Norwegian Cruise Line Holdings Enters Into Agreement With Fincantieri for Three New Cruise Ships
Rhea-AI Summary
Norwegian Cruise Line Holdings (NYSE: NCLH) entered an agreement with Fincantieri to design and build three new ships—one for each brand—with deliveries scheduled between 2036 and 2037. The order raises the company's newbuild program to 17 ships and supports an expected 4% CAGR in capacity from 2026–2037. Pre-delivery payments are immaterial until delivery and the company expects to use Export Credit Agency financing for most vessel costs.
Positive
- Secures shipyard capacity through 2037
- Total newbuilds: 17 ships on order through 2037
- Expected fleet growth: 4% CAGR from 2026–2037
- Financing plan: majority via Export Credit Agency financing
Negative
- Late delivery timeline: key ships not delivered until 2036–2037
- Contract financing: agreements are effective but subject to financing
- Pre-delivery risk: limited near-term cash impact but long-term obligations
Key Figures
Market Reality Check
Peers on Argus
NCLH fell 7.57% while key peers showed smaller moves: CCL, CUK, and RCL were modestly negative and VIK was slightly positive. Only EXPE appeared in momentum scans, moving down notably without same-day news, suggesting NCLH’s move is more company-specific than broad sector-driven.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Feb 12 | Earnings call setup | Neutral | +1.3% | Scheduled Q4 and full-year 2025 results call and webcast timing. |
| Feb 12 | CEO appointment | Neutral | +1.3% | Appointment of John W. Chidsey as CEO amid leadership change. |
| Feb 05 | Keel laying | Positive | -2.6% | Keel laying for Oceania Sonata, first of four Sonata class ships. |
| Feb 02 | Record bookings | Positive | +7.7% | Record launch-day bookings for Oceania Sonata versus prior new ship. |
| Jan 28 | New voyages | Neutral | -0.3% | Announcement of 19 curated Alaska and New England voyages for 2026. |
Recent brand and fleet updates have often been met with mixed reactions, though strong commercial milestones have coincided with notable gains.
Over the past few weeks, NCLH has highlighted a series of brand and fleet developments. On Jan 28, Oceania announced special 2026 voyages with little price impact. Record launch-day bookings for Oceania Sonata on Jan 28 led to a 7.65% rise. Subsequent keel-laying news on Feb 5 coincided with a -2.65% move. Leadership changes and an earnings call announcement on Feb 12 saw a modest 1.31% gain, framing today’s long-term fleet order within an ongoing expansion narrative.
Market Pulse Summary
This announcement extends NCLH’s newbuild pipeline to 17 ships and targets a 4 percent fleet CAGR from 2026 to 2037, with three additional vessels for each core brand. It follows recent milestones for Oceania Sonata and leadership changes at the parent company. Investors may focus on how long-dated capacity additions interact with balance sheet goals, financing via Export Credit Agency structures, and demand trends across Norwegian, Oceania, and Regent brands.
Key Terms
berths technical
methanol-ready technical
memorandum of understanding regulatory
AI-generated analysis. Not financial advice.
Agreements include one ship for each brand, Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises, strengthening long-term fleet growth through 2037
MIAMI, Feb. 16, 2026 (GLOBE NEWSWIRE) -- Norwegian Cruise Line Holdings Ltd. (NYSE: NCLH), a leading global cruise company operating Norwegian Cruise Line, Oceania Cruises, and Regent Seven Seas Cruises, today announced that it has entered into an agreement with Fincantieri for the design and construction of three new cruise ships, further advancing the company’s long-term fleet development strategy across its brands.
The order includes one ship for each of the Company’s three award-winning brands—Norwegian Cruise Line, Oceania Cruises, and Regent Seven Seas Cruises—with one vessel to be built as a sister ship to Oceania Sonata, one as a sister ship to Seven Seas Prestige, and one as a sister ship to the previously announced Norwegian Cruise Line newbuilds order. All three ships will be built at Fincantieri’s shipyards in Italy and delivered 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 John W. Chidsey, President and Chief Executive Officer of NCLH. “This agreement secures access to valuable shipyard capacity through the end of 2037, supporting our long-term growth while maintaining financial discipline and driving sustainable shareholder value.”
