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Cruise line shares already getting slammed by Irma

Key Points
  • Hurricane Irma's anticipated damage to Florida and the Caribbean caused cruise line shares to slide lower Tuesday.
  • Carnival and Royal Caribbean both had been enjoying massive gains this year, but have been hit by the harsh weather as of late.
Here's what we know about Hurricane Irma

Hurricane Irma has yet to make landfall, but it's already doing damage to companies that depend on recreation and tourism.

Shares of cruise line operators Royal Caribbean and Carnival were getting battered Tuesday, both down more than 4 percent in anticipation that Irma will provide the second part of a one-two punch started more than a week ago by Hurricane Harvey.

The companies already had to change plans when Harvey shut down a port near Houston, and it appears traders are preparing for more disruption.

Both stocks are having standout years, with Royal Caribbean surging about 44 percent and Carnival up more than 27 percent. For Carnival, the day was on track to be the worst since Nov. 30.

With Irma intensifying into a Category 5 storm — the highest designation — Carnival has announced revised itineraries for four lines, but there have been no cancellations, the company said Tuesday.

Carnival said it made the changes "in order to ensure our ships maintain a safe distance from the storm. In addition we are making preparations for a potential landfall in South Florida. The safety of our guests and team members is our first priority."

Royal Caribbean said it was not making information public yet on what if any changes it will make.

The cruise industry wasn't alone in taking a hit from Irma, with insurance stocks also sharply lower as the broader market slumped.

The storm is carrying winds of 180 mph and is believed to be the strongest hurricane ever to hit the Atlantic outside the Caribbean and the Gulf of Mexico. The National Weather Service is calling Irma "extremely dangerous" and "potentially catastrophic." Florida Gov. Rick Scott has declared a state of emergency

Current rainfall predictions are for eight to 12 inches.

Hurricane Harvey dumped more than 51 inches in parts of Texas. AccuWeather has estimated its damage at $190 billion.

WATCH: An analyst takes a look at how Irma could affect key commodities.

Here's what Hurricane Irma could mean for oil and gas prices: OPIS