Viking Stacks Orders to 2034 with More Expedition and Ocean Ships
Reporting a strong financial performance in 2025 and a positive outlook as the brand continues to grow its fleet, Viking announced it has ordered two additional expedition cruise ships and optioned yet two more ocean cruise ships. The brand surpassed 100 ships in 2025 and now has a total of 57 orders extending to 2034 for its ocean, river, and expedition segments.
Fincantieri termed today’s order a “very important” agreement for the shipbuilder and said it is valued at over €2 billion. The order consists of two additional expedition cruise ships, sister ships to the first two, built by Fincantieri's Vard subsidiary and delivered in 2021 and 2022. However, the next two ships will be built at Fincantieri’s Palermo, Italy, shipyard in 2030 and 2031.
The expedition cruise ships will be Polar Class 6, designed to navigate in polar seas as well as remote areas such as the St. Lawrence River. They report the ships will have superior maneuverability and stability on rough seas, as well as using U-tank stabilizers to reduce roll when the ship is stationary. The design features a straight bow and extended hulls. The ships have 189 passenger staterooms with accommodations for 378 people.
In addition, Viking also optioned two more ocean cruise ships using the same base design for the 11 cruise ships currently in operation. The ships are approximately 54,300 gross tons with accommodations for 998 passengers. The new options have an exercise date of July 30, 2028, for delivery in 2034. They are in addition to 10 committed orders for cruise ships and an additional four options before today.
Pierroberto Folgiero, CEO and Managing Director of Fincantieri, highlights that it extends a relationship that dates back to 2012 and the first of Viking’s ocean cruise ships. He notes that it will now encompass a total of 26 ships.
The two new expedition cruise ships will be sisters to Viking Polaris which entered service in 2022 (Fincantieri)
Fincantieri currently has three ocean cruise ships under construction for Viking at its Ancona shipyard. Two of the ships, Viking Mira and the Viking Libra, are scheduled for delivery in 2026. The Viking Libra is being billed as the first “hydrogen-powered” cruise ship. It uses a new system with hydrogen cylinders that will give it a greater power capacity than the first demonstration systems on other ships, including an earlier Viking cruise ship.
Viking has a unique business model, focusing its cruise operations on the upper premium deluxe market and using a consistent ship design. It points to efficiency with elements such as a single main galley for all food service. The ships are all outside cabins with balconies. The company highlights it operates with a guest-to-crew ratio of two versus its competitors' average ratio of 1.4, while it still maintains a high standard aboard its ships.
The company first developed the model in its river cruise business, which was launched 29 years ago. As of the beginning of the year, it had 81 river cruise ships in service. It plans to take delivery of 10 more this year, followed by eight in 2027, and five in 2028. It also has options for eight additional river cruise ships.
The orders came as Viking reported another strong quarter and year of financial results in 2025. The company’s revenues and earnings (EBITDA) were ahead of analysts’ consensus. It reported total revenues of approximately $6.5 billion for the year, up nearly 22 percent, strong gross margin growth, and earnings of nearly $1.9 billion (EBITDA).
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“We finished 2025 with great momentum, and we are entering 2026 in a very solid position with 86 percent of our Capacity PCDs for our Core Products already sold,” said Leah Talactac, President and CFO of Viking. “We are seeing a strong booking environment characterized by robust demand across our products, from both repeat guests and new-to-brand customers.”
As of mid-February, Viking reports it had sold 86 percent of its 2026 capacity, with strong advance bookings of nearly $6 billion. The company said it had a positive outlook despite the current global issues, but it also reported that it had suspended cruises on the Nile in Egypt due to the current turmoil.