Norwegian Takes Delivery on New Cruise Ship in Long-Term Growth Plan
Fincantieri and Norwegian Cruise Line celebrated the delivery of the Norwegian Luna, the second ship in the company’s Prima Plus class and the midpoint of a six-ship order, which will later be followed by five even larger cruise ships. The new ship, a sister to the Norwegian Aqua introduced in 2025, seeks to expand on the brand’s renewed emphasis on choice and flexibility while expanding its appeal to families.
At 156,300 gross tons, the Norwegian Luna is, however, more in the middle range of size for the broad contemporary segment of cruising, which is now surpassing the 200,000 gross ton milestone. The Norwegian Luna is 10 percent larger than the first two ships of the class, Norwegian Prima (2022) and Norwegian Viva (2023), and increases passenger capacity to 3,571. It includes many of the signature elements of Norwegian Cruise Line, including 17 dining options as well as 18 bars and restaurants. The company highlights that these sisters' new additions include the Aqua Slidecoaster, which is a hybrid between a waterslide and a rollercoaster, as well as its Glow Court with an LED floor. New to the ship is an expanded outdoor amusement-park-style area called Luna Midway, which features carnival-inspired games. It also introduces a tribute stage show to music legend Sir Elton John.
As is typical in the industry, Norwegian decided to upsize the second two ships of the class to increase capacity and efficiency. The sister ships Norwegian Aqua and Norwegian Luna each have 1,800 passenger cabins and accommodations for 3,571 passengers, versus 3,195 on the first two ships.
Fincanteir points out that over 3,000 people have been working to complete the fitting out of the ship and prepare her for her maiden voyage. She goes into service next week with a trans-Atlantic crossing and then takes up position in Miami with cruises to the Caribbean and Bahamas.
Norwegian Luna will be sailing year-round in the Caribbean (Fincantieri)
“As our newest ship, Norwegian Luna is a powerful reflection of NCL’s ‘It’s Different Out Here’ brand ethos,” said Marc Kazlauskas, president of Norwegian Cruise Line. “She delivers freedom, flexibility, and thoughtfully curated experiences, allowing guests to enjoy their vacation exactly how they want, with ease.”
Norwegian is widely recognized for breaking down the traditional styles of cruising to become more like resorts at sea with the launch of its concept called Freestyle Cruising in the early 2000s. It increased the dining options and entertainment, taking away assigned times for meals and the regimented daily programs. The company is looking to reemphasize these elements after a series of recent missteps, which have hurt its financial performance and made it the target of an activist investor.
The new ship comes early in a year that will see several very large new cruise ships as well as expansion in the luxury segments, including the launch of both Four Seasons and Orient Express. Royal Caribbean will put into service the third ship in its largest cruise ships in the world, called Icon, and MSC Cruises will receive its third ultra-large ship of the World Class. TUI will also get its second 161,000 gross ton cruise ship from Fincantieri, and in China, the country’s second domestically-built cruise ship, the 142,000 gross ton Adora Flora City, will be floated this month for a 2027 entry into service. More than a dozen new cruise ships are scheduled to enter service in 2026 as part of an order book that has more than 75 ships delivering through 2037.
The Norwegian Luna, however, is a stepping stone for the brand. Next year, the line will introduce the third design of the same class of ship, which will again be 10 percent larger. Called Norwegian Aura, it will be 172,000 gross tons with a capacity for 3,840 passengers, and will introduce more new passenger amusement options. Behind the scenes, it will also be methanol-ready.
Norwegian has a total of seven cruise ships on order, including five 227,000 gross ton cruise ships, all to be built at Fincantieri. The parent company, Norwegian Cruise Line Holdings, has orders for a total of 16 cruise ships, including ultra-luxury for Regent Seven Seas Cruises and premium ships for Oceania Cruises
Norwegian Cruise Admits Misstep as it Issues Disappointing Outlook
Norwegian Cruise Line Holdings reported its fourth quarter and year-end financial results, and while it met or exceeded expectations, it disappointed with its outlook for 2026. Admitting “missteps” and “misalignment,” the cruise corporation provided an outlook for 2026 well below analyst projections, and as activist shareholder Elliott Investment Management is beginning to meet with fellow investors ahead of the company’s annual meeting.
The announcement of results faced further headwinds due to world events and the uncertain outlook for the oil market. Concerns are being raised as oil prices are expected to rise significantly, and the larger unknown of how the war against Iran will impact consumers and the desire to travel, especially internationally. While analysts were expecting declines in cruise ship share prices, Norwegian Cruise Line Holdings’ share price was down 10 percent compared to the industry’s 3.5 to 8 percent decline today.
The newly named CEO of Norwegian Cruise Line Holdings, John Chidsey, told investors, “My initial assessment is that our strategy is sound, but execution and cross-functional alignment have fallen short.” He pointed to a mistiming of the repositioning of ships into the Caribbean and other elements of the strategy, as well as underinvestment in technology, revenue management, and customer-facing systems. He pointed to too much bureaucracy, a lack of cohesion in execution, and a lack of developed coordinated plans.
The company met its revised outlook for the fourth quarter, and with lower costs, came in toward the higher end of its range for the year. Revenues, however, were slightly light, but the real disappointment was a forecast as much as seven percent below analysts' projections for adjusted earnings (EBITDA) for 2026.
The company said it is entering 2026 against a “pressured backdrop as it is slightly below the optional booking range.” Demand, however, it said, is strong in its luxury brands, with the largest challenges at its contemporary brand, Norwegian Cruise Line.
