1 00:00:00,000 --> 00:00:02,379 Welcome back to the Deep Dive. Today, 2 00:00:02,980 --> 00:00:05,960 we are opening up a really interesting 3 00:00:05,960 --> 00:00:07,820 set of sources that all seem to 4 00:00:07,820 --> 00:00:10,099 point in one very specific direction. 5 00:00:10,119 --> 00:00:11,560 Yeah, it really does. It feels like 6 00:00:11,560 --> 00:00:13,179 we are looking at a master class 7 00:00:13,179 --> 00:00:15,800 in control. That is a very distinct 8 00:00:15,800 --> 00:00:17,480 theme in this stack, for sure. We're 9 00:00:17,480 --> 00:00:19,000 looking at how cruise lines are 10 00:00:19,000 --> 00:00:20,800 tightening their grip on the passenger 11 00:00:20,800 --> 00:00:23,140 experience. Right. I mean, aggressive 12 00:00:23,140 --> 00:00:25,609 standardization. vertical integration 13 00:00:25,609 --> 00:00:28,190 of travel logistics and, you know, 14 00:00:28,309 --> 00:00:29,710 the vulnerabilities that emerge 15 00:00:29,710 --> 00:00:31,429 when you try to completely script 16 00:00:31,429 --> 00:00:33,409 reality. Yeah, it's really a story 17 00:00:33,409 --> 00:00:35,750 about the tension between building 18 00:00:35,750 --> 00:00:37,909 a perfect predictable system and 19 00:00:37,909 --> 00:00:39,670 dealing with the chaotic reality 20 00:00:39,670 --> 00:00:42,350 of the real world. Absolutely. So 21 00:00:42,350 --> 00:00:44,390 we have three distinct updates to 22 00:00:44,390 --> 00:00:46,520 unpack today. First, we've got a 23 00:00:46,520 --> 00:00:48,719 major dining overhaul on Carnival's 24 00:00:48,719 --> 00:00:50,159 Australian fleet that signals the 25 00:00:50,159 --> 00:00:51,859 end of an era for local branding. 26 00:00:52,679 --> 00:00:55,159 Second, Pino Cruz is making a massive 27 00:00:55,159 --> 00:00:57,179 strategic shift in how they physically 28 00:00:57,179 --> 00:00:58,719 move people to the Caribbean. And 29 00:00:58,719 --> 00:01:00,320 third, we have a case study in what 30 00:01:00,320 --> 00:01:01,299 happens when the infrastructure 31 00:01:01,299 --> 00:01:04,219 just snaps. Specifically, a chaotic 32 00:01:04,219 --> 00:01:06,620 power outage impacting Royal Caribbean 33 00:01:06,620 --> 00:01:09,079 in Los Angeles that turned a high 34 00:01:09,079 --> 00:01:11,760 -tech terminal into a manual bottleneck. 35 00:01:11,920 --> 00:01:13,700 So the mission for this deep dive 36 00:01:13,700 --> 00:01:15,719 is to explore how these lines are 37 00:01:15,719 --> 00:01:17,379 attempting to control the end -to 38 00:01:17,379 --> 00:01:19,000 -end journey from the moment you 39 00:01:19,000 --> 00:01:21,000 check your bags at a UK airport 40 00:01:21,000 --> 00:01:23,400 to the specific cut of steak you 41 00:01:23,400 --> 00:01:24,959 order in the South Pacific. Right 42 00:01:24,959 --> 00:01:27,099 and inevitably the infrastructure 43 00:01:27,099 --> 00:01:28,700 vulnerabilities that threaten that 44 00:01:28,700 --> 00:01:30,260 smooth experience. Let's start with 45 00:01:30,260 --> 00:01:32,140 the steak. Let's do it. Because 46 00:01:32,140 --> 00:01:33,579 while this is happening on the other 47 00:01:33,579 --> 00:01:35,000 side of the world, in Australia, 48 00:01:35,480 --> 00:01:37,739 it signals a very specific corporate 49 00:01:37,739 --> 00:01:39,480 philosophy that applies globally. 50 00:01:39,579 --> 00:01:41,239 It really does. This is what I've 51 00:01:41,239 --> 00:01:42,659 been calling the great Australian 52 00:01:42,659 --> 00:01:44,959 steak swap. The headline news here 53 00:01:44,959 --> 00:01:46,900 is that Carnival Cruise Line is 54 00:01:46,900 --> 00:01:48,959 officially erasing the last remnants 55 00:01:48,959 --> 00:01:51,319 of the P &O Australia legacy on 56 00:01:51,319 --> 00:01:53,620 two specific ships. Right, the Carnival 57 00:01:53,620 --> 00:01:55,099 Adventure and the Carnival Encounter. 58 00:01:55,319 --> 00:01:57,260 Exactly. Just to give a little context 59 00:01:57,260 --> 00:01:58,640 for the listener who might not follow 60 00:01:58,640 --> 00:02:01,120 the Australian market closely, these 61 00:02:01,120 --> 00:02:03,359 ships used to be the Pacific Adventure 62 00:02:03,359 --> 00:02:05,299 and Pacific Encounter. They were 63 00:02:05,299 --> 00:02:07,439 part of the P &O Australia brand, 64 00:02:07,879 --> 00:02:09,840 which had a very distinct local 65 00:02:09,840 --> 00:02:11,439 identity. Right. It wasn't just 66 00:02:11,439 --> 00:02:12,699 carnival with a different paint 67 00:02:12,699 --> 00:02:15,060 job. No, not at all. It was uniquely 68 00:02:15,060 --> 00:02:17,520 Australian. It had a specific cultural 69 00:02:17,520 --> 00:02:19,919 flavor that really resonated with 70 00:02:19,919 --> 00:02:21,340 the local market down there. And 71 00:02:21,340 --> 00:02:23,740 the centerpiece of that local identity 72 00:02:23,740 --> 00:02:26,479 was the food. Specifically, a place 73 00:02:26,479 --> 00:02:28,300 called Luke's Bar and Grill. Yeah. 74 00:02:28,419 --> 00:02:29,719 This was a partnership with Luke 75 00:02:29,719 --> 00:02:32,139 Mangan. Right. And Luke Mangan is 76 00:02:32,139 --> 00:02:33,560 a heavyweight. I mean, he's essentially 77 00:02:33,560 --> 00:02:35,659 the Australian Wolfgang Puck. Oh, 78 00:02:35,659 --> 00:02:37,639 wow. Yeah. So having his name on 79 00:02:37,639 --> 00:02:39,939 the door signaled a certain level 80 00:02:39,939 --> 00:02:42,599 of culinary credibility that resonated 81 00:02:42,599 --> 00:02:44,159 specifically with the Australian 82 00:02:44,159 --> 00:02:46,500 market. It felt like a local institution 83 00:02:46,500 --> 00:02:48,599 at sea. So it wasn't just a restaurant. 