NCLH is spending nearly $20bn to renew Norwegian, Oceania and Regent. Five ships leave by 2028, 16 newbuilds arrive by 2037 — here is who goes where, and when.
Cover image: cruise ships berthed in a row at a European port — photo by David Martin, CC BY-SA 2.0, via Wikimedia Commons.
Norwegian Cruise Line Holdings is carrying out one of the cruise industry's most aggressive fleet overhauls: a nearly $20 billion modernization programme that will add 16 new ships by 2037 while five older vessels leave the company between 2026 and 2028. The parent of the Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas brands confirmed the shape of the plan in investor filings and its July earnings call, and it is already under way — the first ship, 1999-built Norwegian Sky, is handed over to its new charter operator within weeks.
Unlike rivals that simply cancelled older ships during the pandemic, NCLH is pairing its record newbuild orderbook with a deliberate programme of exits, charters and conversions designed to lift the average age and price point of all three brands. CEO John Chidsey told analysts the strategy is "sharpening brand positioning, elevating the product and guest experience, and strengthening commercial performance over time."
Which ships are leaving the Norwegian Cruise Line fleet?
Five ships are set to depart NCLH's 35-ship fleet — currently 21 Norwegian, eight Oceania and six Regent vessels — between 2026 and 2028:
| Ship | Brand | What happens | Timing |
|---|---|---|---|
| Norwegian Sky | Norwegian | 10-year bareboat charter to India's Cordelia Cruises as Cordelia Sky | Delivered within weeks; in India from October |
| Norwegian Sun | Norwegian | 10-year bareboat charter to Cordelia Cruises as Cordelia Sun | 2027 |
| Oceania Regatta | Oceania | Two-year charter to an Australian tour operator, extendable or saleable | Late 2026 |
| Oceania Sirena | Oceania | Sold; chartered back to Oceania until spring 2028 | Delivery by 30 September 2026 |
| Seven Seas Navigator | Regent | Nine-year lease (~$100m) to a residential-cruising offshoot of Villa Vie Residences as Avora Lumina | Programme launches 2028 |
Norwegian Sky and Norwegian Sun are the company's oldest ships — 77,000-gross-ton vessels built in 1999 and 2001 with just over 1,900 berths each. Both carry nominal purchase options for their new operator, meaning the exits can become permanent sales. A sixth ship, Oceania Nautica, was slated to go but will instead be retained and "reimagined" as Oceania Aurelia in 2027, with 179 of its cabins reworked for the luxury long-cruise market.
What is happening to Oceania's oldest ships?
Oceania is seeing the most aggressive change. Its four 30,000-gross-ton sister ships from the early 2000s are being split up: Regatta starts a two-year Australian charter late in 2026, Sirena has been sold with delivery due by 30 September and a charterback so she can complete booked cruises until spring 2028, and a deal that would have sent Insignia to a residential operator in 2027 was cancelled. Nautica's conversion into Aurelia keeps the last sister in service — but repositioned upmarket. Chidsey called the reshuffle "a deliberate portfolio action … that better supports the brand's positioning and long-term return profile," aligning Oceania's hardware with its luxury pricing.
How many new ships is NCLH building?
The orderbook runs to 16 new ships by 2037 across the three brands. For the flagship Norwegian brand it means:
- Norwegian Aura — the line's largest ship ever at 170,000 gross tons — debuts in 2027, followed by a sister in 2028
- A new class of five ultra-large ships of 227,000 gross tons each between 2030 and 2037
- A total of 32,760 new berths for a brand that currently operates about 63,300 berths on 21 ships
Norwegian's orderbook of nearly 33,000 berths is second only in contemporary cruising to MSC Cruises' roughly 49,000, and ahead of Royal Caribbean International on 31,100 and Carnival Cruise Line on around 30,000. Regent and Oceania are also adding Fincantieri-built luxury tonnage as part of the same programme.
Why retire ships instead of just adding them?
Because the maths of modern cruising favours newer, more efficient tonnage. Rivals thinned their fleets during the pandemic — Carnival sold its six Fantasy-class ships and more than 20 vessels group-wide, and Royal Caribbean sold four — but neither Royal Caribbean nor MSC has announced further retirements, which makes NCLH the only major group now pairing a record orderbook with scheduled exits. CFO Mark Kempa told analysts the newbuilds are not simply capacity growth: the fleet optimization strategy is meant to improve fleet quality and efficiency, with older ships "reworked" out through charters and sales rather than scrapped. The company says it continues to evaluate "strategic alternatives for other older vessels," so the five exits may not be the last.
What does the overhaul mean for your cruise booking?
Three practical takeaways. First, if you have a future cruise booked on Norwegian Sky, Norwegian Sun, Oceania Regatta or Oceania Sirena, check your booking: Sirena sails her published itineraries until spring 2028 under charterback, but Sky leaves the fleet within weeks, and affected guests are being moved or refunded. Second, expect a step up in onboard product as the new classes arrive from 2027 — Norwegian Aura's debut will be the brand's largest ship ever, and Aurelia will give Oceania a dedicated luxury long-cruise ship in 2027. Third, ship disposals and debuts tend to move fares: lines discount departing ships and premium-price new ones, a dynamic we tracked in our read of the Q2 2026 cruise earnings season. If you are weighing a first sailing, our cruise cost breakdown shows how ship age and class change the price per night, and our look at American Cruise Lines' new riverboats shows the same replacement dynamic playing out on US rivers.
Frequently asked questions
How many ships is Norwegian Cruise Line Holdings building?
Sixteen new ships are on order across Norwegian, Oceania and Regent Seven Seas, scheduled for delivery by 2037. Norwegian's share includes the 170,000-gross-ton Norwegian Aura in 2027, a sister in 2028 and five 227,000-gross-ton ships between 2030 and 2037.
Which Norwegian ships are being retired?
Norwegian Sky and Norwegian Sun, built in 1999 and 2001, are leaving on 10-year bareboat charters to India's Cordelia Cruises as Cordelia Sky (from October 2026) and Cordelia Sun (2027). Three Oceania and Regent vessels also exit or are repositioned by 2028.
What is happening to Norwegian Sky?
She is being delivered to Cordelia Cruises within weeks under a 10-year bareboat charter with a purchase option, renamed Cordelia Sky, and enters service in India from October 2026. Norwegian Sun follows in 2027 as Cordelia Sun.
When does Norwegian Aura launch?
Norwegian Aura, the brand's largest ship at 170,000 gross tons, is scheduled to debut in 2027, with a sister ship following in 2028 before the five-ship, 227,000-gross-ton class arrives from 2030.
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