The region has climbed one place since last season, overtaking Hawke's Bay.
Auckland continues to reap the lion's share of cruising's benefits with $190m of the forecast total $436m "value added" economic impact for 2015-16. Many of the jobs, 3217 out of the 8365 total, are also concentrated in Auckland.
Anika West, of the Bay of Islands Cruise Ship Committee, said improvements were being made each year to better capitalise on the cruise ship influx and increase Northland's share of the pie.
One reason the Bay was "missing a bit of the market" was its lack of a website targeting cruise ship passengers, particularly those who organised their own activities on land.
That was being rectified with a new website detailing everything a cruise ship passenger needed to know, from restaurants and attractions to wi-fi and ferry times.
Although not the biggest player in dollar terms, Mrs West said the Bay of Islands rated highly for passenger satisfaction. As a cruise ship destination it was second only to Milford Sound.
That was in part due to the Ambassador Scheme, in which disembarking passengers were greeted by volunteer "ambassadors" answering questions and giving directions.
The Cruise NZ report predicts continued growth in 2016-17, thanks largely to the Australian and Chinese appetite for cruising, but is less rosy after that.
General manager Raewyn Tan said the full effect of the new Border Clearance Levy, a travel tax introduced in the 2015 Budget, would be felt in 2018-19.
Companies were planning to reduce home porting in New Zealand and cost-conscious lines could quit the country altogether, costing up to 1600 jobs and $85m in income.
Ms Tan said a large percentage of wealth generated by cruising went to the regions so it was vital the Government supported the industry's growth instead of erecting barriers.
The Bay's first ship of 2015-16 will be the 2670-passenger Diamond Princess on October 9. The world's biggest cruise ship, the 6500-passenger Ovation of the Seas, is due in January 2017.