84 00:02:48,680 --> 00:02:50,099 It was a stamp of approval from 85 00:02:50,099 --> 00:02:52,280 a local legend. Exactly. But according 86 00:02:52,280 --> 00:02:53,479 to the new deployment schedules, 87 00:02:53,639 --> 00:02:55,919 that institution is closing. Carnival 88 00:02:55,919 --> 00:02:57,939 is replacing Luke's with Fahrenheit 89 00:02:57,939 --> 00:03:00,439 555. Which is Carnival's signature 90 00:03:00,439 --> 00:03:02,979 fleet -wide American steakhouse 91 00:03:02,979 --> 00:03:05,439 brand. If you have sailed on a Carnival 92 00:03:05,439 --> 00:03:07,840 ship in Miami or Galveston or Long 93 00:03:07,840 --> 00:03:10,500 Beach, you know, Fahrenheit 555. 94 00:03:10,599 --> 00:03:12,780 Oh, yeah. It is the corporate standard. 95 00:03:13,099 --> 00:03:14,719 It represents the quintessential 96 00:03:14,719 --> 00:03:16,919 American steakhouse experience at 97 00:03:16,919 --> 00:03:19,300 sea. So Luke is out and the American 98 00:03:19,300 --> 00:03:21,000 steakhouse is in. And the timeline 99 00:03:21,000 --> 00:03:23,060 on this is Pretty aggressive, isn't 100 00:03:23,060 --> 00:03:25,139 it? It is happening fast. The changeover 101 00:03:25,139 --> 00:03:27,139 kicks in for sailings starting May 102 00:03:27,139 --> 00:03:30,719 4th, 2026. OK. So if you are booked 103 00:03:30,719 --> 00:03:32,599 on the Carnival Adventure for that 104 00:03:32,599 --> 00:03:34,639 12 night Fiji and South Pacific 105 00:03:34,639 --> 00:03:36,280 trip out of Sydney. Or the Carnival 106 00:03:36,280 --> 00:03:38,080 Encounter for that four night airy 107 00:03:38,080 --> 00:03:39,560 beach trip from Brisbane. Right. 108 00:03:39,699 --> 00:03:41,740 You are going to be the test subjects 109 00:03:41,740 --> 00:03:43,159 for this new setup. Let's unpack 110 00:03:43,159 --> 00:03:46,000 the why here. Why kill a popular 111 00:03:46,000 --> 00:03:48,819 local venue? It seems counterintuitive 112 00:03:48,819 --> 00:03:50,759 to replace a beloved local celebrity 113 00:03:50,759 --> 00:03:53,539 with a generic global brand. Especially 114 00:03:53,539 --> 00:03:54,979 when you're sailing in that celebrity's 115 00:03:54,979 --> 00:03:56,699 home market. Exactly. You'd think 116 00:03:56,699 --> 00:03:58,080 keeping the local guy would be a 117 00:03:58,080 --> 00:03:59,819 massive selling point. It feels 118 00:03:59,819 --> 00:04:01,080 that way if you look at it purely 119 00:04:01,080 --> 00:04:02,659 from a passenger perspective. But 120 00:04:02,659 --> 00:04:03,800 if you zoom out to the corporate 121 00:04:03,800 --> 00:04:05,740 level, this is about unifying the 122 00:04:05,740 --> 00:04:07,300 playbook. Unifying the playbook. 123 00:04:07,900 --> 00:04:09,199 Yeah. Carnival isn't just selling 124 00:04:09,199 --> 00:04:11,379 a cruise anymore. They are selling 125 00:04:11,379 --> 00:04:13,879 a consistent, replicable product. 126 00:04:14,639 --> 00:04:17,129 They want an American guest. who 127 00:04:17,129 --> 00:04:19,610 flies to Sydney to find the exact 128 00:04:19,610 --> 00:04:21,709 same experience as an Australian 129 00:04:21,709 --> 00:04:23,670 guest who lives in Brisbane. It's 130 00:04:23,670 --> 00:04:25,149 the Starbucks model. Pretty much. 131 00:04:25,430 --> 00:04:26,689 You want to know exactly what a 132 00:04:26,689 --> 00:04:28,189 Venti Latte tastes like, whether 133 00:04:28,189 --> 00:04:30,629 you're in Tokyo or Toledo? Precisely. 134 00:04:31,069 --> 00:04:33,250 It is about brand consistency and 135 00:04:33,250 --> 00:04:35,730 supply chain economics. Think about 136 00:04:35,730 --> 00:04:37,170 the logistics for a second. Okay. 137 00:04:37,529 --> 00:04:39,550 If you have a specific Luke Mangan 138 00:04:39,550 --> 00:04:42,889 menu, you need specific suppliers 139 00:04:42,889 --> 00:04:45,589 for his recipes. specific training 140 00:04:45,589 --> 00:04:47,509 for his presentation style. Probably 141 00:04:47,509 --> 00:04:48,970 even specific plateware. Right. 142 00:04:49,129 --> 00:04:50,550 Maybe even specific plateware. Yeah. 143 00:04:50,730 --> 00:04:51,870 But if you switch to Fahrenheit 144 00:04:51,870 --> 00:04:54,029 555, you are just plugging into 145 00:04:54,029 --> 00:04:55,829 the global carnival supply chain. 146 00:04:56,250 --> 00:04:57,990 The beef specs are the same. The 147 00:04:57,990 --> 00:04:59,870 training manual is the same. The 148 00:04:59,870 --> 00:05:01,490 wine list is the same. It completely 149 00:05:01,490 --> 00:05:03,670 removes a variable. And in operations, 150 00:05:03,970 --> 00:05:05,410 variables are expensive. Exactly. 151 00:05:05,689 --> 00:05:07,110 And it really simplifies the crew 152 00:05:07,110 --> 00:05:08,470 training. You can take a chef from 153 00:05:08,470 --> 00:05:10,350 the Carnival Horizon in Miami, drop 154 00:05:10,350 --> 00:05:11,610 them on the Carnival Adventure in 155 00:05:11,610 --> 00:05:13,230 Sydney, and they know exactly how 156 00:05:13,230 --> 00:05:14,610 to cook the New York Strip because 157 00:05:14,610 --> 00:05:16,399 the spec hasn't changed. There's 158 00:05:16,399 --> 00:05:18,180 no learning curve for the Luke Mangan 159 00:05:18,180 --> 00:05:19,639 way of doing things. None at all. 160 00:05:20,079 --> 00:05:21,279 So what does this new experience 161 00:05:21,279 --> 00:05:23,100 actually look like for the passenger? 