In a time when cruise lines are introducing behemoth ships and one-upping each other with extravagant amenities, the Bahamas Celebration is coming from the opposite direction. The ship -- a renovated Norwegian cruise ferry -- is the newest addition to South Florida's cruise fleet. At just under 700 feet and a capacity of 1,500 passengers, it's also among the smallest.

With its single ship, Celebration Cruise Line is targeting cruisers looking for a bargain that exceeds even the heavily discounted rates the major cruise lines are offering on newer, roomier ships in this poor economy.

Celebration's prices for a three-night cruise in July start at $179 (plus $41.80 taxes and fees) per person, double occupancy, in a standard cabin. Two-night cruises start at $159 plus fees. The ship also has 90-square-foot bunk cabins that start at $99 per person, double occupancy, for two nights, but doesn't promote them unless someone is traveling alone or asks for the cheapest rate available.

Those prices are far cheaper than on similar cruises offered by Carnival, Royal Caribbean and NCL. The question is, how many amenities and how much dining quality are passengers willing to give up in return for the lower fares?

The budget approach apparently appeals in a poor economy. Spokesman Glenn Ryerson said the ship has been sailing ''pretty much near capacity'' since it launched on March 16.

''We think this is the perfect time to launch Celebration Cruise Line as people still want and need to get away but may be more concerned than ever about taking long vacations and spending lots of money,'' Ryerson said in an e-mail. At Celebration's prices, he said, ``people can pack in a lot of fun activities in a relatively short period of time but feeling as if it were much longer. We believe it's the best vacation value anywhere.''

The Celebration -- formerly the Princesse Ragnhild -- has taken over the role of Imperial Majesty, another budget cruise line that discontinued sailings about the same time. Celebration picked up some of Imperial Majesty's executives and staff and honored reservations made on the line's Regal Empress. Call the phone number on Imperial Majesty's website and you'll get Celebration.

CHEAPER CABIN

I boarded the Bahamas Celebration on a sunny Friday in May for a three-day cruise to Nassau. Traveling alone, I had booked one of those undersized, cheaper cabins.

In many ways, the cruise was like other weekend cruises and the ship had many of the same amenities, although on a smaller scale: The usual shore excursions in Nassau; spa, casino, showroom and kids' clubs on the ship; bingo and line-dancing lessons; and fruity drinks served in fancy oversized glasses that you buy in return for a discount on refills.

But the adults' pool is tiny, the pool deck buffet is open during very limited hours, the food is uninspired, the promised Internet cafe won't open for another two months.

And passengers are bombarded by announcements pushing them to spend, spend, spend. At the ''required'' orientation meeting -- little more than a lengthy sales pitch for shore excursions -- a novice cruiser might have thought that the only way she'd be allowed to leave the ship in Nassau was on one of those excursions ($35-$236 per adult).

Here's a snapshot of what I found:

AMBIENCE: Because the ship is small, faces soon become familiar. The ship has clean lines and a modern feel. It had major renovations before it began its Bahamas sailing. The pool deck area, casino, spa, fitness room and kids' club are new. Lingering traces of the ship's European lineage remain. Cabin thermostats measure temperature in degrees Celsius. Electric outlets are 220 volts; I had to borrow one of the ship's hair dryers and a 110-volt converter to charge my laptop.