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Liberty helped Royal Caribbean survive the Covid pandemic. Now, he’s expanding the cruise business and its customer base.
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Royal Caribbean Group CEO and President Jason Liberty makes waves in the industry with his ability to pull off industry-changing projects.
Liberty stepped into the top role in 2022 after 9 years as CFO, during which he helped Royal Caribbean survive the Covid pandemic.
Under his leadership, Royal Caribbean christened the world’s largest cruise ship, the Icon of the Seas. At $2 billion, the vessel can hold over 5,600 passengers and 2,350 passengers.
While its launch created buzz, it has sparked public controversy, an example of the cruise industry’s insensitivity to the ongoing climate crisis. The ship actually is powered by liquefied natural gas (LNG). The company planes to add fuel cell technology as another power source.
Icon is only the first of a new class of ships that Liberty hopes to see hit the seas. Four more are on the way by 2030. Liberty wants these new ships to rival land-based vacations at more traditional destinations.
“We feel like we’ve started this transition from being a traditional cruise vacation to being a world-class multi-generational family option that stands shoulder to shoulder with Orlando and Las Vegas and any land-based destination experience that you could mention,” Liberty said speaking on a conference call following the release of fourth-quarter results.
Not only is he taking on destinations with new ships, he’s built his own exclusive private destinations. The company plans to open Royal Beach Club Paradise Island in Nassau in 2025 and Royal Beach Club in Cozumel is expected to open in 2026.
Cruises have historically been associated with older passengers, but Liberty has been able to expand Royal Caribbean’s demographics – half are millennial or younger.
Royal Caribbean generated $13.9 billion in 2023, putting it in second place in the cruise industry behind Carnival Cruise, which had $23.4 billion.
In 2023, Royal Caribbean Group also had the third-highest growth in its stock price among the S&P 500
Royal Caribbean Group owns three cruise lines: Royal Caribbean, Celebrity Cruises and Silversea.
Since January, Liberty has served as chairman of the Cruise Lines International Association.
Correction: This story originally said Icon of the Seas used fuel cell technology as one of its power sources. There is not a fuel cell in the ship yet, as development of the fuel cell has been delayed.
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