ROYAL CARIBBEAN GROUP SECURES SHIPBUILDING SLOTS AT MEYER TURKU THROUGH 2036 AS PART OF NEW LONG-TERM AGREEMENT

Rhea-AI Summary

Royal Caribbean Group (NYSE: RCL) has announced a significant long-term framework agreement with Meyer Turku shipyard, securing building slots through 2036. The agreement includes a confirmed order for Icon 5 for delivery in 2028 and adds an option to build Icon 7.

The company currently has a robust pipeline of nine new ships, with two Icon Class ships already launched - Icon of the Seas (January 2024) and Star of the Seas (August 2025). Legend of the Seas is scheduled for Summer 2026, and Icon 4 for 2027. The Turku shipyard has built 25 ships for Royal Caribbean since the mid-1990s, with each project employing approximately 13,000 people and generating over a billion euros in added value annually for Finland.

Positive

• Secured long-term shipbuilding capacity through 2036, ensuring future fleet expansion
• Confirmed order for Icon 5 (2028 delivery) and added option for Icon 7
• Strong pipeline of 9 new ships and 7 land-based destinations by 2028
• Partnership with Meyer Turku brings access to cutting-edge green technology and environmental innovations

Negative

• Icon 5 order and future ships are subject to financing conditions
• Significant capital commitment required for multiple ship orders

Insights

Maritime Industry Strategist

RCL's long-term shipbuilding agreement secures growth through 2036, positioning for continued expansion with the successful Icon Class.

Royal Caribbean's new framework agreement with Meyer Turku represents a strategic capacity reservation that secures valuable shipbuilding slots through 2036, providing the company with crucial long-term fleet expansion capability. The deal confirms Icon 5 for 2028 delivery (subject to financing) and adds an option for Icon 7, building on the already successful Icon of the Seas and Star of the Seas vessels.

This agreement provides Royal Caribbean with significant competitive advantages in an industry where shipbuilding capacity is limited and in high demand. By securing slots at Meyer Turku, one of the few shipyards capable of building these massive vessels, RCL gains certainty for its growth trajectory while potentially limiting competitors' expansion options.

The framework goes beyond the Icon Class, positioning Royal Caribbean to introduce a new, game-changing ship class that could redefine cruise vacations beyond 2030. This signals the company's confidence in continued strong demand for cruise vacations and its commitment to product innovation.

With a pipeline of nine new ships already secured, plus seven land-based destinations by 2028, Royal Caribbean is executing a comprehensive strategy to expand capacity and diversify its vacation offerings. The Meyer Turku partnership leverages Finland's specialized maritime expertise, ensuring access to cutting-edge technology and environmental solutions that will be increasingly important as regulations tighten.

The magnitude of these projects is substantial - each ship represents the largest industrial project in Finland, employing approximately 13,000 people and generating over €1 billion in added value annually to Finland's economy.

MIAMI and TURKU, Finland, Sept. 23, 2025 /PRNewswire/ -- Royal Caribbean Group (NYSE: RCL), a global vacation leader that is redefining the future of vacations, today announced a long-term framework agreement with Meyer Turku that secures Royal Caribbean Group's rights to build at the yard through the next decade. As part of this agreement, Royal Caribbean Group also confirms an order for Icon 5 to be delivered in 2028, subject to financing, and adds an option to build Icon 7 (in addition to the previously announced option to build Icon 6). This multi-year agreement strengthens Royal Caribbean Group's relationship with Meyer Turku, one of the world's largest and most modern shipyards specializing in cruise ships, and readies Royal Caribbean Group for a new, game-changing class of ship beyond Icon.

"As we continue to reimagine the future of vacations, we are excited to continue collaborating with Meyer Turku to grow the Icon Class - a first-of-its-kind series that delivers exceptional vacation experiences - and position us to usher in a new era of innovation that will disrupt the vacation sector through 2036," said Jason Liberty, president and CEO, Royal Caribbean Group. "This is an exciting time for our company, and we are proud to launch this new stage in our history with our esteemed partners, Meyer Turku, the Finnish government, and the Finnish maritime cluster."

To date, Meyer Turku has built, and Royal Caribbean Group has launched two Icon Class ships with Icon of the Seas (January 2024) and Star of the Seas (August 2025), with the third Icon ship – Legend of the Seas – scheduled to sail next year (Summer 2026). Icon 4 is scheduled to be delivered in 2027.

Meyer Turku CEO Casimir Lindholm added: "With the framework agreement now signed, we announce our common plan for the next decade in cooperation with Royal Caribbean Group and other key partners to build more Icon Class ships and drive the future of shipbuilding over the next decade. I am extremely proud of the recognition that these orders bring to the skilled personnel at Meyer Turku and to the Finnish maritime industry expertise."

