Measuring financial performance through operating business efficiency in the global cruise industry: A fuzzy benchmarking study on the “big three”

Surprisingly, despite extensive research on the impacts of COVID-19 on the hospitality industry, no study develops financial performance benchmarks that reflect these effects. This research seeks to fill this gap by examining the financial performance of companies in the shipping sector, specifically the cruise sub-sector. The "three biggest players" in the sector are the focus of this analysis. Benchmarking is essential for both existing market participants and potential new entrants. Fuzzy methods are used in modeling situations that involve uncertainty. The findings indicate that the three companies' operations must be redesigned in order to produce income and pay off debts. Additionally, Carnival Corporation's resilience is evident in times of crisis, as it demonstrates the best growth prospects, remains dominant in terms of liquidity, presents the highest return on assets, and borrows less than the other two companies.