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From 2026 to 2029, growth will 'meaningfully' moderate to a 2.5% CAGR, CFO Mark Kempa said.
July 31, 2026
The 1999-built Oceania Sirena makes for five ships expected to exit Norwegian Cruise Line Holdings' fleet over three years. This compares to 16 newbuilds on order through 2037.
As earlier reported, a sale deal for Sirena is expected to close in the third quarter and NCLH will charter the ship back to operate through spring 2028. The buyer was not disclosed.
The others, all previously announced, are 1999's Norwegian Sky (to India's Cordelia Cruises) and 1998's Oceania Regatta (to Australia's Flight Centre Travel Group), both exiting in 2026, and 2001-built Norwegian Sun (to Cordelia Cruises) and 1999's Seven Seas Navigator (to Avora Residences), leaving in 2027.
Sirena, built as R Four for Renaissance Cruises, joined Oceania Cruises in 2016 after a $40m refurbishment and was significantly upgraded again in 2019. It is closely associated with the master chef Jacques Pépin, Oceania's original executive culinary director, since his daughter Claudine served as the godmother in 2016.
The 684-passenger, 30,277gt Sirena had sailed as Ocean Princess for Princess Cruises before joining Oceania. Princess acquired the R-class ship in 2002 after Renaissance went bust, and initially it sailed as Tahitian Princess.
"We are actively managing the portfolio to improve fleet quality, better align capacity and product offering with each brand's positioning and support stronger returns over time," NCLH CFO Mark Kempa said Thursday.
The 16 newbuilds on the books are spread across Norwegian Cruise Line (seven), Oceania Cruises (five) and Regent Seven Seas Cruises (four).
They are Seven Seas Prestige (2026), Norwegian Aura and Oceania Sonata (2027), NCL Prima class (2028), Oceania Arietta (2029), NCL 227,000gt Project New Era and Seven Seas Prestige 2 (2030), New Era 2 and Sonata 3 (2032), Seven Seas Prestige 3 (2033), New Era 3 (2034), Sonata 4 (2035), New Era 4 and Seven Seas Prestige 4 (2036) and New Era 5 and Sonata 5 (2037)
"Over the last several years, we have invested heavily in our fleet, adding two to three ships annually and driving strong capacity growth, including an expected 7% increase in capacity days in 2026. While we take delivery of two ships in both 2026 and 2027, the cadence moderates meaningfully beginning in 2028, with only one ship scheduled for delivery in each of 2028 and 2029," Kempa told analysts during the company's earnings call.
Capacity growth will moderate "meaningfully" to a 2.5% CAGR from 2026 to 2029, Kempa said, with capital expenditure to decline by nearly $1b annually, materially improving free cash flow generation.
Capex is projected at $2.9b in 2026 and 2027, dropping to $1.8b in 2028