162 00:05:23,319 --> 00:05:25,459 Is it an upgrade, a downgrade, or 163 00:05:25,459 --> 00:05:27,399 just a lateral move? Well, it is 164 00:05:27,399 --> 00:05:28,620 certainly a premium experience, 165 00:05:28,740 --> 00:05:30,199 and they are pricing it as such. 166 00:05:30,699 --> 00:05:33,019 Fahrenheit 555 isn't cheap. The 167 00:05:33,019 --> 00:05:34,420 sources note there is a surcharge 168 00:05:34,420 --> 00:05:36,639 of $77 Australian dollars. Which 169 00:05:36,639 --> 00:05:39,439 is roughly $55 US dollars per person? 170 00:05:39,699 --> 00:05:41,439 Right. That's a decent chunk of 171 00:05:41,439 --> 00:05:42,759 change for dinner, especially on 172 00:05:42,759 --> 00:05:44,459 top of the cruise fare. You're talking 173 00:05:44,459 --> 00:05:46,000 over a hundred bucks for a couple 174 00:05:46,000 --> 00:05:47,480 before you even order a cocktail. 175 00:05:47,779 --> 00:05:50,879 It is. But Carnival's argument is 176 00:05:50,879 --> 00:05:53,879 that for that price, you are getting 177 00:05:53,879 --> 00:05:57,139 a known quantity. Premium cuts like 178 00:05:57,139 --> 00:05:59,939 New York strip. T -bone, filet mignon. 179 00:06:00,240 --> 00:06:02,019 Exactly, cooked to exact temperatures. 180 00:06:02,540 --> 00:06:04,259 You get the curated wine list, the 181 00:06:04,259 --> 00:06:05,779 table -side service, the heavy steak 182 00:06:05,779 --> 00:06:07,620 knives. It's a high -end night out. 183 00:06:07,800 --> 00:06:09,600 It's consistent luxury. And interestingly, 184 00:06:09,920 --> 00:06:12,040 the sources emphasize the digital 185 00:06:12,040 --> 00:06:14,199 gatekeeping here. They are very 186 00:06:14,199 --> 00:06:15,819 strict about reservations. Yeah, 187 00:06:15,939 --> 00:06:17,060 that's a big part of it. You have 188 00:06:17,060 --> 00:06:19,399 to book via the Manage My Booking 189 00:06:19,399 --> 00:06:21,399 site or the Hub app. That's another 190 00:06:21,399 --> 00:06:24,060 layer of control. They are pushing 191 00:06:24,060 --> 00:06:26,579 everything through the digital ecosystem. 192 00:06:26,939 --> 00:06:29,560 It manages demand, sure, but it 193 00:06:29,560 --> 00:06:31,399 also forces the user into the app 194 00:06:31,399 --> 00:06:32,540 where they might buy other things. 195 00:06:33,180 --> 00:06:34,639 It integrates the dining experience 196 00:06:34,639 --> 00:06:36,740 into the digital pre -cruise checklist. 197 00:06:37,100 --> 00:06:39,000 Exactly. Now, it's not just the 198 00:06:39,000 --> 00:06:40,740 steakhouse. I noticed another casualty 199 00:06:40,740 --> 00:06:42,279 in the notes that points to this 200 00:06:42,279 --> 00:06:45,019 Americanization trend. Luke's Burgers 201 00:06:45,019 --> 00:06:47,319 is also getting the axe. Yes, the 202 00:06:47,319 --> 00:06:49,199 burger joint is going too. It's 203 00:06:49,199 --> 00:06:50,600 being replaced by something called 204 00:06:50,600 --> 00:06:53,540 Carnival Topside Grill. Which sounds 205 00:06:53,540 --> 00:06:55,160 intentionally generic, like something 206 00:06:55,160 --> 00:06:56,480 you'd find at a theme park food 207 00:06:56,480 --> 00:06:58,980 court. It's definitely vague. The 208 00:06:58,980 --> 00:07:00,480 sources were pretty clear that details 209 00:07:00,480 --> 00:07:02,600 on Topside Grill are scarce. No 210 00:07:02,600 --> 00:07:04,660 menu, no pricing yet. Right. But 211 00:07:04,660 --> 00:07:06,100 again, it's stripping away that 212 00:07:06,100 --> 00:07:08,319 specific Luke Mangan branding. It's 213 00:07:08,319 --> 00:07:09,819 moving from a chef partnership model 214 00:07:09,819 --> 00:07:12,279 to a house brand model. It removes 215 00:07:12,279 --> 00:07:13,920 the royalty fees paid to the celebrity 216 00:07:13,920 --> 00:07:15,819 chef and brings all the IP back 217 00:07:15,819 --> 00:07:17,300 in -house. It's interesting to note 218 00:07:17,300 --> 00:07:18,480 that this hasn't been an overnight 219 00:07:18,480 --> 00:07:19,800 shock, though. The sources mentioned 220 00:07:19,800 --> 00:07:21,459 that Banzai Sushi Express has been 221 00:07:21,459 --> 00:07:23,019 running on these ships since late 222 00:07:23,019 --> 00:07:25,860 2023. Right. This is a slow roll. 223 00:07:26,240 --> 00:07:27,379 They didn't change everything the 224 00:07:27,379 --> 00:07:29,019 day they took over the ships. They 225 00:07:29,019 --> 00:07:30,959 are methodically going through the 226 00:07:30,959 --> 00:07:33,019 venues and aligning them with the 227 00:07:33,019 --> 00:07:35,399 global fleet. It proves that this 228 00:07:35,399 --> 00:07:37,879 transition is a long term strategy, 229 00:07:38,040 --> 00:07:40,339 not a knee jerk reaction. They are 230 00:07:40,339 --> 00:07:42,680 slowly turning the dial until the 231 00:07:42,680 --> 00:07:44,120 P &O flavor is totally gone and 232 00:07:44,120 --> 00:07:48,660 it's 100 percent. Carnival. So moving 233 00:07:48,660 --> 00:07:50,000 from controlling exactly what you 234 00:07:50,000 --> 00:07:51,560 eat for dinner, let's talk about 235 00:07:51,560 --> 00:07:52,800 controlling how you actually get 236 00:07:52,800 --> 00:07:54,220 to the ship. This is a big one. 237 00:07:54,540 --> 00:07:56,220 Because this next story from P &O 238 00:07:56,220 --> 00:07:58,240 Cruises UK is a fascinating look 239 00:07:58,240 --> 00:08:00,199 at vertical integration. It feels 240 00:08:00,199 --> 00:08:01,959 like they're trying to fix a major 241 00:08:01,959 --> 00:08:03,899 pain point in the industry. It's 242 00:08:03,899 --> 00:08:06,319 a classic example of a company realizing 243 00:08:06,319 --> 00:08:07,439 that their product doesn't start 244 00:08:07,439 --> 00:08:08,819 when you step on the gangway. It 245 00:08:08,819 --> 00:08:09,779 starts when you lock your front 246 00:08:09,779 --> 00:08:11,519 door. Right. If the flight to the 247 00:08:11,519 --> 00:08:13,420 ship is a nightmare, the vacation 248 00:08:13,420 --> 00:08:14,959 is poisoned before it even begins. 