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Regent Seven Seas, the luxury line whose last new-build was introduced in 2003, is close to placing an order for a new ship, Regent's President and CEO Mark Conroy has told Cruise Critic.

Conroy was is in London last week ahead of a President's Cruise on Seven Seas Mariner, which departed Rome on Saturday, 15 June. “Though not radically different size-wise from the 42,363-ton, 700-passenger Seven Seas Voyager, which features all-suite accommodations and three speciality restaurants, there will be some enhancements. Plans for the as-yet unnamed newbuild include a bigger spa, ‘slightly bigger suites' and up to 750 passengers,” the report said.

Rumours of a new Regent ship have been circulating for years but gained particular momentum last year, when Frank del Rio, chairman of Prestige Cruise Holdings,which is Regent's parent, admitted he'd been thinking about expanding the three-ship fleet. (In fact, even prior to PCH's acquisition of Regent Seven Seas in 2008 Conroy had expansion in mind – and blueprints at the ready).

Conroy said: “It makes sense to build another ship and add more capacity when we are comfortable to do that, and that means we need regular occupancy rates. As abrand you have to keep reinventing yourself, and eventually you have to increase capacity.”

In 2011, a very challenging year for the luxury cruise niche, Regent had an astonishing 92 percent occupancy rate, with just 11 cruises that were not 100% full throughout the whole year. Conroy noted that it's likely that the new vessel will be built at one of Fincantieri's Italian shipyards, (Seven Seas Voyager was built at Italy's T.Mariotti), but Conroy would not be drawn on a launch date.

Arguably, the time is now right: occupancy levels are the highest they have ever been and UK sales are up 120% year-on-year according to Graham Sadler, Regent's UK Managing Director, Cruise Critic said.

Regent Seven Seas, which is part of the Prestige Cruise Holdings group that also owns Oceania Cruises, has three ships at the moment: Seven Seas Mariner, Seven Seas Voyager and Seven Seas Navigator.