Contract for Two New Viking Vessels Confirmed

Vard Holdings Limited (“VARD”) has confirmed its contract with Viking for the design and construction of two new vessels. The parties previously signed a letter of intent for the vessels, with an option for two more.

The two confirmed ships are scheduled for delivery in the second quarter of 2021 and 2022. The total contract value, according to VARD, is close to $612 million.

Headquartered in Norway, VARD (a Fincantieri subsidiary) is a specialty shipbuilder with expertise in the expedition segment. It’s thus fair to assume that the new ships will represent Viking’s first foray into that booming niche.

VARD hasn’t worked previously with Viking. But, it’s made a splash with high-profile expedition contracts for both PONANT and Hapag-Lloyd Cruises. For the former, a deal for six PONANT EXPLORERS includes the newly-delivered Le Laperouse.

In all, more than two dozen expedition vessels are currently on the order books at VARD and other yards. Even large ocean-going lines are dipping their toes into the water with acquisitions, Royal Caribbean International’s recent announcement about a majority stake in Silversea comes to mind.

After venturing successfully from river cruising to ocean cruising, it makes sense that expedition is the next step for Viking.

Though the company isn’t adding to its earlier statement that the new “special cruise vessels” will be “totally innovative,” rumors are flying. Viking has already announced a vision for a hydrogen-fueled ocean ship. The possibilities for cutting-edge expedition design are even more intriguing.