Carnival Corporation has placed an order for three new Princess Cruises ships, scheduled for delivery in 2035, 2038, and 2039.
The announcement was made on Tuesday, June 30, as part of a disciplined long-term growth strategy.
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The new vessels will be built on the company's existing Sphere Class platform, expanding its fleet in a measured manner.
Management confirmed a strategy to limit ship deliveries to one or two vessels per year, reflecting a controlled capital allocation approach.
Modernization and Destination Expansion
In addition to new builds, Carnival is funding extensive modernization programs for its existing fleet.
These include the AIDA Evolution and Holland America Evolution initiatives, which are expected to generate high returns quickly through cabin additions and refurbishments.
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To boost guest spending, Carnival is expanding destination offerings such as Celebration Key and RelaxAway at Half Moon Cay.
These enhancements come as the company reports record booking levels for 2027.
Carnival faces intense competition from Royal Caribbean and Norwegian Cruise Line Holdings. Royal Caribbean focuses on larger, experience-focused ships, while Norwegian Cruise Line emphasizes premium next-generation vessels.
Financial records show Carnival shares gained 1.9 percent over the past year, trailing the industry average increase of 3.5 percent.
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The company trades at a forward price-to-earnings ratio of 11.96X.
