Ocean cruise newbuilding delivery and orderbook updates. A plethora of new orders

Ocean cruise newbuilding construction entered another strong cycle in recent months, with noticeable increases in deliveries and new orders.

We have witnessed heightened activities, typified by major deliveries and confirmations of new orders. The size and capacity of the orderbook for the megaship segment alone have now exceeded 5.5 million gross tons and 141,000 lower berths, a phenomenon not seen for years.

Delivery momentum

Between our last update in March 2025 and the beginning of August, international cruise lines have taken delivery of six major newbuilds, totalling 685,585 gross tons and 14,658 lower berths.

Towards the end of March, MSC Cruises took delivery from Chantiers de l’Atlantique of the 215,865-gross-ton, 5,264-lower-berth MSC World America, the second unit of its four-ship World-class series and the 23^rd vessel of its fleet. At the same time, the line celebrated the coin ceremony for MSC World Asia and steel-cutting for the MSC World Atlantic, the next two ships of the same class. This class of vessels is 15 per cent bigger than MSC’s existing biggest ship, the 2023-built, 184,011-gross-ton MSC Euribia.

In early April, Japan’s NYK Cruises took delivery of the 744-passenger Asuka III from Meyer Werft. This was the fourth newbuild in as many months in 2025.

At the beginning of June, Chantiers de l’Atlantique also delivered the 456-passenger Luminara, the second of the ultra-luxury, LNG-dual-fuel cruise vessels, to The Ritz-Carlton Yacht Collection, increasing the brand’s fleet to three ships.

On 26 June, Fincantieri delivered the 54,300-gross-ton, 998-lower-berth Viking Vesta to Viking Cruises. In barely over a decade, Viking has built a fleet of 13 almost identical ocean cruise ships (including the 2017-built Zhao Shang Yi Dun, formerly Viking Sun, which now sails under the China Merchants Viking Cruises brand), side by side with its numerous river vessels – an astonishing achievement that answers its critics and sceptics.

On 10 July, Oceania Cruises took delivery of the 1,200-passenger Allura, the second of its Allura-class newbuilds, following the 2023 delivery of Vista.

On the same day, Meyer Turku delivered the 248,665-gross-ton behemoth Star of the Seas, the second Icon-class vessel, to Royal Caribbean International. This consolidated the line’s position as the biggest cruise brand in the world in terms of fleet capacity and number of ships.

By 10 July, the total passenger capacity of newbuildings delivered had already surpassed that of the full year 2024. For the remainder of 2025, nine more units are expected, totalling more than 838,000 gross tons and an estimated 18,000 lower berths, including four mega-vessels. So, an even bigger volume of newbuildings will be forthcoming in the second half of 2025, decidedly reversing the declining trend of the last two years.

Ocean cruise newbuildings delivered (1 January – 7 August 2025)

Source: CruiseTimes Research

Source: CruiseTimes Research

Swelling orders

After five years of continuous decline, the orderbook is now swelling rapidly, with many more new projects in the pipeline.

In late March, TUI Group confirmed that it was in discussion with shipyards for two newbuilds for its UK arm Marella Cruises, tentatively slated for 2030 and 2032 deliveries. Though no firm orders have been placed yet, a memorandum of agreement was signed between Fincantieri and TUI on the last day of March for the design and construction of the vessels.

In April, Carnival Cruise Lines confirmed the plan for three 8,000-passenger megaships under the name “Project Ace”, for deliveries in 2029, 2031, and 2033. The ships will be the biggest cruise vessels in the world, carrying 400 more passengers than the current record holder, Royal Caribbean’s Icon of the Seas. The initial order was placed in July 2024.

Also in April, Carnival Group’s AIDA Cruises brand announced the placement of orders for two 4,200-lower-berth, multi-fuel newbuilds at Fincantieri for 2030 and 2031 deliveries.

Around the same time, Scenic’s Emerald Cruises confirmed that it was adding two 128-passenger yachts, Emerald Raiya and Emerald Xara, to its existing one-ship order for 2026 and 2027 inaugurations. The brand also ordered a river cruise vessel for the Seine, Emerald Lumi, for 2027 inauguration.

The April rush of orders did not end there. At Seatrade Global 2025, Viking Cruises revealed an order for two additional ships from Fincantieri for 2033 delivery, bringing its fleet of uniform-size vessels to 23. The company’s 2026 newbuild, Viking Libra, will be the world’s first hydrogen-powered cruise ship. This will be followed by the 2027 newbuild, Viking Astrea, also hydrogen-powered.

Never one to be outdone, MSC Cruises on 19 May disclosed an order for two more World-class vessels for 2029 and 2030 delivery. This swelled the size and capacity of the orderbook for large-scale vessels to 34 units, over 6.5 million gross tons, and nearly 160,000 lower berths, the highest figure since October 2017.

With this new order, MSC Cruises’ total direct investment in France in the last two decades exceeds 18 billion euros, making it one of the largest private investors in the French economy – an impressive measure of cruise industry’s economic contribution.

Exercising its options, on the occasion of the handover ceremony for the newbuild Allura at Fincantieri, Oceania Cruises placed a fresh order for two more 86,000-gross-ton, 1,390-passenger Sonata-class vessels for 2032 and 2035 deliveries.

Source: CruiseTimes Research

Mega trend

Demands for ships of 200,000-plus gross tons have been gathering strength. On 7 August 2025, the orderbook had 15 units in this category out of 29 megaship orders, totalling around 3.4 million gross tons and around 87,500 lower berths, representing about 43% in gross tonnage and 48% in lower-berth capacity of the total orderbook content at the time.

After the last megaship gold rush about a decade ago, conditions are again ripe for a similar era. The robust mass-market demand for this type of vessel, especially in North America, is showing no sign of weakening. Such ships give their operators better economies of scale and earning powers.

The industry has come a long way since the 2009-built, 226,838-gross-ton Oasis of the Seas, the first of this class of ships. If conditions remain favourable, we expect more orders to come in the medium term.

Ocean cruise newbuilding orderbook on 7 August 2025 (140,000 gross tons and above)

Source: CruiseTimes Research

Ocean cruise newbuilding orderbook on 7 August 2025 (45,000–139,999 gross tons)

Source: CruiseTimes Research

Ocean cruise newbuilding orderbook on 7 August 2025 (small, upscale, & expedition)

Source: CruiseTimes Research