Rebuilding the Seas: Fincantieri Charts the Course for the Cruise Industry’s Recovery

In 2023, cruise travel surged to 107% of 2019 levels, with 31.7 million passengers embarking on voyages. Forecasts suggest that this upward trajectory will continue, with the number of passengers expected to approach 40 million by 2027, signalling a new era of growth and opportunity for the sector.

At the forefront of this renaissance is Fincantieri, Europe's preeminent shipbuilder, with a 40% market share in the cruise industry. Since 1990, Fincantieri has been instrumental in shaping the cruise landscape, having constructed over 128 cruise ships. This track record reflects not only the company's exceptional expertise, but also its visionary approach to shipbuilding and innovation. Collaborating with twenty-five prominent cruise brands across various market segments, Fincantieri exerts significant influence and is the partner of choice for many operators, actively steering the future direction of the industry.

In a time when the industry faces dual obstacles—the green and digital transitions, coupled with the recovery from the pandemic—Fincantieri has leveraged these challenges as opportunities to enhance its competitive edge. The first half of 2024 has marked a period of exceptional performance for the company, with new orders reaching €7.6 billion. This represents a remarkable 237% increase compared to the same period last year. Such a substantial surge not only highlights a strategic shift in Fincantieri’s commercial approach, but also underscores its robust standing in the global cruise market.

The company's 2023-2027 Industrial Plan is a forward-looking strategy designed to address the evolving demands of the cruise industry. This plan places a strong emphasis on sustainability and digital transformation. Fincantieri is committed to adopting alternative fuels, including liquefied natural gas (LNG), methanol, and hydrogen, as part of its broader goal to reduce environmental impact. Concurrently, the company is advancing digitalisation to enhance operational efficiencies and support sustainability initiatives.

A landmark achievement in Fincantieri's commitment to innovation was the delivery of Sun Princess in February 2024. This LNG-powered cruise ship, built at Fincantieri's Monfalcone shipyard, represents a significant milestone in the company’s history. At approximately 178,000 gross tons, Sun Princess is the largest ship ever built in Italy and the first dual-fuel vessel in the Princess Cruises fleet, predominantly powered by LNG. This landmark project underscores Fincantieri’s dedication to advancing greener technologies and setting new standards in the industry.

Sun Princess

In addition to Sun Princess, Fincantieri has further solidified its leadership in sustainable practices through new contracts that underscore its commitment to environmental stewardship. Notably, the company will design two cruise vessels for Viking, scheduled for delivery in 2028 and 2029, both featuring cutting-edge zero-emission power systems. Furthermore, in July 2024, Fincantieri signed an agreement with Carnival Corporation to build three new LNG-powered cruise ships, each approximately 230,000 gross tonnes, to be delivered in 2029, 2031, and 2033. These ships will incorporate advanced energy efficiency, waste management, and emission reduction technologies, significantly reducing the environmental footprint. Norwegian Cruise Line Holdings has also commissioned a series of new ships from Fincantieri across its three brands—Norwegian, Oceania, and Regent—with a focus on methanol-ready technologies. These agreements further reinforce Fincantieri’s dedication to pushing the boundaries of sustainability and innovation within the cruise industry.

 The company's embrace of digital transformation is equally impressive. Fincantieri is integrating advanced digital technologies into its shipbuilding processes, leveraging its extensive 230-year heritage in ship design. Central to this transformation is the use of Digital Twin technology, which creates virtual replicas of ships to monitor and optimise performance in real time. This technology enables Fincantieri to simulate various operational scenarios, predict maintenance needs, and minimise downtime, all while significantly boosting efficiency and environmental sustainability.

Moreover, Fincantieri is enhancing onboard connectivity through the Internet of Things (IoT), ensuring seamless communication between ship systems and centralised management. The integration of artificial intelligence further refines energy use and operational performance, revolutionising the way cruise vessels operate. By focusing on both new builds and the modernisation of existing ships, Fincantieri is advancing maritime travel with its blend of digital and environmental responsibility.

 Fincantieri has also played a pivotal role in transforming the cruise industry by setting new standards of luxury and service. In June 2024, the company signed an agreement with Crystal for the construction of two state-of-the-art, high-end cruise ships, with an option for a third. These vessels, featuring cutting-edge designs and opulent accommodations, mark Crystal's first new ships in over two decades. Fincantieri's industry expertise and commitment to innovation position it as the trusted partner for cruise brands seeking to revitalise their fleets, reinforcing its central role in the industry's ongoing recovery and consolidation.

In essence, Fincantieri is not merely navigating, but revolutionising, the future of the cruise industry. Through its trailblazing approach to sustainability and digital innovation, the company is steering the sector into a dynamic new era. As the cruise industry continues to evolve, Fincantieri’s visionary strategies and relentless pursuit of excellence will undoubtedly chart a course towards a more vibrant and sustainable future for cruising. By addressing the challenges of today with bold and innovative solutions, Fincantieri is shaping the next generation of maritime travel, setting new benchmarks for performance, sustainability, and technological advancement.