Norwegian Cruise Line Orders Three New Fincantieri Ships

Agreements include one ship for each brand, strengthening long-term fleet growth through 2037.

Published on Feb. 16, 2026

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Norwegian Cruise Line Holdings Ltd. (NCLH) 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 Norwegian Cruise Line, Oceania Cruises, and Regent Seven Seas Cruises brands. The order includes one ship for each of the company's three brands, with deliveries scheduled between 2036 and 2037.

Why it matters

This new ship order supports NCLH's long-term growth pipeline and competitive position with modest initial capital outlays, allowing the company to remain focused on strengthening its balance sheet and reducing leverage. The agreement secures access to valuable shipyard capacity through the end of 2037, supporting the company's measured approach to expanding its fleet while investing in next-generation ships.

The details

The three new ships will be built as sister ships to existing vessels in the NCLH fleet. One will be a sister ship to Oceania Sonata, one to Seven Seas Prestige, and one to the previously announced Norwegian Cruise Line newbuilds. All three ships will be constructed at Fincantieri's shipyards in Italy.

  • The three new ships are scheduled for delivery between 2036 and 2037.

The players

Norwegian Cruise Line Holdings Ltd. (NCLH)

A leading global cruise company that operates Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises.

Fincantieri

An Italian shipbuilding company that will construct the three new cruise ships for NCLH.

John W. Chidsey

President and Chief Executive Officer of NCLH.

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What they’re saying

“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.”

— John W. Chidsey, President and Chief Executive Officer of NCLH (stocktitan.net)

What’s next

The agreement is not expected to have a material impact on NCLH's near-term leverage or cash flow, as pre-delivery payment obligations are immaterial until the ships are delivered. The company expects to utilize Export Credit Agency financing to fund the majority of the vessels' cost upon delivery.

The takeaway

This new ship order demonstrates NCLH's commitment to a disciplined approach to fleet growth, supporting the company's long-term competitive position while maintaining financial discipline and driving sustainable shareholder value.