First order in 5 years! Carnival Group orders 1 LNG powered luxury cruise ship
After 5 years, the world's largest cruise company, Carnival Group, returned to the new shipbuilding market and ordered an LNG dual fuel luxury cruise ship at Meyer Werft shipyard in Germany.
On February 13th, Carnival Group announced the signing of an agreement with Meyer Werft shipyard to build an Excel class luxury cruise ship powered by LNG for its Carnival cruise ships. This will be the tenth Excel class cruise ship among the four major brand fleets under Carnival Group. The new ship is expected to be put into operation in the spring of 2027, and the specific price has not been disclosed yet.
Like the existing Excel class cruise ships such as the Mardi Gras, Carnival Celebration, and Carnival Jubilee, this new 180000 ton cruise ship will be powered by an LNG technology platform and can carry over 6400 tourists.
Christine Duffy, President of Carnival Cruises, said, "Our Excel class cruise ships are a huge addition to the Carnival fleet and are very popular among our tourists. As the world's most popular cruise company, this new cruise ship allows us to continue to strengthen our fleet, welcome our loyal tourists back to the cruise ship more frequently, and attract new tourists to experience all the charm of Carnival cruise ships."
Josh Weinstein, CEO of Carnival Group, said, "Based on our strong performance and growth momentum globally, we are pleased to resume our new shipbuilding plan and further enhance our global fleet with another state-of-the-art cruise ship that will impress Carnival Cruise Company's tourists."
He pointed out that Carnival Group will receive one new cruise ship in 2025, and there will be no new ship deliveries in 2026. This order is expected to be the only new ship we will deliver in 2027, and our responsible capital operation will support leveraging our significant free cash flow to strategically improve our balance sheet and significantly reduce our leverage level in the coming years. Starting from 2027, we will add one to two cruise ships annually and allocate these ships to cruise companies that require the most capacity to meet their ultra high demand, thereby achieving an attractive investment payback period. We will continue to focus on driving the revenue growth of our world-class cruise company portfolio by continuously improving operational execution in all aspects, in order to achieve higher return on capital
It is understood that after the epidemic, the current handheld orders of Carnival Group have dropped to the lowest level in modern times. At present, the company only has two 175500 gross ton LNG powered luxury cruise ships built by Italian shipbuilding group Fincantieri for Princess Cruises under construction, which are planned to be delivered this year and next; And the 113000 ton Queen Anne, built for the Cunard Line, is expected to be delivered in 2024.
Previously, foreign media reported that Carnival Group would order four 208000 gross ton luxury cruise ships from Italian shipbuilding group Fincantieri. The negotiations between the two sides have reached the final stage and details are being determined. The total value of this order will exceed 5 billion euros (approximately RMB 38.753 billion), and the new ship will be delivered by the end of 2028 or early 2029, capable of accommodating 7000 passengers and more than 2500 crew members.
According to official website data, Carnival Cruise Company was founded in 1972 and is one of the most well-known brands in the cruise industry. It operates 23 cruise ships, aiming to provide fun and unforgettable vacation experiences at great prices.
The Carnival Group's order is also the first cruise ship order received by Meyer Werft Shipyard in nearly three years. According to Clarkson data, Meyer Werft currently holds orders for 5 cruise ships, with delivery times extending until 2025. The most recent order was in July 2021, when Ocean Residences placed an order for an 86000 gross ton cruise ship.
