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Cruise Lines Can’t Duck Their Debt

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Where in Americans’ household budgets is inflation hitting the hardest? WSJ’s Jon Hilsenrath traces the roots of the rising prices to learn why some sectors have risen so much more than others. Photo Illustration: Laura Kammermann/WSJ

Cruise ships, it seems, are like ducks—elegant and effortless above the water, fighting like crazy to stay afloat beneath.

On the surface, the industry is at bay: The world has reopened, occupancy limits and bookings are at or above prepandemic levels. Carnival Royal Caribbean Group and Norwegian Cruise Line Holdings are all eyeing a near-term return to profitability this year—a milestone they are hoping will reignite investor interest, with their shares down an average of over 45% over the past six months.

What happens to the 116-year-old Kellogg name when the company breaks up?

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