249 00:08:15,420 --> 00:08:17,779 The guest arrives agitated, and 250 00:08:17,779 --> 00:08:19,379 it takes two days of the cruise 251 00:08:19,379 --> 00:08:21,779 just to calm them down. So the news 252 00:08:21,779 --> 00:08:23,279 is that P &O Cruises has locked 253 00:08:23,279 --> 00:08:24,620 in their airline partners for the 254 00:08:24,620 --> 00:08:27,120 winter 2026 -27 Caribbean season, 255 00:08:27,120 --> 00:08:28,740 and they have gone with a heavy 256 00:08:28,740 --> 00:08:30,220 hitting lineup. They really have. 257 00:08:30,579 --> 00:08:33,080 TUI Airways, Virgin Atlantic, and 258 00:08:33,080 --> 00:08:35,600 North Atlantic Airways. To understand 259 00:08:35,600 --> 00:08:37,740 why this is a headline and why P 260 00:08:37,740 --> 00:08:39,360 &O is making a big deal out of these 261 00:08:39,360 --> 00:08:42,100 specific partners, you have to understand 262 00:08:42,100 --> 00:08:44,769 the trauma of the recent past. the 263 00:08:44,769 --> 00:08:46,490 Maylith Arrow incident. I recall 264 00:08:46,490 --> 00:08:47,870 reading about this. It was quite 265 00:08:47,870 --> 00:08:49,970 the scandal in the UK cruising forums. 266 00:08:50,110 --> 00:08:52,029 It was a public relations disaster. 267 00:08:52,889 --> 00:08:54,210 Previously, P &O used a charter 268 00:08:54,210 --> 00:08:56,350 company called Maylith Arrow. And 269 00:08:56,350 --> 00:08:58,129 by all accounts, it was a completely 270 00:08:58,129 --> 00:09:00,490 bare bones operation. Yeah. Passengers 271 00:09:00,490 --> 00:09:02,110 were furious. We're talking about 272 00:09:02,110 --> 00:09:03,450 an eight or nine hour flight to 273 00:09:03,450 --> 00:09:05,750 Barbados with no seatback entertainment. 274 00:09:05,929 --> 00:09:08,190 cramped seating, and zero premium 275 00:09:08,190 --> 00:09:10,090 options. No movies on an eight -hour 276 00:09:10,090 --> 00:09:11,950 flight. Nothing. That is a recipe 277 00:09:11,950 --> 00:09:13,669 for a mutiny before you even get 278 00:09:13,669 --> 00:09:14,789 to the Caribbean, especially if 279 00:09:14,789 --> 00:09:16,110 you're traveling with kids. Exactly. 280 00:09:16,429 --> 00:09:17,909 People were boarding the Arvia and 281 00:09:17,909 --> 00:09:19,789 Britannia already angry, stiff, 282 00:09:19,909 --> 00:09:21,990 and bored. It was bad enough that 283 00:09:21,990 --> 00:09:23,649 Paul Ludlow, the president of Carnival 284 00:09:23,649 --> 00:09:25,870 UK, actually had to take to social 285 00:09:25,870 --> 00:09:28,190 media to apologize. Wow. Yeah. And 286 00:09:28,190 --> 00:09:30,269 that is rare. Executives hate apologizing 287 00:09:30,269 --> 00:09:32,389 on Instagram. It means the complaints 288 00:09:32,389 --> 00:09:34,509 have reached a critical mass. So 289 00:09:34,509 --> 00:09:37,970 this new lineup, TUI, Virgin, Norse, 290 00:09:38,210 --> 00:09:40,169 is a direct strategic correction. 291 00:09:40,429 --> 00:09:42,470 It's almost an overcorrection. In 292 00:09:42,470 --> 00:09:44,409 a good way. They aren't just finding 293 00:09:44,409 --> 00:09:46,309 a new charter. They are partnering 294 00:09:46,309 --> 00:09:48,649 with recognizable consumer -friendly 295 00:09:48,649 --> 00:09:50,690 brands. They are betting that the 296 00:09:50,690 --> 00:09:52,090 brand equity of Virgin Atlantic 297 00:09:52,090 --> 00:09:54,690 or TUI will sort of rub off on P 298 00:09:54,690 --> 00:09:56,750 &O. They are saying, we hear you 299 00:09:56,750 --> 00:09:59,309 and we are paying for quality. Exactly. 300 00:09:59,710 --> 00:10:01,409 Let's look at the logistics here. 301 00:10:01,730 --> 00:10:03,250 Because moving 5 ,000 people to 302 00:10:03,250 --> 00:10:04,909 Barbados isn't like booking a family 303 00:10:04,909 --> 00:10:06,509 vacation, it's a troop movement. 304 00:10:06,750 --> 00:10:08,549 No, it's a massive airlift operation. 305 00:10:08,990 --> 00:10:10,429 They are flying out of the major 306 00:10:10,429 --> 00:10:13,090 UK hubs. London, Gatwick, Manchester, 307 00:10:13,230 --> 00:10:14,789 Birmingham. But they're also keeping 308 00:10:14,789 --> 00:10:16,509 the regional departures from Cardiff, 309 00:10:16,730 --> 00:10:18,269 Glasgow, Newcastle, and Belfast. 