On Thursday, Cramer sat down with Norwegian Cruise Line Holdings CEO Frank Del Rio aboard his company's new vessel, the Norwegian Bliss.
With roughly 1,800 employees, a water park and a racetrack on board, the Bliss is a statement — not only as a ship, but as a reflection of Norwegian's business, Del Rio said.
"The occupancy of these vessels, on average, [is] 110 percent. We are supply-challenged," the CEO said, brushing off a common misconception that cruise ship operators are over-supplied. "I only have 26 vessels. There are at least a dozen unserved or under-served markets ... [where] I need more vessels."
Del Rio emphasized that the cruise ship business, while niche, is extremely stable, with visibility into the state of the business extending seven or eight months into the future.
"And the barriers to entry – anyone can buy a piece of land and build a hotel," he added after Cramer noted how cheaply Norwegian's stock trades relative to hotel stocks. "You know how long it would take if you and I wanted to start a new cruise line today and get our first ship? Six, seven years."
"So the barriers to entry are great, you need a lot of capital, the order book at the major ship yards is all taken, supply growth is limited," the CEO continued. "The analysts, the investors are all wound up because over the next two or three years, the supply growth is going to spike to 6, 6.5 percent from an average of 5 percent over the last 10 years. You've got to be kidding. You've got to be kidding."