The total capacity of newbuildings delivered in 2022 set a new record, and the figure for 2023 is expected to surpass it by a wide margin. But the shrinking size of the orderbook will mean that from 2024 onward, the volume of newbuildings will start to fall.
If the current schedule is maintained, no fewer than 30 newbuildings, totalling more than 2.1 million gross tons and around 51,400 lower berths, are scheduled for delivery in 2023. Delays from the last two years contribute to this unusually large volume. In 2024, these figures will fall to 13 newbuilds, 1.33 million gross tons, and 30,240 lower berths.
Since no major cancellations and delays are expected, there will also be significant newbuilding deliveries during 2025 and 2026. Fleet renewal and capacity expansion will continue during this period. Beyond that, there is uncertainty and a lack of visibility at this stage.
Temporary record
In 2022, a total of 20 newbuildings, comprising 1.87 million gross tons and 44,300 lower berths, were added to the global fleet, surpassing the previous peak of 2019 – an astonishing milestone under the circumstances.
Ocean cruise newbuildings delivered in 2022
| Ship name | Builder | Gross ton | Lower berth | Cruise brand |
| Arvia | Meyer Werft | 184,700 | 5,200 | P&O Cruises |
| Carnival Celebration | Meyer Turku | 184,000 | 5,280 | Carnival Cruise Line |
| Celebrity Beyond | Chantiers de l’Atlantique | 140,600 | 2,900 | Celebrity Cruises |
| Discovery Princess | Fincantieri | 145,000 | 3,560 | Princess Cruises |
| Disney Wish | Meyer Werft | 144,000 | 2,500 | Disney Cruise Line |
| Emerald Azzurra | Ha Long Shipbuilding | 5,350 | 100 | Emerald Yacht Cruises (Scenic Group) |
| Evrima | Barreras | 24,000 | 298 | The Ritz-Carlton Yacht Collection |
| Havila Castor | Tersan | 15,470 | 468 | Havila Kystruten |
| Seabourn Venture | T. Mariotti | 23,000 | 264 | Seabourn |
| MSC Seascape | Fincantieri | 169,400 | 4,560 | MSC Cruises |
| MSC World Europa | Chantiers de l’Atlantique | 205,700 | 5,260 | MSC Cruises |
| Norwegian Prima | Fincantieri | 142,500 | 3,100 | Norwegian Cruise Line |
| Ocean Odyssey | China Merchants Heavy Industry | 8,200 | 160 | SunStone Ships |
| Resilient Lady | Fincantieri | 108,192 | 2,770 | Virgin Voyages |
| Sylvia Earle | China Merchants Heavy Industry | 8,200 | 140 | SunStone Ships |
| Viking Mars | Fincantieri | 47,861 | 946 | Viking Cruises |
| Viking Neptune | Fincantieri | 47,861 | 946 | Viking Cruises |
| Viking Polaris | Vard | 30,150 | 378 | Viking Cruises |
| Wonder of the Seas | Chantiers de l’Atlantique | 225,282 | 5,400 | Royal Caribbean International |
| World Traveller | West Sea Viana | 9,300 | 200 | Atlas Ocean Voyages |
Source: CruiseTimes Research
Source: CruiseTimes Research
At the same time, vessel demolition volume remained high, as the industry grappled with the new reality of under-occupancy and potential overcapacity. We believe this trend could continue in the next two to three years, which would not bode well for the short-to-medium-term future of the orderbook.
After our last update, in November 2022, two more newbuilds were delivered for the remainder of the year.
On 8 December 2022, Virgin Voyages took delivery from Fincantieri of its third “Lady Ship”, the delayed 108,192-gross-ton Resilient Lady. The line has one more unit of similar size to come in 2023.
On 15 December, P&O Cruises took delivery of the 184,700-gross-ton Arvia. This was the twentieth and final newbuild of the year for the industry. Its addition shattered the pre-pandemic newbuilding capacity record of 42,526 lower berths, set in 2019.