310 00:10:18,529 --> 00:10:20,029 So they're flying into Barbados 311 00:10:20,029 --> 00:10:22,309 and Antigua to serve the Arvia and 312 00:10:22,309 --> 00:10:24,090 the Britannia. And the Arvia holds 313 00:10:24,090 --> 00:10:27,090 5 ,200 guests. Britannia holds about 314 00:10:27,090 --> 00:10:29,570 3 ,600. That is a lot of seats to 315 00:10:29,570 --> 00:10:30,889 fill every two weeks. You need a 316 00:10:30,889 --> 00:10:32,490 fleet of wide -body aircraft just 317 00:10:32,490 --> 00:10:34,169 to do the turnover. It is a massive 318 00:10:34,169 --> 00:10:35,809 undertaking. And that's why the 319 00:10:35,809 --> 00:10:37,289 choice of aircraft matters so much 320 00:10:37,289 --> 00:10:39,009 here. What really caught my eye 321 00:10:39,009 --> 00:10:41,029 is this specific detail regarding... 322 00:10:40,940 --> 00:10:44,000 Yes, the whole plane charter. This 323 00:10:44,000 --> 00:10:46,539 is highly significant. Virgin Atlantic 324 00:10:46,539 --> 00:10:49,399 is dedicating an Airbus A330 entirely 325 00:10:49,910 --> 00:10:52,509 to P &O guests. Because the whole 326 00:10:52,509 --> 00:10:54,129 plane charter, they can offer their 327 00:10:54,129 --> 00:10:55,850 upper class cabin option. That is 328 00:10:55,850 --> 00:10:57,730 a total game changer for the luxury 329 00:10:57,730 --> 00:10:59,750 traveler. Usually charter flights 330 00:10:59,750 --> 00:11:02,750 are just high density economy configurations. 331 00:11:02,909 --> 00:11:04,490 Exactly. If you're paying 10 grand 332 00:11:04,490 --> 00:11:05,970 for a suite on the ship, the last 333 00:11:05,970 --> 00:11:07,129 thing you want is to be squeezed 334 00:11:07,129 --> 00:11:08,870 into a 28 inch seat pitch for the 335 00:11:08,870 --> 00:11:10,789 flyover. You want the flatbed. Exactly. 336 00:11:11,309 --> 00:11:13,049 It aligns the flight product with 337 00:11:13,049 --> 00:11:14,730 the cruise product. If you sell 338 00:11:14,730 --> 00:11:16,710 luxury on the ocean, you need to 339 00:11:16,710 --> 00:11:19,019 offer luxury in the air. Otherwise, 340 00:11:19,279 --> 00:11:20,580 there is a massive disconnect in 341 00:11:20,580 --> 00:11:23,000 the experience. Now, TUI and Norse 342 00:11:23,000 --> 00:11:25,679 are flying Boeing 787 Dreamliners, 343 00:11:25,940 --> 00:11:27,860 which are modern, quieter, and have 344 00:11:27,860 --> 00:11:30,220 proper premium economy cabins. But 345 00:11:30,220 --> 00:11:31,840 the key thing P &O is emphasizing 346 00:11:31,840 --> 00:11:34,340 is the inclusions. Like the in -flight 347 00:11:34,340 --> 00:11:36,059 entertainment. Yes, the entertainment 348 00:11:36,059 --> 00:11:37,639 is back, fixing that old complaint. 349 00:11:38,279 --> 00:11:40,700 Plus, meals, drinks, and a 23 -kilo 350 00:11:40,700 --> 00:11:42,600 bag allowance are all standard now. 351 00:11:42,809 --> 00:11:44,490 There was one other detail in the 352 00:11:44,490 --> 00:11:46,210 logistical setup that I think is 353 00:11:46,210 --> 00:11:47,750 the secret weapon here. It's the 354 00:11:47,750 --> 00:11:50,370 concept of bonded baggage. Oh, absolutely. 355 00:11:50,549 --> 00:11:52,129 This is the definition of end -to 356 00:11:52,129 --> 00:11:53,470 -end control. For the listener who 357 00:11:53,470 --> 00:11:55,149 hasn't experienced this, bonded 358 00:11:55,149 --> 00:11:56,470 baggage means you check your bag 359 00:11:56,470 --> 00:11:58,649 at the counter in, say, Manchester. 360 00:11:59,269 --> 00:12:00,830 You hand it over, get your tag, 361 00:12:01,190 --> 00:12:02,830 and you do not see that bag again 362 00:12:02,830 --> 00:12:04,710 until you open the door to your 363 00:12:04,710 --> 00:12:07,269 cabin on the ship in Barbados. That 364 00:12:07,269 --> 00:12:09,539 sounds like magic. So you land in 365 00:12:09,539 --> 00:12:11,440 Barbados after a long flight in 366 00:12:11,440 --> 00:12:13,019 the heat and instead of fighting 367 00:12:13,019 --> 00:12:14,960 for position at the luggage carousel 368 00:12:14,960 --> 00:12:16,940 and then dragging bags through customs 369 00:12:16,940 --> 00:12:19,059 to a taxi? You just walk away. You 370 00:12:19,059 --> 00:12:20,639 just walk. You get off the plane, 371 00:12:20,679 --> 00:12:22,259 you get on a dedicated bus right 372 00:12:22,259 --> 00:12:24,100 on the tarmac and you go straight 373 00:12:24,100 --> 00:12:25,960 to the ship. Your bag follows you 374 00:12:25,960 --> 00:12:27,820 in a separate truck. It removes 375 00:12:27,820 --> 00:12:29,659 the single most stressful part of 376 00:12:29,659 --> 00:12:31,360 international travel. The arrival 377 00:12:31,360 --> 00:12:34,100 chaos. Exactly. It streamlines the 378 00:12:34,100 --> 00:12:35,700 customs process too because the 379 00:12:35,700 --> 00:12:37,860 passengers are essentially pre -cleared 380 00:12:37,860 --> 00:12:39,679 in a way. That seamlessly integrates 381 00:12:39,679 --> 00:12:41,299 the flight and the cruise. It effectively 382 00:12:41,299 --> 00:12:42,879 turns the airplane into a tender 383 00:12:42,879 --> 00:12:44,480 boat. It's just another stage of 384 00:12:44,480 --> 00:12:46,000 the transfer. That's a really great 385 00:12:46,000 --> 00:12:48,019 way to put it. P &O is selling a 386 00:12:48,019 --> 00:12:50,299 stress -free transit package. The 387 00:12:50,299 --> 00:12:52,320 Caribbean market is incredibly crowded. 388 00:12:52,899 --> 00:12:54,419 Royal Caribbean is there. MSC is 389 00:12:54,419 --> 00:12:56,360 there. Carnival is there. Pino is 390 00:12:56,360 --> 00:12:57,440 trying to distinguish themselves 391 00:12:57,440 --> 00:12:59,679 by saying, we control the hard part. 392 00:12:59,799 --> 00:13:01,860 We make the nine hours of travel 393 00:13:01,860 --> 00:13:04,179 completely painless. And what is 394 00:13:04,179 --> 00:13:06,240 the price point for this level of 395 00:13:06,240 --> 00:13:07,899 coordination? Because upper class 396 00:13:07,899 --> 00:13:09,639 and bonded baggage sound expensive. 