Royal Caribbean Group secures shipbuilding slots at Meyer Turku

MIAMI/TURKU - Royal Caribbean Group (NYSE:RCL), whose stock has surged nearly 89% over the past year, announced Tuesday a long-term framework agreement with Finland’s Meyer Turku shipyard that secures building rights through 2036, while confirming an order for a fifth Icon Class ship to be delivered in 2028. According to InvestingPro data, the company maintains a perfect Piotroski Score of 9, indicating strong financial health.

The agreement also adds an option to build a seventh Icon Class vessel, in addition to a previously announced option for a sixth ship, according to a company press release.

The Miami-based cruise operator has already launched two Icon Class ships with Icon of the Seas in January 2024 and Star of the Seas in August 2025. The third ship, Legend of the Seas, is scheduled to sail next summer, with Icon 4 planned for delivery in 2027.

"We are excited to continue collaborating with Meyer Turku to grow the Icon Class and position us to usher in a new era of innovation," said Jason Liberty, president and CEO of Royal Caribbean Group.

The Finnish shipyard has built 25 vessels for Royal Caribbean Group since the mid-1990s. Each cruise ship project of this scale employs approximately 13,000 people at Meyer Turku and within its network, generating more than a billion euros in added value annually for Finland.

"This new framework agreement is excellent news for Finland," said Petteri Orpo, Prime Minister of Finland. "The longstanding collaboration between Royal Caribbean Group and Meyer Turku will continue to have a significant positive impact on Finland’s economy."

Orders beyond Icon 5 are subject to Royal Caribbean Group’s exercise of options and execution of firm construction agreements, which would be contingent on financing.

Royal Caribbean Group currently operates a global fleet of 68 ships across its five brands, including Royal Caribbean, Celebrity Cruises, and Silversea. With a market capitalization of $89.4 billion and annual revenue of $17.2 billion, the company has demonstrated robust growth, achieving a 12% revenue increase in the last twelve months. For deeper insights into RCL’s financial health and growth prospects, including 13 additional exclusive ProTips, check out the comprehensive research report available on InvestingPro.

In other recent news, Royal Caribbean Cruises Ltd. announced the pricing of a $1.5 billion offering of senior unsecured notes with a 5.375% interest rate due in 2036. The company plans to issue these notes around October 1, 2025, and intends to use the proceeds to finance the delivery of Celebrity Xcel and manage existing debt. Fitch Ratings upgraded Royal Caribbean’s Long-Term Issuer Default Rating to ’BBB’ from ’BBB-’, citing strong leverage metrics and debt reduction. Additionally, the company’s senior unsecured bonds received an upgrade to ’BBB’. Truist Securities adjusted its price target for Royal Caribbean to $333 from $337, primarily due to anticipated higher taxes in 2026, although it maintained a Hold rating. The firm’s report also noted Royal Caribbean’s successful river cruise offerings. Furthermore, the company declared an increase in its quarterly dividend to $1.00 per share, reflecting its strong performance and commitment to shareholder returns.

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