Fewer delays
As the direct impact from the pandemic wanes, the main cause of delay is now the supply chain issue. This situation may continue in the short term, as manufacturing and transport industries recalibrate after the disruption. There are, in fact, fewer delays now than there were 12 months ago.
In late November, Silversea Cruises announced that the inauguration of its first Nova-class ship, Silver Nova, would be delayed by a month. The vessel was initially scheduled to depart from Southampton on her maiden voyage on 15 July 2023. The new sailing date is now 13 August 2023, and the port of departure will be Venice. The line blamed the “global situation” for the unfortunate setback. The announcement was made on the day that its second ship, Silver Ray, had her steel-cutting ceremony.
About the same time, Norwegian Cruise Line announced that the arrival of its next newbuild, Norwegian Viva, would be delayed again – the second delay of this second Prima-class ship. The company blamed the ongoing global supply chain constraints for the hold-up. The ship’s first sailing will now take place after 17 August 2023, after its originally planned sailings from 3 July onwards were cancelled. Norwegian also confirmed the four-to-five-month delays of the third and fourth units of the Prima-class vessels.
In December 2022, Carnival Cruise Line announced that the handover of its next newbuild, Carnival Jubilee, would be delayed by two months because the builder, Meyer Werft, was unable to meet the original schedule.
About the same time, Norway’s Havila Kystruten announced that the delivery of its third ship, Havila Polaris, was delayed, forcing the line to cancel four cruises in December 2022 and January 2023. The ship was then expected in February 2023. But that month, the line announced a further three sailing cancellations on this vessel, originally planned for March departures from Bergen, Norway, citing licensing issues. The start-up’s final unit of the quartet, Havila Pollux, which was originally also scheduled for delivery in 2022, is now delayed because of the earthquake in Turkey.
Shrinking orderbook
There has been a notable absence of major construction orders for some time, with no sign of this situation changing in the foreseeable future. Because of this, the size of the orderbook continues to shrink, after peaking in 2019. Hopefully, as the effect of the pandemic wanes and demand recovers, this sharp decline will halt and the trend will reverse. It is already showing signs of levelling off.
Source: CruiseTimes Research
The biggest newbuilds ordered in the last 12 months were Explora Journeys’ two hydrogen-powered, 63,900-gross-ton, 1,000-lower-berth vessels.
Indeed, we continue to see orders for smaller ships being prepared and placed, reflecting the vibrancy of the upscale and expedition segment of the business.
Towards the end of November 2022, Japan’s Mitsui O.S.K. Lines announced that it was planning to build two 35,000-gross-ton Japanese-flagged ocean-going cruise ships. The first of the pair is expected to be delivered by 2027. The total investment will be approximately 100 billion yen (around $721.7 million). The ships will be operated by the Mitsui O.S.K. Passenger Line brand.
In January 2023, the Aman/Cruise Saudi joint venture launched the long-awaited Project Sama and inked a 23,000-gross-ton, dual-fuel super-yacht agreement with Italy’s passenger ship builder T. Mariotti. This venture is the latest entrant in the increasingly crowded ultra-luxury cruise arena, following the likes of Ritz-Carlton and Four Seasons. Due for delivery in 2026, this was the first newbuilding order of 2023.
Toward the end of January, France’s Accor Hotels Group signed a letter of intent with Chantiers de l’Atlantique for two 108-passenger, ultra-luxury, sail-powered cruise vessels for its Orient Express brand. These high-benchmark ships are tentatively slated for 2026 and 2027 deliveries.
In February, SunStone Ships reordered its seventh and final unit of the Infinity-class vessels after resolving the shipyard issue. The initial order was cancelled because the builder decided it would not build it.
