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This is Bloomberg Business Week, insight from the reporters and editors that bring you America's most trusted business magazine. Plus, global business, finance and tech news. The Bloomberg Business Week podcast with Carol Masser and Tim Stenevek on Bloomberg Radio. We

are talking about Royal Caribbean Cruises. Shares are riding quite a wave higher, up about 13%, more than 13% at their high, almost 14% in fact, hitting a record intraday, up the most in more than two years. It is the top gainer in the S&P 500, and it's lifted the entire group because Norwegian and Carnival also top gainers in the S&P 500. This is coming after Royal Caribbean reported a full-year profit forecast that blew past expectations as cruise demand continues to ramp up. They're also talking about getting into another area of the cruising world. For more on the outlook and what's driving metrics, we welcome the president and CEO of Royal Caribbean Group. He is Jason Liberty. He joins us from Miami, Florida. Jason, it's great to have you here with us. How are you? I'm

doing great, Carol, and thank you and Tim for having me today. Obviously, it's a great day on the share price, but it's a great representation of another incredible year here at the Royal Caribbean Group and a really strong outlook for 2025.

Tell us what surprises you about the consistency in demand and the optimism that you are seeing, certainly in the cruising world and what comes to demand. What's surprising you in how the strength that you are seeing?