's sale, log in to your account on Royal Caribbean's website and find the "Cruise Planner" section. You can pre-purchase cruise packages there.

Related: TPG's ultimate guide to Royal Caribbean ships and sailings

The sale on pre-purchased packages comes even as base fares for Royal Caribbean cruises are on the rise .

Cruise line executives say bookings have soared since the start of " wave season " — the period beginning in January when large numbers of cruisers book trips for the year. That means cruise brands will likely be able to raise prices in the coming months.

The strength in bookings means that the days of $26-a-night cruise deals is likely coming to an end. Still, that doesn't mean that cruisers can't find good offers for soon-to-depart sailings.

For example, Virgin Voyages recently launched one of the best offers we've seen this year .

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• A quick guide to the most popular cruise lines
• 21 tips and tricks that will make your cruise go smoothly
• 15 ways cruisers waste money
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• What to pack for your first cruise

• Royal Caribbean International

Royal Caribbean Shore Excursion Sale

By calgal729 , April 4, 2019 in Royal Caribbean International

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J  ust a heads up, RC is currently running a promotion on its shore excursions.  If you previously booked an excursion for your upcoming cruise, you might want to  check and see if yours is now on sale.  If the price dropped, you can call and rebook it at the new rate; its a pain to have to cancel and rebook, but it saved us 23%.

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Share on other sites, stevendom57.

I rebooked all three of my excursions and saved around 25%. woohoo

57 minutes ago, calgal729 said: J  ust a heads up, RC is currently running a promotion on its shore excursions.  If you previously booked an excursion for your upcoming cruise, you might want to  check and see if yours is now on sale.  If the price dropped, you can call and rebook it at the new rate; its a pain to have to cancel and rebook, but it saved us 23%.

Thank you. You just saved me almost $90.

Danitroline

many thanks!!! 

Does anyone know when it ends?   

17 minutes ago, charlie786 said: Does anyone know when it ends?     

I don't know if it depends on the ship and sailing date. When I called today to reprice an excursion, I was told that the sale ends on April 10th, which is also the final payment date for my cruise.

3 hours ago, calgal729 said: If the price dropped, you can call and rebook it at the new rate; its a pain to have to cancel and rebook, but it saved us 23%.

No need to call, just cancel and rebook through the cruise planner.

shopaholic6

8 minutes ago, Jeanette21 said: I am a first time cruiser and booked our Norwegian Fjords cruise with Royal Caribbean over a year ago.  I have been adding and paying for things as they have come up.  Now, I am being advised to cancel and rebook things to save money!  Is it just me, or does anyone else find this infuriating?  Does this happen with other cruise lines?    

You're not being "advised" to do anything. If you want to save money, the option is there to cancel and rebook the shore excursions. 

4 minutes ago, Jeanette21 said: I am a first time cruiser and booked our Norwegian Fjords cruise with Royal Caribbean over a year ago.  I have been adding and paying for things as they have come up.  Now, I am being advised to cancel and rebook things to save money!  Is it just me, or does anyone else find this infuriating?  Does this happen with other cruise lines?    

It doesn't bother me at all. I'm just glad they allow you to cancel and rebook when there is a sale. I get upset when I purchase something and then find out I could have gotten it cheaper! You don't have to cancel and rebook if you don't want to. I can't help you with what other cruise lines do.

2 hours ago, Jeanette21 said: I am a first time cruiser and booked our Norwegian Fjords cruise with Royal Caribbean over a year ago.  I have been adding and paying for things as they have come up.  Now, I am being advised to cancel and rebook things to save money!  Is it just me, or does anyone else find this infuriating?  Does this happen with other cruise lines?    

I have been cruising since 1986 on different cruise lines. This will be our second time on Royal in almost 20yrs. I have never seen anything like this until this cruise. It's a full time job watching for discounts. I find that in general the prices on RC are higher than on other lines. I think the price is inflated so they can incorporate the discount.  I booked an excursion that was advertised as a sale in my planner. The next day it was a $1 cheaper. Now I'm not going to cancel and rebook for $2 but It certainly makes you wonder about their marketing and their sales. The other thing I find sketchy is that they never tell you the on board price only the percent savings.

Thank you Mike,  Yes, they have been offering us discounts on virtually everything for at least six months.  How do we know there won't be another even "better" offer next week?  I will definitely bear Royal Caribbean's tactics in mind should we ever cruise again!   😊

1 minute ago, Jeanette21 said: Thank you Mike,  Yes, they have been offering us discounts on virtually everything for at least six months.  How do we know there won't be another even "better" offer next week?  I will definitely bear Royal Caribbean's tactics in mind should we ever cruise again!   😊  

Since I have experienced other lines I know what things should cost. For example the drink package I purchased on sale for $49 is a decent price. Princess charges $59 but their  individual cocktails are half the price of Royal Caribbean so you have to drink twice as much to break even. Not a good value me.  I don't normally book ship excursions. However, this time I did for San Juan because I shopped around for private tours that were offering the same tour. It just so happened that for this tour of the Rain Forest prices were about the same so I went with the cruise line.  I will say that the internet packages are the best price of any cruise line I have been on. I added surf and stream for $10 to my drink package order. We are on a 9 day cruise so $90 for one device is a bargain. I have paid more on other lines for 150 minutes which get burned up quickly because of their poor service. The prices of the specialty restaurants are still over priced even with the discount. The 3 dinner package seems to be the better way to go. However since this is your first cruise I would try the MDR or buffet that is included in the cruise fare. I'm sure that they will be discounting specialty restaurants during the week in order to fill them. I have seen it happen on other lines.

4 hours ago, Jeanette21 said: I am a first time cruiser and booked our Norwegian Fjords cruise with Royal Caribbean over a year ago.  I have been adding and paying for things as they have come up.  Now, I am being advised to cancel and rebook things to save money!  Is it just me, or does anyone else find this infuriating?  Does this happen with other cruise lines?   

Prices go up and down all the time with all cruise lines. I brought an excursion during my sailings sale then 1 month later it went down by a further £100 for 2 people. Just cancel via the planner and rebook, it's easy.

Take a quick look each week, every day if you are obsessed like me, and do what's necessary to save quite a lot of money sometimes.

I'm sure it wasn't your intention but your post did sound a bit like you were having a go at posters for giving you good advice.

I did the cancel and rebook thing about a month ago when our Alaskan excursions went down.  I am so glad I booked in advance because both of the ones I chose disappeared the next week.  I’m assuming it is because those particular ones sold out.  I keep checking and they haven’t popped back up.  But new ones are shown now that weren’t options a couple of months ago.

Bottom line is that excursions are the same as everything else on RCI.  Constantly in flux depending on supply and demand.  

ShillyShally

49 minutes ago, er345 said: Bottom line is that excursions are the same as everything else on RCI.  Constantly in flux depending on supply and demand. 

And most cruisers aren't on CC and would never think to recheck so they pay once and are presumably content with what they got and at what price.  The burden of the knowledge of knowing it changes is the game of checking and rechecking pricing but it all depends on if you care to save a few bucks or are happy with the price you paid.  

Thanks for this thread.  I just cancelled and rebooked an excursion for my April 25 Bermuda cruise. Saved $20!

The sale ends today, according to the cruise planner.

3 hours ago, dwhe said:   Prices go up and down all the time with all cruise lines. I brought an excursion during my sailings sale then 1 month later it went down by a further £100 for 2 people. Just cancel via the planner and rebook, it's easy.   Take a quick look each week, every day if you are obsessed like me, and do what's necessary to save quite a lot of money sometimes.   I'm sure it wasn't your intention but your post did sound a bit like you were having a go at posters for giving you good advice.

