Cruise Stocks Are Down 25% to 45% Since March While S&P 500 Is Up 10%

Cruise stocks are down 25% to 45% since March while the S&P 500 is up 10%. The post says the ships are packed, yet the stocks are sinking.
The post argues the problem is supply, not demand. It says cruise lines are flooding the market with new $2 billion ships just as the mass-market customer weakens and trades down to cheaper fares. According to the post, adding capacity into a softening low-end consumer squeezes margins no matter how full the boats are, so full ships and falling stocks can coexist.