Meyer Turku has secured an order to build two new large cruise ships for Royal Caribbean Group, extending production at the Finnish shipyard into the next decade and reinforcing the outlook for the country’s maritime industry.
Royal Caribbean confirmed plans to commission the sixth and seventh vessels in its Icon class, with delivery scheduled for 2029 and 2030. The agreement forms part of a long-term partnership between the cruise operator and the Turku yard.
The order, first reported by Helsingin Sanomat, adds to a series of projects already under way at the site. Meyer Turku has delivered two ships in the same class and is currently completing additional vessels, including one undergoing sea trials in the Baltic Sea.
Royal Caribbean chief executive Jason Liberty said the partnership with the Finnish yard will continue to shape shipbuilding in the sector. “Through our long-term partnership, we are advancing the industry for decades while delivering economic impact for Finland,” he said in a statement.
Meyer Turku chief executive Casimir Lindholm described the order as recognition of the yard’s expertise. He said the agreement marks a step in the cooperation between the companies and supports continued development at the shipyard.
The deal is expected to support employment across the supply chain. Industry estimates point to thousands of jobs linked to cruise ship and icebreaker construction in the coming years.
Finnvera, the state-owned financing company, said funding arrangements remain a key condition for the projects. The plan for the seventh vessel is subject to final financing agreements.
Finnvera chief executive Juuso Heinilä said a financing model developed for earlier Icon-class ships has helped balance risk among lenders. “We have found a way to structure financing together with other parties so that overall risk remains under control,” he said.
He added that cooperation between shipyards, financiers and shipowners remains central to securing long-term production in Finland.
The new order will also trigger further investment at the Turku yard. Meyer Turku said it plans to invest about €200 million in production development, including upgrades to infrastructure, logistics and working conditions.
The programme includes modernisation of facilities and construction of a new headquarters building near the shipyard. The office complex will house about 700 employees and aims to reduce traffic within the yard area, according to the company.
Financial results at Meyer Turku have improved after losses linked to the pandemic years. The yard reported revenue of €2.1 billion in 2025, up from €1.8 billion the previous year, with operating profit also rising.
Jason Liberty told Helsingin Sanomat that the Turku yard remains competitive and delivers advanced vessels. He added that the company is planning future ship designs in cooperation with the yard.
The Finnish Safety Investigation Authority has not linked the shipyard projects to any safety concerns, but Liberty said the company monitors working conditions closely following past reports on labour practices and that corrective measures have been taken.
The maritime sector accounts for a significant share of Finland’s exports. Finnvera said shipbuilding exposure represented just over half of its €25.2 billion total commitments at the end of 2025.
HT
