Frank Del Rio, president and chief executive, Norwegian Cruise Line Holdings, was joined on the panel by Arnold Donald, president and chief executive, Carnival Corporation; Richard Fain, chairman and chief executive, Royal Caribbean Cruises; and Pierfrancesco Vago, executive chairman, MSC Cruises.

The conference heard that a total of 74 new ships will be built in the next decade, equating to more than $50 billion in investments from the cruise lines.

Del Rio said: “Customers are happy, the economy is doing well – we’ve had the ‘Trump effect’ – the stock market is at an all-time high.

“We’ve not had any external shocks to the system. All systems are go and I think all of us are seeing that in bookings and pricing – it’s going to be a great year.”
 
When pressed, he elaborated: “We’re a business like any other. I think most businesses today recognise the Trump administration as a pro-business government and we’re all going to benefit from a basket of initiatives; whether it’s infrastructure, regulations or tax reform that will put more money in consumers’ pockets. That’s good for all business.

“Today we carry 25 million people across all socio-economic levels. Everyone is going to benefit if these things come to fruition.”

He added: “I agree that we have to wait and see, but at least we’re talking about the right things.

“In terms of the so-called ‘Trump effect’, the stock market is up nearly 20% since Trump’s election – 13% since the beginning of the year. That has to be great for business.”

Fain added: “People do understand the economic impact that the cruise industry has. Clia does an economic analysis and last year they published that the industry is responsible for 350,000 jobs just in the US.

“When you have that kind of economic impact governments tend to want to encourage it rather than discourage it.”

Regarding the possibility of Trump revisiting the relationship with Cuba with regard sailing there, the panel pressed that they would like to see the relationship maintained.

Del Rio said: “I’m all for lifting the embargo – it’s been a failed policy for 57 years.

“After that you’d think someone would want to try something new. I salute President Obama for starting that process.

“All of us are going to Cuba – it’s a major market that could develop over time. It has infrastructure limitations today but certainly it could be major in the cruise business for years to come and I hope the administration can see that potential.

“They are business-oriented so would hesitate to roll back any of the Obama-era advancements.”

Donald added: “For us, as long as it’s not rolled back we’ll continue to go forward. I think the embargo being lifted would be best for America and the cruise business.

“We’re just honoured and privileged to be able to sail there and have others follow. So many Americans want to go.”

Fain noted the significance of the cruise industry being “so much at the centre” of the discussion around Cuba.

“That tells us something about the importance of the industry. No one is talking about it being great for the hotel or airline industry.

“Even though Cuba today is an insignificant part of any of our businesses, it will grow.

“Eventually it will be significant. But it also says something about how the cruise industry brings that whole infrastructure with us.”