In a Thursday interview with CNBC’s Jim Cramer, Viking Holdings CEO Torstein Hagen said his cruise line’s target audience — people 55 and over — has served the company well.
“Of course, it’s great to take your grandkids…on the big ship,” Hagen said. “Our guests are people who are tired of all that. They’re tired of their own children, they’re even tired of their own grandchildren, but they want to experience things.”
Unlike many cruise companies, Viking does not allow children. They cater to high-income baby boomers and offer river and ocean cruises primarily around Europe.
According to Hagen, Viking “likes to appeal to grown ups, 55-year-old plus, with time, money and, above all, curiosity.” The company boasts learnings experiences for its customers, he said, including lectures or tours around place like the castle where “Downton Abbey” was filmed.
The company also differs from its peers in that it does not have casinos on board. Hagen claimed that the cost of casinos may not yield significant extra revenue and that the ships are quieter without them. Viking has already booked out 55% of its capacity for 2025, according to Hagen.
“Of course, one is always happy when bookings are high, but I think it’s nice to be able to also have some goods available as people make their decisions later on in the season,” he said.
Viking made its market debut earlier this year, and since then the stock has climbed more than 27%, according to FactSet. The company beat Wall Street’s expectations when it reported earnings before Thursday’s open. However, by close, shares were down 8.84%.
