Royal Caribbean hedged its fuel before the war. Its forward consumption is 58% hedged for 2026 and 53% for 2027. The hedge portfolio’s average cost for 2026 is about US$474 per metric ton. In the second quarter, bunker fuel cost it US$839 per metric ton net of hedging. Customer demand has been exceptional. First-quarter load factor was 109%, meaning ships sailed above standard double occupancy.