397 00:13:10,059 --> 00:13:12,240 The lead -in price is listed at 398 00:13:12,240 --> 00:13:16,179 $1 ,659 per person for a 14 -night 399 00:13:16,179 --> 00:13:17,820 flight cruise on Arvia. And that 400 00:13:17,820 --> 00:13:19,240 includes everything. That includes 401 00:13:19,240 --> 00:13:21,240 the flight, the transfers, the bonded 402 00:13:21,240 --> 00:13:23,220 baggage, and the cruise. That seems 403 00:13:23,220 --> 00:13:24,820 incredibly competitive for a two 404 00:13:24,820 --> 00:13:26,320 -week vacation with transatlantic 405 00:13:26,320 --> 00:13:28,080 flights included. It really is. 406 00:13:28,320 --> 00:13:29,980 It's an aggressive play to lock 407 00:13:29,980 --> 00:13:31,919 in the UK market. They're using 408 00:13:31,919 --> 00:13:33,639 their sheer scale to drive down 409 00:13:33,639 --> 00:13:35,559 the cost of those charters and pass 410 00:13:35,559 --> 00:13:36,720 some of that value, or at least 411 00:13:36,720 --> 00:13:38,480 the convenience, directly to the 412 00:13:38,480 --> 00:13:40,509 customer. So, we've talked about 413 00:13:40,509 --> 00:13:42,350 standardized food with Carnival, 414 00:13:42,629 --> 00:13:43,730 controlling the product quality. 415 00:13:44,110 --> 00:13:45,909 We've talked about smooth, controlled 416 00:13:45,909 --> 00:13:47,769 flights with P &O, controlling the 417 00:13:47,769 --> 00:13:50,450 journey. It sounds like the cruise 418 00:13:50,450 --> 00:13:51,830 lines have everything figured out. 419 00:13:51,889 --> 00:13:53,690 They're building this perfect walled 420 00:13:53,690 --> 00:13:55,570 garden where nothing can go wrong. 421 00:13:55,789 --> 00:13:57,629 Well, they're trying to. They want 422 00:13:57,629 --> 00:13:59,750 to own every variable. But that 423 00:13:59,750 --> 00:14:01,509 brings us to our third story. Right. 424 00:14:01,769 --> 00:14:03,350 Because all of these systems... 425 00:14:03,370 --> 00:14:04,850 The apps for spake reservations, 426 00:14:05,029 --> 00:14:06,649 the biometric scanners for boarding, 427 00:14:07,149 --> 00:14:09,110 the bonded baggage tracking, they 428 00:14:09,110 --> 00:14:12,169 all rely on basic physical infrastructure. 429 00:14:12,549 --> 00:14:13,990 And when that infrastructure fails, 430 00:14:14,490 --> 00:14:16,029 the modern cruise experience falls 431 00:14:16,029 --> 00:14:18,250 apart very quickly. Extremely quickly. 432 00:14:18,389 --> 00:14:20,049 This takes us to Los Angeles, February 433 00:14:20,049 --> 00:14:23,590 18th, 2026. The ship is the Quantum 434 00:14:23,590 --> 00:14:25,909 of the Seas Royal Caribbean. And 435 00:14:25,909 --> 00:14:27,470 the villain of the story is the 436 00:14:27,470 --> 00:14:29,460 weather. Southern California was 437 00:14:29,460 --> 00:14:31,840 getting absolutely hammered by storms 438 00:14:31,840 --> 00:14:33,860 and heavy rain. And a massive power 439 00:14:33,860 --> 00:14:35,240 outage struck the terminal. Now, 440 00:14:35,240 --> 00:14:36,940 normally you'd think, OK, lights 441 00:14:36,940 --> 00:14:38,720 go out. We use flashlights. We've 442 00:14:38,720 --> 00:14:40,159 been boarding ships for 100 years. 443 00:14:40,279 --> 00:14:41,500 We know how to check a passport. 444 00:14:41,600 --> 00:14:43,960 Yeah. But in 2026, it wasn't that 445 00:14:43,960 --> 00:14:45,779 simple. No, because we don't live 446 00:14:45,779 --> 00:14:47,679 in a flashlight world anymore. We 447 00:14:47,679 --> 00:14:49,740 live in a digital world. Yeah. The 448 00:14:49,740 --> 00:14:51,240 boarding was initially delayed by 449 00:14:51,240 --> 00:14:54,580 two hours, moved to a 1 .00 PM start. 450 00:14:55,100 --> 00:14:57,059 But the real issue wasn't the darkness. 451 00:14:57,320 --> 00:14:59,879 It was the data. The sources mentioned 452 00:14:59,879 --> 00:15:01,360 something specific about the facial 453 00:15:01,360 --> 00:15:03,220 recognition units. This is the new 454 00:15:03,220 --> 00:15:04,279 standard for boarding, right? You 455 00:15:04,279 --> 00:15:05,840 just look at a camera and keep walking. 456 00:15:06,039 --> 00:15:07,899 Right. And this is fascinating and 457 00:15:07,899 --> 00:15:10,539 a bit dystopian, to be honest. The 458 00:15:10,539 --> 00:15:12,200 report says the facial recognition 459 00:15:12,200 --> 00:15:14,779 security units had power. They were 460 00:15:14,779 --> 00:15:16,480 likely on backup batteries. The 461 00:15:16,480 --> 00:15:18,139 screens were on. OK. but they lost 462 00:15:18,139 --> 00:15:19,940 network connectivity. So the machine 463 00:15:19,940 --> 00:15:21,679 is awake, but it's lobotomized. 464 00:15:21,720 --> 00:15:23,360 It can't talk to the cloud server 465 00:15:23,360 --> 00:15:25,100 to verify who you are. Exactly. 