According to new data from search engine CruiseWatch.com, travelers looking for a discount are better off booking their next cruise on a Thursday.

The study, which analyzed more than 600,000 data points, found that cruise prices drop lowest during the middle of the week, with costs plummeting by as much as 17 percent on Thursday.

Good deals are also awaiting travelers on Tuesdays and Wednesdays, according to the study, with prices dropping 16.8 percent and 16.7 percent, respectively.

Friday is also a better time to book with prices dropping 16.2 percent. However, travelers in search of savings may want to avoid booking on the weekend or on Monday, based on CruiseWatch.com's research. Sunday was found to be the worst day for discounts (7.8 percent), while Monday (12 percent) is worse than Saturday (13. 5 percent).

"Cruise prices fluctuate with demand and supply," CruiseWatch.com co-founder Britta Bernhard said in a statement. "Most people do not realize that they can save massive amounts of money by booking at the right time."

"When a sailing is not sold out, most cruise lines will discount the cabins rather than sailing empty," added Britta. "These price drops can make for some incredible deals. But you need to find them and book quickly."

Interestingly, though, while Wednesdays tend to be among the best days of the week for discounts, they are also the most common day for price hikes, CruiseWatch.com determined, with 34 percent more price hikes happening on a Wednesday compared to any other day of the week.

Meanwhile, weekends are typically a quiet time for price hikes, with little price movement occuring on Saturday and Sunday.

It appears that CruiseWatch's study focused chiefly on mass market cruise lines rather than luxury or specialty lines.