This new ship order supports the Company’s long-term growth pipeline and competitive position with modest initial capital outlays, allowing it to remain focused on strengthening the balance sheet and reducing leverage. The agreement is not expected to have a material impact on near-term leverage or cashflow, as pre-delivery payment obligations are immaterial until the ship is delivered. Consistent with past practice, the Company expects to utilize Export Credit Agency financing to fund the majority of the vessels’ cost upon delivery.
Following this agreement, NCLH now has a total of 17 newbuilds on order; with Norwegian Cruise Line totaling eight newbuilds through 2037, five newbuilds for Oceania Cruises to be delivered through 2037 and four newbuilds to be delivered through 2036 for Regent Seven Seas Cruises. This newbuild pipeline supports an expected 4 percent compound annual growth rate (CAGR) from 2026 through 2037, consistent with the company’s measured approach to expanding its fleet while investing in next-generation ships.
A detailed summary of the Company’s newbuild pipeline is provided in the table below.
| YEAR | BRAND | DETAIL | GROSS TONS1 | BERTHS1 |
| Q1 2026 | Norwegian Cruise Line | Norwegian Luna | ~156,000 | ~3,565 |
| Q4 2026 | Regent Seven Seas | Seven Seas Prestige | ~77,000 | ~822 |
| 2027 | Norwegian Cruise Line | Norwegian Aura2 | ~170,000 | ~3,880 |
| 2027 | Oceania Cruises | Oceania Sonata | ~86,000 | ~1,390 |
| 2028 | Norwegian Cruise Line | Next Generation “Methanol-Ready” Norwegian Prima Class2 | ~170,000 | ~3,880 |
| 2029 | Oceania Cruises | Oceania Arietta | ~86,000 | ~1,390 |
| 2030 | Norwegian Cruise Line | New Class 1 | ~227,000 | ~5,000 |
| 2030 | Regent Seven Seas | Seven Seas Prestige Class 2 | ~77,000 | ~822 |
| 2032 | Oceania Cruises | Sonata Class 33 | ~86,000 | ~1,390 |
| 2032 | Norwegian Cruise Line | New Class 2 | ~227,000 | ~5,000 |
| 2033 | Regent Seven Seas | Seven Seas Prestige Class 34 | ~77,000 | ~822 |
| 2034 | Norwegian Cruise Line | New Class 35 | ~227,000 | ~5,000 |
| 2035 | Oceania Cruises | Sonata Class 43 | ~86,000 | ~1,390 |
| 2036 | Norwegian Cruise Line | New Class 45 | ~227,000 | ~5,000 |
| 2036 | Regent Seven Seas | Seven Seas Prestige Class 46 | ~77,000 | ~822 |
| 2037 | Norwegian Cruise Line | New Class 56 | ~227,000 | ~5,000 |
| 2037 | Oceania Cruises | Sonata Class 56 | ~86,000 | ~1,390 |
- Berths and gross tons are preliminary and subject to change as we approach delivery.
- Designs for the final two Prima Class ships have been lengthened and reconfigured to accommodate the use of green methanol as a future fuel source. Additional modifications will be needed to fully enable the use of green methanol.
- Contact is effective but not yet financed.
- Contract subject to financing.
- Contract is effective and financing is being negotiated.
- Binding memorandum of understanding subject to contract execution and financing.
About Norwegian Cruise Line Holdings
Norwegian Cruise Line Holdings Ltd. (NYSE: NCLH) is a leading global cruise company that operates Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises. With a combined fleet of 34 ships and more than 71,000 berths, NCLH offers itineraries to approximately 700 destinations worldwide. NCLH expects to add 17 additional ships across its three brands through 2037, which will add approximately 46,600 berths to its fleet. To learn more, visit www.nclhltd.com.
