The effective assessment of risk and speed limitations in ice are critical for the route planning of polar cruise ships. While the Polar Operational Limit Assessment Risk Indexing System (POLARIS) is widely used to evaluate the operational risk in ice, its scope of assessment is limited to the ship’s assigned ice class. For a specific ship with a given ice class, the propulsion performance under varying ice conditions is more essential for assessing the besetting risk and finding an optimal route. To establish a more detailed risk evaluation method for a PC6 class polar cruise ship, propulsion performance under various ice conditions is obtained via model tests in an ice tank. During the tests, the tow force, propeller torque, and thrust are measured under different ship velocities and propeller rotation rates, and the relations between required delivered power (P) and ship velocity (V) under the tested ice thicknesses and concentrations are obtained and extended to other ice conditions by curve fitting. A new risk index outcome, RIO*, is proposed after POLARIS according to the optimized load ranges of the ship’s rated power. Four risk levels, including low, medium, high, and unnavigable, are classified with the required propulsion power in ice being 50%, 85%, 100%, and >100% of the rated power, respectively. The recommended speed limit for each risk level is proposed based on the economical service speed of 11 kn, the operational limit of 3 kn by POLARIS and the minimum speed of 0.5 kn to avoid besetting, respectively. Based on the RIO* and P–V relations, the speed map for varying ice thicknesses and concentrations can be calculated. On these bases, a route planning simulation for the present polar cruise ship is performed. Results of the case study show that 29% of the simulated area is identified as “unnavigable” by the present procedure, while only 8% is detected by POLARIS.