Norwegian Cruise Line Holdings (NCLH) has made a new deal with Italy's Fincantieri to build three more cruise ships—one for each of its main brands. This agreement allows NCLH to keep growing its fleet until 2037, which increases the competition for limited shipyard space in Europe.
The Miami-based company announced on February 16 that this order includes sister ships for Norwegian Cruise Line, Oceania Cruises, and Regent Seven Seas Cruises. All three vessels will be constructed at Fincantieri's facilities in Italy, with deliveries expected between 2036 and 2037.
John W. Chidsey, President and CEO of NCLH, stated, “With Fincantieri, our trusted partner for many years, we are committed to a careful approach to fleet growth that strengthens our brands, shapes the future of cruising, and enhances the guest experience for years to come.” He also mentioned that this deal ensures access to shipyard capacity until the end of 2037 while keeping financial management in check.
Limited Impact in the Short Term
NCLH indicated that any pre-delivery payment obligations won't significantly impact the company until closer to the delivery dates. Like previous new builds, they plan to use Export Credit Agency financing to cover most of the costs for each ship upon delivery.
With this latest order, NCLH now has a total of 17 ships in its pipeline. Norwegian Cruise Line is expected to receive eight new ships by 2037, Oceania Cruises will get five, and Regent Seven Seas Cruises will take delivery of four by 2036.
This order supports an anticipated 4% compound annual growth rate in capacity from 2026 to 2037, reflecting a careful expansion strategy as cruise lines work to secure long-term construction slots.
Industry Competition for Shipyard Capacity
This news comes as other cruise lines are also increasing their orders for new ships. The Royal Caribbean Group has recently secured construction slots for Discovery Class ships at Chantiers de l'Atlantique in France, including two firm orders and options for four additional vessels, with the first delivery planned for 2029.
Additionally, its subsidiary Celebrity Cruises has committed to building 10 new river cruise vessels before launching its river cruise service in 2027.