I am absolutely mortified, that was not my intention, I am really sorry for any offence felt by anyone. The only people I am having a go at, are Royal Caribbean.  Checking the prices every week (or whatever) is not in our holiday plan. It will certainly make me think twice before booking with them again.  This is our first cruise, for my husbands 60th Birthday, not sure we will be doing it ever again if we have to go through this rigmarole everytime!  Thank you everyone for your responses.  Regards to you all, Jeanette 

I checked mine, cancelled 2 and purchased again saved me $54.00. Thanks for the heads up!

9 hours ago, Iamcruzin said: I have been cruising since 1986 on different cruise lines. This will be our second time on Royal in almost 20yrs. I have never seen anything like this until this cruise. It's a full time job watching for discounts. I find that in general the prices on RC are higher than on other lines. I think the price is inflated so they can incorporate the discount.  I booked an excursion that was advertised as a sale in my planner. The next day it was a $1 cheaper. Now I'm not going to cancel and rebook for $2 but It certainly makes you wonder about their marketing and their sales. The other thing I find sketchy is that they never tell you the on board price only the percent savings.

Nailed it!  Thank God, I have the time too! 😉   I  love it when a "bargain" happens. 🙄

Oh my gosh, thanks to the OP for the heads-up.  I normally check my Cruise Planner prices once a week but totally missed this, and two of my three Anthem excursions have come down in price, giving me $30 back!  (That pays for the sushi class I just booked  😀 ) 

1 hour ago, Jeanette21 said:   I am absolutely mortified, that was not my intention, I am really sorry for any offence felt by anyone. The only people I am having a go at, are Royal Caribbean.  Checking the prices every week (or whatever) is not in our holiday plan. It will certainly make me think twice before booking with them again.  This is our first cruise, for my husbands 60th Birthday, not sure we will be doing it ever again if we have to go through this rigmarole everytime!  Thank you everyone for your responses.  Regards to you all, Jeanette 

Don't worry about fluctuating prices.  Book it and forget about it until you get on board.  Enjoy the cruise and don't let a few dollars spoil the great pleasure of cruising.  Some of us, myself included, derive pleasure out of the long term planning and constant tinkering of our vacation. Saving a few bucks here and there off of reduced shore excursions or drink packages is part of the fun.  If that's not your thing don't worry about it.  

Personally I like knowing that if buy something early and because there is limited demand RCi have to fire sale it later to get it moving I'm not stuck paying the higher price I secured by booking early.

thistimeplease

Wanted to say thank you to the OP, you saved me $60 for our excursion.  Never thought to check excursion prices now I know.

45 minutes ago, Tree_skier said: there   i  s  limited demand RCi have to fire sale it later to get it moving 

To my knowledge an excursion I have booked has been reduced x3.I first booked it on Feb 9 th, as I had taken a screen shot 2 weeks previously and saw that the price had gone down by £10. I have cancelled and rebooked x2 and in total the price has gone down £20. 

I just worry that if it is not selling well that they will eventually cancel the excursion due to lack of interest.

What also annoys me is that I have to wait 10 working days for the refund, though they can take the money for the rebooked excursion immediately.

Is the long delay on the refund a UK thing? Just curious. 

I have ave cancelled and rebooked many times.  I have noticed a smaller delay on our US credit card.  It usually doesn’t matter as both the refund and the new charge are on the same monthly statement.  But once when the charge was at the end of the billing cycle, the refund (posted 3 days later) showed up on the next statement. I agree that it seems like it should be possible to post the refund the same day.  

i saved $44 on mine, only pain is you have to cancel and rebook so I had to lay out money and wait a few days for refund.

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Cruise to St. Petersburg, Russia

St. petersburg shore excursions, amazing experiences coming soon., sorry, there are no excursions for this port at this moment., things to do in st. petersburg.

Czars and Saviors

Front of the Winter Palace in St. Petersburg, Russia

Located near the waterfront and housed in the former Romanov Winter Palace, the Hermitage Museum sits due north along Nevsky Prospekt from the Church of the Savior on Blood, St. Petersburg's other most iconic attraction.

Discover the Unusual

View of Saint Isaac's square in St. Petersburg, Russia

St. Petersburg's city center is overflowing with history — why not choose museums that offer something a little different? Visit the quirky Faberge Museum, dedicated to the work of Russian jeweler Carl Faberge. Or enjoy an interactive experience at the Museum of Emotions.

Imperial Excursion

Take a drive to some imperial palaces outside the city center. Under an hour away by car lies exquisite Peterhof, whose fountains alone are worth the price of admission. Cruise to St. Petersburg and go by train to the Baroque-style Catherine Palace — can you guess which Russian ruler often stayed here?

Local Cuisine

Russians flock to St. Petersburg because of its cosmopolitan vibe, but use your stop here to discover local cuisine. Head to the restaurant-rich Nevsky Prospect to sample borscht beet root soup (the cold version in summer), dumplings of meat ( plmeni ) and sour cherries ( vareniki ) or hearty beef stroganoff — yes, that's a Russian dish!

St. Petersburg's shopping options are as grand as its architecture. The luxurious Gostiny Dvor mall is an essential stop with your St. Petersburg cruise. If you're looking for a more down-to-earth experience, try your luck (and your Russian language skills) at Udelnaya Flea Market and bargain for one-of-a-kind antique samovars or imperial porcelain.

Best Deals to St. Petersburg, Russia

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Excursions & Tours

Exclusive St. Petersburg Two Day Program (Visas Included)

Evening River and Canal Cruise (Visas Included)

1 Day Imperial Saint Petersburg Highlights Tour (Visas Included)

2 Half Day St Petersburg Highlights Tour (Visas Included)

2 Day Imperial Saint Petersburg Highlights Tour with Spanish Guide (Visas Included)

Evening at the Ballet (Visas Included)

Moscow in a Day (Visas Included)

St. Petersburg Through the Eyes of Russian People (Visas Included)

1 Day Tasting Tour of St. Petersburg (Visas Included)

2 Day Free Style Visit of St. Petersburg (Visas Included)

2 Day Saint Petersburg Highlights, Feel Like a Local (Visas Included)

2 Day St. Petersburg Must-Sees and Boat Cruise (Visas Included)

2 Day St. Petersburg with Faberge Museum and Canal Cruise (Visas Included)

Half Day St. Petersburg and Church of Spilled Blood (Visas Included)

Hermitage and Peterhof Gardens with Lunch (Visas Included)

Panoramic Drive of St. Petersburg (Visas Included)

Peterhof Gardens by Hydrofoil (Visas Included)

St. Petersburg Canals and Church on Spilled Blood (Visas Included)

The Gems of St Petersburg Small Group Tour (Visa Included)

Private St. Petersburg On Your Own 3 Day (Visas Included)

Private St. Petersburg Through the Eyes of Russian People (Visas Included)

Private Catherine's Palace in Pushkin (Visas Included)

Private Hermitage Museum (Visas Included)

Private Grand St. Petersburg (Visas Included)

Private Panoramic St. Petersburg (Visas Included)

Private Magnificent St. Petersburg (Visas Included)

Private Catherine's Palace and the Hermitage (Visas Included)

Private Hermitage and Spilled Blood Cathedral (Visas Included)

Private Russian Shopping (Visas Included)

Private Peterhof - Russian Versailles (Visas Included)

Private Peterhof Gardens and Fountains (Visas Included)

