Royal Caribbean secures new building slots at Meyer Turku and plans more Icons

Legend of the Seas and Star of the Seas at Meyer Turku. [Photo: Meyer Turku]

Royal Caribbean Group (NYSE: RCL) has reached a long-term framework agreement with Meyer Turku that secures the its rights to build at the yard through the next decade. It is also adding more giant Icon-class ships.

To date, Meyer Turku has built, and Royal Caribbean Group has launched, two Icon Class ships Icon of the Seas (January 2024) and Star of the Seas (August 2025) — with the third, Legend of the Seas, scheduled to sail next year (Summer 2026). Icon 4 is scheduled to be delivered in 2027. Now, as part of the new agreement, Royal Caribbean has also confirmed an order for Icon 5 to be delivered in 2028, subject to financing, and added an option to build Icon 7 (in addition to the previously announced option to build Icon 6).

Royal Caribbean says that the multi-year agreement strengthens its relationship with one of the world’s largest and most modern shipyards specializing in cruise ships, and readies the 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.”

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.

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.

“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.