Orders beyond Icon 5 are subject to Royal Caribbean Group's exercise of the options and execution of firm construction agreements, which are expected to be subject to customary conditions including financing.

Known for its history of delivering best-in-class ships, the Turku shipyard has built 25 ships for Royal Caribbean Group since mid-1990s. The buildout of each cruise ship of this scale is the largest single industrial project in the country, employing approximately 13,000 people at Meyer Turku and in the shipyard's network which brings Finland more than a billion euros in added value per year. With Meyer Turku and the Finnish maritime industry at the forefront of developing energy and environmental technologies that accelerate green transition, their efforts are strengthening Finland's international competitiveness and reputation as a country with a large network of specialized companies for cruise shipbuilding, extraordinary design capability, cutting edge technology, and demanding project management.

"This new framework agreement is excellent news for Finland. The longstanding collaboration between Royal Caribbean Group and Meyer Turku will continue to have a significant positive impact on Finland's economy, creating jobs across the country and energizing our unique maritime ecosystem," said Petteri Orpo, Prime Minister of Finland.

"Our strong shipyards, industrial networks and leading research institutions around them, deliver innovative and sustainable world-class ships, making Finland an attractive destination for future investment," added Sakari Puisto, Minister of Economic Affairs of Finland.

With a differentiated ecosystem that currently includes a pipeline of nine new ships, seven total land-based destinations by 2028, plus unique experiences and a seamless digital ecosystem, Royal Caribbean Group is in the midst of revealing its multi-year pipeline of new vacation offerings that span ocean, river and land-based vacations, solidifying its position as a vacation innovator.

For more information on Royal Caribbean Group and its leading vacation brands, visit royalcaribbeangroup.com.

About Royal Caribbean Group
Royal Caribbean Group (NYSE: RCL) is a vacation industry leader with a global fleet of 68 ships across its five brands traveling to all seven continents. With a mission to deliver the best vacations responsibly, Royal Caribbean Group serves millions of guests each year through its portfolio of best-in-class brands, including Royal Caribbean, Celebrity Cruises, and Silversea; and an expanding portfolio of land-based vacation experiences through Perfect Day at CocoCay and Royal Beach Club collection. The company also owns a 50% joint venture interest in TUI Cruises, which operates partner brands Mein Shiff and Hapag-Lloyd Cruises. With a rich history of innovating, Royal Caribbean Group continually delivers exciting new products and guest experiences that help shape the future of leisure travel. Learn more at royalcaribbeangroup.com or rclinvestor.com.

About Meyer Turku
The Meyer Turku Oy shipyard is specialized in the construction of very demanding, innovative, and environmentally efficient cruise ships, car ferries, and special vessels. Our share of the global cruise construction market is over 10%, and our shipyard's order books extend to 2028. Our largest customers are Royal Caribbean International, the Finnish Border Guard and TUI Cruises. 

Meyer Turku employs over 2.000 top professionals and operates the Turku shipyard where vessels are built since 1737. Meyer Turku's subsidiaries are Piikkio Works Oy, a cabin factory located in Piikkiö, Shipbuilding Completion Oy, which offers complete deliveries to public spaces, and ENG'nD Oy, a shipbuilding and offshore design company based in Rauma.

We are constantly striving for more sustainable shipbuilding. We have identified five UN Agenda 2030 goals, which we can especially influence in our operations and cooperation with partners and customers. www.meyerturku.fi

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SOURCE Royal Caribbean Group

FAQ

What is the new shipbuilding agreement between Royal Caribbean (NYSE: RCL) and Meyer Turku?

Royal Caribbean Group has secured a long-term framework agreement with Meyer Turku through 2036, including a confirmed order for Icon 5 (2028 delivery) and an option for Icon 7.

How many new ships does Royal Caribbean (RCL) have in its pipeline as of 2025?

Royal Caribbean Group has a pipeline of 9 new ships, including the already launched Icon of the Seas and Star of the Seas, plus seven total land-based destinations planned by 2028.

When will Royal Caribbean's Icon Class ships be delivered?

Icon of the Seas launched in January 2024, Star of the Seas in August 2025, Legend of the Seas in Summer 2026, Icon 4 in 2027, and Icon 5 planned for 2028.

How many jobs does each Royal Caribbean cruise ship construction create at Meyer Turku?

Each cruise ship construction project employs approximately 13,000 people at Meyer Turku and its network, generating over a billion euros in added value annually for Finland.

How many ships has Meyer Turku built for Royal Caribbean since the 1990s?

Meyer Turku has built 25 ships for Royal Caribbean Group since the mid-1990s.