Private City Highlights and Peter and Paul Fortress (Visas Included)

Private St. Petersburg On Your Own 2 Day (Visas Included)

Private Imperial St. Petersburg (Visas Included)

Private Faberge Museum & Canal Cruise (Visas Included)

Private 2 Day Excursion with Evening Canal Cruise (Visas Included)

Private 2 Day St. Petersburg with Canal Cruise (Visas Included)

Private 3 Day St Petersburg with Free Time (Visas Included)

Private Best of St. Petersburg Two Day Program (Visas Included)

Private Hermitage, Peterhof Gardens and Canal Cruise (Visas Included)

Private Night Drawbridges from Boat Cruise (Visas Included)

Private St. Petersburg Highlights and Vodka Museum (Visas Included)

Private Royal Palaces and Hydrofoil (Visas Included)

Private Peterhof Park Experience (Wheelchair Accessible Tour & Visas Included)

Private Peterhof & Alexandria Parks by Train and Hydrofoil (Visas Included)

Private Lenin, Rasputin & Russian Revolution Historical Tour (Visas Included)

Private City Highlights with Jewish Heritage Tour (Visas Included)

Private Hermitage Museum & Treasure Room (Visas Included)

Private Gems of St. Petersburg (Visas Included)

Private All Exclusive Royal Residences (Visas Included)

Private Dostoevsky's St.Petersburg "Crime & Punishment" (Visas Included)

Private Church on Spilled Blood and Canal Cruise (Visas Included)

Private Best of St. Petersburg. Family Visit and Metro ride (Visas Included)

Private City Sightseeing with a visit to Church on Spilled Blood & Hermitage (Wheelchair Accessible Tour & Visas Included)

Private Guide and Vehicle - Half Day (Visas Included)

Private Guide and Vehicle - Full Day (Visas Included)

St. petersburg tours and excursions, take a cruise tour of st. petersburg.

Experience the highlights of Russia when you travel to the great city of St. Petersburg on one of our St. Petersburg tours. Founded in 1703, the city has developed into one known for its immaculate architecture, historical landmarks, and unique culture. Our St. Petersburg shore excursions highlight the deep history embedded in this center of Russian culture. Embark on an excursion adventure through famed Russian historical periods, a full-day tour with a viewing of Catherine the Great's palace and the world-famous Amber Room, in addition to sightseeing tours of other landmarks associated with Russia's imperial elite. Have a tour guide show you around the Hermitage Museum, a world-famous museum showcasing Russian arts and culture, explore Peter and Paul Fortress, and visit St. Isaac's Cathedral. With all its imperial glory and elegant fountains, you will delight in the sights of Peterhof, also known as Russia's Versailles. And don't forget a city tour of Moscow - a must-see!

St. Petersburg Shore Excursions

St. Petersburg, Russia is a magnificent city on the Baltic Sea that perfectly embodies the culture, art, and lifestyle of the country. This is perhaps the reason it has become such a popular tourist destination in Eastern Europe. Visitors are often excited by the city's growing underground art and music scene, its breathtaking architectural atmosphere, and the fascinating Russian history and culture behind it. St. Petersburg is indeed an unquestionable, unrivaled source of refined art and culture. Our variety of the best tours of St. Petersburg gives you access to the city's most notable museums, palaces, restaurants, and sightseeing venues. We cater to both large or small groups and offer standard, small, and private guide excursions.

Top St. Petersburg Tours:

Note the following are sample tours and may not work with your itinerary. Find excursions for your cruise itinerary here .

• Exclusive St. Petersburg Two Day Program (Visas Included) ($299.00)
• 1 Day Imperial Saint Petersburg Highlights Tour (Visas Included) ($129.00)
• 2 Day Imperial Saint Petersburg Highlights Tour with Spanish Guide (Visas Included) ($299.00)
• Cossack Dance Show (Visas Included) ($150.00)
• Evening at the Ballet (Visas Included) ($159.00)
• An Evening of Classical Music (Visas Included) ($160.00)
• Private Faberge Museum & Canal Cruise (Visas Included) (starting at $95.00/person)
• Private Lenin, Rasputin & Russian Revolution Historical Tour (Visas Included) (starting at $175.00/person)
• Private City Highlights with Jewish Heritage Tour (Visas Included) (starting at $80.00/person)
• Vodka Tasting and Evening Canal Cruise (Visas Included) ($169.00)

Experience a St. Petersburg visit like a true Russian by discovering adventures that go off the beaten path - guided tours, walking tours, group tours, and private tours available with certain excursions. Get the very best this beautiful city has to offer and experience premium panoramic views, excursion tours, and river cruises you can't find anywhere else in Russia! Browse St. Petersburg today and be on your way to visiting one of the most culturally profound cities in the entire world!

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News & Insights

Royal Caribbean Cruises (RCL) Q1 2024 Earnings Call Transcript

April 25, 2024 — 05:30 pm EDT

Written by Motley Fool Transcribing for The Motley Fool  ->

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Royal Caribbean Cruises (NYSE: RCL) Q1 2024 Earnings Call Apr 25, 2024 , 10:00 a.m. ET

• Prepared Remarks
• Questions and Answers
• Call Participants

Prepared Remarks:

Good morning, my name is Regina, and I will be your conference operator today. At this time, I would like to welcome everyone to the Royal Caribbean Group first-quarter 2024 earnings call [Operator instructions] I would now like to introduce Michael McCarthy, vice president of investor relations. Mr.

McCarthy, the floor is yours.

Michael McCarthy -- Vice President, Investor Relations

Good morning, everyone, and thank you for joining us today for our first-quarter 2024 earnings call Joining me here in Miami are Jason Liberty, our chief executive officer, Naftali Holtz, our chief financial officer, and Michael Bayley, president and CEO of Royal Caribbean International. Before we get started, I would like to note that we will be making forward-looking statements during this call. These statements are based on management's current expectations and are subject to risks and uncertainties.

A number of factors could cause actual results to differ materially from our current expectations. Please refer to our earnings release issued this morning, as well as our filings with the SEC for a description of these factors. We do not undertake to update any forward-looking statements as circumstances change. Also, we will be discussing certain non-GAAP financial measures, which are adjusted as defined in a reconciliation of all non-GAAP items can be found on our Investor Relations website and in our earnings release.

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Unless we state otherwise, all metrics are on a constant currency-adjusted basis. Jason will begin the call by providing a strategic overview and update on the business. Naftali will follow with a recap of our first quarter, the current booking environment, and our updated outlook for 2024. We will then open the call for your questions.

With that, I'm pleased to turn the call over to Jason.

Jason Liberty -- Chief Executive Officer

Thank you, Michael, and good morning, everyone. I am proud to share our robust first-quarter results and the continued upward trajectory of our business. When we turn the page from an incredible 2023 with a record-booked position for 2024 and numerous tailwinds related to the consumer's desire to vacation with us, we expected this would be another great year. Well, as you saw in the press release this morning, what transpired over the past three months was even better than our already elevated expectations.

Our brands are stronger than ever, and demand for our vacation experiences continues to accelerate. We are leading the way in delivering a lifetime of incredible vacations for our guests with our exceptional and leading portfolio of brands, innovative and differentiated ships, exciting and exclusive destination experiences, and leading commercial capabilities. The opportunity is very large and very exciting as we seek to take share from the rapidly growing $1.9 trillion vacation market. Our formula for success remains unchanged.

