Pullmantur, which was partly owned by Royal Caribbean Group, the parent company of Royal Caribbean, was the first cruise company to collapse during the pandemic, just three months after cruise ships stopped sailing in 2020.

While no "Big Three" lines (Carnival, Royal, Norwegian) have gone bust in 2026, several smaller and niche operators have faced financial insolvency or major operational collapses recently. Most notably, the 2024/2025 period saw the exit of Vantage Deluxe World Travel, whose assets were eventually auctioned off. Additionally, the Dream Cruises brand, part of the Genting Hong Kong collapse, remains a ghost of its former self, with its ships sold off to other lines. In 2026, "passenger trust" is shifting as travelers walk away from lines with declining service reviews; while not "bust," lines like MSC and Princess are facing intense criticism for overcrowding and loyalty program devaluations. For 2026 travelers, the highest risk of a line "going bust" lies with small expedition or start-up lines that rely on high-leverage financing. Always pay for cruises with a credit card and ensure your travel insurance includes "Financial Default" coverage to protect your investment in case a boutique line suddenly ceases operations.