for the faint of heart,'' an executive said yesterday.

Even New Englanders who returned to Bermuda time and again were booking their cruises much later than before, said Mr. Al Wallack, senior vice-president of marketing and passenger services for Celebrity Cruises Inc. in New York.

"Everybody is booking later,'' Mr. Wallack told The Royal Gazette . "I think it's a permanent change.

"We're just going to continue seeing it from now on. It's the way we make decisions today.'' Late bookings -- which contribute to the cruise fare discounting that cuts into industry profits -- are a major headache for cruise lines. They must either trust that the bookings will materialise or slash fares to get their vessels filled.

"Our industry is not an industry for those who are faint of heart,'' Mr.

Wallack said. "You have to have a very strong heart and a good digestion.

"You have to rely on a lot of good data and watch very carefully. You have to be a good technician -- to know when to panic and when not to panic.'' When berths for July and August were not selling at the end of May, some of Celebrity's competitors "started to panic,'' he said. They "went around quietly and not so quietly pushing prices down, doing desperate things.'' Now, "their ships are full,'' but at sharply cut rates, he said.

Celebrity, whose Meridian and Horizon cruise ships are regular callers in Bermuda, did not take that approach.

Celebrity has discounted its cabins, and "most of the time, it's in retaliation for what our neighbours do,'' he said. The company was especially reluctant to discount in the Bermuda market.

"The people that come to Bermuda are not bargain hunters,'' he said. "If you come to market with outrageous discounts from day one, you start to destroy the perception of quality, which destroys the perception of value.'' Exact figures were not available, but bookings on both the Meridian and Horizon were improved this year over last.

Reports have said a recent surge in cruise business could mean higher prices and much less discounting.

"There will always be some times of year when cruises are harder to sell than other times,'' Mr. Wallack said. "The degree that you have to use (discounting) as a tool will be lessened, certainly if what we've seen over the last few weeks is sustained.'' But "discounting as a marketing tool is in everyone's bag of tricks,'' he said. "It will never be buried under the headstone.'' Employment uncertainty and increased travel options were among the reasons for the late booking pattern, he said.

Bermuda had an advantage with respect to the second factor, because of visitor loyalty to the Island, he said.