As the world's two major cruise lines, Carnival and Royal Caribbean International, wage a continual battle to increase market share and draw additional passengers, the real war is waged in the board rooms of these and all other major cruise companies to increase revenue per passenger and decrease discounting. A record number of new ships and a sluggish North American economy prompting fare cutting, and cruise lines are fighting to maintain buoyant bottom lines. A recent report from Lazard Frères helps to shed some light on the economic strength of the cruise majors. While Lazard Frères is revising its fourth quarter EPS estimate for Carnival Corp.