If ever there was an event to discourage vacationers from booking cruises, it should have been the Covid-19 pandemic. Passengers got sick, ships were stranded, and the industry stumbled badly in its response.

Yet despite a bruising 14 months, industry leader Carnival is feeling buoyant (sorry). While the company is still losing billions—it’s burning through $500 million a month so far this year—bookings for 2022 are ahead of 2019’s bookings, Carnival executives said on a conference call with analysts and investors today. And its not just discounting: Pricing for 2022 cruises is higher than for 2019 as well.