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April 12, 2024

Norwegian Cruise Line Holdings boldly looks to the future, enthusiastically announcing the expansion of its fleet and further development of its two private islands.

Norwegian Cruise Line Holdings is currently a leading global cruise company operating Norwegian Cruise Line, Oceania Cruises, and Regent Seven Seas Cruises, with a total of 32 ships and approximately 66,500 cabins, offering itineraries to 700 destinations worldwide.

With the aim of further expanding as a leading company in the industry, Norwegian Cruise Line Holdings Ltd. has announced its largest-ever order of new-build ships, totaling eight state-of-the-art ships, which will add almost 25,000 berths. For each of its three brands, new ship classes will be created, in addition to the construction of a new pier capable of accommodating multiple ships simultaneously at Great Stirrup Cay, the company’s private island in the Bahamas, as well as the most sought-after port of call in the Caribbean.

This decade-long strategy is certainly very bold and aims to enhance product offerings, guest experiences, and operational infrastructure, confirming the company’s leadership in providing innovative cruise vacations.

The delivery of the new ships for all three brands is scheduled over a ten-year period, from 2026 to 2036. Between 2025 and 2028, four ships of the Prima-Plus class will be delivered, and subsequently, in 2030, 2032, 2034, and 2036, Norwegian Cruise Line will take delivery of four ships, each with a gross tonnage of approximately 200,000 tons and a capacity of nearly 5,000 guests.

Given the great success of the Allura Class ships, the last of which is scheduled for delivery in 2025, Oceania Cruises will take delivery of two ships in 2027 and 2029, with a gross tonnage of 86,000 tons and a capacity of 1,400 guests. Finally, in 2026 and 2029, Regent Seven Seas Cruises will take delivery of two ships with 850 guests and 77,000 tons gross tonnage, following the success of the Explorer Class ships. Further details regarding ship services, cabins, restaurants, recreational activities, efficiency, sustainability, and other features will be announced in the coming months.

“The strategic order of new ships for all three of our brands envisages the continuous introduction into our fleet of cutting-edge ships to solidify our long-term growth. This project allows us to significantly leverage our operational reach, strengthen our commitment to innovation, and improve our ability to offer guests new products and unforgettable experiences, with opportunities to enhance fleet efficiency,” said Harry Sommer, President, and CEO of Norwegian Cruise Line Holdings Ltd.

“We are also very excited about the addition of a new pier at Great Stirrup Cay, which will bring increased capacity in the Caribbean and allow multiple ships to call at the island, offering convenient and secure access to our private island year-round, thus enhancing our guests’ experience,” he added.

In collaboration with the Italian shipbuilder Fincantieri, each brand will design its own ship class and focus on creating larger, more efficient, and innovative ships to be integrated into their respective fleets. In line with the company’s commitment to greater sustainability, the new projects are expected to facilitate the decarbonization process.

Pierroberto Folgiero, CEO & Managing Director of Fincantieri, stated, “Over the years, our solid and long-lasting relationship with Norwegian Cruise Line Holdings has evolved into a shared vision for the future of sea travel, consistently setting new standards in terms of innovation, luxury, sustainability, and guest satisfaction in the cruise sector. We are therefore very excited to work on these new orders and to create iconic cruise ships that will embody our shared legacy of excellence for generations to come.”

The company has obtained export credit financing on favorable terms to finance 80% of the contractual price of each of the two Oceania Cruises and Regent Seven Seas Cruises ships, while orders for ships for Norwegian Cruise Line remain subject to ongoing financing.

Mark A. Kempa, chief financial officer of Norwegian Cruise Line Holdings, commented, “We expect these strategic investments to ensure our growth trajectory, significantly improve our earnings, and enhance shareholder value in the future. With a favorable payment structure that includes pre-delivery financing and modest initial installment payments for these ship orders, we nevertheless expect a strong reduction in net financial leverage of 1.5 times by the end of 2024, compared to 2023, and we expect the Company to continue to reduce net financial leverage each year in the foreseeable future.”

The opening of the new pier at Great Stirrup Cay, the company’s private island in the Bahamas, is scheduled for summer 2024 and will be completed by the end of 2025 with an investment of approximately $150 million. The new pier will be built to accommodate two large ships simultaneously, both from the current ship classes and future classes of the company.

In addition to Harvest Caye, the company’s private island in Belize, the development of the pier at Great Stirrup Cay aims to enhance guests’ onshore experience and thus provide guests with world-class destinations in both the Eastern and Western Caribbean.

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Saskia Pacifico

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