It pointed to a “softness in Alaska” for bookings as overall industry capacity continues to grow in that market and a material increase in Norwegian’s Caribbean capacity that was too soon before the completion of the enhancements at its private island. They also pointed to a less-than-expected performance for Europe. While NCLH does not have operations in the Middle East and has a smaller overall presence in Europe, the softness comes even before the start of the war, which could deter Americans from vacationing in the Mediterranean in particular or, at the very least, slow bookings until there is more certainty around the war in Iran.
Chief Financial Officer Mark Kempa said the problems were fixable but that they would take some time. He said they still believed the Caribbean is the right place, and they would be cutting costs from their shoreside operations.
“Norwegian's disappointing outlook for 2026 falls meaningfully short of the company's potential,” said Elliott in a statement issued after the earnings announcement. “Commentary on today's earnings call reinforced a troubling pattern of execution lapses and strategic missteps across the business that have been years in the making.”
Elliott continues its call, saying there is an urgent need for a board refreshment at NCLH. It is calling for an “independent, experienced, and fully engaged board required to return the company to industry-leading performance.”
The activist investor group announced in February that it now owns more than 10 percent of NCLH’s shares. According to reports, it has begun meetings with other investors to outline its plans for the company. It is widely expected to launch a proxy battle at the upcoming annual meeting for a replacement board. Well-known industry executive Adam Goldstein, who spent many years at Royal Caribbean Group, recently released an op-ed saying he supported Elliott. He is believed to be a likely candidate for the board.
Well-known investment commentator and TV personality Jim Cramer suggested last week to his viewers that maybe NCLH should be sold. He said Disney which is enjoying a strong performance in its cruise operations, should buy NCLH to provide a quicker route to expansion. Disney is in the midst of launching its largest cruise ship, Disney Adventure, which is arriving this week at its home port in Singapore, and currently has multiple cruise ships on order, but they will take years to build.
Viking Stacks Orders to 2034 with More Expedition and Ocean Ships
Reporting a strong financial performance in 2025 and a positive outlook as the brand continues to grow its fleet, Viking announced it has ordered two additional expedition cruise ships and optioned yet two more ocean cruise ships. The brand surpassed 100 ships in 2025 and now has a total of 57 orders extending to 2034 for its ocean, river, and expedition segments.
Fincantieri termed today’s order a “very important” agreement for the shipbuilder and said it is valued at over €2 billion. The order consists of two additional expedition cruise ships, sister ships to the first two, built by Fincantieri's Vard subsidiary and delivered in 2021 and 2022. However, the next two ships will be built at Fincantieri’s Palermo, Italy, shipyard in 2030 and 2031.
The expedition cruise ships will be Polar Class 6, designed to navigate in polar seas as well as remote areas such as the St. Lawrence River. They report the ships will have superior maneuverability and stability on rough seas, as well as using U-tank stabilizers to reduce roll when the ship is stationary. The design features a straight bow and extended hulls. The ships have 189 passenger staterooms with accommodations for 378 people.
In addition, Viking also optioned two more ocean cruise ships using the same base design for the 11 cruise ships currently in operation. The ships are approximately 54,300 gross tons with accommodations for 998 passengers. The new options have an exercise date of July 30, 2028, for delivery in 2034. They are in addition to 10 committed orders for cruise ships and an additional four options before today.
Pierroberto Folgiero, CEO and Managing Director of Fincantieri, highlights that it extends a relationship that dates back to 2012 and the first of Viking’s ocean cruise ships. He notes that it will now encompass a total of 26 ships.
The two new expedition cruise ships will be sisters to Viking Polaris which entered service in 2022 (Fincantieri)
Fincantieri currently has three ocean cruise ships under construction for Viking at its Ancona shipyard. Two of the ships, Viking Mira and the Viking Libra, are scheduled for delivery in 2026. The Viking Libra is being billed as the first “hydrogen-powered” cruise ship. It uses a new system with hydrogen cylinders that will give it a greater power capacity than the first demonstration systems on other ships, including an earlier Viking cruise ship.
Viking has a unique business model, focusing its cruise operations on the upper premium deluxe market and using a consistent ship design. It points to efficiency with elements such as a single main galley for all food service. The ships are all outside cabins with balconies. The company highlights it operates with a guest-to-crew ratio of two versus its competitors' average ratio of 1.4, while it still maintains a high standard aboard its ships.
The company first developed the model in its river cruise business, which was launched 29 years ago. As of the beginning of the year, it had 81 river cruise ships in service. It plans to take delivery of 10 more this year, followed by eight in 2027, and five in 2028. It also has options for eight additional river cruise ships.
The orders came as Viking reported another strong quarter and year of financial results in 2025. The company’s revenues and earnings (EBITDA) were ahead of analysts’ consensus. It reported total revenues of approximately $6.5 billion for the year, up nearly 22 percent, strong gross margin growth, and earnings of nearly $1.9 billion (EBITDA).
“We finished 2025 with great momentum, and we are entering 2026 in a very solid position with 86 percent of our Capacity PCDs for our Core Products already sold,” said Leah Talactac, President and CFO of Viking. “We are seeing a strong booking environment characterized by robust demand across our products, from both repeat guests and new-to-brand customers.”
As of mid-February, Viking reports it had sold 86 percent of its 2026 capacity, with strong advance bookings of nearly $6 billion. The company said it had a positive outlook despite the current global issues, but it also reported that it had suspended cruises on the Nile in Egypt due to the current turmoil.
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