Moderate capacity growth, moderate yield growth, and strong cost controls lead to robust financial performance and long-term shareholder value. Before getting into the details, I want to recognize our incredible teams that are working together day in and day out, delivering the best vacation experiences to our guests and doing so while driving exceptional results. Our business is propelled by our people, and they are the driving force behind our strategic vision for success. I am so grateful for their commitment and passion.

Now, moving on to our results. As highlighted on Slide 4, the first quarter was tremendous, sending us well on our path to a year that is significantly better than we expected just a few months back. Wave season combined with a record-breaking introduction of the revolutionary Icon of the Seas resulted in consistently robust bookings at much higher prices than 2023. This strong booking and pricing environment across all key itineraries coupled with continued strength in onboard spend led to higher revenue in the first quarter and a further improvement in full-year yield expectations.

In the first quarter, we delivered 2 million memorable vacations and achieved 107% load factor at exceptional guest satisfaction scores. Yields grew 19.3% compared to the first quarter of 2023, almost 400 basis points above our initial guidance. Adjusted earnings per share in the first quarter was considerably higher than our guidance. Strong ticket and onboard revenue and favorable timing of expenses contributed to the better-than-expected earnings performance.

The acceleration of demand is also translating into higher revenue and earnings expectations for the balance of the year. As you can see on Page 5, we are increasing full-year yield growth expectations by 50% compared to our initial guidance in early February, and we now expect adjusted earnings per share to grow 60% year over year. The increased outlook for the year is expected to further accelerate our trajectory toward our trifecta goals as we continue to expect to achieve all three goals in 2024, one year earlier than initially expected. Now I'll provide some insight into the robust demand environment and our incredible wave season.

Booking is consistently outpaced last year throughout the entire first quarter and through April, even though we have significantly fewer staterooms left to sell, leading to higher pricing for all of our key products. Booking strength has been prevalent on both our existing hardware as well as on our industry-leading new chips. We see strong demand across all products and markets. North America continues to be extremely robust where approximately 80% of this year's guests are sourced.

This strength, in combination with the incredible perfect day at CocoCay, has resulted in strong yield growth for our Caribbean sailings. European bookings are outpacing last year's levels at higher prices and Alaska has been performing particularly well with year-over-year yield growth. We are also pleased to return to the high-yielding China market this month with Spectrum of the Seas and to add Ovation of the Seas to Tianjin in 2025 as we rebuild our China business. With our return to China, we are now finally back in all of our key markets, which enables us to capture quality global demand and source from new consumer bases.

Customer sentiment remains very positive, bolstered by resilient labor markets, wage growth, stabilizing inflation, and record-high household net worth. Consumer preferences continue to shift toward spend on experiences, particularly priority for travel. This is evident as the year-over-year growth in spend on experience is double that of spend on goods. Despite our ability to narrow the gap to land-based vacations in the last 12 months, cruising still remains an exceptional value proposition.

We continue to see excellent engagement from customers who are booking their dream vacations with us across all our products. Guests are buying 10% more onboard experiences per booking than in the first quarter of last year, and they continue to book these onboard activities earlier and at meaningfully higher APDs, translating into higher onboard spend. Looking to the rest of 2024, the year is shaping up to be exceptional with strong yield and earnings growth. We expect to achieve all Trifecta targets in 2024, allowing us to focus on a new era of growth to drive long-term shareholder returns.

As I mentioned previously, Trifecta creates the pathway back to what we internally describe as base camp, but our ambitions go well beyond it. As highlighted on Slide 7, we now expect to deliver net yields that are 9% to 10% higher than 2023. Our yield outlook is driven by the performance of new and existing ships, combined with our leading private destinations, a strong pricing environment, continued growth from onboard revenue, and our accelerating commercial apparatus. In the second half of 2024, we expect to deliver mid-single-digit yield growth above our typical moderate yield growth expectations, and on top of an approximately 17% yield increase in the back half of 2023.

We also continue to expect the business to deliver higher margins and earnings in 2024, with adjusted earnings per share expected to grow 60% year over year. As we look ahead, we remain focused on executing our proven targets formula for success, moderate capacity growth, moderate yield growth, and strong cost controls that lead to enhanced margins, profitability, and superior financial performance. Our operating platform remains a key differentiator and is bigger and stronger than ever. We remain intensely focused on attracting and keeping guests within our unique portfolio of brands and providing experiences for all of life's moments while delivering long-term value for our shareholders.

Our addressable market is expanding, and New to Cruise continues to grow, increasing 16% year over year. These guests are discovering our differentiated vacation experiences and are increasingly returning to us as we see repeat rates over 30% higher compared to 2019. Our brands also continue to attract new and younger customers. Millennials and younger generations have gained 11 percentage points share compared to 2019, and today almost one in two guests are millennials or younger.

New hardware has been a great differentiator for us. Since Icon of the Seas joined the fleet a few months ago, it is already exceeding our lofty expectations in both guest satisfaction and financial performance. We are also excited for the arrival later this year of Utopia of the Seas, a ship that is positioned to be another game changer for our short Caribbean product, and Silver Ray, which continues to reimagine the ultra luxury and expedition segments. Demand and pricing for those new ships has been incredibly strong.

Also this quarter, we announced an order for a seventh ship and our hugely successful Oasis class that will join the fleet in 2028. Our brands continue to lead their segments and generate quality demand, and we see a very large opportunity to take greater share of the rapidly growing $1.9 trillion vacation market as we continue to grow our fleet and vacation experiences. We are leading the vacation industry in creating exciting new products and experiences, which include private destinations. The newest addition to our growing portfolio of private destinations is the Royal Beach Club in Cozumel, Mexico, that is set to welcome guests in 2026.

With a combination of activities for every type of vacationer, Royal Beach Club Cozumel will further enhance our guests' experience, giving guests the ultimate beach day. Earlier this week, we also celebrated another important milestone when we officially broke ground on Royal Beach Club Paradise Island in Nassau, which is scheduled to open next year. Our journey to deepen the relationship with the customers continues this year. We are further enhancing our commerce platform through new technology and AI to continue improving the experience for our different distribution channels, build even more customer loyalty, and lowering our costs to acquire the guests.

We are removing friction and unlocking travel planning by investing in a modern digital travel platform, making it easier than ever for guests to book their dream vacations while allowing us to expand wallet share. Our digital experiences delight guests. Our mobile app is consistently adopted by 94% of our guests on board and we continue to enhance its capabilities. Among other features, we introduced cruise booking capabilities in the app last year and recently added the ability to book flights.

We also created a loyalty hub so customers can quickly enroll and track their loyalty tiers and benefits. We will continue to enhance those capabilities in 2024 and beyond. Our sustainability ambitions help support our mission to deliver the best vacation experiences responsibly. We recently released our 16th annual sustainability report, which outlines the progress we are making on See the Future, our vision to sustain the planet, energize communities, and accelerate innovation.

We are actively making progress toward our journey to net zero emissions, including double-digit carbon intensity reductions, and we are now beyond the halfway mark. Alongside the sustainability report, we published our first community impact report, which delves into how we energize the communities we visit. It highlights long-term projects that inspire future generations and our dedication to empowering local entrepreneurs through business development and micro-grant programs like the Royal Caribbean Kickstarter in the Bahamas. As we make progress, we also know achieving net zero can't be done alone.

We'll need strong collaboration across the full marine ecosystem, including operators, suppliers, ports, and technology providers. Our business continues to perform exceptionally well. I'm incredibly thankful and proud of the teams at the Royal Caribbean Group for showing up each and every day to dream and create the best vacation experiences for our guests, allowing us to perform while we transform. The future of the Royal Caribbean Group is exceptionally bright, and I couldn't be more excited about what's ahead.

