Miami-based Norwegian Cruise Line Holdings announced long-term charters for four of its oldest ships on Monday, amidst the stock market unrest, with purchase options included.
Cordelia Cruises is taking two vessels from the Norwegian Cruise Line fleet, the 77,100-gt Norwegian Sky (built 1999) and 78,300-gt Norwegian Sun (built 2001), which will join the Indian cruise company in 2026 and 2027.
Crescent Seas, a newly formed residential cruise company based in Miami, is chartering the 30,300-gt Insignia (built 1998) from Norwegian Cruise Line Holdings’ upscale brand, Oceania Cruises, and the 28,800-gt Seven Seas Navigator (built 1999) from subsidiary Regent Seven Seas Cruises.
The Bermuda-domiciled holding company described the departure of these vessels as a “disciplined approach to fleet optimisation” as it prepares to add an additional 12 ships across its three cruise brands — Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises — through 2036, which will add approximately 37,500 berths to its fleet.
“By strategically repurposing these vessels into markets and uses outside of our core business, we continue to generate value for our shareholders while focusing on a modernised fleet,” said Norwegian Cruise Line Holdings president and CEO Harry Sommer.
No financial details for the charters were disclosed.
Indian cruise growth
Cordelia Cruises launched in late 2020 with the 48,600-gt Empress (built 1990), a former Royal Caribbean Cruises vessel.
Founded by Waterways Leisure Tourism, an Indian-registered company, Cordelia’s senior management team previously led Jalesh Cruises, which ceased operations during the Covid-19 pandemic.
Cordelia’s president and CEO, Jurgen Bailom, recently shared with cruise industry media that the company is considering adding two more ships, due to strong demand from its Indian clientele.
On Monday, the company said in a media statement that the addition of the two Norwegian Cruise Line ships will more than double its current capacity and enable the brand to explore new regions.
The company said three ships will allow it to reach more ports across India, South East Asia and the Middle East.
“We are thrilled to welcome these iconic vessels to the Cordelia fleet, building on the overwhelming success of Empress, which redefined cruise holidays for Indian travellers. With the addition of Sky and Sun, we are entering a new era of cruise holidays for Indian guests — one that is bigger, bolder and more immersive than ever before,” said Bailom.
Residential Cruising
Crescent Seas is part of GFO Investments, led by Russell Galbut, founding partner of the Miami-based Crescent Heights real estate company and a former Norwegian Cruise Line Holdings chairman.
The company plans to invest over $50m in refurbishing each ship’s “residences,” which will be priced between $650,000 and $10m. These residences will be sold to buyers who can then live aboard permanently as the ships sail on global itineraries.
The Seven Seas Navigator will enter service for Crescent Seas in December 2026 under the name Navigator. The Insignia will launch in late 2027.
Galbut told cruise industry media on Monday that Crescent Seas plans to acquire three more cruise ships for conversion into seagoing residences.(Copyright)
