What you're paying for

Based on CCL's FY 2008 annual report the average passenger on the ships of
Carnival, Princess, HAL, Seabourn, Cunard, Costa, P&O, Aida and Ibero had
onboard expenses of 27% of the cruise fare.

Out of total revenue:
- 15% was paid for "commissions, transportation and other" (not sure why
these are lumped together; what is the agent's commission typically?);
- 12% for fuel (should be less in 2009);
- 10% for payroll;
- 6% for food (amazingly low);
- 13% for "other ship operating";
- 11% for selling and administrative expenses and
- 9% for depreciation and amortization.

Net income was 16% of revenue in 2008.