Bonheur ASA has reported NOK 307 million EBITDA for Fred. Olsen Cruise Lines for the second quarter ended June 30, 2025, compared to NOK 212 million for the same quarter last year.

The company attributed the increase to higher occupancy at 79 percent this year, compared to 77 percent last year, and higher net ticket revenue per passenger day.

The actual passenger numbers were up 12 percent year-over-year and the yield per passenger was up 7 percent, according to a company statement, which also said that forward bookings for the full year 2025 as well as for 2026 and 2027 were up.

The net ticket revenue per passenger day was reported to be 210 pounds this year, up from 196 pounds last year.

All told the cruise segment contributed revenues of NOK 1,092 million for the second quarter of this year versus NOK 1,043 million last year.

Driving occupancy and rates were shorter cruises. According to company executives, shorter cruises, compared to the fourth and first quarters, attract more guests that are new to the brand.

The three ships sailed 10 cruises each during the quarter.

Company executives noted that it was important to utilize the summer season with shorter cruises of a week or so where it can attract younger audiences, which have less time for cruises. So, it is a big shift between the winter and the summer, and that is expected to continue going into the second and third quarters of next year. The challenge will be the winter season. Fred. Olsen Cruises had a weak first quarter impacted by the cancellation of Red Sea sailings.

Bonheur ASA, which operates across several industry sectors, including renewable energy, wind service and cruise, posted a net result of NOK 920 million on total revenues of NOK 3,251 million, compared to a net result of NOK 694 million on revenues of NOK 4,283 million for the second quarter of 2024.

The increase in the net result was attributed to the divestment of Bonheur’s ownership in United Wind Logistics (UWL).