Carnival Cruise Lines said Wednesday it will raise prices by about 5 percent for summer bookings, effective March 22, after a strong showing during the busiest time of the year for cruise reservations.

The peak booking period typically runs from about mid-January through early spring.

The price hikes apply to cruises in June, July and August. Price increases will vary by departure date.

The company said that although it's raising prices, the cost of cruises still haven't risen to levels seen in 2008. The cruise industry has been pummeled by the overall downturn in travel demand because of the recession.

The company attributed the record bookings to a range of factors, including targeted marketing initiatives and growth from bookings through travel agents.

Carnival Cruise Lines is the largest cruise line operator in the world, with 22 ships offering voyages of between three and 15 days to the Bahamas, Caribbean, Mexican Riviera, Alaska, Hawaii, Panama Canal, Canada, New England and Europe.

Shares rose $1.49, or 4.4 percent, to $35.16 in morning trading.