Fincantieri, the Italian shipbuilder that is the largest builder of cruise ships, said it expects to return to the pre-COVID-19 growth levels by 2021 and to deliver a total of seven cruise ships this year.
This year’s revenues are expected to increase by 25% to 30% compared to €5.88 billion recorded in 2020, excluding pass-through activities, with a consequent improvement in margins, which should come close to 7% and so confirming the growth guidelines outlined by the group before the pandemic.
“Such results may led to a return of a sustainable dividends distribution starting as soon as 2022,” the company said in a statement.
In the cruise ships business area, during 2021, five ships are scheduled to be delivered from the Italian shipyards - Silver Dawn (for Silversea Cruises), Viking Venus (Viking Ocean Cruises) , Rotterdam (Holland America Line) , MSC Seashore (MSC Cruises) and Valiant Lady (Virgin Voyages). In addition to two expedition cruise vessels would be delivered by Vard in Norway - one for Ponant in France and one for Hapag-Lloyd in Germany.
“Actions to support the increase in volumes have already been planned: on the one hand, completion of capex for the upgrading of the Marghera and Monfalcone shipyards, and, on the other hand, an increasingly greater integration of all the shipyards dedicated to cruise shipbuilding (Italy and Romania),” the company said.
"Cruise ship deliveries stayed on schedule as per the pre-pandemic program, even with the postponement of production programs: four out of the seven cruise ships delivered in 2020 were handed over in the second half of the year, amid the pandemic, including the 100th cruise ship built by Fincantieri, for Princess Cruises, a Carnival Group brand," the company said.