Ocean cruise newbuilding orderbook as of 9 March 2023 (140,000 gross tons and above)
| Ship name | Delivery year | Builder | Gross ton | Lower berth | Brand | Estimated contract price |
| AIDA Helios class 3 (LNG) | 2023 | Meyer Werft | 183,858 | 5,228 | AIDA Cruises | $1,100,000,000 |
| Carnival Jubilee (LNG) | 2023 | Meyer Werft | 183,858 | 5,228 | Carnival Cruise Line | $1,100,000,000 |
| CSSC Carnival Cruise Shipping 1 | 2023 | Shanghai Waigaoqiao Shipyard | 142,000 | 4,288 | Adora Cruises | $750,000,000 |
| CSSC Carnival Cruise Shipping 2 | 2024 | Shanghai Waigaoqiao Shipyard | 142,000 | 4,288 | Adora Cruises | $750,000,000 |
| Celebrity Ascent | 2023 | Chantiers de l’Atlantique | 140,600 | 2,900 | Celebrity Cruises | $900,000,000 |
| Edge class 5 | 2025 | Chantiers de l’Atlantique | 140,600 | 2,900 | Celebrity Cruises | $900,000,000 |
| Disney Treasure | 2024 | Meyer Werft | 144,000 | 2,500 | Disney Cruise Line | $900,000,000 |
| Disney order 3 (LNG) | 2025 | Meyer Werft | 144,000 | 2,500 | Disney Cruise Line | $900,000,000 |
| Global One | 2025 | Meyer Werft | 208,000 | 4,700 | Disney Cruise Line | $1,100,000,000 |
| Meraviglia Plus 3 (LNG) | 2023 | Chantiers de l’Atlantique | 183,500 | 4,842 | MSC Cruises | €900,000,000 |
| MSC Euribia (LNG) | 2023 | Chantiers de l’Atlantique | 183,500 | 4,842 | MSC Cruises | €900,000,000 |
| MSC World America (LNG) | 2025 | Chantiers de l’Atlantique | 205,700 | 5,264 | MSC Cruises | €1,125,000,000 |
| MSC World class 3 (LNG) | 2026 | Chantiers de l’Atlantique | 205,700 | 5,264 | MSC Cruises | €1,125,000,000 |
| MSC World class 4 (LNG) | 2027 | Chantiers de l’Atlantique | 205,700 | 5,264 | MSC Cruises | €1,125,000,000 |
| Norwegian Viva | 2023 | Fincantieri | 142,500 | 3,215 | Norwegian Cruise Line | €800,000,000 |
| Prima class 3 | 2024 | Fincantieri | 142,500 | 3,215 | Norwegian Cruise Line | €800,000,000 |
| Prima class 4 | 2025 | Fincantieri | 142,500 | 3,215 | Norwegian Cruise Line | €800,000,000 |
| Prima class 5 | 2026 | Fincantieri | 142,500 | 3,215 | Norwegian Cruise Line | €800,000,000 |
| Prima class 6 | 2027 | Fincantieri | 142,500 | 3,215 | Norwegian Cruise Line | €800,000,000 |
| Sun Princess | 2023 | Fincantieri | 175,500 | 4,000 | Princess Cruises | $1,000,000,000 |
| Sphere class 2 (LNG) | 2025 | Fincantieri | 175,500 | 4,000 | Princess Cruises | $1,000,000,000 |
| Icon of the Seas (LNG) | 2023 | Meyer Turku | 250,800 | 5,610 | Royal Caribbean International | $1,600,000,000 |
| Icon class 2 (LNG) | 2025 | Meyer Turku | 250,800 | 5,610 | Royal Caribbean International | $1,600,000,000 |
| Icon class 3 (LNG) | 2026 | Meyer Turku | 250,800 | 5,610 | Royal Caribbean International | $1,600,000,000 |
| Utopia of the Seas (LNG) | 2024 | Chantiers de l’Atlantique | 231,000 | 5,714 | Royal Caribbean International | $1,400,000,000 |