And with that, I'm happy to turn the call over to Naftali. Naf?

Naftali Holtz -- Chief Financial Officer

Thank you, Jason, and good morning, everyone. I will start by reviewing first-quarter results, which were significantly above our expectations. Adjusted earnings per share were $1.77, 36% higher than the midpoint of our most recent guidance of $1.30. 45% of the outperformance, or $0.21, was driven by better pricing for our vacation experiences, with the remainder driven by federal timing of operating expenses.

We finished the quarter with a net yield increase of 19.3% compared to the first quarter of 2023. 385 basis points higher than the midpoint of our initial guidance in early February. While a load factor recovery was a contributor, most of our yield growth was driven by rates that were up by 14% versus 2023. 55% of the outperformance compared to our initial guidance was driven by ticket pricing, with the remainder driven by shipboard revenue strength.

Net cruise costs, excluding fuel, increased 4.1% in constant currency, 315 basis points lower than our initial guidance. Favorable timing was a driver that contributed to the better-than-expected results. Adjusted EBITDA margin was 31%, and operating cash flow was $1.3 billion. On our last earnings call we discussed the record-breaking start-to-wave season and widespread strength in booking, pricing, and onboard revenue.

The consistent strength in demand for our brands has led to a further amplification in pricing well beyond the levels we were expecting. Bookings have been outpacing last year by a wide margin on a weekly basis, despite having less inventory remaining for sale. As a result, we continue to be in a record book volume position and our booked per DMs are now even further ahead of 2023 than they were as we entered the year. The Caribbean is our largest product group, representing just over 55% of our deployment this year.

Overall, the Caribbean products remain in an extremely strong book position with new hardware and much higher pricing on existing ships, contributing to strong yield growth for the product. Europe accounts for around 15% of our capacity for the full year and close to 25% during the summer. Despite the fact that we had to modify some of our Eastern Mediterranean sailings that were previously expected to call in Israel or sail through the Red Sea, our European itineraries have been performing very well and we are currently booked nicely ahead of last year in both rate and volume. Regarding the situation in the Red Sea, we have rerouted a handful of spring repositioning cruises and we also have contingency plans for a few other sailings that may be impacted in the fall.

All these are included in our revised guidance this morning, including the reduction in APCDs. We are all close to the start of our summer Alaska season. This product represents 6% of full-year capacity and 15% in the summer season. We have upgraded our Alaska capacity this year for two of our brands.

For the first time, Celebrity will offer incredible Alaska vacations on the Edge class ship, Celebrity Edge, and Silver Sea's new ship, Silver Nova, will also sail in Alaska. Alaska has been one of our strongest-performing itineraries this year and remains in a record-booked position. Asia Pacific itineraries will account for 10% of our capacity this year. Overall, our Asia and Australia itineraries continues to perform well, and we're in a strong booked position for the upcoming winter season.

Now let's turn to Slide 7 to talk about our increased guidance expectations for 2024. Our results remain ahead of expectations, and we now expect to meet all our trifecta goals in 2024. Net yields are expected to be up 9% to 10% for the full year, 225 basis point increase from the midpoint of our prior guidance in mid-February. 40 basis points of the increase is due to exceptional first quarter results.

The remainder is due to a significantly better business outlook for the rest of the year due to robust demand driving higher pricing and continued strength in onboard revenue. Now moving to costs. Full-year net cruise costs excluding fuel are expected to be up approximately 5.5% and that includes 310 basis points impact from the increased dry dock days and the operations of Hideaway Beach. Our cost metric is up 150 basis points compared to our prior guidance with a quarter of the increase predominantly due to lower APCDs on canceled Red Sea sailings that skewed the metric.

The remainder is driven by higher non-cash stock-based compensation. Excluding those items our costs are in line where initial expectation and guidance. We anticipate a fuel expense of $1.18 billion for the year and we are 61% hedged at below-market rates. So based on current fuel prices, currency exchange rates, and interest expense, we expect adjusted earnings per share between $10.70 and $10.90.

I want to provide a little more color on the progress of our earnings guidance. As you can see on Page five, we are increasing our earnings guidance by $0.80 for the year. That includes $0.10 headwind from fuel prices and currency exchange rates as well as $0.17 benefit from the refinancing we completed in the first quarter. After accounting for those changes, approximately one-third of the increase in earnings is attributable to first-quarter business outperformance.

That excludes $0.26 benefits from favorable timing with the remainder two-thirds driven by better business outlook for the rest of the year. Now turning to Slide 8, I will discuss our second-quarter guidance. We plan to operate 12.2 million APCDs during the second quarter. Net yields are expected to be up 10.2% to 10.7% compared to 2023.

Two-thirds of the yield increase are driven by new hardware and load factor catch up with the remainder one-third related to like-for-like pricing. Net cruise costs excluding fuel are expected to be up 7.4% to 7.9% and includes costs related to increased dry dock days and the operations of Hideaway Beach as well as timing of costs shifted from the first quarter. During the second quarter, we will have 8.5x more dry dock days compared to the second quarter of last year, which is weighing on our cost metrics this quarter. Taking all this into account, we expect adjusted earnings per share for the quarter to be $2.65 to $2.75.

Turning to our balance sheet, we ended the quarter with $3.7 billion in liquidity. We continue to make significant progress in strengthening the balance sheet and reaching our trifecta goals of investment grade metrics. During the first quarter, we refinanced $1.25 billion of our most expensive bonds with a new unsecured note at six and a quarter that allowed us to save over 500 basis points or $56 million of annual interest expense while also realizing some savings in 2024. We will continue to proactively pay down debt and pursue opportunistic refinancing and expect to further reduce leverage to just below mid three times by the end of 2024.

Also in the first quarter, S&P upgraded our credit rating to BB+ with a stable outlook, and Moody's upgraded the company's credit rating to BA2 with a positive outlook. We are very pleased with the rating agency's acknowledgement of the strong trajectory of the business and our commitment to strengthening the balance sheet. Our priorities to address debt remain unchanged, managing debt maturities, reducing interest expense, and removing remaining restrictions on capital allocation and toward a fully unsecured balance sheet. In closing, we remain committed and focused on executing our strategy and delivering our mission while achieving our trifecta goals.

Our strong book position and an accelerating demand environment position us for another strong year of yield growth and a step change in earnings growth. With that, I will ask our operator to open the call for a question-and-answer session.

Questions & Answers:

[Operator instructions] Our first question will come from the line of Steven Wieczynski with Stifel. Please go ahead.

Steve Wieczynski -- Stifel Financial Corp. -- Analyst

Yeah, guys. Good morning. Congratulations on the solid results and outlook. So, Jason and Naf, you obviously gave a lot of color around how bookings are shaping up for the rest of this year.

But look, if we think about bookings for next year, I'm sure that's where a lot of investor interest levels are going to go to pretty surely. So you're just wondering what kind of color you can give us for 2025 at this point and wondering if the booking and pricing strength that you're seeing today is being transferred so far into 2025.

Well, good morning, Steve. Thanks for the question. So one, I mean, all of our commentary around our bookings, the strength that we're seeing, but not only relates to 2024, but also to 2025. And we're getting close to the point where we'll soon be taking more bookings for '25 than we are for 2024.

