New York, Feb 16, 2026, 12:04 EST — The market has closed.
- Norwegian Cruise Line has tapped Italy’s Fincantieri to build three ships—one for each brand—with deliveries set for 2036 and 2037.
- NCLH finished Friday at $21.49, sliding 7.6%. U.S. markets were closed Monday for Presidents Day.
- All eyes shift to Tuesday’s reopening, with the company’s March 2 results shaping the next move for investors.
Norwegian Cruise Line Holdings won’t see its shares trade again until Tuesday, following news that it’s teaming up with Italian shipbuilder Fincantieri to add three new ships, stretching fleet expansion plans into the late 2030s. Shares of NCLH dropped 7.6% to close at $21.49 on Friday. U.S. markets are closed Monday for Presidents Day. (Reuters Japan)
This headline covers orders far out—deliveries aren’t scheduled until 2036 and 2037. Still, investors haven’t hesitated to hit stocks showing signs of prolonged spending, particularly among travel companies saddled with significant debt.
Shipyard space is tight, and cruise lines jockey for years to secure new ships and the latest onboard upgrades. Snagging a build slot shores up future growth, but those commitments roll in later—possibly into a rate and demand landscape that looks nothing like today’s.
Norwegian’s latest order puts one ship each with Norwegian Cruise Line, Oceania Cruises, and Regent Seven Seas Cruises, all slated to come out of Italy between 2036 and 2037. CEO John Chidsey described the move as securing “access to valuable shipyard capacity” through 2037. The company flagged that upfront cash commitments remain modest, with pre-delivery payments not material until handover. Most of the bill at delivery should be handled with export credit agency financing—those government-backed loans aimed at big-ticket items. (Norwegian Cruise Line Holdings Ltd.)
Fincantieri called the deal “very important,” revealing ship sizes for the first time. Norwegian Cruise Line’s new vessel will clock in at roughly 227,000 gross tons, offering more than 5,000 berths; Regent is set for 77,000 gross tons and about 822 berths; Oceania’s numbers land at 86,000 gross tons and roughly 1,390 berths. CEO Pierroberto Folgiero pointed to the order as a way to “further strengthen” ties and lock in work out to 2037. (Fincantieri)
Norwegian’s argument: with the build schedule pushed out, the company sidesteps immediate leverage and cash flow strains, but doesn’t lose sight of future expansion. Right now, 17 newbuilds are on order. From 2026 to 2037, management is projecting compound annual capacity growth of roughly 4%.
Even so, the stock’s latest drop highlights just how skittish investors get about capital intensity. What seems like a straightforward new ship program at the outset can quickly become a problem if demand pulls back or financing costs spike by the time larger progress payments kick in.
Carnival and Royal Caribbean, too, work with extended planning timelines. Fresh ships have become the industry’s lever for boosting onboard sales and justifying higher prices. So, when a company reveals new vessel plans—even if launch is ten years out—investors tend to pay attention.
Norwegian faces a risk it can’t pencil in on the calendar: if discretionary travel drops right when the company’s focused on deleveraging, that’s a problem. Add in cost inflation—think shipbuilding, operating, any of it going up—and it gets tougher. Shipyard delays, volatile fuel prices, rising rates—any of these could throw off the numbers.
Trading picks up again Tuesday, and investors will be hunting for early signals on how the order shapes longer-term capex—and if management sticks to its debt strategy. Norwegian’s fourth-quarter and full-year 2025 numbers land March 2, giving the next concrete update on the company’s guidance and plans for the balance sheet. (Norwegian Cruise Line Holdings Ltd.)
