Iran War Disruptions Cut TUI Cruise Earnings in Q3 2026
Operations resumed in mid-May after Mein Schiff 5 spent two months docked in Qatar and later sailed around Africa to rejoin service in the Eastern Mediterranean.
TUI Group’s cruise division reported third-quarter 2026 underlying EBIT of €133 million, down from €143 million a year earlier after the war involving Iran disrupted operations for Mein Schiff 4 and Mein Schiff 5. TUI attributed €20 million in quarterly costs to the disruption, with the nine-month total reaching €40 million.
Without the geopolitical effects, quarterly underlying EBIT would have increased by €10 million year over year. The average daily rate rose 4% to €252, and the load factor, excluding the disruption, improved by one percentage point to 99%.
Gulf disruption keeps two ships in port
Mein Schiff 4 and Mein Schiff 5 remained in Gulf ports from March for safety reasons. Operations resumed in mid-May.
The two ships each accommodate about 2,500 passengers and measure approximately 99,000 GT. Mein Schiff 5 spent two months docked in Qatar before receiving clearance to transit the Strait of Hormuz in April. It subsequently sailed around Africa and returned to service in the Eastern Mediterranean in May.
“Wars and geopolitical tensions, consumer caution, economic weakness and rising inflation in Europe’s core markets — all these factors have influenced consumer sentiment and the timing of purchasing decisions,” said Sebastian Ebel, TUI Group’s chief executive.
Rates rise as quarterly capacity tightens
The cruise division recorded 3 million available passenger days during the quarter, compared with 3.1 million in the prior-year period. TUI attributed the reduction to scheduled dry docks for Mein Schiff 3 and Hapag-Lloyd Cruises’ Hanseatic Spirit.
For the first nine months of 2026, cruise underlying EBIT increased to €297 million from €273 million a year earlier despite the cumulative costs associated with the Iran war. Available passenger days rose 12% over the nine-month period following the entry into service of Mein Schiff Flow, while average daily rates increased 2%.
Mein Schiff Flow entered service this summer as the 19th ship across TUI Cruises, Marella Cruises and Hapag-Lloyd Cruises. The 160,000 GT, 333-meter vessel has approximately 1,945 cabins and capacity for 3,984 passengers at maximum occupancy.
TUI said further cruise investment will include additional TUI Cruises ships and continued modernization of the Marella Cruises fleet. The company did not provide additional fleet-project dates in its quarterly update.
Mein Schiff 5 heads to the Caribbean
Mein Schiff 5 also completed a dry-dock refurbishment in Dubai earlier this year. The vessel is scheduled to remain in the Eastern Mediterranean through mid-October before repositioning to La Romana in the Dominican Republic.
Its 2026-27 winter deployment includes 14-night Eastern and Southern Caribbean cruises, with calls in the ABC Islands, St. Maarten, Catalina Island and Santo Domingo.