And so when we look into the booking behavior, one, the booking window continues to extend. So guests are making their decisions much further out. When we look at the repeat rates that are going on and the dreaming that our guests are doing to make sure that they're getting the vacation experience that they want is really all leading to very, very strong demand trends for 2024 as well as 2025. And by the way, we're also taking bookings into 2026.

We're also seeing very strong booking behavior pre-cruise. And again, making sure that our guests are, have the ability to get their first day of their vacation back by planning their onboard activities and shore excursion activities well in advance. And that's also not only helping our ability to yield manage on the onboard experience, but it's also improving our customer deposits, which is also rising due to that. So all-in-all, things just continue to accelerate and the thirst or hunger for our brands and their experiences just continues to grow.

And you see that not in just the booking behavior, but also all of our survey data around one propensity to cruise, but also propensity to cruise with us.

OK. Gotcha. Thanks for that, Jason. And then second question, probably a bigger picture question, but look, if I remember correctly before the pandemic, you guys were always targeting, I think it was $20 a share in earnings by 2025.

And look, obviously, you aren't prepared to give another long-term set of financial targets today. But I mean, look, if we start to think about your capacity yield cost algorithm, are we crazy to think that getting back to $20, even with the dilution and the higher interest costs that you guys took on during COVID? I mean, it seems like that's probably back on the horizon again. Are we kind of crazy to think that way?

Well, I won't get into how crazy you are, Steve, because that could take the balance of the call. But I think as you pointed out, which I think is an important component is, we have a business that has really strong operating leverage. And what we have talked about is our formula for success, which is moderate yield growth, which clearly we haven't seen this year. We didn't see that last year.

We've seen elevated yield growth. Moderate yield growth, good cost control, moderately grow your business, bring on new destinations, drives really very tremendous earnings power. You think about a 1% change in our yields is $120 million this year. A 1% change in our cost is about half of that.

So grow your yields faster than your costs, bring in really strong, high yielding capacity that has great inventory mix. You bring in new destinations like more like, we did this year with Hideaway, bringing in the Beach Club and Nassau, bringing in the Beach Club in Mexico, etc. These are all things that are driving very high margins for us and is improving our return profile as well as our earning profile. And of course, none of that, takes into account, I mean, Naf and team have done an exceptional job already on the balance sheet.

There'll be more opportunity to continue to lower the negative carry. And of course, none of this contemplates capital returns, which is one thing that we were doing pre-COVID. So it's something that we think as we look at how do we continue to improve your shareholder return? Those are things that could also improve our earnings outlook is by considering the dilution that occurred and return capital to shareholders. All of this are things in which we will begin to address once we get to our trifecta goals, which as you know, we described as base camp.

That's great color. Thank you, guys. Appreciate it.

Your next question comes from the line of Ben Chaiken with Mizuho. Please go ahead.

Ben Chaiken -- Mizuho Securities -- Analyst

Hey. Good morning. Sounds like demand accelerating. Would be great to hear any color on demand for Paradise Island and then I guess related.

Can you talk to us how you're differentiating the destinations from a marketing perspective of CocoCay and Paradise Island and Cozumel or maybe my ship class? Just any nuances you would call out. Like is this a CocoCay returning customer or a different person? That'd be great. Thanks.

Michael Bayley -- President and Chief Executive Officer, Royal Caribbean International

Hi, Ben. It's Michael. I mean, when we think of the Beach Club portfolio that we're planning on developing, along with Perfect Day, they're incredibly complementary destination experiences and they fit really in the sweet spot of our demographics and really in terms of what our guests are seeking, looking for when they go on a Caribbean cruise, they really knock it out of the park in terms of satisfying that demand, that need. So very similar type of product, different vibe.

Perfect Day is the full day for thrill and chill and the Beach Club is, as you imagine, just an incredible day at the beach, which is what most guests are seeking in the Caribbean. And it's curated by Royal Caribbean. It's a stunning experience. And of course, it's very authentically connected to the culture, for example, in the Bahamas or Mexico.

And it really is a huge demand driver. When we look at the demand that we've seen for Perfect Day, this year we'll take 3.2 million guests to Perfect Day. Last year it was 2.6 million. And it really is a demand driver.

People want to sail on the ships that go to Perfect Day and they want to sail on the ships that go to the Beach Club. And I think it's proven to be incredibly successful. When you wrap that up with the kind of hardware we've introduced, for example, Icon, which has been an unbelievable success. I mean, beyond our wildest dreams success.

And you add on Utopia, which is a brand new Oasis class ship, which was going straight into the short product market out of Port Canaveral. The demand we've seen for, for example, Utopia sailing to Perfect Day has been extraordinary. So we think we've got the formula figured out. And our plan is to continue to evolve and develop that formula over the coming years.

Yes. And Ben, I just want to add and I had it in my remarks. I think one of the incredible things that we're seeing out of destinations like Perfect Day, and we'll see this in the World Beach Club and Nassau, is how it's drawing in new to cruise and millennials. So my comment that one and two of our guests, one out of two of our guests are millennial or younger, to me is a very powerful statement.

The increase, we have an 11-point increase in new to cruise. And so, and what we know is when they sail with us, they're five times more likely to sail with us again. And the repeat rates that we're seeing are exceptional. And it's a lot because not only are we bringing that full incredible experience that our crew delivers on our ships, but we're enhancing the experience in the destinations.

And I think that combination with where Michael and his team have really the dreaming and innovating and delivery on Perfect Day and how there's 25,000 guests a day that come into Nassau. And we're going to take some of those guests and we're going to bring them over to the Beach Club, which is great economically for us as well as it is for the Bahamas, and deliver an incredible experience that's going to drive probably 90 plus NPS scores. And that's what people are seeking. They want those experiences that they can walk away from and it's attracting a high level of demand.

And Ben, not to continue on this, but to add to Jason's comments, Utopia is not by accident, Utopia is sailing out of Port Canaveral. It'll be going to Perfect Day. It really is another product that's squarely in this competitive space of land-based vacations and we're seeing huge demand coming for this product. And you think about the combination of a three, four-day product like Utopia going to Perfect Day, and then in 25, it'll go to Perfect Day and the Beach Club.

That's really a phenomenal game changer. And it really is drawing in a huge amount of new to crews and it's beautifully positioned in Canaveral, right fundamentally in Orlando.

Gotcha. Just a very quick follow-up on Paradise. I think, Jason, you mentioned 25,000 guests to Nassau. Am I interpreting that correct, that this could be a kind of like a revenue generator for not just your cruise guests, but also other people who are going to Nassau? Or is that the wrong reason?

No. It's primarily for the Royal Caribbean brand. Our other brands will have access to it, but the broader cruise market would not have access to the Beach Club.

But the beautiful thing is, is that the Royal Beach Club in Paradise Island is positioned pretty much at the entrance to Nassau. I think the point is, is that on a given day, there's 25,000 to 30,000 cruise guests coming in on multiple different cruise brands. And of course, when they sail into Nassau, the only thing they're going to see is the Royal Caribbean Royal Beach Club, which is going to be absolutely stunning. And they will be unbelievably jealous knowing that they can't go there.

That's a great point. Thanks.

Your next question comes from the line of Matthew Boss with J.P. Morgan. Please go ahead.

Matt Boss -- JPMorgan Chase and Company -- Analyst

Great. Thanks. And congrats on another nice quarter. So Jason, coming off strongest wave season in history, could you elaborate on the continued near-term strength cited in April, both from demand and pricing, maybe, if anything, by region? And to your comments earlier, how best to think about your market share opportunity in this 1.9 trillion growing global vacation market? And then just for Naftali, just as we think about the underlying guidance rate, where are you more confident today as we think about the back half, maybe relative to three months ago?