| TUI (LNG) 1 | 2024 | Fincantieri | 161,000 | 5,000 | TUI Cruises | $1,150,000,000 |
| TUI (LNG) 2 | 2026 | Fincantieri | 161,000 | 5,000 | TUI Cruises | $1,150,000,000 |
Source: CruiseTimes Research
Ocean cruise newbuilding orderbook as of 9 March 2023 (45,000–139,999 gross tons)
| Ship name | Delivery year | Builder | Gross ton | Lower berth | Brand | Estimated contract price |
| Queen Anne | 2024 | Fincantieri | 113,000 | 3,000 | Cunard | $830,000,000 |
| Explora 1 | 2023 | Fincantieri | 63,900 | 900 | Explora Journeys | €500,000,000 |
| Explora 2 | 2024 | Fincantieri | 63,900 | 900 | Explora Journeys | €500,000,000 |
| Explora 3 (LNG) | 2025 | Fincantieri | 63,900 | 900 | Explora Journeys | €620,000,000 |
| Explora 4 (LNG) | 2026 | Fincantieri | 63,900 | 1,000 | Explora Journeys | €620,000,000 |
| Explora 5 (hydrogen powered) | 2027 | Fincantieri | 63,900 | 1,000 | Explora Journeys | |
| Explora 6 (hydrogen powered) | 2028 | Fincantieri | 63,900 | 1,000 | Explora Journeys | |
| Asuka III | 2025 | Meyer Werft | 51,950 | 744 | NYK Cruises | $640,000,000 |
| Vista | 2023 | Fincantieri | 67,000 | 1,200 | Oceania Cruises | €575,000,000 |
| Allura | 2025 | Fincantieri | 67,000 | 1,200 | Oceania Cruises | €575,000,000 |
| Njord | 2025 | Meyer Werft | 84,800 | Ocean Residences Development | $650,000,000 | |
| Seven Seas Grandeur | 2023 | Fincantieri | 55,254 | 750 | Regent Seven Seas Cruises | €474,000,000 |
| Ilma | 2024 | Chantiers de l’Atlantique | 46,750 | 456 | Ritz-Carlton Yacht Collection | €400,000,000 |
| Luminara | 2025 | Chantiers de l’Atlantique | 46,750 | 456 | Ritz-Carlton Yacht Collection | €400,000,000 |
| Narrative | 2025 | Brodosplit Shipyard | 62,000 | 627 (units) | Storylines | |
| Mein Schiff 7 | 2024 | Meyer Turku | 111,554 | 2,894 | TUI Cruises | €500,000,000 |
| Viking Saturn | 2023 | Fincantieri | 47,842 | 946 | Viking Cruises | $308,000,000 |
| Viking 11 | 2024 | Fincantieri | 47,842 | 946 | Viking Cruises | $320,000,000 |
| Viking 12 | 2025 | Fincantieri | 47,842 | 946 | Viking Cruises | $320,000,000 |
| Viking 13 (hydrogen fuel cells) | 2026 | Fincantieri | 47,842 | 946 | Viking Cruises | €425,000,000 |
| Viking 14 (hydrogen fuel cells) | 2027 | Fincantieri | 47,842 | 946 | Viking Cruises | €425,000,000 |
| Viking 15 (hydrogen fuel cells) | 2028 | Fincantieri | 47,842 | 946 | Viking Cruises | €425,000,000 |
| Viking 16 (hydrogen fuel cells) | 2028 | Fincantieri | 47,842 | 946 | Viking Cruises | €425,000,000 |
| Brilliant Lady | 2023 | Fincantieri | 110,000 | 2,800 | Virgin Voyages | €710,000,000 |
Source: CruiseTimes Research
Ocean cruise newbuilding orderbook as of 9 March 2023 (small, upscale, & expedition)
| Ship name | Delivery year | Builder | Gross ton | Lower berth | Brand | Estimated contract price |
