FILE PHOTO: The cruise ship of the Norwegian Cruise Line 'Norwegian Dawn" departs the Royal Naval Dockyard July 16, 2013 near the port of Hamilton, Bermuda. REUTERS/Gary Cameron (BERMUDA)
Norwegian Cruise Line Holdings (NCLH) has signed a new agreement with Italy’s Fincantieri for three additional cruise ships—one for each of its core brands—extending its fleet growth runway through 2037 and further tightening competition for scarce European shipyard capacity.
The Miami-based operator said February 16 that the order covers sister ships for Norwegian Cruise Line, Oceania Cruises, and Regent Seven Seas Cruises. All three vessels will be built at Fincantieri yards in Italy, with deliveries scheduled between 2036 and 2037.
“Together with Fincantieri, a trusted partner for decades, we continue to advance a disciplined approach to fleet growth that builds on the strength of our brands, defines the future of cruising and elevates the guest experience for years to come,” said NCLH President and CEO John W. Chidsey. He added that the agreement secures access to shipyard capacity through the end of 2037 while maintaining financial discipline.
Structured for Limited Near-Term Impact
NCLH said pre-delivery payment obligations will remain immaterial until closer to delivery. As with prior newbuilds, the company plans to rely primarily on Export Credit Agency financing to fund the majority of each vessel’s cost upon delivery.
With the latest order, NCLH now has 17 ships on order across its portfolio. Norwegian Cruise Line is set to receive eight new vessels through 2037, Oceania Cruises five, and Regent Seven Seas Cruises four through 2036.
The pipeline supports an expected 4% compound annual capacity growth rate from 2026 through 2037, a measured expansion strategy as cruise lines race to secure long-lead construction slots.
Industry-Wide Scramble for Slots
The announcement comes amid a broader wave of cruise ship contracting. Royal Caribbean Group recently secured Discovery Class construction slots at France’s Chantiers de l’Atlantique, including two firm orders and options for four more ships, with the first delivery slated for 2029.
Its subsidiary, Celebrity Cruises, has also committed to 10 new river cruise vessels ahead of its planned 2027 river cruise launch.
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