Yes, theoretically if a recession hit, they could be in trouble with the debt; but, as I remember it, some, or a lot of the debt was owed to the countries the building ship yards were located in. Sort of a government program to sponsor more jobs in their shipyards. I remember wondering who would loan them so much for their huge and expensive new ships. It seems to me that the gamble to build "super sized" ships has been paying off. RCL is able to charge a premium for their cabins. By the way, none of their newer ships will be able to get into the harbor at Havana. And, some of them are so tall they won't be able to get under the bridge to enter the harbor of Sydney, Australia.
DAVIE67, I have been in and out of both RCL and CCL and once for a short period NCL. Sailed on them all. Knew or met lots of their top people. Attended stock holderes annual meetings. Both CCL and RCL are good long term investments. I like the top management at CCL more. I don't like the big debt RCL took on to build the massive new ships. I can see both of them up at least 10% by the end of this year. NCLH, not so much.