Sure. Well, thanks for the question, Matt. First off, I think just -- I mean wave was absolutely exceptional. It's kind of mid-teens better than what we saw on the previous year.

Interesting enough, though, April was almost double that in terms of the level of demand that we were seeing. So that's why when I talk about demand is accelerating, it's not just what we saw when we last spoke to everybody in early February. It's not just when we updated at the end of February. But that acceleration has picked up speed.

And of course, at this point, we only have about 12% load factors left to build for the year. And so that will provide opportunity for us to a degree this year. But what that I think means in terms of the opportunity into 2025 and beyond is very appealing. I think when you frame that the $1.9 trillion of travel space, and of course, that's a growing number, cruises $65 billion of that $1.9 trillion.

So we're a very, very small fraction. And I think something we've talked about before is a 1% shift is worth 11 Oasis-class ships to us. And so for us, when you look at things like Perfect Day, when you look at things like the Royal Beach Club, when you look at things like Utopia, you look at things like what we're doing on Edge and Nova, it's very purposeful, less about what's happening with other cruise operators. It's more, how do we take further share? How do we compete with Orlando? How do we compete with Las Vegas? How do we compete with other land-based alternatives to grab that share, where as we know today, currently trades at least at a 25% or 30% premium to what we're getting.

So that value, we want to close that gap to land-based vacation, and we want to take share. And we believe by waking up and being just obsessed at delivering the best vacation experiences in the world puts us in a position to win.

Hey, Matt. It's Naf. Just to add one other thing to Jason. Also, if you kind of look at 19 versus where we are today, we have been taking share.

Again, you don't have to believe much. And as Jason said, 1% is 11 Oasis-class ships. That's a pretty significant rise. But we've continued to focus on it and make progress there.

I think just in terms of the strength, as you kind of heard in our prepared remarks, the strength is across all our key itineraries. And, of course, the Caribbean continues to be performing very well. But as much as others, Alaska, Europe, and obviously we're coming back to China. So we feel pretty good of where we are standing today.

When our book position, where the pricing is for the rest of the year.

Great. Congrats. Best of luck.

Your next question comes from the line of Sharon Zackfia with William Blair. Please go ahead.

Sharon Zackfia -- William Blair and Company -- Analyst

Hi. Good morning. I think on the last call, you had talked about 80% of passengers being North American this year. I'm just wondering if there's any update on that, if there's any change.

And then as we think about next year, kind of where would you expect, North America to go? It's kind of been unusually large the last few years. And if we see kind of China or Europe ramp up in the passenger base, how do we think about that impact on onboard revenue?

Yes. Well, thanks for the question, Sharon. I hope you're doing well. So I think just starting off, we need to just frame that, we have global brands, not nationalistic brands.

And these global brands are supported by a very significant commercial apparatus, with leading yield management tools and teams around the world. And so the sourcing is really a reflection of the demand patterns that we see to optimize our ultimate revenue. More China next year, as we add that second ship into China, can move this number a little bit to be less North American centric. But we're going to follow the demand patterns.

And that is how we've done it for a very, very long period of time. And of course, that could potentially shift the mix of onboard and ticket. I don't think it's going to materially shift it because I do think that we'll probably be relatively close to the sourcing that we saw this year. Maybe it moves a little bit, but it's not going to move a lot.

But we're focused on optimizing our revenue. And so if we're getting more in ticket from a customer and a little bit less on onboard, we're perfectly OK with that. As long as the answer is higher yield profile and higher margin profile for us. And that's how we've run the business for a very long time.

And I think we're very fortunate to have thought long time ago to make sure that our brands are positioned to be globally desirable in sourcing from many different markets.

Jason, can I ask a follow-up? The one or two passengers being millennials at this point, do you find that that customer is more inclined to pre-book onboard versus kind of their elders like me? Or, is it, are you seeing pre-booking success kind of across the demographic gamut?

Yes. I mean, it skews a little bit younger, but I think, Sharon, one, if we can pick any, positiveness out of COVID, was that the consumer, a young or middle-aged, etc., got very used to booking or buying things online. We also really improved our ability to take friction out of the booking experience for a ticket price, as well as the booking experience for onboard, by curating, taking a lot of steps out of the process, etc. And that's really what is driving that better behavior.

The installation of a proper commerce system that we can yield manage, that we can curate, which we're still very in the early innings on, is really what's benefiting that. And you just think about just shopping behavior. In the first quarter, we had 100 million visits to our websites, 100 million. That's twice what we had pre-COVID.

And so, we have really upped our game, not just on a marketing basis, but also to make that our websites helped our customers dream about what they want to do and help them get to the experience that they're looking for. And then making sure that they have all the onboard experiences that they want to have and being able to resolve all that well in advance of them getting on the ship.

Thank you so much.

Thanks, Sharon. Your next question comes from the line of Brandt Montour with Barclays. Please go ahead.

Brandt Montour -- Barclays -- Analyst

Hey, everybody. Thanks for taking my question. So maybe for Michael, China restarted this month. Wondering if you could give us maybe even qualitatively a sense of sort of initial load factors, initial pricing or initial expected onboard spend.

Obviously, you can't give us that specifically, but just sort of better or worse than you were forecasting. And clearly, the follow-up is, you decided to take Ovation there next year. That's obviously a good sign. But why Ovation? I think that comes out of Alaska and Australia.

Why that ship? And why not a ship necessarily out of the Caribbean or somewhere else? Thank you.

Brandt, yes, good question. I think, the fact that we've already deployed a second ship into the China market gives you an indication of how well the first ship is doing in the China market. So we're pleased with the spectrum bookings. Our comparison, of course, is back in 2019, which we've used a lot over the last couple of years.

Overall volume and rate for the China product in '24 is significantly higher in both volume and rate from '19, which is a great indicator of the kind of demand that we're seeing for the product. And we feel good about '24 going into '25. That's why we've got the second ship. Both quantum class, both have done very well in the China market.

They seem to be really well suited for that market. And of course, Ovation, both in Alaska and Australia, is perfectly suited for the China market in terms of its geographical positioning. One will be in Tianjin, which we've operated out of many years before the pandemic. And of course, Shanghai, both great markets for us.

The onboard spend, obviously, it's only the couple of days into the season, but it's looking really positive. We have high expectations and I think they're going to be realized. The other thing that's changed quite a lot in terms of the market dynamics in China is the change in our direct business versus the traditional trade business. There was quite a transformation during the pandemic in terms of a lot of the retailers that dropped out of business.

Fortunately, pre-pandemic, we started to invest significantly in resources, technology, people to develop that direct business. And we continued through the pandemic and we accelerated when we came out of the pandemic. And it's proving to be very productive for us. So overall, our distribution strategy is proving to be successful.

Demand seems very, very strong. Of course, Korea opened up, which is great. So that gives us a better itinerary product to offer to our guests. And we're feeling good about how this will play out.

Of course, we've been in China for a decade before. So we've all been through the ups and downs, but currently it's looking pretty positive.

OK. That's really helpful. And then maybe one for Naf. The higher guidance for the year helps bring credit metrics, at least in our model, perhaps a little closer to IG, perhaps a little earlier than we had before.

And so I guess, maybe it's worth you refreshing us on what you think the board needs to see to reestablish capital returns. And if today's report maybe helped that picture at all. And that's it for me.

Yes. So just on the balance sheet. So you're right, obviously, with the acceleration of performance, we're focused on basically three things, right? We're focused on reducing leverage. And I said in my prepared remarks, we will -- we expect to get to below the three and a half times leverage by the end of the year.