466 00:15:25,139 --> 00:15:26,700 It's a brick with a light on. So 467 00:15:26,700 --> 00:15:29,879 what happens? The entire high -tech, 468 00:15:30,120 --> 00:15:32,620 seamless boarding process just grinds 469 00:15:32,620 --> 00:15:34,480 to a halt. The customs officers 470 00:15:34,480 --> 00:15:36,080 had to revert to manual passport 471 00:15:36,080 --> 00:15:37,539 checks. Which takes considerably 472 00:15:37,539 --> 00:15:39,500 longer. Significantly longer. And 473 00:15:39,500 --> 00:15:41,279 remember, port terminals today are 474 00:15:41,279 --> 00:15:42,970 designed for speed. They're designed 475 00:15:42,970 --> 00:15:44,870 for flow. They aren't really staffed 476 00:15:44,870 --> 00:15:46,409 or set up for thousands of manual 477 00:15:46,409 --> 00:15:47,769 checks anymore. Right. They don't 478 00:15:47,769 --> 00:15:49,610 have the physical lanes or the personnel 479 00:15:49,610 --> 00:15:52,649 on standby. It slowed the entire 480 00:15:52,649 --> 00:15:54,529 process down to an absolute crawl. 481 00:15:54,950 --> 00:15:56,090 You have thousands of people trying 482 00:15:56,090 --> 00:15:58,529 to debark and embark and the bottleneck 483 00:15:58,529 --> 00:16:00,009 was instant. And to make matters 484 00:16:00,009 --> 00:16:02,379 worse. It wasn't just the terminal 485 00:16:02,379 --> 00:16:04,379 that was having a bad day. The physical 486 00:16:04,379 --> 00:16:06,059 road to the port was compromised. 487 00:16:06,379 --> 00:16:08,299 Right. The chaos was everywhere. 488 00:16:08,879 --> 00:16:10,759 A utility pole literally fell on 489 00:16:10,759 --> 00:16:12,820 the I -110 freeway near San Pedro. 490 00:16:13,039 --> 00:16:15,299 The I -110 is the main artery to 491 00:16:15,299 --> 00:16:17,360 the port. If that closes, you are 492 00:16:17,360 --> 00:16:19,200 stuck. There's no easy way around 493 00:16:19,200 --> 00:16:20,700 it. Talk about a nightmare. You're 494 00:16:20,700 --> 00:16:22,019 fighting traffic because a pole 495 00:16:22,019 --> 00:16:23,720 is down, blocking the southbound 496 00:16:23,720 --> 00:16:25,379 lanes. Then you finally get to the 497 00:16:25,379 --> 00:16:26,940 terminal, stressed out of your mind, 498 00:16:27,259 --> 00:16:29,019 and the power is out, and the facial 499 00:16:29,019 --> 00:16:30,539 recognition robot won't let you 500 00:16:30,539 --> 00:16:31,840 in because it can't find the internet. 501 00:16:31,960 --> 00:16:33,899 It was a perfect storm, literally 502 00:16:33,899 --> 00:16:35,860 and figuratively. It really highlights 503 00:16:35,860 --> 00:16:37,700 the fragility of efficiency. We 504 00:16:37,700 --> 00:16:39,039 build these systems to be incredibly 505 00:16:39,039 --> 00:16:40,679 fast. Facial recognition is great 506 00:16:40,679 --> 00:16:42,440 when it works, but when the network 507 00:16:42,409 --> 00:16:44,610 goes down, the fallback, the manual 508 00:16:44,610 --> 00:16:46,669 check, is painful because we've 509 00:16:46,669 --> 00:16:47,909 forgotten how to do it efficiently 510 00:16:47,909 --> 00:16:50,090 and we simply don't staff for it. 511 00:16:50,429 --> 00:16:52,029 Despite all of this, and this is 512 00:16:52,029 --> 00:16:53,690 credit to the operations team, the 513 00:16:53,690 --> 00:16:55,730 outcome was actually okay. Surprisingly, 514 00:16:55,970 --> 00:16:57,629 yes. The quantum of the seas departed 515 00:16:57,629 --> 00:17:01,100 on time. roughly 7 .0 p .m. It sailed 516 00:17:01,100 --> 00:17:03,480 its six -night Baja Mexico itinerary, 517 00:17:03,720 --> 00:17:05,279 Cabo and Ensenada, without having 518 00:17:05,279 --> 00:17:07,240 to cut anything. But the experience 519 00:17:07,240 --> 00:17:08,660 getting on board must have been 520 00:17:08,660 --> 00:17:10,259 incredibly stressful. That first 521 00:17:10,259 --> 00:17:11,619 day of vacation was essentially 522 00:17:11,619 --> 00:17:14,240 ruined by stress. Incredibly. And 523 00:17:14,240 --> 00:17:16,180 that is the expert takeaway here. 524 00:17:17,019 --> 00:17:19,900 This event exposes a glaring vulnerability. 525 00:17:20,279 --> 00:17:22,299 Cruise lines are investing millions 526 00:17:22,299 --> 00:17:23,960 in high -tech terminals, biometrics, 527 00:17:24,200 --> 00:17:26,339 apps, seamless boarding, but they 528 00:17:26,339 --> 00:17:28,059 are still entirely at the mercy 529 00:17:28,059 --> 00:17:29,960 of the local power grid and physical 530 00:17:29,960 --> 00:17:31,359 infrastructure. It's like buying 531 00:17:31,359 --> 00:17:33,079 a Ferrari and driving it on a dirt 532 00:17:33,079 --> 00:17:35,079 road. That's a great analogy. You 533 00:17:35,079 --> 00:17:36,799 can control the ship. You can mostly 534 00:17:36,799 --> 00:17:38,759 control the flight, but you cannot 535 00:17:38,759 --> 00:17:40,619 control the city of Los Angeles's 536 00:17:40,619 --> 00:17:42,720 power grid or the structural integrity 537 00:17:42,720 --> 00:17:44,640 of a utility pole on the I -110. 538 00:17:45,319 --> 00:17:46,539 The cruise lines are building these 539 00:17:46,539 --> 00:17:48,420 futuristic controlled bubbles, but 540 00:17:48,420 --> 00:17:49,839 those bubbles have to dock in the 541 00:17:49,839 --> 00:17:51,680 real world eventually. So let's 542 00:17:51,680 --> 00:17:53,779 try to synthesize all of this. We 543 00:17:53,779 --> 00:17:55,680 have three very different stories. 544 00:17:56,160 --> 00:17:58,440 Stakes in Sydney, flights from Manchester 545 00:17:58,440 --> 00:18:01,339 and a blackout in LA. But they paint 546 00:18:01,339 --> 00:18:03,400 a picture of an industry in transition. 547 00:18:03,690 --> 00:18:06,670 We are seeing a massive trend towards 548 00:18:06,670 --> 00:18:09,170 centralization and control. Carnival 549 00:18:09,170 --> 00:18:11,869 is removing a local partner to ensure 550 00:18:11,869 --> 00:18:13,930 the stake experience is identical 551 00:18:13,930 --> 00:18:16,349 globally. They want to own the standard. 