| Orient Express Silenseas | 2026 | Chantiers de l’Atlantique | 22,300 | 108 | Orient Express | |
| Orient Express 2 | 2027 | Chantiers de l’Atlantique | 22,300 | 108 | Orient Express | |
| Aranoa | 2025 | Huanghai Shipbuilding | 14,500 | 280 | Aranui Cruises | $150,000,000 |
| Picasso | 2023 | DIV Shipbuilding | 4,998 | 159 | DIV Cruises | |
| Four Seasons Yachts order 1 | 2025 | Fincantieri | 190 | Four Seasons Yachts | €400,000,000 | |
| Four Seasons Yachts order 2 (option) | 2026 | Fincantieri | 190 | Four Seasons Yachts | €400,000,000 | |
| Four Seasons Yachts order 3 (option) | 2027 | Fincantieri | 190 | Four Seasons Yachts | €400,000,000 | |
| Havila Polaris | 2023 | Tersan | 15,471 | 486 | Havila Kystruten | €100,000,000 |
| Havila Pollux | 2023 | Tersan | 15,471 | 486 | Havila Kystruten | €100,000,000 |
| Mitsui O.S.K. 1 | 2027 | 35,000 | Mitsui O.S.K. Passenger Lines | $361,000,000 | ||
| Mitsui O.S.K. 2 | 2027 | 35,000 | Mitsui O.S.K. Passenger Lines | $361,000,000 | ||
| World Adventurer | 2023 | West Sea Viana Shipyard, Portugal | 9,300 | 200 | Mystic Cruises/Atlas Ocean Voyages | €67,200,000 |
| World Discoverer | 2023 | West Sea Viana Shipyard, Portugal | 9,300 | 200 | Mystic Cruises/Atlas Ocean Voyages | €67,200,000 |
| World Seeker | 2023 | West Sea Viana Shipyard, Portugal | 9,300 | 200 | Mystic Cruises/Atlas Ocean Voyages | €67,200,000 |
| Northern Xplorer order (LOI) | 2025 | West Sea Viana Shipyard, Portugal | 250 | Northern Xplorer | ||
| Janssonius | 2023 | DIV Shipbuilding | 6,603 | 176 | Oceanwide Expeditions | $85,000,000 |
| Scenic Eclipse II | 2023 | 3. Maj Shipyard | 17,085 | 200 | Scenic Cruises | $150,000,000 |
| Emerald Sakara | 2023 | Ha Long Shipbuilding | 5,350 | 100 | Emerald Yacht Cruises (Scenic Group) | $100,000,000 |
| Seabourn Pursuit | 2023 | T. Mariotti | 23,000 | 264 | Seabourn | $200,000,000 |
| Silver Nova | 2023 | Meyer Werft | 54,700 | 728 | Silversea | |
| Silver Ray | 2024 | Meyer Werft | 54,700 | 728 | Silversea | |
| Somnio | 2024 | Vard | 33,500 | Somnio Global | €500,000,000 | |
| Style Cruise 1 | 2023 | China Merchants Heavy Industry | 37,000 | 600 | Style Cruise | |
| Style Cruise 2 | 2024 | China Merchants Heavy Industry | 37,000 | 600 | Style Cruise | |
| Ocean Albatros | 2023 | China Merchants Heavy Industry | 8,200 | 200 | SunStone Ships | $100,000,000 |
| Infinity class 7 | 2025 | China Merchants Heavy Industry | 8,200 | 200 | SunStone Ships | $100,000,000 |
| The Ritz-Carlton order 2 | 2023 | Hijos de J. Barreras | 24,000 | 298 | The Ritz-Carlton Yacht Collection | $210,000,000 |
| SH Vega | 2023 | Helsinki Shipyard | 10,500 | 152 | Swan Hellenic | $115,000.000 |
| SH Diana | 2023 | Helsinki Shipyard | 12,100 | 192 | Swan Hellenic | |
| Project Sama | 2026 | T. Mariotti | 23,000 | Aman/Cruise Saudi |
Source: CruiseTimes Research
