In yet another sign of renewed confidence in the cruise ship industry, Fincantieri has received a new order for cruise ships that the Italian shipbuilder values at around 1.2 billion euros ($1.2 billion). As well as being one of the few cruise ship orders placed since 2019, speculation centers on a new entrant to the cruise industry.
Fincantieri today announced in a brief announcement that it has signed a new contract with an “international client”, without providing further details about the company that placed the order. The shipyard announced that the order was for “a new ultra-luxury cruise ship”. The vessel is due for delivery at the end of 2025 and the shipyard pointed out that the contract also includes options for two additional vessels. Finalization of the contract is subject to access to funding, which is generally how orders are placed in the industry.
The price of the new cruise ship is also taken as an index of the order. At $1.2 billion, it is significantly higher than MSC’s recent order for two luxury cruise ships for its new Explora brand. It is also higher than the price Virgin Voyages is supposed to pay for each of its four Fincantieri-built cruise ships.
With the identity of the shipowner undisclosed, speculation centers on one of the hotel brands ordering the ships for their entry into luxury cruising. The Ritz Carlton, for example, has agreed to use its brand to launch yacht-style luxury cruise ships and, after numerous delays, is finally set to begin sailing in the coming weeks with the first of two cruise ships. built in Spain. The group working with the Ritz to launch the cruise line also recently ordered two additional cruise ships from Chantiers de l’Atlantique.
Since 2019, only a few new cruise ships have been ordered, with a focus on smaller luxury ships. Japan’s NYK did the first new order with Meyer Werft for a single smaller vessel for its cruise operations in Japan. Beyond MSCs two additional ships for its Explora brand and the Ritz Carlton ships, there has been speculation of possible activity, but so far the big brands with their brands focused on the contemporary market segment are instead proceeding only with their existing orders .
Fincantieri stepped up its cruise ship building activity after agreeing in 2020 to reschedule deliveries for many brands. Prior to today’s announcement, the Italian shipbuilder had ordered 30 cruise ships after delivering one cruise ship in the first three months of 2022. They also recently delivered a cruise ship to Viking while two Viking’s other new builds have been launched so far in 2022. They also recently launched the first of two new luxury cruise ships for Norwegian Cruise Line Holdings’ Oceania brand and began construction a few weeks ago. first LNG-powered cruise ships for the company being built for Germany’s TUI Cruises.
Currently, they are expected to deliver a total of seven cruise ships in 2022, then six per year for the next three years. The cruise ship backlog is starting to shrink with currently four ships scheduled for delivery in 2026 and only two beyond those deliveries.
In the spring there were rumors of talks between Norwegian Cruise Line Holdings and Fincantieri for new large cruise ships and there is also speculation that Royal Caribbean is planning new orders as work has now begun on its large ships. current cruisers on order. MSC is preparing for the launch of its new, larger cruise ships while Carnival Corporation has taken a more measured approach with fewer large cruise ships currently on order, particularly for its larger brands in contemporary market segments.