552 00:18:16,809 --> 00:18:17,910 They don't want to rely on Luke 553 00:18:17,910 --> 00:18:19,549 Mangan's team? No, they want to 554 00:18:19,549 --> 00:18:21,240 rely on the Carnival Manual. they're 555 00:18:21,240 --> 00:18:23,039 prioritizing global consistency 556 00:18:23,039 --> 00:18:25,700 over local flavor. And P &O is taking 557 00:18:25,700 --> 00:18:27,299 control of the flight experience 558 00:18:27,299 --> 00:18:29,619 to avoid third -party quality control 559 00:18:29,619 --> 00:18:31,440 issues. They realize that if they 560 00:18:31,440 --> 00:18:32,740 outsource the flight to a budget 561 00:18:32,740 --> 00:18:34,359 charter, they lose control of the 562 00:18:34,359 --> 00:18:35,779 customer's happiness. Right. So 563 00:18:35,779 --> 00:18:37,220 they're bringing it closer to home 564 00:18:37,220 --> 00:18:38,900 with trusted partners and bonded 565 00:18:38,900 --> 00:18:40,680 baggage. The cruise lines are trying 566 00:18:40,680 --> 00:18:42,640 to build a walled garden where everything 567 00:18:42,640 --> 00:18:44,720 is predicted, controlled, and branded. 568 00:18:45,119 --> 00:18:46,279 They want to remove the variables. 569 00:18:46,829 --> 00:18:48,849 Variables cause complaints. Variables 570 00:18:48,849 --> 00:18:50,390 cost money. If they can control 571 00:18:50,390 --> 00:18:52,029 the food, the flight and the terminal, 572 00:18:52,329 --> 00:18:53,609 they can guarantee a certain level 573 00:18:53,609 --> 00:18:55,269 of product. They want the vacation 574 00:18:55,269 --> 00:18:57,410 to be a closed loop. But as the 575 00:18:57,410 --> 00:19:00,190 L .A. outage shows, real world variables 576 00:19:00,190 --> 00:19:03,109 like storms, power grids, falling 577 00:19:03,109 --> 00:19:05,329 utility poles, they can still break 578 00:19:05,329 --> 00:19:07,490 that seal. You can't control everything. 579 00:19:07,809 --> 00:19:10,269 You really can't. And the more high 580 00:19:10,269 --> 00:19:11,769 -tech and interconnected these systems 581 00:19:11,769 --> 00:19:13,809 become, like the facial recognition 582 00:19:13,809 --> 00:19:15,670 relying on cloud connectivity, the 583 00:19:15,670 --> 00:19:17,390 more vulnerable they are to those 584 00:19:17,390 --> 00:19:19,690 basic infrastructure failures. When 585 00:19:19,690 --> 00:19:21,930 the internet cuts out, the old manual 586 00:19:21,930 --> 00:19:24,009 ways are painful because we've optimized 587 00:19:24,009 --> 00:19:26,089 them out of existence. We become 588 00:19:26,089 --> 00:19:27,750 so dependent on the smart system 589 00:19:27,750 --> 00:19:29,470 that we struggle when we have to 590 00:19:29,470 --> 00:19:31,400 be dumb again. It raises a really 591 00:19:31,400 --> 00:19:32,460 interesting question for you as 592 00:19:32,460 --> 00:19:34,019 a listener. We're moving toward 593 00:19:34,019 --> 00:19:36,119 a world where a cruise feels the 594 00:19:36,119 --> 00:19:37,220 same whether you're leaving from 595 00:19:37,220 --> 00:19:38,980 Sydney, Southampton, or Los Angeles. 596 00:19:39,160 --> 00:19:40,519 The menu is the same, the boarding 597 00:19:40,519 --> 00:19:42,119 process is the same, the app is 598 00:19:42,119 --> 00:19:43,819 the same. Standardization is comfortable, 599 00:19:43,900 --> 00:19:45,559 it's safe. You know the steak will 600 00:19:45,559 --> 00:19:46,720 be good because it's Fahrenheit 601 00:19:46,720 --> 00:19:48,819 555. You know the flight will have 602 00:19:48,819 --> 00:19:51,000 a movie. But it does sanitize the 603 00:19:51,000 --> 00:19:52,500 experience. It removes the local 604 00:19:52,500 --> 00:19:54,140 flavor. It removes the serendipity 605 00:19:54,140 --> 00:19:56,259 of travel. And that's the provocative 606 00:19:56,259 --> 00:19:57,579 thought I want to leave everyone 607 00:19:57,579 --> 00:19:59,460 with today. As cruise lines replace 608 00:19:59,630 --> 00:20:01,369 local partnerships like Luke's in 609 00:20:01,369 --> 00:20:03,069 Australia, with corporate templates 610 00:20:03,069 --> 00:20:05,589 like Fahrenheit 555, and as they 611 00:20:05,589 --> 00:20:07,210 air gap the travel process with 612 00:20:07,210 --> 00:20:09,869 bonded baggage, are we gaining consistency 613 00:20:09,869 --> 00:20:11,809 at the cost of the actual travel 614 00:20:11,809 --> 00:20:14,069 experience? Is the future of cruising 615 00:20:14,069 --> 00:20:16,230 just a floating franchise that feels 616 00:20:16,230 --> 00:20:17,930 exactly the same in Sydney as it 617 00:20:17,930 --> 00:20:20,299 does in Miami? If the goal is to 618 00:20:20,299 --> 00:20:22,000 see the world, does it matter if 619 00:20:22,000 --> 00:20:23,680 the ship you're on refuses to reflect 620 00:20:23,680 --> 00:20:24,880 the part of the world it's sailing 621 00:20:24,880 --> 00:20:27,500 in? Are we traveling or are we just 622 00:20:27,500 --> 00:20:29,519 relocating our comfort zone to a 623 00:20:29,519 --> 00:20:31,759 different latitude? That is something 624 00:20:31,759 --> 00:20:33,619 to chew on, perhaps over a locally 625 00:20:33,619 --> 00:20:35,440 sourced steak or a corporate one. 626 00:20:35,579 --> 00:20:36,759 Thanks for diving in with us today. 627 00:20:36,920 --> 00:20:38,019 Always a pleasure. Safe travels.