Cautionary Statement Concerning Forward-Looking Statements
Some of the statements, estimates or projections contained in this press release are “forward-looking statements” within the meaning of the U.S. federal securities laws intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in this press release, including, without limitation, our expectations regarding our results of operations, future financial position, including our future capital expenditures, plans, prospects, actions taken or strategies being considered with respect to our liquidity position, expected fleet additions and deliveries, including expected timing thereof, potential impact of new ships on our business, our expectations regarding the impact of macroeconomic conditions and recent global events, and expectations relating to our sustainability program, decarbonization efforts, and alternative fuel sources and related regulation may be forward-looking statements. Many, but not all, of these statements can be found by looking for words like “expect,” “anticipate,” “goal,” “project,” “plan,” “believe,” “seek,” “will,” “may,” “forecast,” “estimate,” “intend,” “future” and similar words. Forward-looking statements do not guarantee future performance and may involve risks, uncertainties and other factors which could cause our actual results, performance or achievements to differ materially from the future results, performance or achievements expressed or implied in those forward-looking statements. Examples of these risks, uncertainties and other factors include, but are not limited to the impact of: adverse general economic factors, such as fluctuating or increasing levels of interest rates, inflation, unemployment, underemployment, tariff increases and trade wars, the volatility of fuel prices, declines in the securities and real estate markets, and perceptions of these conditions that decrease the level of disposable income of consumers or consumer confidence; our indebtedness and restrictions in the agreements governing our indebtedness that require us to maintain minimum levels of liquidity and be in compliance with maintenance covenants and otherwise limit our flexibility in operating our business, including the significant portion of assets that are collateral under these agreements; our ability to work with lenders and others or otherwise pursue options to defer, renegotiate, refinance or restructure our existing debt profile, near-term debt amortization, newbuild related payments and other obligations and to work with credit card processors to satisfy current or potential future demands for collateral on cash advanced from customers relating to future cruises; our need for additional financing or financing to optimize our balance sheet, which may not be available on favorable terms, or at all, and our outstanding exchangeable notes and any future financing which may be dilutive to existing shareholders; the unavailability of ports of call and the impacts of port and destination fees and expenses; future increases in the price of, or major changes, disruptions or reductions in, commercial airline services; changes involving the tax and environmental regulatory regimes in which we operate, including new and existing regulations aimed at reducing greenhouse gas emissions; the accuracy of any appraisals of our assets; our success in controlling operating expenses and capital expenditures; adverse events impacting the security of travel, or customer perceptions of the security of travel, such as terrorist acts, armed conflict or threats thereof, acts of piracy, and other international events; public health crises, and their effect on the ability or desire of people to travel (including on cruises); adverse incidents involving cruise ships; our ability to maintain and strengthen our brand; breaches in data security or other disturbances to our information technology systems and other networks or our actual or perceived failure to comply with requirements regarding data privacy and protection; changes in fuel prices and the type of fuel we are permitted to use and/or other cruise operating costs; mechanical malfunctions and repairs, delays in our shipbuilding program, maintenance and refurbishments and the consolidation of qualified shipyard facilities; the risks and increased costs associated with operating internationally; our inability to recruit or retain qualified personnel or the loss of key personnel or employee relations issues; impacts related to climate change and our ability to achieve our climate-related or other sustainability goals; our inability to obtain adequate insurance coverage; implementing precautions in coordination with regulators and global public health authorities to protect the health, safety and security of guests, crew and the communities we visit and to comply with related regulatory restrictions; pending or threatened litigation, investigations and enforcement actions; volatility and disruptions in the global credit and financial markets, which may adversely affect our ability to borrow and could increase our counterparty credit risks, including those under our credit facilities, derivatives, contingent obligations, insurance contracts and new ship progress payment guarantees; our reliance on third parties to provide hotel management services for certain ships and certain other services; fluctuations in foreign currency exchange rates; our expansion into new markets and investments in new markets and land-based destination projects; overcapacity in key markets or globally; and other factors set forth under “Risk Factors” in our most recently filed Annual Report on Form 10-K and subsequent filings with the Securities and Exchange Commission. The above examples are not exhaustive and new risks emerge from time to time. There may be additional risks that we currently consider immaterial or which are unknown. Such forward-looking statements are based on our current beliefs, assumptions, expectations, estimates and projections regarding our present and future business strategies and the environment in which we expect to operate in the future. You are cautioned not to place undue reliance on the forward-looking statements included in this press release, which speak only as of the date made. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in our expectations with regard thereto or any change of events, conditions or circumstances on which any such statement was based, except as required by law.
Investor Relations & Media Contact
Sarah Inmon
(786) 812-3233
InvestorRelations@nclcorp.com
FAQ
What ships did NCLH and Fincantieri agree to build and when will they deliver?
How does the Fincantieri order change NCLH's total newbuild count for 2026–2037?
Will the new Fincantieri ships affect NCLH's near-term cash flow or leverage?
What fleet growth does NCLH forecast after adding the three Fincantieri ships?
Are the Fincantieri contracts fully financed and binding for NCLH's shareholders?
Do any of the new NCLH ships have environmental or fuel readiness features?
