Leading position in the global cruise industry, with about 47% market share, which often gives Carnival the ability to drive pricing across much of the cruise industry when it is advantageous to fill its ships. Diversity across brands, price segments, and itineraries allows Carnival to target different customer demographics providing customers with greater choices than other, smaller operators. Large scale translates into its ability to build expensive new ships with internally-generated cash flow. Very high barriers to new entrants because of the high cost of building new ships, long lead times for ship orders and limited availability of slots at major shipyards. Sensitivity to economic cycles and adverse geopolitical and industry events, which can contribute to cash flow volatility. We