So that's very positive. Obviously, we continue to pay down debt. EBITDA, increases are helping with that leverage. So we're feeling pretty good about that.

And then reducing cost of capital, you saw us take an action this quarter reducing on one bond more than 500 basis points or almost $60 million of annual interest expense. And we'll continue to find those opportunities to lower the cost of capital and use both cash and opportunistic refinancing. I think there's much more to do there. And lastly, it's just an unsecured balance sheet.

We want to get back that capacity on the balance sheet like we had pre-COVID. And we basically have three bonds left that if we pay them back or we refinance them, the whole structure collapses and we're back to unsecured balance sheet. So that's our focus. We'll continue to execute on that.

Our focus is on metrics, not ratings. We were very pleased with the upgrades that we got from the rating agencies, but our focus in our getting to the balance sheet.

Thanks, everyone. Congrats on the quarter.

No, no. I was just going to say obviously you're getting to base camp and getting to those metrics is an important line for us and as well as for our board in terms of consideration of capital returns. But I would just point to that pre-COVID. We certainly, that was very much part of our formula was having a competitive dividend and also buying back shares opportunistically.

Thanks, everyone.

Your next question will come from the line of Robin Farley with UBS. Please go ahead.

Robin Farley -- UBS -- Analyst

Great. Thanks. One clarification on your really excellent guidance. It sounded like you were suggesting that there were some fall Red Sea cruises that are still on your schedule, but did I understand your comment to mean that if they were to change, that's already factored into your guidance? So if we see that, see any changes in those, it wouldn't change your guidance.

I just want to make sure I understood that part of your commentary, right?

Yes, Robin. That's correct.

OK. Great. Thank you. And then just my other question is on capacity and capacity growth.

And you mentioned that moderate capacity growth has been your goal. Others out there, some have been more aggressive lately with ordering ships out into the future. And I wonder if you could just give us your thoughts on whether you feel that that changes anything with availability of slotted shipyards or if that changes in any way what you have been thinking about capacity or would think about needing to do in the future. Thanks.

Sure. Hi, Robin. So first, I think it's important that when we talk about our order book, these are ships that are actually on order. We're not talking about options.

We're not talking about slot reservations. We're talking about things on order. And of course, we don't have any orders going out to I think 2035 or 2036, at this point in time. What we do subscribe to is that we believe that we are in segments that have a lot of growth potential to them.

We believe we have the right brands in those segments. And we believe that we should be moderately growing our brands over time. And so that's kind of what we're committed to. And I think we feel very good not only about our current order book and about the potential of that order book to grow moderately, but also our access to build those ships over an extended period of time.

So I think we feel very good about it all around. And I think we're showing that the investments we're making in our brands, what the investments we're making in the destinations are yielding very high returns for our shareholders and continuing to expand our margins.

I guess maybe to clarify, do you feel that you would need to order ships more than five years in advance in the current environment? Or is that sort of five to six years out, I would say something five?

Yes. I think it depends on the circumstances. We've ordered, Icon was being designed and dreamt of obviously COVID delayed some of those orders, but somewhere typically in that kind of five-to-six-year range is where you make those orders. But keep in mind, and that's what I think my comment is, that doesn't mean you don't have options and you don't have slot reservations and so forth that you could also, which is why we typically order in that kind of five-to-six-year type of range.

We don't announce things unless they are fully contracted and we know the price and we have the financing in place.

OK. Great. Thank you.

We have time for one more question.

Our final question will come from the line of Vince Ciepiel with Cleveland Research. Please go ahead.

Vince Ciepiel -- Cleveland Research Company -- Analyst

Great. Thanks. Earlier in the call, there was some commentary on loyalty and I just wanted to get your sense for what you're seeing within that across your brands and varying products, what you see in terms of overlap of customers and then maybe finally within that, have you ever thought about getting into river cruising, thoughts on that segment of the market and is there much overlap with your current customer base?

Yes. Well, first just to kind of build off of what I had said earlier is, we have been very thoughtful about having the right brands and the right segments. And we have done such an incredible job at delivering a vacation of a lifetime and we're focused on making sure we're set up to deliver a lifetime of vacations. And our guests, there is overlap between Royal and Celebrity and Royal and Silversea and vice versa because you could have a set of grandparents on Silversea that next month are going on a cruise with their kids and grandkids on the Royal Caribbean brand.

That happens all the time. And one of our ultimate goals here is to make sure that we keep our customer in our ecosystem. And so we do that whether that's through awareness of our brands, whether that's through loyalty programs, whether that's through cross-selling, etc. And those are things that we have an opportunity to get better and better at, especially as our travel platform technology-wise is more flexible.

The comment on river or other experiences, we're always evaluating opportunities. River is an area where we do see some overlap, not a lot of overlap, but we do see some overlap occurring and that could be something that we would consider at some point in the future. But at this point in time, we're very focused on excelling in our core, growing our core and also further building out our destination platform. All of that, as we're clearly seeing, is working to deliver a very high ROIC profile and producing strong shareholder returns.

Great. Thank you.

I will now turn the conference back over to Naftali Holtz, CFO, for closing remarks.

We thank you all for your participation and interest. Michael will be available for any follow-up. We wish you all a great day.

[Operator signoff]

Duration: 0 minutes

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Royal caribbean ups 2024 outlook after “strongest wave season” ever.

The Royal Caribbean Group has increased its outlook for 2024 after recording better than expected results for the first quarter of the years, thanks to a record WAVE season.

The industry giant, which owns three cruise companies, saw a significant turnaround from its results during the same period in 2023, going from an adjusted net loss of $59m to an adjusted net profit of $478m thanks to strong onboard revenue and stronger pricing on close-in demands.

CEO Jason Liberty said: “Demand for our leading brands and the incredible experiences they deliver continues to be very robust, resulting in outperformance in the first quarter, a further increase of full year earnings guidance, and 60% expected earnings growth year over year.

"Building on this momentum, we expect to achieve all our Trifecta financial goals in 2024, which allows us to focus on a new era of growth to drive long-term shareholder returns and take a greater share of the rapidly growing $1.9 trillion global vacation market.”

As highlighted by Liberty, the updated outlook for 2024, which puts adjusted earnings per share (EPS) for the year between $10.7 and $10.9, means that the group is expecting to achieve its "Trifecta" goals of reaching triple-digit EBITDA per available passenger cruise days, a ROIC in the teens, and double-digit EPS.

Royal Caribbean’s "Trifecta" achievement, which would come a year ahead of initial expectations, highlights the strong growth of the cruise industry which was able to rebound from pandemic lows and is projected to grow 11% between 2022 and 2028.

The group attributed part of its strong first quarter to experiencing the strongest WAVE season, the period between the winter holiday season and March when cruise companies will offer a high number of promotions, in its history.

In addition to record ticket pricing, Royal Caribbean said that customers had also been spending more onboard and were making more pre-cruise purchases, such as drinks packages and shore excursions, than in previous years, helping its customer deposit balance to reach $6bn.

The success of Royal Caribbean’s post-pandemic bounce back was reflected in its recent order for a ninth new ship, and seventh for its new Oasis Class, only three weeks after it launched its new flagship the Icon of the Seas, which became the world’s biggest cruise ship when it was launched in January 2024.

"Royal Caribbean ups 2024 outlook after “strongest WAVE season” ever" was originally created and published by Ship Technology , a GlobalData owned brand.

The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.